Depending on the month, day, hour, or minute you check the news, you might think investing in cryptocurrency or being paid in cryptocurrency is the greatest idea since sliced bread or the worst possible use of your money, ever. Whether you agree with Warren Buffett that cryptocurrency has no value or think Bitcoins value will rise to $300,000 in 2022, theres one thing about cryptocurrency that isnt up for debate: getting it right on tax returns has never been more critical.

The IRS is aggressively working to identify and root out United States taxpayers who are required to report cryptocurrency transactions, but either incorrectly report or omit cryptocurrency entirely from their tax returns. Understanding the tax implications of buying, selling, exchanging, or earning cryptocurrency has never been more important. Weve identified ten common mistakes made when reporting (or not reporting) cryptocurrency transactions to the Internal Revenue Service, and will detail how to avoid each mistake in its own article. Finally, we will end the Top 10 Crypto Tax Mistakes To Avoid series with suggestions for the IRS on how to better reach out to taxpayers who are making Crypto Tax Mistakes, and how to bring those taxpayers back into compliance. As a tax litigator, it is my job to Monday-Morning Quarterback how taxpayers and their tax professionals did the first time around. This series aims to help folks get it right from the beginning, or identify possible mistakes that may need to be addressed.

Photo illustration of the ethereum, ripple and litecoin cryptocurrency 'altcoins' (Photo by Jack ... [+] Taylor/Getty Images)

Number 10: Improperly Reporting Cryptocurrency Received From Air-drops, Forks, and Splits

Air-drops, forks, and splits may be foreign terms to rookie cryptocurrency investors, but its important for anyone even dabbling in this area to become quickly familiar with them as they have tax implications. Revenue Ruling 2019-24 specifically addresses these thorny issues, and we will help you work through the complexities of these events and how they impact your tax reporting requirements.

Number 9: Failing to Report Crypto-to-Crypto Transactions

It is common for crypto investors to exchange one cryptocurrency for another in a coin-to-coin transaction. Its important to understand these are taxable events and how they should be reported.

Number 8: Using the Wrong Form to Report Cryptocurrency Transactions

Are you being paid in cryptocurrency? Did you exchange a car for crypto or vise versa? Are you simply investing in crypto? Are you mining crypto? Each one of these potential transactions may require a different IRS form to accurately report the transaction and calculate the tax consequences.

Number 7: Improperly Reporting Cryptocurrency Received as Earned Income

Cryptocurrency received in exchange for performing services is not taxed the same as the sale of cryptocurrency held for investment. We will explore and explain proper tax treatment of cryptocurrency as income.

Number 6: Failing to Report Cryptocurrency Exchanged for Goods and Services

Thinking of paying for your new outdoor furniture from overstock.com in Bitcoin? As more and more retailers accept cryptocurrency, taxpayers need to understand the tax implications and reporting requirements associated with paying in crypto.

Number 5: Failure to Prepare and Maintain Adequate (or any!) Records Reflecting Crypto Transactions

As with any taxable sale or exchange of property, taxpayers must be able to establish basis in an asset, including cryptocurrency, in order to calculate the gain or loss and resulting tax due. Taxpayers who dont keep good records may find themselves paying tax on the sale of crypto as if they had no basis at all in the asset. Taxpayers should resist the urge to be lulled into laziness and assume all records will be available electronically come tax time.

Number 4: Failure to Properly Calculate Cryptocurrency Gains and Losses

Did you lose money on cryptocurrency? Losses can and should be reported to the IRS just like gains, and losses may completely offset any tax consequences of gains. But if they do, taxpayers still need to report the transactions. Cryptocurrency investors are not uniquely required to only report and pay taxes on gains, and should include losses and gains when calculating tax due.

Number 3: Using Like-kind Exchanges to Report Crypto

In all fairness, this isnt really something that I have seen any of my clients do. But because crypto held as investment is required to be reported as property, it makes sense that crypto exchanges for property, like a Tesla or exchanging Bitcoin for Ethereum should qualify for a like-kind exchange under section 1031 of the Internal Revenue Code. Unfortunately, it doesnt.

