Receive "gift" from wallet and avoid taxes?

Hi all

I wonder if this is a loophole in tax laws. In jurisdictions where gifts are not taxed, if someone cashes out coins they receive from their own cold wallet and claim it as a gift, wouldn't the gain on the sale be very low or zero, as the cost basis is determined by the market value at the time it was gifted? Surely the taxman is smarter than that.