The IRS reiterated in the lawsuit that cryptocurrency staking should be taxed.
According to Bloomberg, the IRS reiterated that cryptocurrency staking should be taxed, stating that staking rewards create a tax obligation once received. This news comes as a legal lawsuit is ongoing between a Tennessee couple, Joshua and Jessica Jarrett, and the IRS regarding staking taxes. The couple staked on the Tezos network and argued that staking rewards should not be taxed until sold. In documents filed on December 20, the IRS dismissed the Jarretts' claim that staking creates 'new property' and should only be taxed upon sale, stating, 'A tax obligation arises immediately upon completing cryptocurrency staking.' This case is currently under close scrutiny by the cryptocurrency industry, as it could significantly impact how staking rewards are taxed on all proof-of-stake blockchains in the United States. According to IRS guidelines released in 2023, block rewards obtained from staking or mining are considered taxable income at the time they are generated, and tax liability is based on their market value at that time.
The South Korean acting president will announce a tax amendment covering 'postponing the cryptocurrency asset taxation plan by two years' today.
According to Yonhap Infomax, South Korean Acting President Han Duck-soo plans to announce a tax amendment at the cabinet meeting on December 24, which includes postponing the taxation plan for virtual assets by two years.
Japanese police determined that the DMM Bitcoin theft incident was carried out by the North Korean hacker group Lazarus Group.
According to CoinDesk Japan, regarding the theft of 4,502.9 BTC that occurred at the cryptocurrency exchange DMM Bitcoin in May, the Japanese National Police Agency reported on December 24 that the incident was carried out by Trader Traitor, a hacker organization under the North Korean Lazarus Group. The Japanese National Police Agency stated that it will continue to cooperate with the FBI, other U.S. government agencies, and international partners to investigate the illegal activities of North Korean hackers, including cybercrime and cryptocurrency asset theft incidents. Meanwhile, the National Police Agency, Cabinet Office Cybersecurity Center, and Financial Services Agency issued documents regarding the tactics and countermeasures of the attacking group, urging cryptocurrency-related businesses to exercise caution. In response to this attack, DMM Bitcoin decided to shut down its exchange. Assets and customer accounts will be transferred to SBIVC Trade, with the transition expected to be completed by March 2025.
MicroStrategy last week purchased 5,262 Bitcoins for $561 million.
According to a MicroStrategy 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 the proceeds of its stock issuance (1,317,841 shares sold through 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, 2024, this metric was 47.4%.
Later news, MicroStrategy will hold a special shareholders' meeting to vote on key proposals, including accelerating the 21/21 plan; MicroStrategy's stock price has fallen 38.81% from the peak on November 21.
Hyperliquid: Not affected by North Korean hackers, user funds have been properly handled.
According to Bloomberg, cryptocurrency derivatives trading platform Hyperliquid experienced the largest single-day outflow in history as traders rushed to withdraw funds due to fears of North Korean hackers trading on the platform. Taylor Monahan, a security expert from the digital wallet provider MetaMask, stated that digital wallets associated with these hackers began 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 noted that trading is often a way for North Korean hackers to test potential security vulnerabilities on platforms like Hyperliquid. The Hyperliquid core development team stated in a statement: 'Hyperliquid Labs has noticed reports regarding the activities of so-called North Korean addresses; Hyperliquid has not suffered any attacks from North Korea or any other party. All user funds have been properly handled.' 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 stablecoin USDC flowed out of the exchange on Monday. According to tracking platform CoinGecko, the price of the exchange's token HYPE dropped by 20%.
MoonPay is negotiating to acquire cryptocurrency payment platform Helio for $150 million.
According to Fox Business reporter Eleanor Terrett, cryptocurrency payment service provider MoonPay is in talks to acquire Helio for approximately $150 million, which would be MoonPay's largest acquisition to date. It is reported that Helio serves as an alternative to Coinbase Commerce, providing a self-service cryptocurrency payment platform that allows 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's CEO Vladimir Tenev stated that despite the increasing importance of cryptocurrency to the company, Robinhood currently has no plans to hold Bitcoin for investment purposes. Tenev pointed out that the idea of holding Bitcoin has been 'mentioned from time to time' due to Robinhood's growing interest in cryptocurrency. However, he added that besides holding some cryptocurrencies to meet customer trading needs, Robinhood has no plans to hold Bitcoin as an investment vehicle. He stated, 'We are not ruling out the possibility, but we haven't done so at this point. After all, we are not in the investment management business.' Tenev continued, stating that although Robinhood does not hold Bitcoin on its balance sheet like companies such as MicroStrategy and Tesla, its stock price 'has already been highly correlated with Bitcoin, and we haven't even held it financially'; if Robinhood were to hold Bitcoin for investment, it could 'complicate' investors' perceptions of the company, making them potentially view it as a 'Bitcoin holder company.'
Aerodrome: Acquired and locked 16 million AERO as veAERO.