Number 2: Failure to Take Proper Steps to Pass on Your Cryptocurrency in the Event of Your Death or Disability

Do your loved ones know how to access your cryptocurrency accounts? If you die or become disabled, the value of your cryptocurrency may well be included in your taxable estate, even if your loved ones cant actually access or unlock the value of that asset. We will explore best practices for how to ensure your loved ones are not left cleaning up your crypto mess without any access to the value of the asset.

Number 1: Failure to Report Cryptocurrency at All

By far the worst error - whether intentional or unintentional - taxpayers make when it comes to taxes and cryptocurrency is failure to report crypto transactions at all. Carolyn Schenk, the National Fraud Counsel & Assistance Division Counsel for IRS Office of Chief Counsel put it this way when addressing crypto investors who are not reporting income, We see you.

Putting it all Together

Since Im not the Commissioner of the Internal Revenue Service, I dont get to decide how the IRS is going to handle increasing and improving outreach to taxpayers who should be reporting cryptocurrency transactions on their tax returns, and I dont get to decide how the IRS is going to bring those taxpayers into compliance. But as a tax litigator, I have a lot of ideas on how I think the IRS should be accomplishing these goals. We will finish our series with a close look at how the IRS has been handling outreach and enforcement so far, and what wed like to see in the future.

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Thinking Of Getting Into Cryptocurrency? The Top 10 Crypto Tax Mistakes To Avoid - Forbes

Bitcoin and ethereum are the Coke and Pepsi of crypto: Their combined value of about $1 trillion accounts for nearly two-thirds of the overall $1.6 trillion in digital currencies worldwide.

But just as some soft drink fans prefer Dr. Pepper, there are also plenty of other alternatives in crypto more than 10,000 of them, according to research site CoinMarketCap.

Many of these altcoins have legitimate niche use cases for specific industries. They arent started-as-a-joke cryptos like Elon Musks beloved dogecoin and its canine cousin Shiba Inu.

Your primer on bitcoin, ethereum, and other most common cryptocurrencies

One of the better performing pairs of cryptos this year are two related tokens that are geared toward online content creators Theta and Theta Fuel. Theta has soared almost 400% in 2021 while Theta Fuel is up an astounding 1,700%.

Both run on a blockchain known as the Theta Network and allow PC users with un-utilized bandwidth to share video streams with others on the network The reward? Theyre able to mine tokens. Theta has impressive backers from the digital media world, including YouTube co-founder Steve Chen and Twitch co-founder Justin Kan, who are Theta advisors.

Meanwhile, many other altcoins are generating more attention in the crypto investing community and many of those investors say this is just the beginning.

This is still the early days for blockchain networks. Many others are getting built out, said Greg King, founder and CEO of Osprey Funds, a firm that is investing in cryptocurrencies. Not all of them are trying to imitate bitcoin.

King said hes focusing on two smaller coins: polkadot and algorand. King described polkadot as like an internet of blockchains that helps connect different networks and transfer coins between them.

Bitcoin & groceries: In NC you can now exchange cash for cryptocurrency at some stores

And he said algorand is a more eco-friendly green crypto than bitcoin, which has been criticized by many, including Musk, for the massive amount of energy that is used by people who mine the crypto on massive servers.

Algorand are distributed in a more energy-efficient way because they are part of so-called proof-of-stake distribution that randomly selects blocks to distribute to users, as opposed to being rewarded to people mining big chunks of the currency.

King thinks investors should focus more on cryptos and tokens like these two, which have legitimate uses and not get caught up in the hype and noise of things like dogecoin, which is up more than 6,000% this year thanks in large part to tweets from Musk despite being a joke.

Meme coins are a little distracting, but I guess its part of the libertarian side of crypto, King said, referring to the fact that people who are skeptical of goverment-backed currencies tend to flock to digital coins. There will be a lot of tokens ranging from silly to serious and many in between, he said.

Bitcoin plunges 15%; cryptocurrency worries mount

Michael Sikorsky chairman of Copia Wealth Studios, agreed. He said that his firm does own ethereum and bitcoin but that it also holds several other altcoins that are less mainstream.

Sikorsky said Copa Wealth Studios has positions in cardano and polygon, two other cryptos that are similar to algorand in that they are not mined by energy-hungry supercomputers.

Were getting our beak wet, Sikorsky said. But he added that investors have to keep in mind that these, and other cryptos, will remain volatile.

