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🔵 Aave Wants To Launch V3 On Linea For Mainnet Deployment
In a significant development for the decentralized finance (DeFi) ecosystem, Aave, a prominent lending protocol, has put forth a proposal to establish a formal line of communication regarding a potential deployment on the Linea mainnet. The proposal aims to gather community feedback and insights as Aave explores the possibility of an “MVP” (Minimum Viable Product) mainnet deployment following a successful testnet deployment on Linea. The collaboration between Aave and Linea, a scalable Layer 2 solution built on Ethereum’s zkEVM .
The motivation behind the protocol’s exploration of a mainnet deployment on Linea stems from Linea’s ability to leverage the distribution channels created by ConsenSys’ product suite. By tapping into MetaMask’s extensive community of 30+ million monthly active users, Linea offers Aave v3 a unique opportunity to reach a broader audience and enhance user convenience. The proposed integration encompasses various product offerings, including on/off ramps, MetaBridge, MetaMask Swaps, the Portfolio dApp, and the MetaMask SDK, providing numerous avenues for incorporating the protocol. It has forged strong relationships with industry leaders such as MetaMask, Infura, and Truffle, enabling seamless integration and accessibility.
Source
@DeFi_ICO_Invest
💰 Celsius CEO Alex Mashinsky Pleaded Not To Fraud, Freed For $40 Million
According to court documents, the founder of bankrupt crypto lending company Celsius Alex Mashinsky has pleaded not guilty to charges including fraud and manipulation of the CEL token. The founder and former CEO of bankrupt crypto lender Celsius has been set at $40 million by a US District Judge, and his wife will be the signatories of the pledge when the other co-signer has yet to be identified, court documents reveal. Previously, Mashinsky was charged with seven counts related to deceiving investors and manipulating the price of CEL tokens, which he completely denied.
Mashinsky will be bailed on the condition that he has travel restrictions and cannot open a new bank account or cryptocurrency under the agreement. The founder and former CEO of bankrupt crypto lender Celsius has been set at $40 million by a US District Judge, and his wife will be the signatories of the pledge when the other co-signer has yet to be identified, court documents reveal. The bail amount was secured by a financial request on his New York City home and bank account. On the evening of July 13, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Celsius Network. This cryptocurrency lending company went bankrupt in July 2022 during the then liquidity crisis, as well as former CEO Alex Mashinsky was arrested by US authorities and sued by the New York state government.
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@DeFi_ICO_Invest
🪙 Tether Issues 1 Billion USDT On TRON Network, USDT Dominates Stablecoin Market
Tether has made a significant move in the cryptocurrency market today by issuing an additional 1 billion USDT on the TRON network. The news was confirmed by Whale Alert, a prominent blockchain tracker, in a tweet that provided a link to the transaction details. This move by Tether signifies its commitment to leveraging the TRON network’s fast and low-cost transactions, attracting more users and solidifying its position as the leading stablecoin. This announcement comes as Tether aims to expand its presence and liquidity on the TRON blockchain.
Over the past 90 days, the market value of USDT has surged by a staggering $2.6 billion. In contrast, USDC, another popular stablecoin, has witnessed a decrease of $4.6 billion in its market value during the same period. Currently, USDT holds the lion’s share of the stablecoin market, accounting for 65% of the total market value. The latest move by Tether on the TRON network is expected to further strengthen its market dominance. On the other hand, USDC, with a market value decline, now represents 21.4% of the overall stablecoin market. The issuance of 1 billion USDT on the TRON network highlights Tether’s strategy of expanding its offerings on multiple blockchains.
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@DeFi_ICO_Invest
🏦 Coinbase CEO And Executives Sell $6.9 Million in Shares
According to data from Dataroma, Coinbase CEO Brian Armstrong and three other executives made substantial sales of Coinbase shares on July 6, amounting to approximately $6.89 million. The transactions involved other key executives as well. Chief legal officer Grewal Paul acquired 1,818 shares for approximately $140,000. Accounting director Jennifer N. Jones sold 7,335 shares for approximately $550,000, while director Rajaram Gokul sold 4,580 shares for about $366,500.
