The IRS once again asserts in the lawsuit that cryptocurrency staking is subject to taxation.
According to Bloomberg, the IRS once again asserted that cryptocurrency staking is taxable, stating that tax obligations arise as soon as staking rewards are received. This news comes during the legal proceedings between Tennessee couple Joshua and Jessica Jarrett and the IRS regarding staking tax issues. The couple staked on the Tezos network and argued that staking rewards should not be taxed until sold. In court documents filed on December 20, the IRS rejected the Jarretts' claim that staking produces 'new property' and should only be taxed upon sale. The government stated, 'Once cryptocurrency is staked, a tax obligation arises immediately.' This case is currently under close scrutiny by the cryptocurrency industry and could significantly impact how staking rewards on all proof-of-stake blockchains in the U.S. are taxed. According to IRS guidelines released in 2023, block rewards obtained from staking or mining are considered taxable income at the time they are generated, with tax obligations based on their market value at that time.
The acting president of South Korea will announce a tax amendment covering 'the postponement of the cryptocurrency asset taxation plan by two years' today.
According to a report by the Korean news agency Infomax, South Korean acting president Han Duck-soo plans to announce a tax amendment at a cabinet meeting on December 24, which includes delaying the virtual asset taxation plan by two years.
Japanese police have determined that the DMM Bitcoin theft incident was caused by the North Korean hacker group Lazarus Group.
According to CoinDesk Japan, regarding the theft of 4,502.9 BTC from the crypto exchange DMM Bitcoin in May, the Japan National Police Agency reported on December 24 that the incident was caused by Trader Traitor, a hacker group under the North Korean Lazarus Group. The Japan National Police Agency stated that it will continue to collaborate with the FBI, other U.S. government agencies, and international partners to investigate illegal activities by North Korean hackers, including cybercrime and theft of cryptocurrency assets. Meanwhile, the Japan National Police Agency, the Cabinet Cybersecurity Center, and the Financial Services Agency issued documents regarding the tactics and countermeasures of the attack groups, urging cryptocurrency-related companies to be cautious. To respond to this attack, 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. As of December 22, 2024, MicroStrategy and its subsidiaries hold a total of 444,262 bitcoins, with a cumulative purchase cost of about $27.7 billion and an average price of $62,257 per bitcoin. The company stated that the funds for this bitcoin purchase came from its stock issuance proceeds (1,317,841 shares sold under a sales agreement, with approximately $7.08 billion in stock still available for sale). From January 1 to December 22, 2024, MicroStrategy's BTC yield was 73.7%; from October 1 to December 22, this figure was 47.4%.
Later news, MicroStrategy will hold a special shareholders' meeting to vote on key proposals such as accelerating the 21/21 plan; MicroStrategy's stock price has dropped 38.81% from its peak on November 21.
Hyperliquid: Not affected by North Korean hacker attacks, user funds are well managed.
According to Bloomberg, the crypto derivatives trading platform Hyperliquid suffered its largest single-day capital outflow ever, as traders rushed to withdraw funds amid concerns that North Korean hackers were trading on the platform. Taylor Monahan, a security expert from the digital wallet provider MetaMask, stated that digital wallets related to these hackers had begun trading on Hyperliquid as early as October. On Monday, she shared the addresses and activities of these suspicious wallets on social media platform X. Monahan pointed out that trading is often a way for North Korean hackers to test potential security vulnerabilities on platforms like Hyperliquid. The core development team of Hyperliquid stated in a statement: 'Hyperliquid Labs has noted reports concerning the activities of so-called North Korean addresses, and Hyperliquid has not suffered any attacks or exploitation from North Korea or any other party. All user funds have been properly managed.' Monahan's post sparked widespread discussion on social media, with some supporters of Hyperliquid criticizing her for creating unnecessary panic. According to data compiled by venture capital fund Hashed on Dune Analytics, over $112 million in USDC stablecoins flowed out of the exchange on Monday. According to tracking platform CoinGecko, the price of the exchange's token HYPE fell by 20%.
MoonPay is in talks to acquire crypto payment platform Helio for $150 million.
