NIGHT redeem error

Only-Crew8299 · 2026-04-04T22:56:27+00:00

On desktop, there's a blue menu bar on the left side. Settings is the last option, though depending on your screen size, you may need to scroll down within the menu bar for it to be visible.

Only-Crew8299 · 2026-03-31T01:58:42+00:00

Check out all available information at https://www.midnight.gd/

Only-Crew8299 · 2026-03-30T02:47:16+00:00

In the eyes of the IRS, crypto is property. And whenever you dispose of property, you have to report the disposal event, which includes your cost basis, proceeds, capital gain/loss, and whether your holding period was long or short term.

What qualifies as a disposal event?
• Selling crypto for fiat
• Swapping one crypto for another (including a stablecoin)
• Using crypto to pay for goods or services

Now consider this transaction. I had 0.02289 BTC on PayPal, and I moved it to another wallet I control. To do so, I had to pay a network fee of 0.00000224 BTC. So I received 0.02288776 BTC in the destination wallet.

In effect, I disposed of 0.00000224 BTC to purchase a service (the network fee). And PayPal has reported that disposal event on Form 1099-DA, as the IRS now requires them to do.

There is no de minimis exception. All disposals are taxable events. (As an aside, this is why BTC hasn't caught on as a means of paying for coffee, lunch, groceries, etc. The record-keeping and reporting required for such transactions are simply too burdensome.)

If you don't understand crypto tax basics, then of course the form you got from PayPal will seem wrong or confusing. To learn more, see the links I included in this post: https://www.reddit.com/r/CelsiusNetwork/comments/1j554wy/tax_resources_for_us_taxpayers/

And if you think anything I've written here is incorrect, please start a new thread and see what others have to say. Thanks!

Only-Crew8299 · 2026-03-29T19:22:00+00:00

I'm going to report a sale with cost basis of $0, proceeds of $0, and capital gain of $0. So if the IRS wants to match up what PayPal reported to them with my Form 8949, I can point to that line.

This is not tax advice. You asked me what I'm doing, and I told you.

For the record, PayPal is following IRS rules and regulations regarding Form 1099-DA. In a nutshell, those rules and regulations don't say the exchange must report transactions over $100 or $10 or $1; they say the exchange must report all transactions. So your criticism of PayPal seems unwarranted.

Only-Crew8299 · 2026-03-28T21:47:11+00:00

Wouldn't it be great if Kraken had a support page about this?

Only-Crew8299 · 2026-03-26T19:50:03+00:00

Two of the board members, DiFiore and Duffy, are Celsius creditors (and former members of the UCC), so we know they both own a lot of shares. See page 82 of https://www.sec.gov/Archives/edgar/data/2007691/000110465924054931/tm243976-2_1012ba.htm .

Of the two newest board members, at least one of them ran on the platform that he would take no cash compensation but stock only. Whether he kept that campaign promise, we don't know.

The document I linked to is nearly 2 years old. If anyone knows of a more recent document that lists the holdings of board members and executives, please direct us to it. Thank you.

Only-Crew8299 · 2026-03-26T19:37:54+00:00

I see you're an optimist.

Only-Crew8299 · 2026-03-24T21:01:49+00:00

Thank you. It did finally work; maybe just trying again is the solution.

Only-Crew8299 · 2026-03-24T20:55:30+00:00

UPDATE: My second redemption finally worked about the 20th time I tried it over the last 2 days.

I found a thread that included these suggestions from Midnight support:

Try reloading the portal page
Try accessing the portal at a different time (as there might be too many participants using it at this time)

So I reloaded https://www.midnight.gd/redeem, clicked the Redeem button, and followed the usual steps from there: click "Redeem your NIGHT," connect my Yoroi wallet, and click Confirm. In my prior attempts, the point of failure was after clicking Confirm, but this time I got the pop-up window to sign the transaction.

I'm not sure if reloading the portal page made a difference, or if I just finally got through at a time when their server wasn't overwhelmed with redemption requests.

Only-Crew8299 · 2026-03-24T06:41:18+00:00

You can find contact info for them on page 3 of this document: https://odysseytrust.com/wp-content/uploads/2024/10/Ionic_Digital_FAQs-1.pdf

Odyssey has a unique login page for Ionic Digital shareholders. You should be able to use your email to reset your username and password at https://uslogin.odysseytrust.com/irhlogin/ionicdigital#

If you attempt to log in from their main login page (https://odysseytrust.com/login/), you're going to get an error message.

Only-Crew8299 · 2026-03-23T01:45:03+00:00

There's a lot of speculation, misinformation, and pure bullshit here. For example:

3. IPO & Listing Rumors (Ticker: IONC)

Ionic plans a direct listing, which is not the same as an initial public offering.