These share sales by Coinbase’s top executives indicate a significant divestment in the company. While it is important to note that executive sales can occur for various reasons, such transactions often garner attention from investors and market observers due to their potential implications on a company’s outlook. Coinbase has experienced remarkable growth and success in recent years. The decision of its executives to sell shares may signify their personal financial planning or other strategic considerations. Such transactions can also provide liquidity for executives or serve as a means to diversify their investment portfolios.
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@DeFi_ICO_Invest
🟠 Binance Feels Strain of World’s Regulators Leaping Into Action
Australian officials directly sought out current and former employees of Binance’s operation there this week, demanding copies of internal communications and data from their personal devices, according to a person familiar with the government’s move against the leading crypto exchange, which marked the latest in a pile-up of legal troubles facing the company.
The exchange had operated for years without serious regulatory intervention, but the arrival of some of those cases has pushed the company onto its heels.
The representatives of Binance were individually contacted by the Australian Securities and Investments Commission (ASIC) outside the company’s offices this week in a coordinated effort, the person said, marking yet another jurisdiction in which government watchdogs are closing in. From weighty accusations by U.S. regulators, to a French raid, to a denial of licensing by the Dutch, to this probe in Australia, Binance is facing legal headwinds in many parts of the world, while its CEO is denying that a spate of departures of key legal and compliance executives is cause for concern. The U.S. Commodity Futures Trading Commission had made similar accusations against Binance earlier in the year.
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@DeFi_ICO_Invest
🟠 Binance Unleashes Wallet Upgrades To Enhance Efficiency And Security
In a bid to provide better efficiency and enhanced security measures for its users, leading cryptocurrency exchange Binance has announced significant upgrades to its wallet infrastructure. To ensure a transition, Binance strongly advises seamless users to obtain new deposit addresses and memos (if applicable) upon receiving the official notification. It is important to note that users who have not received any notification are encouraged to continue using their current deposit addresses without any changes.
The retirement of old deposit addresses and memos will only affect users who receive specific notifications from Binance, and the expiry date of the old addresses will be clearly stated in the notifications. However, it is reassuring to know that funds into addresses remain safe and secure, and users can manually credit these deposits via the “Transaction History” page on the platform. To obtain new deposit addresses and memos (if applicable), affected users can conveniently log into their Binance accounts on either the Binance app or website. The exchange’s ongoing commitment to enhancing user experience and security is evident in this wallet infrastructure upgrade, which aims to streamline operations and provide an even more secure environment for cryptocurrency transactions.
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@DeFi_ICO_Invest
📣 Wintermute Trading Transfers $5.08M Worth of DYDX to Exchanges
According to Lookonchain, Wintermute Trading has sent 2.6 million DYDX (about $5.08 million USD) to the exchange. Wintermute Trading’s recent transactions involving DYDX have sparked speculation and caused a drop in the token’s price. Wintermute Trading has recently made some significant moves in the market, which is causing a stir among traders and investors. Wintermute sent a total of 653,295 DYDX to various exchanges, which is equivalent to about $1.37M USD.
There have been rumors that Wintermute has been selling off its DYDX holdings over the past few days, but it’s challenging to confirm these reports. However, it’s worth noting that DYDX is not highly liquid, which means that Wintermute couldn’t use it to pay its debts. Wintermute’s wallet address is holding $2,517,667 DYDX, which is equivalent to $5,261,924 USD. Shortly after receiving the DYDX from OpsSubDAO, Wintermute transferred $6,371,700 USDC back to OpsSubDAO. The price of DYDX dropped by about 8.5% after Wintermute started depositing DYDX to exchanges. While it’s unclear what Wintermute’s intentions are, it’s clear that the company is making some significant moves in the market.
