Crypto Lake

2024-04-30 16:31:03 South Koreans on Alert: Declare Crypto Holdings or Face Tax Consequences

Tax Bombshell Looms: South Korean crypto holders have been given a stern warning by tax accountant Kim Dae-kyung. In an article for Money S, he highlighted the need to declare overseas crypto exchange holdings to avoid potential trouble.

Domestic Trading Exemption: Currently, profits from crypto trading within South Korea are tax-free. But starting next year, a new law will change that. Traders will have to report gains exceeding $2,100 and pay taxes accordingly.

Overseas Assets Under Scrutiny: Kim emphasized that holdings on foreign platforms already count as "overseas assets". Neglecting to mention them in tax declarations could be seen as a violation of the law.

Deadline Approaching: Declarations for these assets must be completed by the end of June this year, as per the Income Tax Act's provisions.

Data Exchange Empowers Tax Authorities: The landscape has shifted since 2014, with South Korean tax bodies now sharing information with international counterparts. This means they can access details about an individual's overseas accounts, including those related to crypto.

Fines and Prosecution at Stake: Non-compliance comes with hefty penalties. Fines can reach up to 20% of the wallet balance, while failing to report substantial assets worth over $3.6 million might even lead to criminal prosecution.

Crypto Clauses in Tax Code: Lawmakers have taken note of the crypto boom and made specific amendments to ensure compliance with tax obligations related to "accounts opened overseas to trade cryptoassets." Open / Comment

2024-04-27 16:31:15 UK Law Enforcement Can Seize Crypto More Easily With New Powers

'Economic Crime and Corporate Transparency Act' Takes Effect
The UK Parliament's new legislation, the 'Economic Crime and Corporate Transparency Act,' is now in action, empowering law enforcement agencies to seize crypto with greater ease. This move aims to combat the exploitation of decentralized currencies by organized criminals.

Preventing Anonymity for Criminals
With these enhanced powers, UK law enforcement can now freeze assets even before making arrests. The UK Home Office states that this will help target assets acquired through criminal means, even if criminals try to hide behind anonymity or operate from overseas.

Crypto Crackdown Success Stories
The police have already made significant progress in this area, with the deployment of crypto tactical advisors nationwide and the seizure of hundreds of millions of pounds in cryptocurrency. In collaboration with US authorities, they recently cracked down on a drug ring, confiscating $150 million in cash and digital currency.

Keeping Pace with Evolving Crime
Adrian Foster, Chief Crown Prosecutor, emphasizes the importance of adapting to the changing nature of crime. These new measures will provide investigators and prosecutors with the tools they need to restrain, freeze, or eliminate crypto assets linked to illegal activities.

Managing Seized Funds Responsibly
In addition to seizing funds, UK law enforcement agencies now have the authority to manage them. Assets can be transferred into a wallet controlled by authorities, who will then decide whether to destroy them or reintroduce them into circulation based on what serves the "public good."

Privacy Coins in the Crosshairs
Privacy coins, designed to enhance anonymity and reduce traceability, are specifically mentioned as potential targets for destruction. Home Secretary James highlights the threat to national security posed by these coins, which can be exploited by terrorist organizations like Daesh. Open / Comment

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2024-04-25 15:01:31 PORTAL seems to be cooking up some new things with their new launchpad

The debut token on the Portal Launchpad is $SOMO (https://twitter.com/playsomo) and those who stake $PORTAL will be able to receive a guaranteed allocation for the $SOMO sale which is happening on Thursday, 25th April at 11 am EST and I’m expecting this to skyrocket

Within the niche of Web3 gaming, we’ve seen many successful launches recently such as My Pet Hooligan’s $KARAT – $SOMO could be next. SOMO will quite literally be the Pokemon Go of Web3 and is also a playable 3D game

$SOMO seems to be the next big cook following after $PORTAL’s success, hitting a 3bn FDV and it was the biggest Binance Launchpool launch in history. I would really recommend picking up some $PORTAL and staking via their launchpad for the $SOMO sale https://launchpad.portalgaming.com

Wallets will be able to purchase up to 1 ETH of $SOMO and to balance the demand against the available allocation – there will be a weighted raffle to give everyone a fair chance. Your chances in the raffle are dictated by your ticket size and how early within the 24 hours you purchase.
The earlier you purchase and the bigger your ticket, the more $SOMO you’re likely to receive. The current presale price terms seem very fair considering other rounds available like Pixelmon’s $MON and Revolving Games’ $RCADE.

