Terrorists Prefer Tron? 💣

In today’s edition: 🛂 CZ remains in U.S., 🔝 Crypto inflows, 📊 Tornado Cash token's sharp fall, and more!

November 28, 2023

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What’s Poppin’?

by James Rubin and Samyuktha Sriram

The TUSD stablecoin dropped to a low of $0.995 on Monday after news that the Tron blockchain was used to facilitate significant terror financing.

In a filing last week, federal prosecutors said that Zhao was a “flight risk.” Defense attorneys countered in their own filing that Zhao would abide by the terms of his bond agreement.

Weekly inflows to cryptocurrency investment products reached $346 million last week, their highest level in 2023, digital asset manager CoinShares found in a report published Monday.

The native token of the Tornado Cash crypto mixer lost half its value after a delisting announcement from crypto exchange Binance.

The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable. 

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.

Daily Bits…✍️✍️✍️

  • 🪙 Solana DeFi platform Jito announced a governance token, JTO, airdropping 100 million tokens to its community for collective governance.

  • 🌍 Magic Eden will launch a cross-chain NFT and crypto wallet supporting Bitcoin, Ethereum, Solana, and Polygon, currently in closed beta.

  • 💸 Terra ecosystem coins LUNA and LUNC surged following Terraform Labs' $15 million injection into the network's DeFi ecosystem.

  • 📉 The Financial Stability Board (FSB) reported that the collapse of multi-function crypto firms poses limited risk to the real economy, though further assessment is needed due to information gaps.

  • 📢 Former BitMEX CEO Arthur Hayes criticized the U.S. treatment of Binance and its founder 'CZ' Zhao, calling it biased against cryptocurrency's transformative impact.

  • 🔒 Crypto trading firm Kronos Research offered a 10% bounty for the return of $25 million stolen via hacked API keys, inviting negotiations with the hacker.

Today in Crypto Adoption...

  • 💹 Standard Chartered in China started offering exchange services for the digital yuan, enabling customers to access recharge and redemption services on the digital RMB's interconnection platform.

  • 🌐 Crypto hedge fund Nine Blocks Capital Management obtained a digital assets license under Dubai’s Virtual Assets Regulatory Authority and made Dubai its global headquarters.

What Do You Meme?

Recommended Reads

📈 Your Market Update 📉

  • BTC is up .6%, trading at $37,159

  • ETH is up .3%, trading at $2,024

  • BTC dominance: 49.56%

  • Crypto market cap: $1.46T

*All data as of today, 06:30 am ET

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