@jamesriverlaw (Alex Mejias) posted in Update #3 on Secret Foundation Transition.
21 Aug 2023, 14:40
@jamesriverlaw (Alex Mejias) posted in Update #3 on Secret Foundation Transition
I am pleased to report that the transfer of funds from Secret Foundation Inc. (“SFI”) to the new Cayman foundation, Secret Network Foundation (“SNF”), has begun with an initial transfer of 422,758 USDT.
As we have stated throughout this process, because the U.S. entity is a C Corporation, the winding down of SFI necessarily involves taxation of any income and cryptoassets. We have engaged a U.S....