I bought a a cryptocurrency coin I made a lot of money but I think its not halal

[aussiejo]

Hi. 1 year ago, I bought a coin called AAVE. I did not do my research at that time. Today I found out that it worth nearly 1 bitcoin, which is nearly 60k. After a little research, I found out that It is a platform for lending coins/money with intrest. Now I think it is not halal. I'm not sure. But if it is not. What to do now?

And should I calculate it in my zakah?

Update :

For anyone searching .After contacting a multiple imams and viewed a fatwa from ibn uthaymeen:

If you buy stock with a bank that uses riba and you did not know you have to cash it out once you know it's fatwa . And it would be halal to use its money.

But any profit is made once you know its haram it becomes haram money .

After cashing out the full amount with the current price you can donate some of it as a good gesture.

for more https://islamqa.info/ar/answers/255...تعلم-بالتحريم-فماذا-يلزمها-في-الاسهم-وارباحها

If the stock /currency gave any any profit from you being a stockholder that I do no know but its irrelevant to my concern since I did not collect any

 

[kendraw]

@aussiejo If you earned interest to generate AAVE coins it probably is haram.

 

[aussiejo]

@kendraw No I just bought the coins and left them in the wallet .

 

[jina80]

@aussiejo I am interested to know what is the consensus on this. A lot of cryptos are used for various use and needs and it is really hard to know where they fall under the halal perspective.

If you buy a coin, do you support/invest in the block chain project?

Edit: It is also worth to cross check @ halalinvestor subreddit.

 

[jina80]

Found some info @ Islamic finance guru

 

[emmarose80]

@aussiejo Even if its haram you didnt know you couldn't do it , so there is no problem if you Cashout...what would you throw away 60k ?

 

[mardbein]

@aussiejo The entire cryptomarket has become a bit like a ponzi-scheme, so be careful. Now, regarding the interest and the coin. The coin itself derives its value from the way the smart-contract works. And the smart contract uses interest based lending to create value for investors/token holders.

Now, if you had money and invested it in a illegal business, you would be held responsible for your investment, the same I think applies with the Tokens. You are holding a token that has value made of Riba.

Now, best thing you should do is find your favorite Muslim charity and donate.

 

[aussiejo]

For anyone searching .After contacting a multiple imams and viewed a fatwa from ibn uthaymeen:

If you buy stock with a bank that uses riba and you did not know you have to cash it out once you know it's fatwa . And it would be halal to use its money.

But any profit is made once you know its haram it becomes haram money .

After cashing out the full amount with the current price you can donate some of it as a good gesture.

for more https://islamqa.info/ar/answers/255...تعلم-بالتحريم-فماذا-يلزمها-في-الاسهم-وارباحها

If the stock /currency gave any any profit from you being a stockholder that I do no know but its irrelevant to my concern since I did not collect any

 

[sudha15]

@complexobject Yea at least the intention wasn’t malicious, but definitely seek out a trusted imam

 

[nataliem]

@aussiejo Where did you buy it from bro

 

[hisholykingdom]

@aussiejo Do some research if your purchasing of AAVE directly supported interest and loans and stuff, if it did I’d say maybe to get some help from an Imam

 

[baileywilliams]

@aussiejo I think you will just have to donate it if it is haram. Donate it in Ramadan, but I don't think you will have hassanat of donating it becuz. Check it out on youtube! You'll make a lot of people happy. I think this is a test that you can either pass or fail. Good luck to u!

 

[baileywilliams]

otherwise, ask in the crypto sub if the AAVE if it derives its value from interest, just to check if it s really halal or haram, but don't tell them anything about halal or haram so that they won't be biased