Daily Crypto News

1. S. Korea tax authority says crypto airdrops subject to gift tax: report — In response to a tax law interpretation inquiry, a government official said recipients of free virtual asset transfers can be subject to gift taxes. The recipient would need to file a tax return within three months upon receiving the airdrop, and the tax rate would be levied at 10% to 50%, according to the report.
2. A mixer with your crypto cocktail? — The grand crypto project has declined in 2022: total user funds deposited in decentralized finance has shrunk to about $61 billion from over $170 billion at the start of the year, according to figures from data aggregator Defi Llama.
3. Reddit Gen Z Traders Are Back for a Big Splash — Reddit traders want to reclaim retail investors’ money from embattled Celsius Network and Voyager Digital.
4. Bank Run at NFT Lender BendDAO Prompts Attempt to Avert Another Liquidity Crisis — NFT-collateralized crypto loans platform BendDAO looked to right itself Monday after lurching through a nearly disastrous liquidity crisis over the weekend, a situation that underscored the pitfalls of letting people borrow crypto money against their Bored Apes.
5. Elon Musk draws former Twitter CEO and longtime friend Jack Dorsey into his $44 billion legal battle — Elon Musk’s legal team sent out a slew of subpoenas on Monday, including one for Jack Dorsey. Dorsey resigned as Twitter’s CEO last year and has supported Musk’s Twitter purchase. The legal request calls for documents related to user data and systems for identifying spam accounts.
6. Ex-OpenSea Executive Files to Dismiss DOJ Case Alleging NFT Insider Trading — Nate Chastain, the former product head at non-fungible token (NFT) marketplace OpenSea, has asked a U.S. court to dismiss insider trading charges involving the sale of NFTs on the popular platform, according to a motion filed early Monday.
7. Sepolia Is the First Ethereum Testnet to Get a Post-Merge Upgrade — Sepolia, an Ethereum test network (testnet) chain had a post-merge update on Aug. 22 at 03:01 UTC — the first of its kind on any of the Ethereum proof-of-stake testnets. The update was originally slated for Aug. 17, but was postponed for four days to allow some offline validators to rejoin the network.
8. Will Taylor Swift Ever Issue a Music NFT? — I’ve always wondered what would’ve happened had Taylor Swift’s first re-recorded album, “Fearless (Taylor’s Version),’’ been released as a non-fungible token (NFT). If you’re unfamiliar, in 2019, preeminent pop-country musician Taylor Swift declared war against record executive Scooter Braun. He was withholding the masters (i.e., original recordings of her songs) of her first six studio albums, so she fought back by re-recording her own songs.
9. CryptoPunks Briefly Flip Bored Apes as NFT Prices Continue to Crater — The floor price for CryptoPunk non-fungible tokens (NFT) briefly passed that of rival blue chip collection Bored Ape Yacht Club on Monday, highlighting the battle for top dog in the cooled off NFT market.
10. Popular Uniswap Frontend Blocks Over 250 Crypto Addresses Related to DeFi Crimes — Decentralized exchange (DEX) Uniswap has blocked 253 crypto addresses that were apparently linked to sanctioned privacy tool Tornado Cash or to stolen funds, according to GitHub data cited by Yearn Finance developer “Banteg.”

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