So altcoins are not for the faint of heart, but they are not going away either.

This is becoming a real asset class, said Charlie Silver, CEO of Permission.io, which has a token named ASK that is aimed at e-commerce advertisers.

But he warned that successful altcoins must have real utility. Those that are just gambles wont be good for the industry, Silver said. But we do see this as the next big wave of investing.

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Cryptocurrency choices: There's more to this market than bitcoin, ethereum - WRAL Tech Wire

Heres a summary of what happened to the cryptocurrency market in the third week of June.

This week brought out some green flags for the cryptocurrency market. Yet another tweet by Elon Musk, talking about the possibility of accepting Bitcoins as a mode of payment for Tesla, increased Bitcoins value making it touch the US$40,000 mark. Apart from Bitcoin, Altcoins saw some sunshine thanks to the same tweet.

After a couple of bearish weeks, the bull took over and showed promising results for crypto investors. Two of the strongest cryptocurrencies that charged with green lights, apart from Bitcoin, were Binance Coin and Ethereum.

A token by Binance exchange, one of the largest cryptocurrency exchanges, Binance Coin was launched in 2017. Since its launch, Binance was one of the investors favorites as it was stable amongst the market volatility. Compared to other altcoins, Binance Coin always recovered well, which was also the case during the recent market crash because of Chinas ban on cryptocurrency. In recent times, Binance Coin saw a low of US$225, shot up to US$430, and corrected to US$356. With a market cap of US$54 billion, Binance Coin is the third-largest cryptocurrency in the market, holding that spot for a long time.

Ethereum, the second-largest cryptocurrency after Bitcoin, had a rocky start to the week until Elon Musk ramped Ethereums price. One of the most trusted crypto by investors, Ethereum has a strong utility factor that gives it this immense growth potential. On June 15, Ethereum got to its highest point of the week at US$2,616 and is now comfortably trading at US$2,390. Yes, there has been some dip in the value but Ethereum made it to this list of best performers as investors are awaiting the launch of Ethereum 2.0. The project is expected to be launched at the end of 2021 with a new proof-of-stake algorithm and talks about it are already making the news.

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Cryptocurrency Recap: What Performed the Best in the Crypto Market This Week? - Analytics Insight

Posted: Jun 18, 2021 / 11:05 AM HST / Updated: Jun 18, 2021 / 11:05 AM HST

A visual representation of the digital Cryptocurrency, Bitcoin. (Photo by Dan Kitwood/Getty Images)

HONOLULU (KHON2) Four U.S.-based digital currency companies have recently been admitted into Hawaiis Digital Currency Innovation Lab (DCIL), which allows them to do business in the state without having to first obtain a state money transmitter license.

The companies are still required to comply with other sections of the money transmitter laws.

Get Hawaiis latest news sent to your inbox, click here to subscribe to News 2 You, a daily newsletter.

The second cohort includes BitStop, Provenance Technologies, SoFi and Uphold. They join 11 other participants that were accepted into the lab last August.

The DCIL provides a valuable opportunity for digital currency companies to partake in the conversations around legislation pertaining to money transmitters at the state level. Despite knowing that they have only one year to operate in Hawaii, we received interest from 14 applicants for this second cohort, says Iris Ikeda, Commissioner of Financial Institutions. Similarly, the state benefits as well through transactional data, feedback and ideas provided by the participants.

The two-year pilot program concludes on June 30, 2022, with a winddown period lasting until December 30, 2022. Click here for more information.

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CHARLOTTE, N.C. -- Landon Cassill will be the first NASCAR driver paid entirely in cryptocurrency in a sponsorship deal with Voyager that begins at Nashville Superspeedway this weekend.

Voyager, a cryptocurrency brokerage platform, reached a 19-race deal to sponsor Cassill in the Xfinity Series in his JD Motorsports entry. Voyager will pay the funds in Litecoin to Cassill, who has been avid in the market for several years.

Cassill, 31, first met Voyager CEO Steve Ehrlich at a crypto conference two years ago when Cassill was speaking on a panel. He'd been pitching the sponsorship idea ever since.

"Landon Cassill's focus and determination on the race track translates across everything he does," said Ehrlich. "Landon also shares our vision of widespread crypto adoption, and we're proud to be the first company to secure a primary NASCAR sponsorship completely with crypto."

