Crypto Guides, Knowledge & Insights

Denmark Plans to Propose Taxing Unrealized Crypto Gains in Upcoming Bill

Denmarks Tax Law Council said Wednesday in a translated statement that its recommendations “aim to eliminate the asymmetry in the taxation of gains and losses.” This means that crypto investors would be taxed on unrealized crypto gains or losses if the rules take effect. 　　“The so-called mark-to-market taxation is treated as capital income and involves continuous taxation, regardless of whether the crypto assets are sold,” the council said. Mark-to-market taxation typically refers to taxes levied on the annual changes in the value of certain assets.　　The Tax Law Council explained that taxation has been a challenge due to the nature of crypto assets, “which are not centrally regulated by entities such as a government or central bank.” The council recommended that the new tax regulations should take effect no earlier than Jan. 1, 2026.　　At the beginning of 2025, the Minister of Taxation plans to introduce a bill that incorporates the recommendations from the council. The bill is expected to include a requirement for crypto service providers to report information about their clients crypto asset transactions.　　Mads Eberhardt, a senior crypto analyst of Steno Research, wrote on X that the tax on unrealized capital gains would likely be 42%.　　“This will affect not only

2024-10-29Deep Dive

Stablecoin Project Essence on Scroll Rugged, CHI Plummets 97.78%

The decentralized stablecoin project Essence Finance, built on the Scroll ecosystem, has experienced a rug pull. Its USD-pegged stablecoin CHI has dropped 97.78%, currently priced at 0.0022917 USDC. Collateral worth over $20 million is suspected to have been withdrawn. The projects last tweet was posted on September 11.　　

2024-10-29Deep Dive

Truth Terminal Founder’s X Account Hacked, Fake Token Market Cap Reaches $25 Million

A day ago, Truth Terminal founder Andy Ayrey posted on social media, hinting at upcoming actions. What drew attention was that the post seemed to suggest a new token launch, which Andy Ayrey himself later confirmed.　　However, it was all part of a hacker‘s plot. Andy Ayrey’s account later shared a message claiming to have launched a project called $IB, along with the tokens contract address.　　According to the contract details, the tokens market cap surged to $25 million at its peak, and the hacker profited over $600,000 by selling the tokens. After several key opinion leaders (KOLs) reached out to Andy Ayrey and confirmed that his account had been hacked, the price of $IB plummeted.Why does Andy Ayrey have such a significant influence？　　Truth Terminal is a project founded by AI researcher Andy Ayrey, initially promoted as an artificial intelligence experiment. It quickly gained traction in the cryptocurrency space by combining meme culture, blockchain technology, and social media. Truth Terminal‘s main driver of success was the promotion of a meme coin called “GOAT”, based on the Solana blockchain. Through its unique humor and meme-driven strategy, it captured the attention of the crypto community. The project sparked a meme coin craze, pushing GOAT’s

2024-10-29Deep Dive

This Week's Noteworthy Events(Oct 28, 2024-Nov 3, 2024)

Token Unlocking　　SingularityNET (AGIX) will unlock approximately 8.07 million tokens at 00:00 UTC on October 28, with a proportion of 2.11% of the current circulating supply, valued at approximately $4.3 million.　　Velo (VELO) is scheduled to unlock approximately 182 million tokens at 00:00 UTC on October 29, with a proportion of 2.47% of the current circulating supply, valued at approximately $2.3 million.　　Celestia (TIA) is set to unlock approximately 175.6 million tokens at 14:00 UTC on October 30, with a proportion of 79.75% of the current circulating supply, valued at approximately $941 million.　　Ethena (ENA) will unlock approximately 12.86 million tokens at 07:00 UTC on October 30, with a proportion of 0.47% of the current circulating supply, valued at approximately $4.5 million.　　Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 19:00 UTC on October 29, with a proportion of 0.69% of the current circulating supply, valued at approximately $3.8 million.　　Optimism (OP) will unlock approximately 31.34 million tokens at 00:00 UTC on October 31, with a proportion of 2.50% of the current circulating supply, valued at approximately $49.5 million.　　Tribal Token (TRIBL) will unlock approximately 22.07 million tokens at 00:00 UTC on October 31, with a proportion of 19.06% of the current circulating supply, valued at

