06-08-2024

Author

Fernando Fierro
August 06, 2024

Howdy folks,

💸🇮🇳 Binance faces a new multimillion-dollar fine in India for unpaid taxes, marking the second penalty in two months. The latest Rs 772 crore ($86 million) fine is due to unpaid Goods and Services Tax (GST) from operations between July 2017 and March 2024.

This issue highlights India’s strict stance on regulating digital assets and sets the stage for other crypto companies to face similar tax scrutiny.

In other news:

🔐🪙 Australia has joined the global fight against crypto scams with Operation Spincaster, targeting $4 billion in approval phishing scams. Led by Australia's JPC3 and Chainalysis, this initiative has uncovered over 2,000 compromised wallets locally and aims to prevent further losses through comprehensive training and exchange cooperation.

While this marks substantial progress, cryptocurrency scams continue to surge, emphasizing the need for continued vigilance.

💰📉 Crypto mogul Justin Sun buys Ether's dip, spending $37 million in USDT on 16,236 ETH during a market downturn. The funds were withdrawn from HTX, with the acquisition price averaging $2,279 per ETH, as per crypto analyst EmberCN.

Despite adding to his 377,590 ETH holdings, Sun's portfolio saw a $280 million hit from the recent market slump.

🚨📉 Bitcoin faced a severe blow during the weekend's crypto market crash, reigniting criticism from staunch Bitcoin opponent Peter Schiff. Schiff highlighted Bitcoin's 34% drop against gold since its 2021 peak, arguing its instability makes it unsuitable as a reserve asset.

Nonetheless, Michael Saylor of MicroStrategy remains a vocal supporter, encouraging investors to "HODL" and maintain faith in Bitcoin's future despite the current downturn.

DailyCoin Daily Meme

Binance Labs Backs New Web3 Startups Despite Market Downturn

Binance Labs announces the second batch of Web3 projects for Incubation Season 7, highlighting 0xAarc, FluxLayer, and Ton_Ton Games.

What Caused the Crypto Crash This Weekend? Here Are the Key Factors

The $360 billion weekend crypto crash was triggered by changes in financial policy and escalating geopolitical tensions.

Nomad Bridge Hacker Leverages Ethereum’s 33% Crash, Buys the Dip

The crypto market crash plunged Ethereum to price lows, opening up avenues for the $200 million hacker to buy at lower prices.

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DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

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