According to Aerodrome's official announcement, since its launch, Aerodrome's public goods fund has continuously supported the development of the Base ecosystem through voting incentives for high-impact funds. The latest announcement shows that the fund has acquired and locked 16 million $AERO as $veAERO, of which 8.4 million $veAERO is used to support public goods voting, and 7.6 million will be used to enhance the Flight School Program, further strengthening the compounding ability and rewards for lock-up participants.
GCL-Poly and Ant Group collaborated to complete a 200 million RMB RWA based on photovoltaic physical assets.
According to Sina Technology, green energy service provider GCL-Poly and Ant Group signed a strategic cooperation agreement, successfully completing China's first RWA (real-world asset) based on photovoltaic physical assets, involving an amount exceeding 200 million RMB. It is reported that this is China's first RWA based on photovoltaic physical assets, helping domestic green assets efficiently connect with overseas funds and achieve the empowerment of the real economy through digital technology. 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 reached a cooperation with Ant Group to promote the tokenization of ESG-supported RWA.
Telegram's total revenue exceeded $1 billion for the year, with year-end cash reserves exceeding $500 million.
Telegram founder Pavel Durov stated in a post 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, surpassing 12 million, and advertising revenue also saw several-fold growth. The 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 approximately $2 billion in bonds and repaid part of its debt this fall, taking advantage of favorable bond prices. Several commercial innovations launched this year, such as Stars, Gifts, Giveaways, Mini Apps, Affiliate Platform, Telegram Business, and Telegram Gateway, demonstrate 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 remain the top priority for Telegram.
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 is 56% for the ecosystem and community, 25.4% allocated to early contributors (6-year linear unlock, first year locked), and 18.6% allocated to early supporters (4 to 6 years linear unlock, first year locked). $BIO will gradually unlock over the next six years, with the genesis auction raising over $33 million from the community in November, achieving 100% community ownership in the first year, and holders can participate in governance, support new BioDAO projects, and allocate network resources. Notably, this token distribution conflicts somewhat with what Binance announced on Launchpool. Subsequently, its team members told 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 asset) backed stablecoin issuer focused on redefining stablecoins through community-first innovation. Usual achieves value and ownership redistribution through the $USUAL governance token, with 90% of the tokens distributed to users, promoting decentralized and fair financial models. The new stablecoin issued by Usual is backed by real-world assets, combining the security and liquidity of DeFi, reducing banking risks, and providing users with opportunities through shared rewards and governance.
Stablecoin issuer Avalon Labs completed $10 million in Series A financing, led by Framework Ventures.
According to CoinDesk, Bitcoin-backed stablecoin USDa issuer Avalon Labs completed $10 million in Series A financing to expand its Bitcoin decentralized finance (DeFi) ecosystem. This round of financing 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 the USDa stablecoin, 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) in USDa has reached $700 million.
Usual completed $10 million in Series A financing, led by Binance Labs and Kraken Ventures.
RWA stablecoin protocol Usual announced the completion of $10 million in Series A financing, led by Binance Labs and Kraken Ventures, with support from well-known institutions including Galaxy Digital, OKX Ventures, Wintermute, Amber Group, GSR, and Fasanara Digital. Usual aims to drive a new development in the stablecoin field through innovative stablecoin solutions and decentralized finance (DeFi) models. This round of financing will lay a solid foundation for building a decentralized ecosystem and advancing the 'stablecoin revival' plan.
CoinShares: Last week, net inflows into digital asset investment products reached $308 million.
According to CoinShares' latest weekly report, last week, net inflows into digital asset investment products reached $308 million, but on December 19, there was a huge net outflow of $576 million, leading to a total outflow of $1 billion over the weekend. Due to the FOMC's hawkish policies, total assets under management (AuM) for digital asset ETPs decreased by $17.7 billion, accounting for 0.37% of total AuM. Despite this, Bitcoin still achieved a net inflow of $375 million for the week, with limited activity from short-sellers. Ethereum saw an inflow of $51 million, while Solana experienced an outflow of $8.7 million. Multi-asset investment products saw a net outflow of $121 million, but some altcoins like 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 the cryptocurrency narrative, nearly quadrupling compared to last year.
According to Cryptoslate, based on a report released by CoinGecko, Meme coins became a significant narrative in the cryptocurrency space in 2024, accounting for 31% of the share, nearly quadrupling compared to last year. Last year, Meme coins only accounted for 8.32% of investor attention among 25 narrative themes. The rise of Meme coins was initially driven by dog-themed cryptocurrencies but has now expanded to include animal and personality-themed tokens. This reflects investors' strong interest in speculative opportunities, placing more value on the viral spread of culture rather than traditional fundamentals. Pump.fun, as a Meme coin Launchpool platform, deployed nearly 5 million new coins on the Solana blockchain this year, with platform revenue exceeding $335 million. In the cryptocurrency narrative, Meme coin narratives lead the way, 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) was transferred from Bithumb to an unknown wallet.
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