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@DeFi_ICO_Invest
🆘 Poly Network Attacker Issues 'Worthless' Billions in SHIB, BNB, BUSD in Latest Crypto Hack
Attackers issued billions worth of several tokens on Sunday morning after exploiting a smart contract function in cross-chain protocol PolyNetwork’s bridge tool. Bridges allow users to swap tokens between different blockchains using a smart contract by locking value on one network, and releasing it on another. PolyNetwork attackers were likely able to manipulate the way the bridge works and trick it into issuing tokens on one network which, in reality, did not exist.
Attackers minted 24 billion binance usd (BUSD) and bnb (BNB) on the Metis blockchain, 999 trillion shiba inu (SHIB) on the Heco blockchain, and millions of other tokens on various other networks, such as Avalanche and Polygon. This meant the attackers’ wallet held over $42 billion worth of tokens (on paper) immediately following the attack. But an abject lack of liquidity prevented the attackers from monetizing the gigantic token stash. Metis developers confirmed there was no “sell liquidity available” for the BNB and BUSD, while the illicitly-issued METIS tokens were locked on the PolyNetwork bridge by developers.
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@DeFi_ICO_Invest
🪙 Binance Burns Tokens To Increase Efficiency and Reduce Costs
In a recent announcement on Twitter, Binance revealed its plan to burn a selection of idle Binance-pegged tokens. The tokens scheduled for burning are TRXOLD, PAX, DAI, USDP, PAXG (on the Binance Smart Chain), PAXG (on the Binance Chain), BUSD, and USDC. These tokens represent a range of digital assets that have been pegged to their corresponding fiat currencies or assets, providing users with liquidity and stability. This reduction in supply often contributes to price stability and can generate positive effects on market dynamics.
By burning these idle tokens, BNB aims to enhance the efficiency of its token ecosystem. The act of token burning involves permanently removing a certain quantity of tokens from circulation, thereby reducing the total supply. This reduction in supply often contributes to price stability and can generate positive effects on market dynamics. However, the token burning process initiated by BNB is distinct from the traditional concept of token burning, as it is tied to the release of collateral on their native networks. This approach allows BNB to maintain a balanced utilization of resources while ensuring the liquidity and availability of the underlying assets.
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@DeFi_ICO_Invest
📣 BlockFi Faces Dissolution As Creditors Accuse CEO Of Fraud And Mischief
Creditors of the insolvent crypto lender BlockFi have filed a petition to dissolve the company because they became impatient while waiting. The business is delaying the lawsuit so that it may negotiate legal releases for its top managers, who are liable for loans granted to FTX’s Alameda Research, according to a committee representing BlockFi’s unsecured creditors in a document filed late Tuesday evening in the New Jersey Bankruptcy Court.
The reference is to a previously filed under-secret investigation report into business actions, which they claim exposes, in considerable detail, that BlockFi or CEO Prince in particular, committed fraud on clients. Discovering that the company was using its legal monopoly to avoid bankruptcy. BlockFi has filed an amended plan under Chapter 11 of the bankruptcy legislation. According to an altered disclosure statement, holders of BlockFi interest accounts, who are altogether owed around $1 billion, may expect to recover between 39% and 100% of their assets via the bankruptcy plan, as opposed to 36%-60% if assets are simply liquidated.
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@DeFi_ICO_Invest
📣 Su Zhu: oUSD Credit stablecoin Inspired By 2 Failed Stablecoins UST And FTT
Three Arrows Capital and OPNX founder Su Zhu, said on Twitter that the oUSD credit stablecoin launched by OPNX was inspired by UST and FTT (negative case). According to the OPNX founder, UST is a passive sink for investors, but the capital utilization rate is shallow, while FTT has a great borrowing demand. Still, Genesis and FTX users are lenders only naturally. The UST failed to issue enough active bonds, leading to a death spiral without a natural buyer. There were many techniques to avoid bank runaways in the UST and FTT cases.
The margin currency should be the account’s unit, replicating the extremely stable derivative structure that OKX has had for many years, i.e., continuously socializing risk into a profit pool. As a result, OPNX uses oUSD to inherit the properties of provable solvency instantly, and provable liquidity (especially proof of non-liquidity that cannot be liquidity), and all client assets are on-chain, allowing it to avoid the risk of force majeure events calmly. Earlier, the OPNX exchange announced that they would launch the first Launchpad project, and oUSD will be available soon. Users can use USDT 1:1 from an unlimited oUSD purchase agreement. Its function acts as margin and PNL for all OPNX currency futures contracts (profit and loss).