2024-10-28Deep Dive

How to Market Your Crypto Project: An Overview of the QuickShock.io Event

QuickShock, a leading marketing agency in the cryptocurrency space, is hosting a VIP event designed to help you strengthen your position in the crypto industry and gain insider access to emerging projects. This exclusive event offers unmatched networking opportunities with top industry figures and provides invaluable insights that can elevate your project to new heights.　　Official event website: https://quickshock.io/crypto/event/dubai　　Registration link: https://lu.ma/quickshock　　QuickShock Event - Networking with Top Industry Figures　　The event is set to take place on October 25th in Dubai. By attending, youll have the opportunity to interact with some of the biggest names in the crypto space, including representatives from major cryptocurrency exchanges, founders of hedge funds and investment firms, as well as top-tier bloggers and content creators. This is a rare opportunity to meet industry leaders who are typically hard to access elsewhere.　　QuickShocks key partners, Release Kraken and QELT, will also be featured at the event. Release Kraken, an innovative project on the Solana blockchain, focuses on building a reliable and highly liquid ecosystem. QELT, another major partner, is pushing the boundaries of blockchain innovation by integrating quantum computing and AI into its scalable digital solutions.　　During the event, the QuickShock team will present multiple case studies, showcasing how they have

2024-10-25Deep Dive

Vietnamese Government Releases National Blockchain Strategy, Aims to Establish 20 Leading Brands

The Vietnamese government has officially released the “National Strategy for Blockchain Technology Application and Development by 2025” and the “2030 Vision (National Blockchain Strategy),” defining blockchain as one of the major technological trends of the Fourth Industrial Revolution. The strategy was signed and issued by Deputy Prime Minister Vu Duc Dam.Strategic Vision　　According to the 2030 strategy and vision, Vietnam aims to become a leading country in the region and establish an international position in the research, deployment, application, and development of blockchain technology. Specifically, the government aims to create 20 reputable platforms, products, and service brands based on blockchain technology within the region; to maintain at least three blockchain testing centers or special zones in major cities, forming a national network; and to have representation among the top 10 blockchain training and research institutions in Asia.　　In its action plan, the government outlines initiatives in five key areas: the legal environment, infrastructure, human resources, development and application, promoting research and innovation, and international cooperation, to advance Vietnams goal of becoming a leader in the blockchain industry.First Inclusion of Digital Assets in Legal Framework　　On October 8, the Standing Committee reviewed the draft “Digital Technology Industry Law” submitted by the Minister of Information

2024-10-24Deep Dive

Scroll Airdrop Faces Scrutiny, Airdrops Enter the “Dark Forest” Era

Yesterday, the highly anticipated Layer2 project Scroll successfully launched on Binance. According to Rootdata‘s heat index, the project’s popularity has been steadily increasing since its launch. However, the feedback on the project has not been entirely positive. Since its debut, the price of $SCR has dropped by 22%.　　WikiBit has compiled the following key reasons behind this situation:　　1. Dissatisfaction among Scroll users regarding the token distribution ratio.　　2. The airdrop allocation received by users does not cover the on-chain interaction costs.　　3. Suspicions of insider trading by the project team.The “Dark Forest Theory” in the Airdrop Arena　　Public chains, led by Ethereum, have previously fostered ecosystems where multiple DApps leveraged airdrops to create positive externalities for the entire ecosystem. The earliest airdrop, carried out by Uniswap, distributed governance tokens to early users, building community consensus. Since then, many projects have adopted this “proven” method, using airdrops to create community engagement and consensus.　　However, as the industry evolved, project teams realized that airdrop expectations help attract users, and users realized they could exploit airdrop rules to obtain excess profits. Airdrops gradually became a battlefield between project teams and airdrop hunters: project teams aimed to acquire real users at the lowest cost, while users sought to maximize

