Drazo, if your crypto has some value and you receive payment at the end of the bankruptcy proceedings, this is considered a sale of the crypto. Reported as any other sale on form 8949 and Schedule D.
If you receive crypto in exchange. You should allocate/divide the crypto received evenly across crypto sold. You can choose the best accounting method for your situation. I attached an article that explains the different accounting methods allowable with crypto. First in First Out, Last In First Out, Highest In First Out.
https://coinledger.io/blog/cryptocurrency-tax-calculations-fifo-and-lifo-costing-methods-explained
If you receive new crypto in exchange, this is also considered a sale of the old crypto and purchase of new crypto. Report as any other sale on form 8949 and Schedule D of your tax return.
You will need to be able to prove your basis for the crypto, if requested by the IRS. If you cannot track and prove basis the IRS considers basis $0.