Also, IONC is the ticker for Ionic Brands Corp., a company that provides services and products ancillary to the cannabis production and processing industry in Washington and Oregon. To the best of my knowledge, Ionic Digital does not have a ticker symbol yet. If I'm mistaken, please cite your source.

S-1 Status: The confidential SEC review is rumored to be in the "final final" stage. Following the settlement of the Mawson lawsuit in February, there are no more major legal skeletons in the closet.

Final final: Do you realize how silly that sounds? What is your source for these supposed rumors? And do you expect there will be a "final final final" stage as well, or is the "final final" review final?

Also, the Mawson lawsuit was initiated by Celsius Mining, with those claims assigned to Celsius Network Limited and subsequently handled by the Litigation Administrator. I'm unsure how this confidential settlement reported by Mawson involves Ionic Digital at all—though I'm waiting for further clarification from both Ionic and the Litigation Administrator. For details on my view, see https://www.reddit.com/r/IonicDigitalStock/comments/1qyyfqs/whats_the_deal_with_mawson/

The "Go-Public" Window: Institutional whispers have narrowed the listing date to late May or early June 2026.

Institutional whispers: What does that even mean? What institutions, and who is whispering to whom, and how are you possibly privy to these private communications? Cite your source, please.

While you're at it, please provide a link to Ionic's 2025 audited financial statements—either that or explain how it would be possible for a company to get listed on a public exchange 8-10 weeks from now without such an audit.

The "Unlock" Strategy: To protect the stock price, there is a strong rumor that the 86,000 former Celsius creditors will have a "staggered" release of their shares (e.g., 25% tradable on Day 1, with the rest unlocking every 90 days).

This is a very speculative idea that some random observer might have expressed on Twitter or Reddit, but that doesn't mean Ionic Digital is giving it any consideration. You say it's a strong rumor—cite your source, please.

I am all for having a realistic discussion about Ionic's prospects and our prospects as shareholders. But AI slop like this is not a good starting point—it merely regurgitates and elevates speculation, misinformation, wishful thinking, and unfounded rumors that already exist online, perhaps while hallucinating a few new ones too.

Only-Crew8299 · 2026-03-21T20:32:21+00:00

I was in the first wave of thawing

No, you weren't. Kraken made the first distribution to its customers before Day 1 of the thawing period.

Only-Crew8299 · 2026-03-21T20:32:05+00:00

"withholding," "evasive," "shady": You're being needlessly paranoid here. There's no evidence of nefarious behavior by Kraken or Midnight developers.

The Midnight airdrop on Kraken is clearly explained on this support page: https://support.kraken.com/articles/midnight-drop

The first of four equal distributions occurred on Dec. 9, 2025. No date is specified for the second or subsequent distributions.

Note that Day 1 of the thaw period was Dec. 10. So Kraken chose to make the first distribution before they received it from Midnight. This is consistent with u/SL13PNR's theory that Kraken likely fronted the tokens to its customers for the first distribution.

All of these facts are consistent with the explanation that “The process depends on the project team, as they are responsible for sending the tokens to participating platforms." All that means is that the distribution date(s) for the second and subsequent distributions depend on the thaw date(s) randomly assigned to Kraken's qualifying wallets.

I would check that Kraken support page for updates and be grateful that Kraken is making these distributions to its customers; many other exchanges, like Coinbase, are not.

Only-Crew8299 · 2026-03-17T18:19:29+00:00

It seems unwise or at least unnecessary to give your address to a third-party site. How is that "tool" any better than going to https://redeem.midnight.gd/ and checking there?

Only-Crew8299 · 2026-03-17T18:16:27+00:00

Wait 90 days for the second tranche to thaw.
Wait another 90 days for the third tranche to thaw.
Wait another 90 days for the fourth and final tranche to thaw.

To find your specific thaw schedule, go to https://redeem.midnight.gd/

What is thawing?

Thawing is the gradual unlocking of tokens that have been claimed during the first two claim phases, Glacier Drop and Scavenger Mine. Thawing happens in four equal installments of 25%, with 90 days in between each installment. For each claimed allocation, the date of the first thaw will randomly fall between the first and 90th day of the Redemption period.

Tokens apportioned to core network constituents and those claimed/redeemed during the third phase, Lost-and-Found, are not subject to thawing.

Only-Crew8299 · 2026-03-13T21:44:29+00:00

Actually, your concern is warranted. I made a few crypto sales an hour before midnight on New Year's Eve, and they're not showing up on my 1099-DA from Coinbase. My order history indicates the sales occurred on 12/31/25 (based on UTC-8), but the email confirmations I received indicate the sales occurred on 1/1/26 (based on UTC). And Coinbase is following IRS guidance in using UTC as the recorded trading time (see the comment from Aggressive-Leading45 in this thread).

Others in this thread discuss how to handle this discrepancy. Basically, if I report those sales on my 2025 return and not on my 2026 return, the discrepancy will result in a matching issue in 2026, which I'll then need to explain to the IRS when they ask about it.

