Case Study
30+ Wallets, 60,000+ Transactions, Defunct Platform Records Reconstructed with Ongoing Portfolio Accounting
The Problem
An active DeFi investor came to Camuso CPA with over 60,000 transactions across 30+ wallets and a cost basis history riddled with structural gaps. Celsius records were partially unrecoverable following the platform's bankruptcy, leaving acquisition history for assets transferred there prior to the collapse unavailable through standard export methods. Additional defunct and legacy platforms presented similar data gaps where transaction histories no longer existed or were incomplete. Years of DeFi activity had never been reconciled at the wallet level, internal transfers had been treated as taxable disposals in prior software outputs, bridging events across chains had broken cost basis continuity, and no transaction-level tracking, account-level allocation, or compliance framework for Rev. Proc. 2024-28 had been established going forward.
What We Did
Reconstructed the full transaction history by pulling on-chain data directly from block explorers across all active wallets, supplementing with secondary documentation including exchange confirmations, wallet snapshots, and bankruptcy claim records where available for defunct platforms. For transactions where primary records were unrecoverable, applied the best available evidence standard with a documented assumptions register establishing defensible positions. Reclassified internal transfers and bridging events correctly across the full history. Aligned the complete methodology with Rev. Proc. 2024-28, including account-level basis allocation and the transition from universal pooling, and built lot-level cost basis records with full holding period documentation. Delivered audit-ready records for all prior years and transitioned the client to ongoing quarterly portfolio accounting with reconciliation of new DeFi activity as it occurs.
The Outcome
Full transaction history reconstructed across 30+ wallets and 60,000+ transactions, including recovery of partially available Celsius records and documented positions for transactions where records were unrecoverable. Cost basis continuity established at the lot level across the entire portfolio history, methodology aligned with Rev. Proc. 2024-28, and prior software errors corrected. Client now has a defensible, audit-ready cost basis record and an ongoing accounting system that keeps the portfolio current through quarterly reconciliation of new activity.
