CFA Report Pegs US Crypto Fraud Losses at $80.7B

The Turkish ruling AK Party has proposed an economic bill in parliament to formalize crypto taxation and amend tax laws for cryptocurrencies. The bill includes a 10% withholding tax on gains, a 0.03% transaction tax for service providers, and tax checks for brokers based on their records.

South Korean tax authorities accidentally revealed seed phrases in a photo, resulting in the loss of $4.8 million in seized crypto. This incident follows a previous case where authorities lost 22 BTC due to mishandling sensitive information.

Altcoins like Near Protocol, Polkadot, and Jupiter have surged in value, outperforming Bitcoin as traders shift towards higher-risk assets. This trend is driven by technical factors rather than a fundamental change in the market structure, experts say.

Arthur Hayes argues that U.S.-Israeli war on Iran historically boosts Bitcoin's price due to Federal Reserve printing more money. He predicts Bitcoin's price will surge after Fed cuts rates to support government goals in Iran.

An agreement between Hong Kong and Shanghai aims to develop a shared digital platform for cross-border trade using blockchain technology. The initiative targets reducing delays and fraud in cargo finance, enhancing Hong Kong's role as a financial bridge between China and global markets.

South Korea's finance minister has announced plans for comprehensive reforms in the management of digital assets by government agencies, following recent mishandling of seized cryptocurrencies. The government will review current practices and collaborate with relevant agencies to enhance security measures and prevent future incidents.

Hyperliquid's HYPE token saw a 6% increase as traders sought risk exposure during Iran-related tensions, while traditional markets were closed. The decentralized exchange allows direct on-chain trading of perpetual futures contracts without a centralized intermediary, attracting activity during volatile periods.

Bitcoin has reacted to the escalation in the Middle East, with U.S.-led strikes on Iranian targets causing concerns about a wider regional conflict. Despite the conflict, Bitcoin's price has only dropped 1.3% to $65,760, showing resilience compared to equity-index futures.

Bitcoin, after peaking above $69,000, dropped over 3% to nearly $65,000 on Friday as stocks dipped. Ethereum, XRP, and Solana also experienced significant drops in price. Meanwhile, gold saw a 1.4% increase as investors sought safe haven assets.

Magic Eden will cease support for Ethereum-compatible and Bitcoin-based assets, including those minted on networks like Polygon and Base, as well as Bitcoin Ordinals and Runes meme coins. The company will focus on supporting assets within Solana's ecosystem moving forward.