Cassill said Voyager is paying "market rate" for the sponsorship but the funds will be distributed in crypto. He said the payment is a "portfolio of digital assets" that includes Litecoin and Bitcoin priced at market rates.

"I can trade it out right away before the market changes or hang on to it as the market goes up or goes down, carve out a little bit, pay my bills with it and hold the rest," he said.

Cassill said he's been invested in cryptocurrency for several years and seen "significant gains" to his personal portfolio. He said he had no hesitation in putting together a deal that will pay crypto instead of cold hard cash.

"There's a handful of drivers that are into crypto, but I'm probably one that's been in it for long enough that's I'm pretty comfortable with how it works," Cassill said.

The crypto market is just beginning to hit motorsports and Bitcoin had a high-profile debut at the Indianapolis 500 as the primary sponsor for Rinus VeeKay. The weekend after the IndyCar race, VeeKay, Conor Daly and Ed Carpenter were in Miami attending a Bitcoin convention.

"Crypto platforms use a lot of social media and community building as marketing," Cassill said. "The big companies haven't done a lot of national ad campaigns, so for Voyager to go after a national ad campaign is a sign that the space is really starting to branch out."

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NASCAR driver Landon Cassill to be paid in cryptocurrency in deal with Voyager - ESPN

Is Monero worth the investment in the cryptocurrency market? Lets find out

When an opportunity presents itself in the cryptocurrency market, you best take it. And thats the case with Monero right now. Initially known as BitMonero, Monero was launched in 2014 as a split from Bytecoin that was launched in 2012. Monero prides itself on being secure, private, and decentralized. Unlike Bitcoin where transactions can be traced back to the concerned person, Monero uses advanced cryptography that hides the identities of the parties involved. XMR is the crypto coin that runs on the Monero blockchain. It uses the same proof-of-work algorithm as Bitcoin.

Between April 2020 and April 2021, XRM saw more than 5.8 million transactions at an average of 16,000 transactions per day (according to the data on its website). This is a steep rise from 2.8 million transactions that took place between April 2019 and April 2020. At present, XRM is accepted by a couple of payment gateways like CryptAPI, CoinPayments, and NOWpayments.

At the start of 2021, XMR crossed its all-time high of US$495.84 to reach the US$517.62 mark. Currently, Monero is trading at a value of US$269.64 (at the time of writing). On CoinMarketCap, this cryptocurrency is ranked 26 with a market cap of US$4 billion.

According to the algorithm-based forecasting site Wallet Investor, Moneros XRM is expected to reach US$438.50 by the end of 2021. The price will increase to a new all-time high of US$548.56 by the end of 2022. By the end of 2025, XRM will be valued at US$875.20 and US$926.49 in May 2026.

Another crypto trading website, Coinpedia, predicts that if the cryptocurrency market stays bullish for the most part, Monero could reach its peak of US$700 by the end of 2021. But if the market remains bearish, Moneros value will comfortably trade around the US$500 mark. By 2022, a rally can shoot up its price to US$1,500 and eventually correct itself at US$1,147. With everything bullish, Monero could trade above US$1,100 in 2025.

So, with this information should you buy Monero in the current dip? XRM is one of the most private cryptocurrencies, and owing to all the crypto scams that are coming to light, the demand for private and secure cryptocurrencies will only increase. Amidst all the volatility, Monero does show signs of quick stabilization and many organizations have started to accept XRM as a mode of payment. All these are green signs for you to invest in this cryptocurrency.

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To Buy or Not To Buy? Long Term Future Of Monero Cryptocurrency - Analytics Insight

Lets analyze the performance of these promising cryptocurrencies

June is becoming rather exciting for the cryptocurrency market. Elon Musks recent tweet about possibly accepting Bitcoins again as a mode of payment for his company Tesla made the market glee with joy. Bearing all greens, crypto investors are enjoying a sigh of relief seeing their investments blink in green. While this is not the most amazing bullish streak ever, after a tough week for the market, Bitcoin has rallied up to reach a mark thats closer to its all-time high of US$60,000.

If you want to invest in cryptocurrency, this week in June, here are the five best performing cryptocurrencies and their growth patterns compared to each other. Also, heres a guide to help you get started.