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@DeFi_ICO_Invest
💰 Proposal urges Mantle to allocate $72 million to Lido Finance
Seraphim Czecker, a DeFi expansionist at Lido Finance, put forth a proposal asking Mantle, a notable Layer 2 project, to allocate 40,000 ether, ($72 million) to Lido’s liquid staking platform. Mantle, which recently merged with BitDAO, a decentralized autonomous organization (DAO), maintains one of the largest community treasuries in the crypto ecosystem. This includes $500 million worth of ether (ETH) and $300 million in stablecoins, per data from DeepDAO.
The proposed allocation of 40,000 ETH from Mantle’s treasury is intended to stimulate liquidity for the stETH ecosystem on Mantle’s Layer 2, it said. Additionally, the proposition aims to attract DeFi integrations, including Uniswap, Curve and other decentralized exchanges to the network. Czecker, who formerly oversaw risk department at the lending protocol Euler, stated in the proposal, “While the final decision rests with the BitDAO community, I advocate for the relocation of DAO-owned stETH/ETH liquidity into prominent DEXes on Mantle.”. The proposal goes beyond a considerable investment, incorporating a revenue-sharing agreement between BitDAO and Lido DAO.
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@DeFi_ICO_Invest
🇰🇵 North Korean Hackers Actively Launder Funds Related To The Atomic Wallet Attack
North Korean hackers stole almost $100 million from Atomic Wallet customers, and the corporation has yet to give a convincing answer to the users’ concerns. Additionally, despite knowing that they had been hacked, the corporation did not tell its subscribers about their safety. At the moment, hackers are searching for methods to launder the money used in the assault. MistTrack previously reported on June 15 that North Korean hackers were laundering stolen cash from Atomic.
North Korean hackers are aggressively laundering cash tied to the Atomic assault, according to MistTrack. In the last two days, a hacker address beginning with 0xad3 moved 503.08 ETH to THORChain, converted BTC and then bridged to the Bitcoin address beginning with bc1q. North Korean hackers also utilized the SWFT Blockchain to connect ETH to several BTC addresses. Atomic users have reported losing their whole crypto holdings due to a stunning vulnerability. Atomic Wallet is a decentralized non-custodial wallet. Its main concept is based on the corporation accepting full responsibility for properly holding the user’s money; hence, this unexpected breach has stunned the crypto world.
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@DeFi_ICO_Invest
📣 CoinDesk Obtains Tether’s FOIL Documents Revealing After USDT Lost Its Peg
CoinDesk received Tether documents on June 15 after a court dispute, hours after USDT lost its peg. CoinDesk stands by reporting integrity. Tether’s recent release of FOIL documents obtained by CoinDesk has revealed important information about the stablecoin’s banking relationships and asset backing strategy. As the world’s largest stablecoin, USDT plays a significant role as the counterparty asset for countless crypto trades on exchanges.
The documents reveal that Tether had more than $35.5 billion in U.S. dollar equivalents at various institutions, with a further $5.1 billion in “USDT lending” and other assets. The vast majority of its reserves were held in Bahamas-based Deltec Bank and Trust, with several other banks and investment management firms also holding Tether’s funds. While the company has acknowledged its use of commercial paper in the past, the extent to which it relied on this asset type was not previously known. The FOIL documents confirm that several Chinese banks and financial institutions, such as Agricultural Bank of China, Bank of China, and China Construction Bank, issued Tether’s commercial paper and securities.
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@DeFi_ICO_Invest
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📣 BlockFi Failure Due To Neglect Risks Of Intimate Exposure To FTX And Alameda
BlockFi’s demise stemmed from the company leaders ignoring warnings about potential risks associated with FTX and Alameda Research, as revealed in documents filed on July 14. According to Bloomberg, BlockFi’s creditor committee said in a newly published report that this crypto lender executives ignored their risk management team’s repeated warnings about not granting large loans to Alameda Research. The report attributed the failure of BlockFi to the fault of CEO Zac Prince and other senior executives. The creditors’ findings were published on Friday.
