YouHodler verbinden mit Kryptos.

YouHodler is a lending and yield platform rather than an exchange. What people do there is borrow against crypto they do not want to sell, and put crypto into products that pay a return.

Borrowing is generally not a taxable event, which is the point of doing it. Liquidation very much is, and at high borrowing ratios it is a likely outcome rather than a remote risk.

There is also a product that can hand you back a different asset from the one you deposited, which surprises people.

Borrowing is safe, being liquidated is not

The reason people borrow against crypto rather than selling it is precisely to avoid a taxable event. That works, and it is worth understanding exactly how far it works.

When you pledge crypto and draw a loan, you keep ownership of the collateral. Nothing was sold, so there is no disposal and no gain to report. The cash you receive is borrowed, not earned, so it is not income either. Repay the loan, get your collateral back, and the whole episode passes without a taxable event.

Liquidation breaks that completely. If the price falls far enough, the platform sells your collateral to cover what you owe. That sale is a disposal, at the liquidation price, crystallising whatever gain had built up on coins you specifically arranged not to sell. And because liquidations happen in falling markets, it tends to arrive at the worst possible moment.

The thing to understand about this platform in particular is how high the borrowing ratios go. Borrowing at close to the full value of your collateral leaves almost no room for the price to move before the threshold is hit. At those levels liquidation is not a remote risk you are insuring against; it is the likely outcome, and the tax consequence should be planned for rather than discovered afterwards.

One nuance worth flagging honestly. In some places, if a platform's terms transfer ownership of the collateral to them, or let them lend it on, the pledge itself might be treated as a disposal. That varies by jurisdiction and by the specific terms, and it is worth checking rather than assuming. See the USA crypto tax guide or the UK crypto tax guide.

The product that decides which asset to pay you in

Dual asset products are marketed as a way to earn yield, and they do. They are also, underneath, something rather different, and the difference produces disposals people do not see coming.

Here is how one works. You pick a pair, say bitcoin and a dollar stablecoin. You deposit one of them and choose a short term, often just a few days, with a target price. At expiry the platform compares the market price to that target, and that comparison decides which of the two assets you are paid back in.

You always get your principal plus the yield. What you do not always get is the same asset you put in.

When it settles in the other asset, you have disposed of what you deposited and acquired something else, at the contract's rate. That is a taxable trade. You never placed it, you may not have expected it, and the product's framing as an earning product makes it easy to record as a simple deposit that came back.

Because the terms are short, people often run these back to back. A run of consecutive plays across a year can produce a long series of forced conversions, each with its own cost and proceeds. The yield is income; the conversions are disposals; and treating the whole thing as staking would miss every one of them.