The Block
Quick Take The taxation on crypto gains, which was initially scheduled for 2022, is now in discussions to begin in 2028. The South Korean won was the most-used fiat currency for crypto trades in the first quarter of this year.
Quick Take Celsius has settled an adversary proceeding with KeyFi and its founder, Jason Stone, following months of legal battles. The settlement agreement will see KeyFi transfer tokens and hundreds of NFTs, including valuable tokens such as CryptoPunks and Fidenzas, to Celsius to be liquidated over the next 12 months in return for up to $800,000 and a rare NFT.
Quick Take A bitcoin address which received 1,000 bitcoin in 2012, worth about $12,000 at the time, has sent the funds now worth over $60 million to a new address after nearly 12 years of inactivity. Nothing is currently known about the identity of the wallet, which was first spotted by Whale Alert, though the transaction was first broadcast in January 2024.
A judge in Tornado Cash developer Roman Storm’s case granted a three-month delay of his upcoming trial over the objections of the prosecution.Each side also presented oral arguments at a recent hearing that could preview arguments made in the case, according to a report from The Rage.
Quick Take This is an excerpt from the sixth edition of The Funding newsletter sent to our subscribers on July 13. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take Tornado Cash developer Alexey Pertsev, who has appealed his conviction on money-laundering charges in a highly-watched case in the Netherlands, was denied bail while his appeal makes it way through the court. Advocates say the bail denial could see Pertsev remain in prison for a year or more while preparing for the appeal.
Bitcoin ETFs on Friday had their best day since June 5 of total net inflows, gaining over $300 million according to SoSoValue data.The notable sum marks six trading days in a row of positive inflows to spot bitcoin ETFs, which have logged an additional $1 billion in assets since the start of the streak on July 5 to reach the highest level of cumulative net inflows seen since the launch of the ETFs in January.
Quick Take The crypto portfolio tracking app blamed a $2.2 million hack in June on a sophisticated and nation-state affiliated hacker, likely the Lazarus Group. According to the company, the attacker compromised several core services, all of which have since been rebuilt from scratch.
Quick Take Germany’s crypto wallet reached a balance of zero on Friday, as the government appears to have transferred all of its bitcoin to different exchanges and market makers. Arkham Intelligence has been closely tracking the European nation’s crypto transfers as the German government appeared to follow through with plans to offload 50,000 bitcoins seized from the now-defunct film piracy website Movie2K.
Quick Take SEC has dropped its probe into Hiro’s Stacks, according to a regulatory filing. SEC allows certain firms to skirt controversial crypto accounting bulletins. The token distribution protocol ZAP has reached a $100 million valuation. The following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
