StealthEX & CryptoDaily: Honduras Bans Trading, South Korea Delays Taxation, and Starknet Airdrop Draws Massive Interest

February 22, 2024

Crypto World

Maciej Zerelik

Explore fresh updates from StealthEX and CryptoDaily! We’re thrilled to offer a straightforward and brief overview of the leading headlines and trends in the cryptocurrency industry. Stay informed about the key events and major influencers. Wondering what’s making headlines in the crypto world this week? Dive into the details now!

Honduras Implements Nationwide Crypto Trading Ban

Honduras has imposed an immediate ban on cryptocurrency trading within its financial system. The National Banking and Securities Commission (CNBS) announced the ban on February 19, 2024, emphasizing the unregulated nature of cryptocurrencies and their potential misuse in illegal activities such as fraud, money laundering, and terrorist financing.

Despite the popularity of crypto trading platforms and the establishment of a “Bitcoin Valley” in Santa Lucia, where numerous businesses accept Bitcoin, the Honduran government’s lack of regulatory framework for these digital assets has led to this decisive action.

The CNBS’s resolution explicitly prohibits financial institutions from engaging in transactions involving cryptocurrencies, crypto-assets, and related virtual currencies, aiming to shield the nation’s financial system from operational and legal risks associated with these digital assets.

South Korea to Postpone Crypto Taxation Amid Election Promises

South Korea’s ruling party, The People Power Party, has announced plans to delay the implementation of cryptocurrency gain taxation for an additional two years. This decision pushes the commencement of the crypto tax, initially set for January 2025, to January 2027.

The postponement is part of a broader commitment to establish a foundational regulatory framework for the cryptocurrency sector before introducing tax guidelines. The delay is seen as an effort to win favor with voters and investors, who have expressed concerns over the impact of taxation on the growing crypto industry.

This announcement comes as a continuation of South Korea’s cautious approach towards cryptocurrency regulation and taxation, reflecting the government’s recognition of the need for a more comprehensive understanding and framework before taxing crypto gains.

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North Korean Hackers Utilize YoMix for Money Laundering

The North Korean hacker group, Lazarus, has shifted its cryptocurrency laundering operations to YoMix, following crackdowns on their previous method, the Sinbad mixer. This adaptation highlights the group’s persistent efforts in concealing the origins of their ill-gotten gains.

Blockchain analytics firm Chainalysis revealed the change, noting a significant increase in funds flowing through YoMix, with a portion directly linked to crypto hacks. 

This maneuver showcases the evolving tactics of cybercriminals in response to increased regulatory and law enforcement efforts. 

The report also highlighted the group’s use of cross-chain bridges to facilitate the laundering process, indicating a more sophisticated approach to circumventing tracking and tracing mechanisms.

Bitcoin’s surge above $52,000. Sets Stage for Altcoin Rally

Bitcoin’s surge above $52,000 has ignited speculation on which cryptocurrency will next follow its meteoric rise. This significant milestone pushed the total cryptocurrency market value over the $1 trillion mark, sparking debates on future market leaders.

Amidst this financial landscape, various altcoins and blockchain projects are being closely watched for signs of potential growth, influenced by technological advancements, community support, and market dynamics.

The crypto community is keenly observing market trends, regulatory developments, and technological innovations to predict which digital asset will emulate Bitcoin’s success.

Starknet’s STRK Token Airdrop: A Massive Hit with Over 140 Million Claims

The Starknet STRK token airdrop has taken the crypto world by storm, attracting over 140 million claims from around 128,000 users. This Ethereum layer-2 scaling solution’s airdrop showcases the massive interest and participation from the community, highlighting Starknet’s growing prominence.

With the STRK token now trading on major exchanges and a total of over 700 million tokens set for distribution, Starknet aims to accelerate its growth and further implement zk-rollup technology. 

The initiative not only underscores Starknet’s commitment to enhancing scalability and efficiency on the Ethereum network but also sets a new benchmark for community engagement in the crypto ecosystem.

Ripple’s Potential to ‘Burn’ 40 Billion XRP Sparks Community Debate

Ripple has reignited discussions within the cryptocurrency community with the revelation that it could “burn” over 40 billion XRP currently held in escrow. This possibility was highlighted by Ripple’s Chief Technology Officer, David Schwartz, who proposed a method for effectively removing these coins from circulation without traditional burning.

This approach involves “blackholing” the account into which the escrow completes, ensuring the XRP cannot enter the market. 

The debate touches on technical and strategic implications, reflecting on XRP’s supply and potential market impact. Such a move could significantly affect XRP’s value and its standing within the crypto ecosystem.

Forbes Ventures into The Sandbox: A New Era of Digital Real Estate

Forbes has officially entered the virtual world by acquiring a piece of digital real estate in The Sandbox metaverse. This move signifies Forbes’ commitment to innovation and its vision to create a community hub in the ever-expanding virtual landscape.

The space, equipped with luxury amenities like a virtual pool and bar, aims to be a central meeting point for thought leaders and innovators. Already open to the public, Forbes’ virtual estate is positioned near landmarks within The Sandbox, offering interactive experiences and exclusive content through a virtual scavenger hunt. 

This strategic move not only places Forbes at the forefront of digital trends but also highlights the growing interest of corporations in metaverse real estate, indicating a new frontier for business and community engagement.

UK on the Cusp of Crypto and Stablecoin Regulation Revolution

The UK is poised to enact comprehensive crypto and stablecoin regulations within the next six months, aiming to clarify the legal standing of stablecoins and staking services. This move, announced by Economic Secretary to the Treasury Bim Afolami, underscores the UK government’s ambition to finalize these regulations before the upcoming general election.

Amidst a backdrop of minimal progress since Prime Minister Rishi Sunak’s pledge to transform the UK into a global crypto hub, this development signals a significant step towards establishing clearer rules for the burgeoning crypto sector. 

The forthcoming regulations are expected to bolster the UK’s position as a leading crypto-friendly nation, despite the current political landscape suggesting potential resistance from the leading Labour Party.

$26 Million Stolen in FixedFloat DEX Cyberattack

The decentralized cryptocurrency exchange FixedFloat suffered a significant security breach, losing $26 million in Bitcoin and Ethereum. The hack, confirmed by FixedFloat on February 18, came after blockchain investigators noted suspicious transactions.

The hacker has already begun laundering the stolen funds through various exchanges, complicating recovery efforts. 

This incident highlights ongoing vulnerabilities within crypto platforms and the challenges in ensuring asset security. It also raises questions about the effectiveness of current security measures and the need for heightened vigilance in the crypto space.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.