According to Fox Business reporter Eleanor Terrett, crypto payment provider MoonPay is in talks to acquire Helio for approximately $150 million, which would be MoonPay's largest acquisition to date. Helio is said to be an alternative to Coinbase Commerce, providing a self-service crypto payment platform that enables content creators and e-commerce merchants to receive payments in cryptocurrency. It currently offers 'white-label solutions,' including trading infrastructure for Solana Pay and DEX Screener.
Robinhood CEO: The company currently has no plans to hold bitcoin for investment purposes.
According to The Block, in an interview released on Monday, Robinhood CEO Vladimir Tenev stated that although cryptocurrency is becoming increasingly important to the company, Robinhood currently has no plans to hold bitcoin for investment purposes. Tenev noted that the idea of holding bitcoin is 'occasionally mentioned' due to Robinhood's growing interest in cryptocurrency. However, he added that aside from holding some cryptocurrencies to meet customer trading demands, Robinhood has no plans to hold bitcoin as an investment tool. He stated, 'We’re not ruling out the possibility, but we haven't done it yet. After all, we are not in the investment management business.' Tenev continued to say that although Robinhood has not incorporated bitcoin into its balance sheet like MicroStrategy and Tesla, its stock price 'has become highly correlated with bitcoin, and we haven't even held it financially'; if Robinhood were to hold bitcoin for investment purposes, it could 'complicate' investors' views of the company, leading them to see it as a 'bitcoin holder company.'
Aerodrome: Acquired and locked 16 million AERO as veAERO.
According to Aerodrome's official news, since its launch, the Aerodrome public goods fund has continuously supported the development of the Base ecosystem through voting incentives for high-impact liquidity pools. The latest announcement shows that the fund has acquired and locked 16 million $AERO as $veAERO, of which 8.4 million $veAERO will 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 stakers.
GCL-Poly and Ant Group have collaborated to complete the first domestic RWA (Real World Asset) based on photovoltaic physical assets worth 200 million yuan.
According to Sina Technology, green energy service provider GCL-Poly has signed a strategic cooperation agreement with Ant Group, successfully completing the first domestic RWA (Real World Asset) based on photovoltaic physical assets, involving an amount of over 200 million yuan. This is reportedly the first domestic RWA based on photovoltaic physical assets, facilitating the efficient connection of domestic green assets with overseas funds, achieving digital technology empowerment for the real industry. This cooperation aims to enhance asset transparency and transaction efficiency through blockchain and smart contract technology while reducing transaction costs, achieving efficient connections between green assets and overseas funds. Earlier this month, it was reported that Sui and Ant Group reached a cooperation to promote ESG-supported RWA tokenization.
Telegram's total revenue for the year exceeded $1 billion, with year-end cash reserves exceeding $500 million.
Telegram founder Pavel Durov announced on his personal channel that Telegram achieved profitability for the first time in 2024, marking an important milestone in its three-year commercialization history. This year, the number of Telegram Premium subscribers tripled to over 12 million, and advertising revenue also saw several-fold growth. Total revenue for the year exceeded $1 billion, with year-end cash reserves exceeding $500 million (excluding crypto assets). Over the past four years, Telegram has issued about $2 billion in bonds and repaid part of its debt this fall, taking advantage of favorable bond prices. Multiple commercialization innovations launched this year, such as Stars, Gifts, Giveaways, Mini Apps, Affiliate Platform, Telegram Business, and Telegram Gateway, prove that social media platforms can achieve financial sustainability while maintaining independence and respecting user rights. Durov emphasized that the goal of commercialization is to ensure that users are always Telegram's top priority.
BIO Protocol: The total supply of BIO is 3.2 billion, with an initial circulation of 39.05%.
According to BIO Protocol's official Twitter, BIO is the native governance token of the BIO protocol, with a total supply of 3.2 billion, of which the initial circulation (excluding the protocol treasury) is 24.05%. The token distribution allocates 56% for the ecosystem and community, 25.4% to early contributors (6-year linear unlocking, first year locked), and 18.6% to early supporters (4 to 6-year linear unlocking, first year locked). $BIO will gradually unlock over the next six years, and the genesis auction has raised over $33 million from the community in November, achieving 100% community ownership in the first year, allowing holders to participate in governance, support new BioDAO projects, and allocate network resources. It is worth noting that this token distribution has some discrepancies with what Binance announced on Launchpool. Subsequently, team members informed PANews that the actual initial circulating supply is 39.05%. The previously shared 24.05% did not include the BIO in the protocol treasury, which needs to be unlocked through governance voting.
