The IRS again insists in litigation that cryptocurrency staking should be taxed
According to Bloomberg, the IRS (Internal Revenue Service) has again insisted that cryptocurrency staking should be taxed, stating that staking rewards are taxable as soon as they are received. This news comes as the Jarrett couple in Tennessee are involved in a legal dispute with the IRS over staking taxes. The couple staked on the Tezos network and argued that staking rewards should not be taxed until they are sold. In a court filing on December 20, the IRS rejected the Jarrett couple's claim that staking creates "new property" and should only be taxed upon sale. The government stated that "as soon as cryptocurrency staking is completed, a tax liability should immediately arise". This case is currently being closely watched by the cryptocurrency industry and could have a significant impact on how staking rewards on proof-of-stake blockchains are taxed in the US. According to the IRS guidance released in 2023, block rewards obtained through staking or mining are treated as taxable income at the time they are generated, with the tax liability based on their market value at the time of generation.
According to a report by Yonhap News Agency's Infomax, South Korean acting President Han Duck-soo plans to promulgate a tax revision bill at the Cabinet meeting on December 24, which includes postponing the virtual asset taxation plan for two years.
According to CoinDesk Japan, the National Police Agency of Japan announced on December 24 that the theft of 4,502.9 BTC from the cryptocurrency exchange DMM Bitcoin in May was carried out by the Trader Traitor group under the North Korean hacker group Lazarus Group. The National Police Agency of Japan stated that it will continue to cooperate with the FBI, other US government agencies, and international partners to investigate the illegal activities of North Korean hackers, including cybercrime and cryptocurrency theft. At the same time, the National Police Agency of Japan, the Cabinet Secretariat's National Center of Incident Readiness and Strategy for Cybersecurity, and the Financial Services Agency issued a document on the tactics of the attack group and countermeasures, calling on cryptocurrency-related companies to be cautious. To address this attack incident, DMM Bitcoin has decided to close its exchange. Assets and customer accounts will be transferred to SBIVC Trade, with the transition expected to be completed by March 2025.
MicroStrategy purchased 5,262 Bitcoins for $561 million last week
According to MicroStrategy's announcement, the company purchased 5,262 Bitcoins for approximately $561 million between December 16 and December 22, 2024, at an average price of $106,662 per Bitcoin. As of December 22, 2024, MicroStrategy and its subsidiaries hold a total of 444,262 Bitcoins, with a cumulative purchase cost of approximately $27.7 billion and an average price of $62,257 per Bitcoin. The company stated that the funds for this Bitcoin purchase came from the proceeds of its stock issuance (1,317,841 shares have been sold through the sales agreement, with approximately $7.08 billion in stock still available for sale). From January 1 to December 22, 2024, MicroStrategy's BTC return was 73.7%; from October 1 to December 22, 2024, this metric was 47.4%.
Later, it was reported that MicroStrategy will hold a special shareholder meeting to vote on key proposals, including accelerating the 21/21 plan; MicroStrategy's stock price has fallen 38.81% from its November 21 high.
Hyperliquid: Not attacked by North Korean hackers, user funds are properly handled
According to Bloomberg, the cryptocurrency derivatives trading platform Hyperliquid experienced the largest single-day outflow of funds in its history, as traders concerned about North Korean hackers trading on the platform rushed to withdraw their funds. MetaMask security expert Taylor Monahan said that digital wallets associated with these hackers had been active on Hyperliquid since October. On Monday, she shared the addresses of these suspicious wallets and their activities on the social media platform X. Monahan pointed out that the trades are often a way for North Korean hackers to test potential security vulnerabilities on platforms like Hyperliquid. In a statement, the Hyperliquid core development team said: "Hyperliquid Labs has noted the reports regarding the alleged North Korean address activity, and Hyperliquid has not been subject to any attacks or exploits from North Korea or any other party. All user funds have been properly handled." Monahan's post sparked widespread discussion on social media, with some Hyperliquid supporters criticizing her for creating unnecessary panic. According to data compiled by venture capital fund Hashed on Dune Analytics, over $112 million in the stablecoin USDC flowed out of the platform on Monday. According to tracking platform CoinGecko, the platform's token HYPE price fell by 20%.
MoonPay is negotiating to acquire the cryptocurrency payment platform Helio for $150 million
According to a report by Fox Business News reporter Eleanor Terrett, the cryptocurrency payment service provider MoonPay is in negotiations to acquire Helio for approximately $150 million, which would be MoonPay's largest acquisition to date. Helio is an alternative to Coinbase Commerce, providing a self-service cryptocurrency payment platform that allows content creators and e-commerce merchants to receive payments in cryptocurrency. It currently offers "white-label solutions" that include the transaction infrastructure for Solana Pay and DEX Screener.
