from the tax-man-cometh dept.
[On November 29], Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government's requirements.
Digital currency exchange Coinbase is building on a recent hiring streak with a deal to buy Earn.com announced Monday. As part of the acquisition, the crypto company will bring on Earn's founder and CEO as its first-ever chief technology officer.
Before running Earn, which lets users send and receive digital currency for replying to emails and completing tasks, Srinivasan was a general partner at venture capital firm Andreessen Horowitz.
Srinivasan will act as "technological evangelist" for both the industry, and for Coinbase in his new role, the company said.
"Balaji has become one of the most respected technologists in the crypto field and is considered one of the technology industry's few true originalists," Coinbase CEO Brian Armstrong said in a blog post Monday.
Coinbase did not disclose the terms of the deal but according to Recode, the offer was more than $100 million.
Earn.com sounds like a Mechanical Turk website that pays out virtual blockchain money to bubble boosters. From the website: "Get paid to learn about new crypto projects. Crypto startups use Earn.com to build their communities, get feedback on whitepapers, and airdrop tokens to qualified recipients."
Related: Coinbase Escalates Showdown on U.S. Tax Probe as Bitcoin Surges
Coinbase Ordered to Report 14,355 Users to the IRS
Coinbase is NOT Erratically Overcharging Some Users and Emptying Their Bank Accounts [Updated]