Crypto Lake

🚨 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."

🔒 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.

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⚡️ 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

🚀 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.

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!

🔒 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.

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➡️ 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.

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⚠️ Crypto Lawyer John Deaton Raises the Stakes, Outshining Elizabeth Warren in Fundraising Race 💰 It's a battle of the wallets as crypto advocate and legal expert John Deaton surges ahead in his bid to unseat Massachusetts Senator Elizabeth Warren. The latest numbers reveal that Deaton's campaign chest is a whopping $1.36 million strong for Q1, outpacing Warren's $1.1 million. 🤝 Deaton's fundraising success can be attributed to his backing from heavyweights in the crypto industry, including Ripple bigwigs Brad Garlinghouse and Chris Larsen, the dynamic Winklevoss twins, Cardano's Charles Hoskinson, and even Anthony Scaramucci. 💼 With high-profile donors like these, it's no surprise that Deaton's campaign coffers are brimming. Notably, some crypto titans have gone all-in with maximum donations of $6600 – a clear sign of their confidence in his cause. ✅ This financial windfall was predicted by Warren herself, who sounded the alarm on special interests and Wall Street influence when Deaton threw his hat into the ring. But Deaton remains undeterred, ready to take on the establishment and prove that he can triumph against the odds. 🔔 Beyond the world of digital assets, Deaton and Warren clash on a range of issues, from student loan forgiveness to immigration policy and monetary strategies. Their differences are stark, setting the stage for a captivating political showdown. ⚔️ "I've always been an underdog, and this time won't be any different. The world will witness my victory," declares Deaton with unwavering determination. As the race heats up, all eyes are on this crypto crusader as he challenges the status quo and aims for a seat at the table of power.

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🚀 Bitcoin Ecosystem Thrives: 43 Projects Secure $127M Funding in 2024 💰 The crypto world is buzzing with excitement as Bitcoin takes center stage once again. According to Coin98 Analytics, a whopping 43 projects within the Bitcoin ecosystem have recently scored big with $127.19 million in funding, as reported by crypto-fundraising. 🌐 From layer two (L2) solutions like Bitflow and Merlin Chain, to innovative wallets such as Unisat and Oyl, the infographic showcases a diverse range of startups. Not to mention the rise of decentralized finance (defi), gaming, bridges, APIs, launchpads, and NFT marketplaces – it's a vibrant landscape! 🤝 These projects have caught the attention of some heavy hitters in the investment world. With backers like Castle Island Ventures, Ribbit Capital, and Arrington Capital, it's clear that big players are betting on Bitcoin's continued success. 📈 And the funding stories keep pouring in! Just look at Alpen Labs' impressive $10.6 million round or Ordinalsbot's seed funding of $3 million. It's an exciting time for Bitcoin enthusiasts as these ventures gear up for their next big moves. 🔮 While some projects have already launched tokens, others are still keeping us on our toes with their promising plans. So keep an eye out for these 43 Bitcoin-focused initiatives – they're shaping the future of crypto!

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Waterfall is the most decentralized BlockDAG protocol currently available 🚀 🔑 Key Features: 📌 This decentralized platform has the potential to attract much more validators than other protocols. 📌 Minimal hardware requirements: Dual-Core CPU, 4GB RAM (your cellphone has 2-4 times more than that). 📌 High performance and scalability, thanks to parallelism in BlockDAG compared or even higher potentially that the most scalable currently popular protocols 📌 Compatible with EVM and Ethereum API. The team includes senior people who were successfully building the ecosystem for Ethereum and those who were successfully competing against it: Ron Resnick is the CEO of the company-developer of Waterfall, is also a former Executive Director of Enterprise Ethereum Alliance and a former Investment Director of Intel Capital. Jeff McDonald is the Director at the Board of Directors for Swiss Association, is also a Former Co-Founder of Nem, which used to be in Top-5 and for a short time in Top-3 right after Ethereum. The Chairman of Board of Swiss Association is Richard Wang, who is also General Partner at Draper Dragon Fund. R&D team has been rigorously testing technology since 2021. More than 350 Workers(block producers) on the TestNet are owned by the developers and future users of Waterfall. On the first day after the new TestNet announcement, 115 Workers connected and more than 450 000 transactions were processed. On January the 2nd more than 650 000 transactions was successfully processed. Find out more details in their communities: https://t.me/waterfall_network https://twitter.com/waterfall_dag https://discord.gg/Nwb8aR2XvR

🔍 Blockstream CEO Adam Back Slams MicroStrategy Short ETF as a "Terrible Product" 📉 Risky Business: Back Warns Against Betting Against MSTR Adam Back, the CEO of Blockstream, has taken aim at the newly launched Defiance 2X Short MSTR ETF. In a recent X thread, he didn't mince words, labeling the ETF as a "terrible product" that's unlikely to deliver the desired results. ⚠️ Navigating Choppy Waters: The Perils of Shorting MSTR Back's main concern lies in the inherent riskiness of shorting MicroStrategy. Even if investors believe the company is overvalued, he warns that the ETF could still face significant challenges due to auto-rebalancing in a volatile market. As he puts it, "you'll get rekt anyway." 📉 MicroStrategy's Bitcoin Bounty: A Thorn in the ETF's Side With MicroStrategy boasting an impressive stash of over 210,000 BTC, worth a staggering $15.2 billion, Back sees the idea of a short ETF as particularly weak. He highlights that the company's valuation is now closely tied to its Bitcoin investments, making the ETF's 2x auto-rebalancing mechanism a potential recipe for disaster. 💪 Saylor Stands Firm: MicroStrategy's Bitcoin Bet Remains Unshaken Despite mounting criticism and even short sellers like Kerrisdale Capital taking aim at MicroStrategy, CEO Michael Saylor remains steadfast in his commitment to Bitcoin. He believes in its technical superiority and isn't swayed by those who argue there are cheaper ways to gain exposure to the digital gold.