Tracking an IGO (Initial Game Offering) or ICO (Initial Coin Offering) involves closely monitoring your transactions to ensure accurate accounting of both the assets you've sent and received. Below are steps and an example to effectively track an ICO or IGO transaction.
Step 1: Sync your wallet transactions
Add all wallets associated with the ICO or IGO to CoinTracker, including both outgoing payments and incoming assets.
For example, if you paid 5 ETH to receive 2500 ZRX in a 0x (ZRX) crypto sale, both transactions should appear in your wallet history.
Step 2: Identify transactions
Find the specific transactions in your wallet. Continuing with the example:
- Send transaction: The amount you paid (e.g., 5 ETH).
- Receive transaction: The amount of crypto you received (e.g., 2500 ZRX).
These transactions may occur sequentially or with a gap, and could involve the same or different wallets.
Step 3: Link and update transactions
- Copy the details of the Received transaction into the Send transaction.
- Edit the Send transaction to include the asset quantity, ticker symbol, and wallet address.
- Once complete, this reflects both the payment and receipt of the crypto.
This step creates a single record that simplifies capital gains calculations and financial tracking.
Step 4: Remove duplicates
After updating the Send transaction, ignore the original Receive transaction to avoid duplication.
The system may gray out the original Send transaction, but it will remain stored in case you need to revert your records.