The commission said that as early as August 2021, the crypto lender had a copy of Alameda’s balance sheet showing that the company relies heavily on FTT, a digital token created by FTX. Alameda’s overreliance on FTT “has raised alarm bells at BlockFi,” but Prince ignored those concerns. In addition to being accused of ignoring warning signs from FTX, the commission also stated that BlockFi’s business is “fundamentally flawed” as it needs riskier investment partners to turn a profit high for customers. This means that BlockFi can only do business with a few companies, such as Alameda, that can turn a profit high enough. And just a few days ago, BlockFi released its investigative report, saying that management conducted due diligence before providing loans to FTX.
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@DeFi_ICO_Invest
🏦 Coinbase Strikes Back: Supreme Court Ruling Gives Crypto Exchange An Edge Against SEC
In a recent legal filing, Coinbase’s lawyers argued that a recent U.S. Supreme Court judgment on student debt cancellation supports the crypto exchange’s fight against charges of operating an unregistered securities venue. The Securities and Exchange Commission (SEC) had charged Coinbase with breaching federal securities law, which the exchange believes is an attempt by the regulator to gain excessive control over the digital asset industry.
Coinbase points to a Supreme Court ruling on June 30, shortly after it submitted its initial defense, which declared that the Secretary of Education had exceeded his authority by canceling approximately $430 billion in student debt. The ruling emphasized the requirement for government agencies to have clear support from Congress when making decisions of significant economic or political consequence. The exchange contends that the Supreme Court ruling, known as Biden v. Nebraska, has relevance to its case since there are no clear rules set by lawmakers for the cryptocurrency industry. The exchange argues that Congress has not yet delegated regulatory authority to the SEC and is actively considering regulatory structures for the digital asset industry.
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@DeFi_ICO_Invest
💰 XRP Plunges to Zero on Poloniex In Shocking Twist
The XRP/USDT pair on the Poloniex crypto exchange saw a sudden and drastic plunge to nearly zero. The pair rebounded shortly after and is currently trading at $0.4742. While the exact reason for the plunge is unknown, it is believed to be a glitch, as the pair recovered swiftly. However, this event has left many wondering about the stability of the exchange and its systems. Poloniex Customer Support hinted at network maintenance on the same day of the event. The maintenance began at 7:00 a.m. UTC.
This is not the first time XRP has experienced such an event. In April, the XRP/USDT perpetual trading pair flash crashed to zero on the Bitrue crypto exchange. While these events may be isolated incidents, they raise questions about the overall stability of the crypto market and the exchanges that facilitate trading. What caused the Poloniex incident, and whether the exchange will take any measures to prevent similar events from occurring in the future. As crypto trading continues to gain popularity and more investors enter the market, it is crucial that exchanges uphold the highest standards of reliability and security.
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@DeFi_ICO_Invest
📣 Tom Brady Lost $30 Million in FTX Stock After Exchange’s Collapse, Report
Longtime NFL quarterback Tom Brady received $30 million from FTX, mostly in the form of company stock, the New York Times revealed in a report this past Friday. The U.S. football star appeared in commercials for the digital asset exchange before it filed for bankruptcy protection in November 2022. Besides Brady, who served as an ambassador for FTX, his ex-wife, supermodel Gisele Bündchen, got $18 million, also in stock, the report added.
The former couple and other celebrities were named in a lawsuit filed by FTX customers unhappy with their endorsements for the failed exchange. The crypto platform was also promoted by tennis star Naomi Osaka and Golden State Warriors guard Stephen Curry among others. According to the New York Times, Brady and Bündchen starred in a $20 million advertising campaign for FTX. Brady even posted Tiktok videos with the company’s founder and former chief executive, Sam Bankman-Fried, from the FTX headquarters in the Bahamas. Bankman-Fried was arrested there in January and extradited to the U.S. where he was charged with defrauding investors.
