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MARKET MOVING NEWS (24/12/24)
🔔 MARKET MOVING NEWS! (24/12/24)
1️⃣ MicroStrategy Buys Over 5,000 $BTC For $561 Million, Bringing Total Holdings To 444,262 BTC 💸
#MicroStrategу
Business intelligence firm MicroStrategy reportedly acquired an additional 5,262 BTC between Dec. 16 and 22 for approximately $561 million at an average price of $106,662 per BTC. This brings the firm’s total holdings to 444,262 BTC (currently worth over $40 billion). The latest Bitcoin purchase follows a series of massive BTC buys in December. In the past three weeks, MicroStrategy purchased a total of 42,162 BTC, which is now worth $4 billion.
2️⃣ IRS Calls Crypto Staking Taxable in Response to Legal Challenge ❓
#IRSReporting
The United States Internal Revenue Service (IRS) has reportedly reiterated its position that rewards from crypto staking activities do not constitute new property. The IRS stated that staking rewards become taxable as soon as they are generated as block rewards. Notably, this position comes as the IRS opposes a second lawsuit brought by Joshua Jarrett and his wife, Jessica Jarrett who sought to defer taxes until rewards are sold or exchanged. The IRS cited its 2023 guidance, which claims block rewards are classified as “income” from the moment they are created, with tax based on the estimated market value of the tokens at the time.
3️⃣ Crypto.com Launches Polymarket-Style Sports Prediction Market In The US ‼️
#crypto.com
Crypto exchange Crypto.com is reportedly launching a sports prediction market platform in the U.S., offering users the chance to bet on the outcomes of sporting events like the National Football League's Super Bowl. The company stated that the platform is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web.
Matt David, the company's Chief Communications Officer, stated,
Sports have been an important part of our brand, from F1 to UFC to the Crypto.com Arena, and this is a great opportunity to engage those sports fans on the Crypto.com app.
4️⃣ Hyperliquid Token Plunges 21% Amid Fears of Looming North Korea Hack 🔽
DeFi platform Hyperliquid reportedly suffered its largest single-day outflow after security experts highlighted that a crypto wallet associated with a North Korean hacking group recently lost nearly $500,000 on the platform. According to MetaMask’s Taylor Monahan, the recent activity was almost definitely an attempt to identify potential security weaknesses on the platform. Monahan also noted that North Korean hackers had been using the platform as early as October.
5️⃣ FBI, Japan Expose North Korea’s $305M DMM Exchange Hack Details 🔍
#FBIInvestigation
The US Federal Bureau of Investigation (FBI), the Department of Defense Cyber Crime Center (DC3) and the National Police Agency of Japan (NPA) have reportedly published a report that reveals how malicious actors stole over $300 million from the Japanese crypto exchange DMM in May. The report claims the theft is linked to threat activities by the North Korea-affiliated group TraderTraitor. The FBI stated that the group masqueraded as a recruiter on LinkedIn in March. It used this fake identity to compromise an employee at the Japan-based crypto wallet company Ginco. This allowed the hacker to gain access to Ginco’s communications system. The agency said the hackers “likely used this access to manipulate a legitimate transaction request by a DMM employee.”
#CryptoAMA
1️⃣ MicroStrategy Buys Over 5,000 $BTC For $561 Million, Bringing Total Holdings To 444,262 BTC 💸
#MicroStrategу
Business intelligence firm MicroStrategy reportedly acquired an additional 5,262 BTC between Dec. 16 and 22 for approximately $561 million at an average price of $106,662 per BTC. This brings the firm’s total holdings to 444,262 BTC (currently worth over $40 billion). The latest Bitcoin purchase follows a series of massive BTC buys in December. In the past three weeks, MicroStrategy purchased a total of 42,162 BTC, which is now worth $4 billion.
2️⃣ IRS Calls Crypto Staking Taxable in Response to Legal Challenge ❓
#IRSReporting
The United States Internal Revenue Service (IRS) has reportedly reiterated its position that rewards from crypto staking activities do not constitute new property. The IRS stated that staking rewards become taxable as soon as they are generated as block rewards. Notably, this position comes as the IRS opposes a second lawsuit brought by Joshua Jarrett and his wife, Jessica Jarrett who sought to defer taxes until rewards are sold or exchanged. The IRS cited its 2023 guidance, which claims block rewards are classified as “income” from the moment they are created, with tax based on the estimated market value of the tokens at the time.
3️⃣ Crypto.com Launches Polymarket-Style Sports Prediction Market In The US ‼️
#crypto.com
Crypto exchange Crypto.com is reportedly launching a sports prediction market platform in the U.S., offering users the chance to bet on the outcomes of sporting events like the National Football League's Super Bowl. The company stated that the platform is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web.
Matt David, the company's Chief Communications Officer, stated,
Sports have been an important part of our brand, from F1 to UFC to the Crypto.com Arena, and this is a great opportunity to engage those sports fans on the Crypto.com app.
4️⃣ Hyperliquid Token Plunges 21% Amid Fears of Looming North Korea Hack 🔽
DeFi platform Hyperliquid reportedly suffered its largest single-day outflow after security experts highlighted that a crypto wallet associated with a North Korean hacking group recently lost nearly $500,000 on the platform. According to MetaMask’s Taylor Monahan, the recent activity was almost definitely an attempt to identify potential security weaknesses on the platform. Monahan also noted that North Korean hackers had been using the platform as early as October.
5️⃣ FBI, Japan Expose North Korea’s $305M DMM Exchange Hack Details 🔍
#FBIInvestigation
The US Federal Bureau of Investigation (FBI), the Department of Defense Cyber Crime Center (DC3) and the National Police Agency of Japan (NPA) have reportedly published a report that reveals how malicious actors stole over $300 million from the Japanese crypto exchange DMM in May. The report claims the theft is linked to threat activities by the North Korea-affiliated group TraderTraitor. The FBI stated that the group masqueraded as a recruiter on LinkedIn in March. It used this fake identity to compromise an employee at the Japan-based crypto wallet company Ginco. This allowed the hacker to gain access to Ginco’s communications system. The agency said the hackers “likely used this access to manipulate a legitimate transaction request by a DMM employee.”
#CryptoAMA