As of June 15, Bitcoins 24-hour chart looks like a mountain range Bitcoin investors will appreciate. After another week of price fluctuations, Bitcoins price reached the US$40,000 mark thanks to a tweet by Elon Musk. Tesla CEO tweeted about the possibility of Tesla accepting Bitcoin payments again, once it takes the eco-friendly mining route. This made the value rally up and had an impact on the rest of the crypto market as well. With a 24-hour lowest price of US$38,945 and a 24-hour high of US$41,046, with no other big red flags like Chinas breakdown on cryptocurrencies, Bitcoin is expected to be bullish around a stable value as its 24-hour returns are up by 2.79%.

Ethereum is making the most of its bullish streak with a 24-hour high of US$2,640. Compared to Bitcoin, Ethereum has a higher percentage growth in terms of 24-hour returns at 5.09%. Ethereum logged a 24-hour transaction count of 1.19 million, which is partly because Elon Musks market shook up. Experts predict that Ethereums price will increase to US$2,800 by the end of June.

XRP is rallying after a disappointing week. Over the past seven days, XRP lost about 5.38% of its value but is now witnessing a steady growth of 1.75% in the last 24-hours. As of June 15, XRP has a 24-hour high of US$0.929970 after going down to US$0.863368. Thanks to its all green charts, Ripples XRP has managed to up its 24-hour returns by 1.76%.

Along with Ethereum, Cardano is another cryptocurrency that skyrocketed in the past 24-hours with a 4.20% increase. All charts point towards an upwards projection for Cardano with a 3.73% increase in 24-hour returns. Within this time, Cardano witnessed a low of US$1.51 and a high of US$1.61. Right now, Cardano is expected to hit the US$2.00 mark by the end of the month, making this a promising cryptocurrency to buy.

Off late, Dogecoin went a bit undercover. But thanks to Elon Musk, it revived the plummeted crypto coin again with a 24-hour increase of 1%. While it might seem a lot, it still earns a place in the top five growing cryptocurrencies as per its 24-hour metrics. Its returns increased by 0.80%, making its yearly returns all green with a 6,836% spike. As of June 15, Dogecoin has witnessed US$550.10 million transactions which speak volumes about its relevance in the crypto market.

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Cryptocurrency Update: Comparing the Growth of Top Performers in June, 2021 - Analytics Insight

Ether soared to new record highs Thursday, but an overheated derivatives market may suggest higher volatility is on the way for the short term.

The second-largest cryptocurrency by market value set the new lifetime high of $1,928 soon before press time, having first breached the previous peak of $1,821.49 reached on Feb. 13 early today, according to CoinDesk 20 data.

In the derivatives market, the average level of the funding rate across major exchanges offering ether perpetuals (futures with no expiry) has risen sharply from 0.069% just short of the early January record high of 0.21%, according to data source Glassnode.

It shows the derivatives market is overleveraged, Patrick Heusser, head of trading at Swiss-based Crypto Finance AG, told CoinDesk. With this current structure, I do not feel comfortable in running a lot of long exposure.

The funding rate is calculated every eight hours and represents the cost of holding long positions. When perpetuals trade at a premium to spot price, the funding rate is positive (longs pay shorts).Hence, a very high funding rate is considered a sign of leverage being excessively skewed to the bullish side (overbought conditions) and often injects volatility into the market.

Ether: Average funding rate

In such situations, holding longs at high costs is attractive only if the bullish momentum remains strong. A pullback or consolidation can trigger an unwinding of longs, leading to a more profound price drop and a pick-up in price volatility. As of press time, ether is showing no signs of price congestion.

However, the case for a continued steep rally looks weak, with spot market volumes falling on major exchanges such as Coinbase.

Ether daily chart

With the 10-day moving average of daily volume trending south, theres a question mark on the sustainability of recent gains. A low-volume price rise is often short-lived.

That said, a pullback, if any, could be shallow and brief, as on-chain fundamentals are biased bullish.

The number of coins held on exchanges has declined by 10% to 20.77 million in the past three months, according to data source CryptoQuant.It shows investors are either taking direct custody of coins or staking them into decentralized finance protocols, creating a sell-side liquidity shortage.

Ether exchange reserves (number of balances held in exchange addresses)

In the long-run, [the] ETH rally would keep going as long as ETH holdings in all exchanges are decreasing, Ki-Young Ju, CEO of CryptoQuant, told CoinDesk.