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@DeFi_ICO_Invest
📣 Multichain Announces To Stop All Services, No Confirmed Resume Time
In a devastating turn of events, the cross-chain router protocol Multichain has fallen victim to an exploit, resulting in losses exceeding $126 million. The exploitation was carried out through the withdrawal of more than $102 million worth of cryptocurrencies from Multichain’s Fantom bridge contract on the Ethereum network. Notably, this includes $31 million in Wrapped Bitcoin (WBTC), $13.6 million in Wrapped Ether (WETH), and $58 million in USDC. At the time of writing, the exploiter’s wallet address holds over $126 million.
The alarming incident unfolded with the first suspicious transaction occurring at 4:21 pm UTC when a mere $2 in USDC was withdrawn from the Multichain Fantom bridge. Within hours, the hacker proceeded to drain a staggering $31 million in WBTC, followed by the depletion of assets from the Multichain Moonriver bridge and the Multichain Dogechain bridge. While the exact nature of the exploit remains unclear, some users suspect a possible rugpull event. The project has acknowledged that assets on the MPC bridge were moved to an unknown address but expressed uncertainty about the circumstances surrounding the incident. the project advises users not to continue using the service in conjunction with revoking approvals.
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@DeFi_ICO_Invest
🆘 Metis Safeguards METIS Holdings Amid Poly Network Attack
In response to the recent Poly Network attack, Metis, the Web3 platform, has taken decisive steps to protect METIS holdings on the BNB Chain. On July 5th, Metis announced via Twitter that it has taken snapshots of METIS holding addresses during two critical periods, namely the Poly Network attack and the initial sale of this token by the attacker. Importantly, any METIS purchases made on the identified address will not be recognized. the platform advises users against interacting with the current token contract on the BNB Chain.
Additionally, the platform urges liquidity providers to withdraw all liquidity from Pancake Swap. By doing so, they can safeguard their assets and minimize potential risks associated with the ongoing situation. Ensuring the protection of user funds and maintaining a secure ecosystem are their top priorities. The Poly Network attack, which made headlines on July 3rd, saw hackers exploit vulnerabilities across multiple chains, resulting in the issuance of more than ten different assets worth a staggering $34 billion. The platform’ swift response to the attack demonstrates its commitment to safeguarding the interests of its users and actively addressing security concerns.
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@DeFi_ICO_Invest
🇧🇾 Belarus Plans To Ban Crypto Trading Between Individuals: Report
According to uz.kursiv.media, Belarus is planning to ban cryptocurrency transactions between individuals to prevent criminal activity and promote transparency. The legislation would require citizens to trade only through official exchanges. Belarus is reportedly working on a bill that would prohibit cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) believes that this will help prevent the withdrawal of funds earned through criminal means.
The ministry hopes that this restriction will make it unprofitable for fraudsters to operate within Belarus. Currently, law enforcement authorities have identified 27 instances of illegal cryptocurrency exchanges since the beginning of 2023, with an estimated profit of almost 22 million Belarusian rubles ($8.7 million). While the proposed legislation may seem strict, it is in line with other countries efforts to regulate the cryptocurrency market. Many governments are concerned about the use of cryptocurrencies for illegal activities, such as money laundering and tax evasion. By requiring citizens to trade cryptocurrencies only through official exchanges, the Belarusian government hopes to prevent such activities and ensure greater transparency and control.
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@DeFi_ICO_Invest
🏦 Huobi Exchange Had Leaked OTC Transaction Info, User Data From 2017 To 2021: Report
Huobi exchange suffers massive data leak, including OTC transactions, user/VIP info, and tech data. Huobi responded, but the incident raises data security concerns. Wu reported that Huobi exchange has suffered a massive data leak, according to Aaron Phillips, a white hat security researcher. The leaked data includes OTC transaction information, user information, VIP user information, and technical infrastructure data. The leaked data is said to have occurred between 2017 and 2021.
