Firstly, thanks so much for this thoughtful post, and to nostr:nprofile1qqs043gn588da502h36q0sffjay9m69mk28dmm805qtgzl7g6n6q0fgpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq3wamnwvaz7tmjv4kxz7fwvd6hyun9de6zuenedyvpjzk3 for bringing it to my attention on his podcast recently.

Secondly, in 2024 I took out some loans with Ledn. And now you’ve got me crapping my dacks 💩

Yep, Section 7 (b) it’s right there:

“Borrower acknowledges and agrees that full legal and beneficial ownership of the collateral will transfer to Lender when Borrower transfers such collateral to the collateral wallet”

Wow. I feel like a major jackass now. I wonder if Ledn’s “custodied loans” (now their only option, they do not re-lend to generate interest anymore) also have the same structure?? I’d better do some sleuthing..

I’ve already done my 24-25 tax. Have not been pulled up on this… yet.

Anyone know a good Bitcoin savvy tax accountant in Australia’s?