U.S. spot Ethereum (ETH) ETFs extended their losing streak on Tuesday ET, posting net outflows for an eighth consecutive trading day—a sign that demand has yet to decisively rebound even as trading activity remains relatively robust. According to data compiled by SosoValue, the U.S. spot Ethereum ETF cohort recorded $28.14 million in net withdrawals on […]
Tax dodgers have started turning to Bitcoin Ordinals, BRC-20 tokens and other digital methods in an attempt to hide their wealth from tax authorities, according to blockchain analytics platform Chainalysis.“Tax evasion and unreported income are age-old financial crimes, but the methods used to commit them are rapidly evolving,” Chainalysis said in a report Wednesday.“As digital assets become more mainstream, bad actors frequently attempt to exploit novel technologies — such as NFTs, decentralized finance protocols, or emerging token standards — in hopes of keeping their wealth hidden from tax authorities and law enforcement.”Tax authorities have been scrambling to catch up with technological advances and to track and apply taxes. A March study estimated that only 32% to 56% of US crypto owners report their gains. In Norway, that percentage was only 12%, according to a study from August 2024. Source: ChainalysisItalian authorities uncover $1 million tax evasion schemeChainalysis reported that Italy’s Economic and Financial Police Unit in Foggia reportedly uncovered a tax evasion scheme in which an individual allegedly used Bitcoin Ordinals and the BRC-20 token standard to hide 1 million euros ($1.1 million) in undeclared capital gains.Introduced in 2023, the Ordinals protocol assigns a serial number to a satoshi, the smallest unit of Bitcoin, and allows data, such as images or text, to be embedded in a Bitcoin transaction. The BRC-20 standard, built on top of it, allows text inscriptions to be deployed, minted into tokens and transferred on the Bitcoin blockchain.Italian authorities discovered during their investigation that the suspect was using the Ordinals protocol and the BRC-20 standard to create tokens, then sent them and listed them on marketplaces, according to Chainalysis.“The assets were sold for multiples of their original cost, and the profits were routed back to the suspect’s primary wallet in Bitcoin,” Chainalysis said. “The suspect continually reinvested these earnings into new inscriptions.”Blockchain intelligence essential infrastructureThe US Internal Revenue Service estimates that the gross tax gap, the government’s best estimate of the total tax it is legally owed but did not receive, is about $606 billion. Tax evasion tactics usually include paying in cash and underreporting income.However, Chainalysis said using crypto for tax evasion comes with a “fatal flaw” because of the “inherent transparency of the blockchain. No matter how sophisticated a scheme appears, the underlying technology leaves a permanent immutable trail.”Blockchain intelligence can reconstruct a financial network and cross-reference it with data that crypto exchanges are required to report to unmask transactions tied to suspected tax dodgers, according to Chainalysis.Related: Italy’s largest bank more than doubles crypto holdings to $235M in Q1: Report“This landmark Italian case serves as a powerful reminder for law enforcement and compliance professionals globally: the technical novelty of crypto does not equal anonymity,” it said.“As new digital asset classes continue to emerge and generate income streams, the gap between actual on-chain wealth and declared tax positions will become a primary target for global investigative attention. In today’s financial landscape, blockchain intelligence is essential infrastructure.”Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16
Soluna (NASDAQ: SLNH) Holdings has acquired full ownership of another portion of its flagship Texas campus, continuing a broader effort to transform a bitcoin mining complex into an AI and high-performance computing site backed by owned renewable energy. This article first appeared in The Energy Mag. The original article can be viewed here. The Energy […]
Ripple has expanded its institutional trading infrastructure after integrating Ripple Prime with EDX Markets and EDXM International. The move gives institutional clients direct access to spot and perpetual futures liquidity through a unified prime brokerage framework. Ripple Expands Crypto Brokerage Empire With EDX Integration Ripple (@Ripple) has integrated Ripple Prime with trading venues operated by […]
Missouri has sued the operator of crypto ATM network CoinFlip, accusing the company of knowingly facilitating fraudulent transactions and profiting from them through excessive fees charged at its kiosks across the state. Attorney General Catherine Hanaway’s office filed the action. The state is seeking civil penalties of up to $1.826 million and a court order […]
Nvidia’s AI and robotics push signals a long-term growth cycle, boosting Asian tech sectors and reshaping global supply chains and investments. The post Nvidia’s Huang spurs Asia tech rally with AI and robotics hype appeared first on Crypto Briefing.
SpaceX’s AI recruitment strategy could redefine talent acquisition in tech, emphasizing skills over industry experience, impacting innovation. The post SpaceX hires engineers and physicists for SpaceXAI initiative appeared first on Crypto Briefing.
SpaceX’s financial losses and Musk’s control may challenge investor confidence, impacting future capital access and competitive positioning. The post SpaceX reveals $4.28B loss in IPO filing, Musk retains control through super-voting shares appeared first on Crypto Briefing.
JPMorgan’s AI-driven workforce shift highlights a broader trend in corporate America, emphasizing tech skills over traditional roles. The post JPMorgan plans to hire more AI specialists, warns of job cuts appeared first on Crypto Briefing.
Glassnode reports that nearly 4.12 million Bitcoin (BTC) are currently stored in quantum-exposed addresses, highlighting growing concerns about Bitcoin security and wallet management. The analytics firm explained that the exposed BTC mainly results from address reuse, partial spending habits, and custody practices, making the operational risk significantly larger than risks tied to Bitcoins original protocol […]
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