Today in Crypto: Two US Representatives Demand Crypto Tax Regulations, Atomic Wallet Stolen Funds Traced to N.Korean Hackers, OKX Partners with Custody Service Provider Komainu, Zodia Custody Joins
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- Two members of the United States Congress, Brad Sherman and Stephen Lynch, wrote a letter addressed to Treasury Secretary Janet Yellen and the Internal Revenue Service (IRS) Commissioner Daniel Werfel, asking that tax regulations for the crypto industry be implemented. “We write to express our deep concern about the state of tax compliance by the cryptocurrency industry. For years now, that industry has been a major source of tax evasion and a significant part of the nation’s tax gap,” the two representatives said. They added that the industry had time to prepare for the tax reporting requirements, and that they hope that Treasury and the IRS will “promptly” release regulation so to close the tax gap.
- The funds from the $35 million Atomic Wallet hack have been traced to Sinbad.io, a mixer used to launder over $100 million in cryptoassets stolen by North Korea’s Lazarus Group, said crypto risk management firm Elliptic’s Investigations Team. The team also found that the stolen funds are being swapped for Bitcoin (BTC) before being laundered through Sinbad.io (likely a re-branded version of Blender.io).
- OKX and regulated digital asset custody service provider Komainu announced that the exchange joined the collateral management platform Komainu Connect, enabling institutional customers to conduct 24/7 trading of segregated assets under custody through the OKX platform. “Komainu Connect reduces client counterparty risk by removing the need to store collateral with trading counterparties, and offering the ability to keep assets in safe custody instead,” it said. Komainu was created as a joint venture between Japanese TradFi giant Nomura, digital asset manager CoinShares, and digital asset security company Ledger.
- Bitget announced upgrades to its Broker Program to provide additional benefits and support for brokers, offering detailed performance data and insights, including commission data, direct referral data, and partner performance, among other services, said the press release. The support includes a dedicated account manager, 24/7 technical support, and automated notifications to resolve issues, it added.
- Cryptocurrency storage provider Zodia Custody partnered with infrastructure provider Blockdaemon to launch Staking 2.0 and offer crypto staking to institutional clients. “Zodia Custody now offers secure, compliant, and automated opportunities to earn staking rewards,” it said.
- The US Commodity Futures Trading Commission (CFTC) approved an amended order of registration for Cboe Clear Digital to clear additional products as a derivatives clearing organization. “The amended order permits Cboe Clear to provide clearing services for digital asset futures on a margined basis for futures commission merchants, in addition to the fully collateralized futures and fully collateralized swaps previously authorized,” it said. Cboe Clear’s parent company, Cboe Digital Exchange, is registered with the CFTC as a designated contract market.
- Digital collectibles company Dew Drops today announced its $1.5 million pre-seed round, led by boutique venture incubator Dream Ventures. The platform bridges art and technology through SMS “to deliver artists and collectors the trust, safety, and security of Web3,” said the press release. The seed round drew support from venture funds and technologists, including VaynerFund, Polygon Technology Fund, Ruttenberg Gordon Investments, and Slow Ventures. Dew Drops will use the resources to further develop its platform, add talent to the team, and introduce art collectors to digital collectibles, it added.
- Crypto exchange Binance hired OKX exchange veteran Rachel Conlan as the organization’s vice president of global marketing. Conlan will lead Binance’s marketing and brand campaigns worldwide and will drive the company’s brand partnerships and entertainment properties, the press release said.