Tag Archives: social

The Ministry of Strategy and Finance of the South Korean government has said that virtual asset airdrops are subject to gift tax as per existing tax laws. Gift tax has to be paid when free virtual assets with economic value are paid out, media reports said. Gift Tax on Airdrops Recently, the South Korean finance ministry was asked by a tax law interpretation inquiry to provide its interpretation of whether an airdrop is subject to gift tax or not. In its response, the...

BendDAO – a lending protocol for non-fungible tokens (NFTs) – is the latest project to have been hit with an insolvency crisis. The five-month-old platform has reportedly run out of ETH over the weekend. According to the researcher, NFTStatistics.eth, BendDAO is just left with 12.5 WETH in the contract. The lenders of BendDAO have landed in a sketchy situation. Its co-founder said they have come up with a proposal to improve the protocol, hoping to make out of the crisis....

John Haar – a former member of Goldman Sachs’ Asset Management division – published an article detailing what he perceived were commonly held views about Bitcoin, sound money, and economics on Wall Street. He listed multiple reasons for which members of traditional finance either object to or fail to appreciate Bitcoin’s potential as global money.  Ignorance of Economic History As explained in a blog post for Swan on Monday, Haar said that “virtually no one” has spent time...

Tornado Cash has become a common money laundering platform with rapidly growing incidents across Ethereum and Binance Smart Chain on a consistent uptrend. A substantial magnitude of the illicit funds has lost their trail after going through the mixer. According to a new report by blockchain security platform SlowMist, 74.6% of stolen funds (or nearly 300,160 ETH) on the Ethereum network were transferred to the controversial cryptocurrency tumbler during the first half of...

The European Central Bank unveiled a discussion paper this week on the pros, cons, and economics of implementing central bank digital currency (CBDC). It suggested that CBDCs could help stave off dominance from BigTech firms in the payments market due to “network externalities” surrounding the use of a medium of exchange.  Ultimately, the paper posits that CBDC may be “the only solution to guarantee a smooth continuation of the current monetary system.” The Threat of Digital...

Bitcoin’s situation took another turn for the worse in the past 24 hours as the asset slipped to $20,750. Most altcoins are in a similar position this week, making it the worst performing trading one since the massive crash in mid-June. Bitcoin Down 15% Weekly A lot can change in the cryptocurrency markets within a week. Bitcoin, for instance, was riding high last weekend when it jumped above $25,000 on two separate occasions to mark new multi-month peaks. While the bulls...

The professional American football team, Houston Texans, has become the latest National Football League (NFL) team to accept Bitcoin as payment for its single-game suites. The club said it had already made its first crypto sale after selling a suite to digital marketing agency EWR Digital. Single game suites are exclusive football viewing spaces in stadiums that accommodate a small number of fans who want access to unique benefits such as food and beverages and a preferred...

Accused crypto money launderer Denis Mihaqlovic Dubnikov has been extradited to the United States from the Netherlands to face charges in the District of Oregon. The US Department of Justice (DOJ) said Dubnikov was charged by a federal grand jury in Portland for his alleged role in an international crypto money laundering conspiracy last August. According to the official press release, the indictment stated that the 29-year-old Russian citizen and his accomplices had full...

Bitcoin and other cryptos are now being accepted as means of payment at two of Ukraine’s largest tech retailers: Techno Їzhak, and Stylus. Customers can now purchase products from each retailer using Bitcoin from their online stores, or from their combined 100+ retail locations.  Per a report from the Ukrainian outlet Obozrevatel, Bitcoin payments at both companies will be facilitated through the crypto point-of-sale provider, WhitePay.  When paying online, customers can pay...

Bitcoin and Ethereum slumped by double-digit percentages weekly after tapping multi-month highs last weekend. This resulted in over $150 billion gone from the entire market cap. Somewhat expectedly, the Fear and Greed Index has returned to a state of fear, but BitMEX’s co-founder – Arthur Hayes – believes this retracement could be an opportunity to stack up. Time to Buy, Says Hayes In its latest Twitter thread on the price actions in the crypto market, the former BitMEX...