NewsBriefs - CryptoPunk seller pleads guilty to tax evasion on $13M in NFT profits

Apr 13, 5:52 PM The Block

CryptoPunk seller pleads guilty to tax evasion on $13M in NFT profits

Waylon Wilcox of Dillsburg, Pennsylvania, has pleaded guilty to tax evasion charges for not reporting over $13 million earned from the sale of 97 CryptoPunk NFTs. The US Attorney's Office for the Middle District of Pennsylvania highlighted that Wilcox avoided nearly $3.3 million in taxes, marking a significant case in US law concerning NFT-related tax evasion. The IRS emphasizes the importance of reporting virtual currency transactions, with CryptoPunk sales now scrutinized in this light.

Latest

• Apr 28, 9:02 PM The Block

  Mastercard integrates stablecoins into global payments, partners with OKX, Circle, and Paxos

  Mastercard is incorporating stablecoins into its payment network, enabling consumers to spend and merchants to receive stablecoin payments globally. This integration allows stablecoin transactions through traditional cards, rewards earning, and direct withdrawals to bank accounts via Mastercard Move. In collaboration with crypto exchange OKX and stablecoin issuers Circle and Paxos, this move coincides with impending US stablecoin legislation and reflects growing institutional interest in stablecoin use. The total supply of USD-pegged stablecoins has surpassed $230 billion, with significant transaction volumes reported.

  Expand Hide

  

• Apr 28, 1:37 PM The Block

  Coinbase introduces new Bitcoin Yield Fund targeting 4-8% annual returns

  Coinbase Asset Management is set to launch the Coinbase Bitcoin Yield Fund, offering 4-8% annual bitcoin-denominated returns using a conservative cash-and-carry arbitrage strategy. This new fund, which avoids high-risk techniques like bitcoin loans and call selling, is designed for international institutional clients and utilizes third-party custodians to lower risks. Major investors include Aspen Digital, which also serves as the fund's exclusive distributor in the UAE and Asia.

  Expand Hide

  

• Apr 28, 4:46 AM Cointelegraph

  Bitget takes action against purported VOXEL futures manipulation, legal notices issued to key suspects

  Crypto exchange Bitget has initiated legal action against eight account holders allegedly involved in manipulating the price of VOXEL/USDT perpetual futures on April 20, resulting in over $20 million in illicit gains. The accounts, implicated as main perpetrators, have been restored to normal after Bitget reversed the irregular trades. The exchange intends to return 100% of recovered funds to affected users via airdrops, while an official incident report is pending.

  Expand Hide

  

• Apr 25, 9:47 PM The Block

  DeFi Development files $1 billion shelf offering with SEC to fuel Solana strategy

  DeFi Development, formerly known as Janover, has filed a $1 billion shelf offering with the SEC for diversified securities, including stocks and bonds. This move is part of their strategic pivot towards Solana, emphasizing buying and staking SOL tokens, akin to strategies employed by companies like Galaxy Digital and Sol Strategies. The registered securities may be sold over time, with the detailed terms set prior to each offering. DeFi Development's involvement in crypto began with accepting BTC, ETH, and SOL payments for its commercial property debt financing services.

  Expand Hide

  

• Apr 25, 12:07 PM Fortune

  Paradigm invests $50 million in decentralized AI startup Nous Research

  Paradigm has invested $50 million in Nous Research, a decentralized AI startup, in a Series A funding round that values the startup at a $1 billion token valuation. Nous leverages the Solana blockchain for training AI models in a distributed manner, different from traditional centralized data centers. The startup, which has been under the radar for two years, aims to compete with major AI firms by using blockchain technology for better coordination and incentives in model training.

  Expand Hide

  

• Apr 25, 9:34 AM The Block

  SEC moves to dismiss Dragonchain lawsuit following Crypto Task Force launch

  The SEC filed a joint stipulation with Dragonchain to dismiss a lawsuit concerning the company's 2017 ICO, citing the role of its newly established Crypto Task Force. The dismissal aligns with the SEC's recent softer approach towards crypto regulations under new leadership, following a period of stringent enforcement under former chair Gary Gensler. This change in stance, as signaled by the Crypto Task Force, has led to significant drops in litigation against major crypto entities and reevaluation of what constitutes a security in the crypto space.

  Expand Hide

  

• Apr 24, 7:50 PM The Block

  Citigroup forecasts potential $3.7 trillion stablecoin market by 2030

  Citigroup projects a significant growth in the stablecoin market, suggesting it could magnify from around $240 billion currently to as much as $3.7 trillion by 2030. This anticipated expansion is driven by increased adoption in the finance and public sectors, influenced by regulatory changes capable of causing a transformative effect on the crypto market. The report also discusses potential scenarios where the growth could be lower depending on the challenges faced in adoption and integration.