Portal Twitter: https://twitter.com/Portalcoin
SOMO Twitter: https://twitter.com/playsomo Open / Comment

2024-04-24 16:31:35 SEC Puts Franklin Templeton's Ethereum ETF on Hold: Uncertainty Looms

The U.S. Securities and Exchange Commission (SEC) has hit the pause button on Franklin Templeton's spot Ethereum ETF, extending the decision deadline to June 11, 2024. This unexpected news, disclosed in a recent filing, leaves investors in suspense.

The SEC cites the need for a deeper dive into the complexities of Ethereum's classification and suitability for an ETF. With Coinbase Custody Trust Company and Bank of New York Mellon as custodians, Franklin Templeton aims to track ether's price.

This delay echoes Grayscale's Ether Trust proposal setback earlier this year, hinting at a cautious regulatory approach. Meanwhile, industry titans Fidelity and BlackRock are also vying for a slice of the cryptocurrency ETF pie.

While analysts initially eyed a May decision, expectations have been dampened. Bloomberg's James Seyffart even questions whether these Ether ETF applications will see the light of day.

Despite the uncertainty, investor interest in crypto investment vehicles remains undeterred. The market craves more accessible ways to ride the digital asset wave, even if regulators are pumping the brakes. Open / Comment

2024-04-23 16:03:58 Final Call: $RTF for $0.1! The Project Backed by WBC, Tyson, and Usyk!

$RTF's IDO outperformed expectations. The first boxing token $RTF keeps hyping.
The $RTF tokens on DAO Maker and ChainGPT pads were sold out instantly.

The final IDO stage runs on Poolz Pad:

- When: Apr 23rd
- Price: $0,10
- TGE: 25%

Stay tuned: Listing coming on Gate, BitGet, BingX, HTX, MEXC, and WhiteBit. on Apr 24th!

Don't miss a beat—join official channel, Telegram, for all the latest updates! Open / Comment

2024-04-21 16:31:22 Mango Markets Hacker Found Guilty, Faces 20 Years in Prison

In a Manhattan federal court, the verdict is in: Avraham Eisenberg, the mastermind behind the $110 million heist on Solana-based DeFi platform Mango Markets, has been found guilty. The consequences are severe, with a potential sentence of up to 20 years behind bars.

Prosecutors painted a picture of a complex exploit, highlighting the financial havoc wreaked by Eisenberg's actions. Since his arrest in January 2023, he has been awaiting his fate.

The charges against Eisenberg include commodities fraud, manipulation, and wire fraud. This wasn't just any hack; it involved cunningly manipulating Mango Markets' native token, MNGO.

After days of trial and deliberation, the jury reached its decision on April 18. Eisenberg's defense team argued that his actions were not criminal but rather a clever trading strategy that resulted in significant gains.

However, prosecutors maintained that Eisenberg's maneuvers were deceptive and designed to siphon funds illicitly. They claimed he had to resort to lies to make off with the ill-gotten gains.

Despite returning a substantial portion of the stolen funds, Eisenberg's legal battle is far from over. His lawyer expressed disappointment but made it clear they would continue to fight for their client through post-trial motions. Open / Comment

2024-04-19 19:02:35 Shiba Inu Coin Reflects Signs Of Recovery: Here’s Why

Read more Open / Comment

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2024-04-18 16:31:19 The Lightning Network Empowers Small-Scale Miners Pre-Halving

With the highly anticipated Halving Event on the horizon, Bitcoin enthusiasts are buzzing with excitement. Amidst this fervor, a game-changer called the Lightning Network is stepping up to support the unsung heroes of mining – the small-scale miners.

As mining rewards shrink due to the halving, efficiency becomes paramount. The big players are already exploring energy-saving techniques, but what about the little guys?

Jesse Shrader, CEO of Amboss, warns that small-scale miners will feel the pinch too. Fewer Bitcoins and rising transaction fees pose fresh challenges.

However, Shrader sees a silver lining in the form of LN. This layer-2 solution is like a secret tunnel for Bitcoin payments, bypassing the congestion and costs of the main blockchain.

By adopting LN for payouts, mining pools can sidestep hefty transaction fees and streamline operations. Shrader even spotlights NiceHash as an early adopter.

While LN initially appealed to hobbyists, it's now gaining traction among businesses. Amboss is at the forefront, helping forge those vital peer-to-peer channels. Open / Comment