Huobi has confirmed the incident and stated that it was caused by the irregular operation of relevant personnel in the S3 barrel of the test environment of the Japanese station. The relevant user information was completely isolated on October 8, 2022. After the incident was discovered by the white hat team, Huobi’s security team took action on June 21, 2023, and immediately closed the relevant file access permissions. The vulnerability has been fixed, and all relevant user information has been deleted. Huobi has thanked the White Hat team for their contributions to its security. Huobi’s updated response stated that the OTC data mentioned in the article is not real transaction data, but test data.
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@DeFi_ICO_Invest
📣 Gopax’s Investor Sues Korean Agencies For Delay Binance Deal That Leads To $38M Loss
According to an Asia Economic report, investors and legal representatives of GoFi, a wealth management product owned by South Korea’s crypto exchange Gopax, have filed a lawsuit against the Chairman of the Financial Services Commission, the Governor of the Financial Supervisory Service, and the Director of the Financial Services Commission’s Financial Intelligence Unit (FIU). They alleged that these agencies had not accepted the report of Gopax’s operator change for a long time.
Earlier, Genesis Trading, which ran GoFi after the global virtual asset market FTX declared bankruptcy last year, halted new loans and redemptions, and Gopax was unable to settle assets worth 56.6 billion won ($43 million). As a result, Binance, a worldwide exchange, proposed acquiring GoPax as a condition for providing liquidity for the withdrawal of GoFi deposited funds. Binance injected some assets earlier this year but intended to infuse the remainder only if the financial authorities’ VASP change report is approved. According to the complaint, under existing legislation, the authorities are required to submit the acceptance of the modification report within 45 days, but they did not, and the investors incurred losses as a result. They are evaluating other portions that are not covered by the legal and legal review scope.
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@DeFi_ICO_Invest
🇯🇵 Japan’s token issuers are now exempt from corporate tax on unrealized gains
Japan’s National Tax Agency revised the corporate tax rules for cryptocurrency issuers earlier this week. The revised rules exempt crypto token issuers from paying corporate tax on unrealized gains for their holdings. The exemptions are applicable under two conditions, according to a local news report. Firstly, the tokens must be issued by the firm itself and held continuously since issuance. Secondly, the tokens must be subjected to “transfer restrictions” since issuance.
Japan’s Liberal Democratic Party’s (LDP) tax committee approved the proposal for the revisions in December 2022. It was included in the ruling party tax reform outline for 2023 and the tax authority gave the final approval this week. Prior to the revision, token issuers had to pay a 35% tax on unrealized gains for tokens they held, if the tokens were listed in the open market. The holdings were taxed at the end of the taxation period. This steep taxation put an undue burden on crypto firms, who had to pay tax on paper gains — since the holdings are not sold, the taxable gains were unrealized. In other words, the firms had to pay taxes for profits they did not actually generate.
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@DeFi_ICO_Invest
📣 DeCommas has just launched Swap & Pathfinder 📣
DeCommas Swap allows for fast, efficient and free swapping of your crypto assets. Use Swap to effortlessly swap or bridge assets across blockchains. Check out Swap.
DeCommas Pathfinder is the “Skyscanner for defi”, an algorithmic routing solution that finds the fastest and most cost-efficient route to get you from point A to B in the world of defi. Now it’s offering routes to AAVE and Stargate, giving you access to an APY as high as 7.8% without the need for leaving the Pathfinder interface.
That’s right, no need to use multiple platforms to get access to these protocols! More integrations are on the way, expect GMX and Lido soon. Check out Pathfinder.
As if this wasn’t interesting enough, DeCommas is known for rewarding early users with USDC rewards. Check their Twitter @decommas for more info!
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🇺🇸 SEC Waives BlockFi $30 Million Fine Until Investors Get Refund
The SEC has agreed to forgo the payment owed as part of the settlement of fees to BlockFi, to maximize and speed up payments to investors. The payment is the remainder of a $50 million fine that the crypto lending platform owes the SEC to settle allegations that it failed to register with the authorities that regulate the offering and sale of crypto assets-cryptocurrency lending products. BlockFi agreed to a settlement in February 2022 but filed for bankruptcy in November 2022 following the collapse of FTX.