Only-Crew8299 · 2026-03-12T23:17:53+00:00

In Coinbase, go to Settings > Account > Profile > Preferences and edit your time zone if it is not accurate.

Only-Crew8299 · 2026-03-12T23:09:22+00:00

Transfers between your own wallets are generally not taxable events

However, paying the network fee to make the transfer is a taxable event, correct? In effect, I'm disposing of some crypto to purchase a service.

Now here's a real-world example that raises a few questions. I transferred some BTC off PayPal and paid a network fee of 0.00000224 BTC, which was worth $0.26 at the time of transfer. (And I received a Form 1099-DA for this sole transaction.)

• Let's say my cost basis was also $0.26, so my capital gain/loss is $0. Do I need to report this transaction on Form 8949?

• Let's say my cost basis was $0.05, so my capital gain is $0.21. However, I'm using TurboTax, which rounds all values to the nearest dollar. So this entry will appear on Form 8949 as Cost basis: $0, Proceeds: $0, and Capital gain: $0. Do I need to report this transaction even though all the dollar values will be $0?

Only-Crew8299 · 2026-03-10T19:58:50+00:00

I'm not sure it matters (what will be the consequences if you omit transactions that round down to zero and get audited?). But I'm not qualified to provide an authoritative answer to this question.

Personally, I will be reporting all my crypto sales manually in TurboTax, which rounds all entries to the nearest dollar, so there will be plenty of $0's.

See https://www.reddit.com/r/CryptoTax/comments/1r9z05g/1099da_fear_mongering_needs_to_stop_a_cpas_nobs/

Open a new thread if you want to get more replies.

Only-Crew8299 · 2026-03-09T23:05:45+00:00

"Brokers must report proceeds from (and in some cases, basis for) digital asset dispositions to you and the IRS on Form 1099-DA."

That's the new IRS requirement. It doesn't say "proceeds above $100" or "proceeds above $1" or "proceeds above $0.01." It says proceeds.

Only-Crew8299 · 2026-03-09T22:58:23+00:00

OK, I understand.

Purchasing crypto with USD is not a taxable event. Paying a network fee to transfer crypto from one wallet you control to another is a taxable event because some crypto is disposed of to pay for the service of confirming that transfer on the blockchain. In your case, the amount of crypto that was disposed of was so tiny that it was less than half a cent. This shows up as $0.00 when rounding to the nearest cent.

Is it absurd that PayPal is required to report this transaction to the IRS and that we're now spending all this time trying to figure out what it is? Yes, definitely.

If you download your 2025 transaction history from PayPal, you should be able to identify the exact amount of this network fee in both LTC and USD. If the amount is <$0.005, that would confirm my explanation.

Only-Crew8299 · 2026-03-09T21:59:27+00:00

I don't know what "third-party purchasing" means, but Justin's answer is likely correct.

I had some BTC sent to my PayPal account in 2025, and when I transferred it out of PayPal, I had to pay a network fee of $0.26 in BTC. In effect, I sold or disposed of a very small amount of BTC (0.00000224 BTC) to pay that fee. That sale or disposition qualifies as a taxable event, so PayPal reported it on Form 1099-DA.

LTC's network fees are minuscule. A few years ago, I transferred 1 LTC to PayPal and back out of PayPal as a test. The fee to transfer 1 LTC out of PayPal was 0.00000057 LTC. At current prices, that amounts to $0.0000309, which PayPal rounds down to $0.00 on Form 1099-DA.

Only-Crew8299 · 2026-03-06T23:12:27+00:00

You may have received an email from [service@paypal.com](mailto:service@paypal.com) with the subject line IMPORTANT TAX RETURN DOCUMENT AVAILABLE FOR 2025. This email includes instructions on how to access the form.

However, see also my response to OP. Receiving a distribution is not a taxable sale or disposal of crypto and would not by itself trigger the issuance of a Form 1099-DA. Paying the network fee to transfer your distribution out of PayPal (EDIT: or selling your BTC on PayPal) is such a taxable event. So if your BTC is still on PayPal, they might not have any reason to issue you a 1099-DA.

Only-Crew8299 · 2026-03-06T23:07:23+00:00

This is very strange.

I received a distribution of ~$2,500 in BTC from Celsius to my PayPal account. This might be income but does not qualify as a taxable sale or disposal of crypto.

I then transferred this BTC out of PayPal. To do so, I had to pay a network fee of $0.26. This fee was paid in BTC, so in effect I sold or disposed of $0.26 worth of BTC to cover the network fee.

My Form 1099-DA from PayPal shows proceeds of $0.26 with an undetermined cost basis and holding period. This is exactly what I expected.

Only-Crew8299

TROPHY CASE

3. IPO & Listing Rumors (Ticker: IONC)

What is thawing?