Binance Labs announced it has invested in Usual.
According to Binance Labs, it has invested in Usual, a decentralized RWA (Real World Assets) stablecoin issuer focused on redefining stablecoins through community-first innovation. Usual achieves value and ownership redistribution through its $USUAL governance token, with 90% of the tokens allocated to users, promoting decentralized and fair financial models. The new type of stablecoin issued by Usual is backed by real-world assets, combining the security and liquidity of DeFi, reducing banking risks while offering opportunities for users through shared rewards and governance.
Stablecoin issuer Avalon Labs completed $10 million in Series A funding, led by Framework Ventures.
According to CoinDesk, the bitcoin-backed stablecoin USDa issuer Avalon Labs completed $10 million in Series A funding 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. Avalon Labs is committed to transforming bitcoin from a digital store of value into a more active financial tool, providing users with services including stablecoin USDa, bitcoin-backed lending, yield-generating savings accounts, and credit cards. Users can obtain USDa tokens by mortgaging BTC at a fixed lending rate of 8%; currently, the total value locked (TVL) of USDa has reached $700 million.
Usual completed $10 million Series A funding, led by Binance Labs and Kraken Ventures.
RWA stablecoin protocol Usual announced the completion of $10 million in Series A funding, led by Binance Labs and Kraken Ventures, with investments from several well-known institutions including Galaxy Digital, OKX Ventures, Wintermute, Amber Group, GSR, and Fasanara Digital. Usual aims to drive new developments in the stablecoin sector through innovative stablecoin solutions and decentralized finance (DeFi) models. This round of financing will lay a solid foundation for building its decentralized ecosystem and advancing the 'stablecoin revival' plan.
CoinShares: Last week, net inflows into digital asset investment products were $308 million.
According to the latest weekly report from CoinShares, last week, net inflows into digital asset investment products were $308 million, but on December 19, there was a significant net outflow of $576 million, leading to a total outflow of $1 billion over the weekend. Due to the hawkish policies of the FOMC, the total assets under management (AuM) of digital asset ETPs decreased by $17.7 billion, accounting for 0.37% of total AuM. Nevertheless, bitcoin still achieved a net inflow of $375 million for the week, and short-seller activity was limited. Ethereum saw inflows of $51 million, while Solana experienced outflows of $8.7 million. Multi-asset investment products had net outflows of $121 million, but some altcoins such as XRP ($8.8 million), Horizen ($4.8 million), and Polkadot ($1.9 million) still recorded net inflows.
In 2024, meme coins accounted for 31% of cryptocurrency narratives, nearly quadrupling from last year.
According to Cryptoslate, based on a report released by CoinGecko, meme coins have become an important narrative in the cryptocurrency space in 2024, accounting for 31% of the market share, which is nearly four times that of last year. Last year, meme coins accounted for only 8.32% of investor attention among 25 narrative themes. The rise of meme coins was initially driven by dog-themed cryptocurrencies but has since expanded to include tokens themed around animals and personalities. This reflects investors' strong interest in speculative opportunities, valuing the viral cultural spread effect over traditional fundamentals. Pump.fun, as a meme coin launch pool platform, deployed nearly 5 million new coins on the Solana blockchain this year, with platform revenue exceeding $335 million. In cryptocurrency narratives, meme coin narratives take the lead, attracting 14.36% of investor attention. Additionally, Solana meme coins (7.65%), Base meme coins (2.13%), AI meme coins (1.49%), and cat-themed meme coins (1.19%) also made it to the top 20 narratives. Furthermore, according to Artemis data, meme coins were the third-largest profitable narrative in 2024, with an average annual return rate of 201%, far exceeding the market's average return rate of 128%.
Data: 110,000 ETH transferred from Bithumb to an unknown wallet, approximately $368 million.
According to Whale Alert data, at 20:10 Beijing time, 110,000 Ethereum (approximately $368 million) were transferred from Bithumb to an unknown wallet.
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