Sasha Hodder, the founder of Hodder Law, a firm specializing in crypto law, has said that the SEC could be one of the first creditors to receive a payment from BlockFi. The regulator among its claims should be included “general unsecured claims” in the current Chapter 11 bankruptcy proceedings; however, the regulator agreed to forego the payment “in order to maximize the amount that may be distributed to investors and avoid delay in such distribution” according to the agreement reached on June 22. Previously, crypto lender – which was forced to halt withdrawals following the collapse of the FTX exchange in November 2022 – also said on June 12 that it expected to complete the withdrawal testing needed to allow some customers to start getting their money back this summer.
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@DeFi_ICO_Invest
🏦 Coinbase stock gained nearly 6% last week
Coinbase's stock price picked up nearly 6% over the last week as the average price target among analysts slightly increased, according to data compiled by The Block Research. Coinbase traded up 5.93% last week, ending the week's session at $55.59 despite the overhang of the US Securities and Exchange Commission's lawsuit against the exchange-operator. The stock is up more than 7% since the SEC announced its suit on June 6.
Meanwhile, the average price target for COIN by analysts inched up slightly from $69.17 per share to $69.70 as of June 18. The tick up was underpinned by one broker removing its sell rating coverage for the stock, which in turn elevated the consensus coverage rating. Aside from regulatory related headlines, the exchange announced last week that it bought back $64.5 million worth of their Convertible Senior Notes, a type of debt that can be exchanged into a set amount of the issuer's shares, at a 29% discount, according to a company release. "We are always looking for the best opportunities to deploy capital to create shareholder value,” said Alesia Haas, Coinbase's chief financial officer, in a company statement.
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@DeFi_ICO_Invest
🇷🇺 Russian Bitcoin Miners Rake In $4 Billion Yearly: Taxation To Bring $240 Million
Ivan Chebeskov, head of the Financial Policy Department of the Russian Ministry of Finance, said that Russian bitcoin miners earn about $4 billion a year from mining cryptocurrencies. The taxation of this industry can bring about 20 billion rubles (about 240 million U.S. dollars) to the budget. The Russian Ministry of Finance has estimated that Russian bitcoin miners generate around $4 billion annually from mining cryptocurrencies.
In a session named “Mining as a “white swan” of the Russian economy” at the St. Petersburg Economic Forum, Ivan Chebeskov, head of the Financial Policy Department of the Ministry of Finance, said that the taxation of this industry could bring in around 20 billion rubles (about 240 million U.S. dollars) to the budget. Chebeskov noted that the profit of miners is about 100 billion rubles. If the right prerequisites are created for the development of the industry, its multiple growth is possible, and so is the growth of tax contributions. The bill on the legal regulation of cryptocurrency mining was submitted to the State Duma in the fall of 2022, which assumes that in case of receiving a digital currency, the miner would have to inform the authorities.
Source
@DeFi_ICO_Invest
🇬🇧 Bitstamp Is The Newest Company To Get UK Crypto Approval As FCA First Additions In 6 Months
Bitstamp, a cryptocurrency exchange, has been allowed onto the United Kingdom’s crypto register, becoming the Financial Conduct Authority’s first addition to the list in six months. According to an update on the FCA’s crypto registry, Bitstamp UK Ltd received regulatory clearance on June 13. It was the second company to get clearance in two days. Before, the regular has not given a thumbs up to any cryptocurrency businesses since December.
According to a source close to the regulator, the FCA has received over 300 applications from crypto companies for registration under its money-laundering laws since it began evaluating organizations on January 10, 2020. Not just Bitstamp but also online brokerage business Interactive Brokers has recently joined this list. The FCA now has over 40 businesses on its record, which enterprises have found difficult to get access to. Companies that want to conduct business in the nation must register with the FCA and follow its anti-money laundering regulations. A financial measure now being considered in Parliament would give the agency new authority to regulate cryptocurrency.
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