Other metrics also paint a bullish picture. For instance, the 90-day average of active addresses on Ethereums network has increased to a new lifetime high of around 450,000, surpassing the 2017 peak, according to Glassnode.

Ethereum: 90-day average of active addresses

When theres greater usage, theres more demand for the cryptocurrency, and that drives the price up, Philip Gradwell, chief economist at the blockchain intelligence firm Chainalysis,told CoinDesk.

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Ether Looks Overleveraged as Cryptocurrency Hits New High Over $1,900 - CoinDesk

The Justice Department unsealed an indictment Wednesday against two alleged members of North Koreas military intelligence services, accusing them of hacking banks and companies in more than a dozen countries including the U.S. as part of a wide-ranging scheme to steal $1.3 billion over the past half-decade for Pyongyang.

North Korean hackers are increasingly focusing their criminal activity on the world of cryptocurrency and have recently built malicious cryptocurrency apps, launched ransomware attacks and promoted a fraudulent initial coin offering in pursuit of digital cash, prosecutors said.

The new indictment charged Jon Chang Hyok and Kim Il with the hacking and related fraud. A third man, Park Jin Hyok, who is also named in the indictment, was previously charged in a September 2018 case that accused him of playing a role in the 2016 theft of $81 million from Bangladeshs account at the Federal Reserve Bank of New York and the 2014 Sony Pictures hack, among other intrusions.

The hackers also allegedly sent spear-phishing emails to employees at the State and Defense Departments and multiple U.S. technology companies in January and February 2020, and at times traveled to and worked from Russia and China, the indictment said.

The charges chronicle a criminal moneymaking operation that has mirrored the general publics increasing interest in digital currencies, as bitcoin has topped the $50,000 mark.

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North Korea Turning to Cryptocurrency Schemes in Global Heists, U.S. Says - The Wall Street Journal

CHANGSHA, China, Feb. 17, 2021 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods based in Hunan, China, announced today the appointment of Ms. Fengdan Zhou as Chief Operating Officer and Dr. Yunfei Song as an independent director, effective immediately. The new leadership will lead and support the Company's critical strategic expansion in blockchain and cryptocurrency mining.

Ms. Fengdan Zhou worked in blockchain data center companies in Hong Kong and Singapore. Her expertise involves constructing and managing of blockchain data centers (cryptocurrencymining farms), cryptocurrencymining machine procurement and maintenance, digital currency exchange platform construction and operation, and digital currency hardware wallet development. Ms. Zhou will serve as COO and spearhead the implementation of the Company's blockchain and bitcoin business plan.

Dr. Yunfei Song is a scientist at the Chinese Academy of Sciences.His prominent strategy model achievement includes fields of blockchain technology application, artificial intelligence, exchange quantification, and brick moving robots. Additionally, Dr. Song has extensive experience in cryptocurrency mining and digital asset management.He will serveas an independent director and provide guidance to the Company's blockchain development strategy.

Urban Tea Chief Executive Officer Mr. Yi Long commented, "As blockchain technology and cryptocurrency are gaining widespread popularity, they are poised to go mainstream. The world's financial experts and leaders in business, science, and politics have demonstrated confidence in the future of blockchain technology and cryptocurrency, leading to massive growth within the industry."

Mr. Yi Long continued,"To generate greater value to shareholders, management team underwenta thoughtful process of exploring, researching, studying, and discussing, with the board's support, to enter into the blockchain and cryptocurrencybusiness. We are excited to welcome Ms. Zhou and Dr. Song to the team to spearhead this new business.

"We expect that their industry expertise, combined with our growth strategy, will lead our expansion plan into the cryptocurrency mining industry. Going forward, we expect Urban Tea will start expanding into blockchain ecology, such as cryptocurrency mining, blockchain mine construction and maintenance, and cryptocurrency exchange operations."

About Urban Tea, Inc.

Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. For more information, please visit: http://ir.h-n-myt.com/investor.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov).All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

SOURCE Urban Tea Inc.

http://www.h-n-myt.com

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Urban Tea Appoints New COO and Independent Director to Drive Expansion in Blockchain and Cryptocurrency Mining Business - PRNewswire