2024-10-23Deep Dive

Stripe’s Historic $1.1B Acquisition of Bridge: The Largest Deal in Crypto Industry

According to TechCrunch founder Michael Arrington, Stripe has finalized negotiations to acquire the stablecoin platform Bridge for $1.1 billion, after initially being discussed for $1 billion.　　Bridge first announced its investment from 1confirmation in 2022 and, in August 2024, raised $58 million at a $200 million valuation from Haun Ventures, Sequoia Capital, Ribbit Capital, and Index Ventures.　　This acquisition marks the largest known deal in the crypto industry to date, surpassing Galaxy Digitals attempted $1.2 billion acquisition of BitGo, which ultimately fell through.　　This acquisition marks the largest completed deal in the crypto industry to date. Previously, the largest known acquisition attempt was Galaxy Digitals $1.2 billion bid for BitGo, but that deal was never finalized.Unveiling Bridge　　It‘s hard to imagine how Bridge, a stablecoin platform, could fetch such a high acquisition price based solely on social media buzz. However, upon closer inspection, Bridge’s potential becomes evident.　　Co-founded by Zach Abrams and Sean Yu, Bridge helps businesses accept stablecoin payments through a suite of tools like APIs, enabling seamless conversion between fiat and stablecoins, cross-border payments, and even allowing companies to issue their own stablecoins.　　Compared to traditional systems like SWIFT, Bridge offers faster, cheaper, and more transparent transactions. Since its launch, Bridge has processed over

2024-10-22Deep Dive

This Week's Noteworthy Events(Oct 21, 2024–Oct 27, 2024)

Token Unlocks　　• Cardano (ADA) will unlock approximately 18.53 million tokens on October 22 at 00:00 UTC, representing 0.05% of the circulating supply, with a value of around $6.5 million.　　• Galxe (GAL) will unlock approximately 587,000 tokens on October 22 at 00:00 UTC, representing 0.46% of the circulating supply, valued at around $1.2 million.　　• Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens on October 22 at 19:00 UTC, representing 0.69% of the circulating supply, valued at around $4.8 million.　　• Ethena (ENA) will unlock approximately 12.86 million tokens on October 23 at 07:00 UTC, representing 0.47% of the circulating supply, valued at around $5.1 million.　　• Yield Guild Games (YGG) will unlock approximately 14.08 million tokens on October 27 at 14:00 UTC, representing 3.64% of the circulating supply, valued at around $8 million.Grass Foundation: Airdrop One Eligibility Query Page to Launch on October 21　　The Grass Foundation announced on the X platform that the Airdrop One eligibility query page will go live on October 21. This is the first and broadest airdrop in history. The claim process will not be available on October 21; its simply a checker page. Be cautious of scams, as no on-chain transactions will require signatures.　　Previously, the Grass project on

2024-10-21Deep Dive

Forcount ‘Ponzi Scheme’ Promoter Sentenced to 20 Years in Prison

The United States Department of Justice announced that Juan Tacuri — a senior promoter of the Forcount Ponzi scheme, which was later rebranded to Weltsys — was sentenced to 20 years in prison on Oct. 15.　　According to an announcement from the Southern District of New York, Tacuri was also ordered to pay $3,610,718 in restitution and sentenced to one year of supervised release following his prison sentence.　　Prosecutors said that Tacuris fraudulent scheme targeted victims all around the world, but mainly Spanish-speaking communities.　　The 240-month sentence handed down by Judge Analisa Torres represents the maximum statutory sentence. Following the decision, United States Attorney Damian Williams remarked:“Juan Tacuri may have claimed to be involved in cutting-edge cryptocurrency investing, but, in reality, he was running one of the oldest tricks in the book — a Ponzi Scheme.”　　The prosecutor concluded by saying the maximum sentence imposed by Judge Torres was a “Stark reminder that, in the long run, fraud does not pay.”The details of the Forcount Ponzi　　According to the Department of Justice, the founders and promoters of Forcount told prospective clients that the fictitious firm was a crypto mining and trading company. Tacuri and others lured in victims with the promise of regular payouts from

2024-10-18Deep Dive

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