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The original was posted on /r/cryptocurrency by /u/PsilocybinOfLegend on 2024-01-18 07:38:44+00:00.
Hello. I have around $250,000 in cash in Russia which I've received from selling two properties. I was able to find an exchange which takes cash at their office location, and puts it on your online crypto exchange account. You then trade that money for crypto, such as BTC, ETH, DAI, or USDT.
So here's my plan so far:
- Buy around $10,000 - $20,000 USDT at a russian crypto exchange at a time using cash.
- Withdraw crypto (either USDT, or BTC) to my hard wallet
- Deposit crypto from my wallet into an american crypto exchange, buy USD with my
crypto (USDT, or BTC in my case), and then withdraw into my american bank.
I have a few questions in regards to this plan, and was wondering if someone could help me.
- I've heard horror stories of AML guidelines being triggered from big deposits from other wallets, or withdrawals to your bank. I would rather avoid that, but I am not sure how. Surely, a wallet which has received large sum of crypto from a shady Russian exchange might trigger some red flags when I attempt to deposit. How can I make sure my funds are safe?
- I've heard that USDT is not safe, and that its nature as a smart contract makes it possible for funds to be frozen, even when on my wallet. I only have four options - BTC, USDT, DAI, and ETH. I like USDT because it's stable, and I am not going to lose any money when transferring, but maybe it's not the best choice for this? What are your recommendations?
- How would I explain a large inflow of money from a crypto exchange to IRS? Providing Russian documents seems funny, I doubt they hold any legal merit even when translated and notarized. Not saying anything seems like a recipe for disaster too. What can be done in this case?
Thank you very much in advance