Robinhood CEO: The company currently has no plans to hold Bitcoin for investment purposes
According to a report by The Block, in an interview released on Monday, Robinhood's CEO Vladimir Tenev stated that although the importance of cryptocurrencies to the company is increasing, Robinhood currently has no plans to hold Bitcoin for investment purposes. Tenev pointed out that while the idea of holding Bitcoin has "come up from time to time" due to Robinhood's growing interest in cryptocurrencies, the company has no plans to treat Bitcoin as an investment asset, apart from holding some cryptocurrencies to meet customer trading needs. He said: "We haven't ruled it out, but we haven't done it yet. After all, we're not in the investment management business." Tenev continued that although Robinhood has not added Bitcoin to its balance sheet like MicroStrategy and Tesla, its stock price "is already highly correlated with Bitcoin, and we haven't even held it financially"; if Robinhood were to hold Bitcoin for investment, it could "complicate" investors' perception of the company, potentially making them view it as a "Bitcoin-holding company".
Aerodrome: Has acquired and locked 16 million AERO as veAERO
According to an official announcement from Aerodrome, since its launch, the Aerodrome Public Goods Fund has continuously supported the development of the Base ecosystem by incentivizing high-impact liquidity pools through voting. The latest announcement shows that the fund has acquired and locked 16 million $AERO as $veAERO, of which 8.4 million $veAERO will be used to support public goods voting, and 7.6 million will be used to enhance the Flight School Program, further increasing the compounding ability and rewards for locked holders.
GCL Technology and Ant Digital completed a 200 million RMB RWA based on photovoltaic physical assets
According to Sina Tech, Xinyi Energy, a green energy service provider, and Ant Digital Science have signed a strategic cooperation agreement and successfully completed the first domestic RWA (Real World Asset) based on photovoltaic physical assets, involving an amount of more than 200 million yuan. It is reported that this is the first domestic photovoltaic physical asset RWA, which helps the efficient connection of domestic green assets and overseas capital, and realizes the empowerment of digital technology to the real industry.
Telegram founder Pavel Durov posted on his personal channel that Telegram achieved profitability for the first time in 2024, marking an important milestone in its three-year commercial history. This year, the number of Telegram Premium subscribers grew threefold, exceeding 12 million, and advertising revenue also grew several times. The total annual revenue exceeded $1 billion, and the year-end cash reserve exceeded $500 million (excluding crypto assets).
BIO Protocol: The total supply of BIO is 3.2 billion, with an initial circulating supply of 39.05%
According to the BIO Protocol Official Twitter, BIO is the native governance token of the BIO protocol, with a total supply of 3.2 billion, of which the initial circulating supply (excluding the protocol treasury) is 39.05%. The token distribution is 56% for the ecosystem and community, 25.4% for early contributors (6-year linear unlock, first year locked), and 18.6% for early supporters (4-6 year linear unlock, first year locked). $BIO will be gradually unlocked over the next 6 years, and the genesis auction has raised over $33 million from the community, achieving 100% community ownership in the first year, and holders can participate in governance, support new BioDAO projects, and allocate network resources through the token.
Binance Labs Announces Investment in Usual
According to the Binance Labs announcement, it has invested in Usual, a decentralized RWA (Real World Asset) backed stablecoin issuer that aims to redefine stablecoins through community-first innovation. Usual achieves value and ownership redistribution through the $USUAL governance token, with 90% of the tokens distributed to users, promoting a decentralized and equitable financial model.
Stablecoin issuer Avalon Labs Completes $10 Million Series A Funding, Led by Framework Ventures
According to CoinDesk, Avalon Labs, the issuer of the Bitcoin-backed stablecoin USDa, has completed a $10 million Series A funding round to expand its Bitcoin decentralized finance (DeFi) ecosystem. The round was led by Framework Ventures, with participation from UXTO Management, Presto Labs, and Kenetic Capital.
Usual Completes $10 Million Series A Funding, Led by Binance Labs and Kraken Ventures
The RWA stablecoin protocol Usual announced the completion of a $10 million Series A funding round, led by Binance Labs and Kraken Ventures, with participation from investors including Galaxy Digital, OKX Ventures, Wintermute, Amber Group, GSR, and Fasanara Digital.
CoinShares: Digital Asset Investment Products Net Inflows of $308 Million Last Week
According to the latest CoinShares weekly report, digital asset investment products saw net inflows of $308 million last week, but recorded a massive net outflow of $576 million on December 19, resulting in a total outflow of $1 billion over the weekend. Affected by the hawkish FOMC policy, the total assets under management (AuM) of digital asset ETPs decreased by $17.7 billion, accounting for 0.37% of the total AuM.
Meme Coins to Account for 31% of Crypto Narratives in 2024, Nearly 4 Times Growth from Last Year
According to a report by CoinGecko, Meme coins have become an important narrative in the cryptocurrency field, accounting for 31% of the share in 2024, nearly 4 times the growth from last year. Last year, Meme coins only accounted for 8.32% of the 25 narrative themes in terms of investor attention.
Data: 110,000 ETH Transferred from Bithumb to Unknown Wallet, Worth About $368 Million
According to Whale Alert data, at 20:10 Beijing time, 110,000 Ethereum (worth about $368 million) were transferred from Bithumb to an unknown wallet.
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