  Expand Hide

  

• Apr 24, 5:31 PM PayPal

  PayPal and Coinbase enhance partnership to promote PYUSD stablecoin usage

  PayPal and Coinbase are expanding their collaboration to boost the adoption and use of the PayPal USD (PYUSD) stablecoin. This partnership aims to provide fee-free transactions and seamless 1:1 fiat redemptions via Coinbase, leveraging PayPal's vast network and payment solutions for increased utility across consumer, enterprise, and institutional levels. The collaboration focuses on enhancing commerce applications, exploring decentralized finance (DeFi), and developing new use cases for PYUSD.

  Expand Hide

  

• Apr 24, 4:46 PM The Block

  SEC delays decisions on Polkadot and Hedera ETF proposals

  The US Securities and Exchange Commission has postponed decisions on proposals to list and trade crypto funds based on Polkadot and Hedera's DOT and HBAR tokens until June 11, in order to have sufficient time to review. This delay also affects other crypto ETF decisions, including those by Grayscale and Canary. The SEC, under new management since January, appears more open to the crypto industry, demonstrated by its public roundtables and fewer lawsuits against crypto firms.

  Expand Hide

  

• Apr 24, 4:46 PM The Block

  SEC postpones decisions on Polkadot and Hedera ETFs amid flurry of crypto ETF proposals

  The US Securities and Exchange Commission (SEC) is delaying its decisions on proposals for crypto funds based on Polkadot and Hedera, moving the deadlines for Grayscale's Polkadot ETF and Canary's HBAR ETF to June 11. These postponements come as the SEC considers multiple other crypto ETF proposals. This delay allows the SEC more time to assess these proposals thoroughly.

  Expand Hide

  

• Apr 24, 2:55 PM New York Post

  TON Foundation names MoonPay co-founder Maximilian Crown as new CEO

  TON Foundation has appointed Maximilian Crown, co-founder of MoonPay, as its CEO. Maximilian Crown was previously COO and CFO at MoonPay and has established relationships with banks and regulatory bodies. This leadership change at TON Foundation follows a significant growth in TON blockchain users from 4 million to 41 million in a year, alongside a strategic $400 million investment received from venture capital firms. With this appointment, the foundation aims to leverage Crown's expertise and relationships to expand the TON blockchain, aiming to integrate 30% of Telegram's users by 2028.

  Expand Hide

  

• Apr 24, 11:54 AM Forbes

  RockawayX launches new $125M fund focused on Solana

  RockawayX has raised a new $125 million fund to invest primarily in Solana-focused startups, despite a broader slowdown in crypto venture capital activity. The fund, which successfully closed in the first quarter, is RockawayX's second early-stage fund and aims to support seed investments and liquid, income-generating positions. This initiative follows RockawayX's significant achievements with its 2021 fund, which more than doubled investors' money. The firm, managing about $2 billion and operating with a tech-heavy team across offices in Prague, Dubai, and London, continues to build on its early support for Solana, planning to open a Solana-focused accelerator in Dubai.

  Expand Hide

  

• Apr 24, 10:42 AM The Block

  ZKsync recovers $5 million in hacked tokens after offering 10% bounty

  ZK Nation, overseeing the ZKsync protocol, announced the recovery of approximately $5 million in previously stolen tokens. This was achieved after the hacker accepted a 10% bounty offer from ZKsync's Security Council. The returned assets, now valued at about $5.66 million, are in custody awaiting governance decisions. ZKsync reassured that all user funds were secure at all times, with no ongoing risk of further hacks.

  Expand Hide

  

• Apr 24, 6:20 AM Cointelegraph

  BlackRock's iShare Bitcoin ETF named Best New ETF, records $643M in daily inflows

  BlackRock's iShare Bitcoin ETF (IBIT) was awarded 'Best New ETF' by etf.com on the same day it recorded highest inflows of $643.2 million since January. IBIT also won 'Crypto ETP of the Year' and has seen substantial growth with net assets of approximately $53.77 billion. The recognition and massive inflows underscore IBIT's significant impact in the ETF market.

  Expand Hide

  

• Apr 24, 2:28 AM Decrypt

  FBI reports elderly most affected by $9.3B crypto fraud in 2024

  In 2024, crypto-related fraud in the US surged to over $9.3 billion, marking a 66% increase from the previous year, as reported by the FBI's Internet Crime Complaint Center. Seniors aged 60 and above, who make up just 17% of the population, were disproportionately affected, incurring nearly $2.8 billion, or 30%, of total losses. This demographic experienced significant losses particularly through crypto ATM and investment scams, with an average loss of $83,000 per victim, significantly higher than the $19,372 average for other online crimes. The FBI highlights the rise in crypto ATM fraud and continuous threats from investment scams against the elderly.

  Expand Hide