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- IRS Orders Kraken To Release User Data
IRS Orders Kraken To Release User Data
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👮 Kraken to Share User Data with IRS Following Court Order
Kraken is set to share select user info with the IRS in Nov 2023, following a court mandate. The crypto exchange must provide profile data and transaction histories for users transacting over $20,000 between 2016-2020.
The move comes after a legal battle starting in May 2021, aimed at catching tax evaders. Kraken has reduced the affected user count to 42,017 from the IRS's initial request of 59,331. Other crypto firms have also shared user data with the IRS in the past.
Release the data! - IRS (probably)
☕️ On today's Top Picks:
- US lawmakers call on DOJ to consider criminal charges against Binance and Tether.
- Sam Bankman-Fried blamed gross negligence for FTX's collapse and struggled during cross-examination in his testimony.
- Citadel Securities denies allegations of being behind the collapse of the TerraUSD $UST stablecoin.
- Elon Musk wants X to replace your bank.
Read time: 6 minutes
📰 Crypto News
• US lawmakers call on Department of Justice to consider criminal charges against Binance and Tether. The request stems from allegations against Binance and Tether providing material support and resources to support terrorism.
• Sam Bankman-Fried blamed gross negligence for FTX's collapse and struggled during cross-examination in his testimony. SBF's testimony continues today with the jury present.
• Gary Gensler states the SEC is currently reviewing 8-10 Bitcoin ETF Filings.
• Citadel Securities denies allegations of being behind the collapse of the TerraUSD $UST stablecoin. Citadel Securites called the allegations from Terraform baseless and that the court should reject their requests.
• US Judge orders NFT artists Ryder Ripps and Jeremy Cahen to pay Yuga Labs $1.57 million. The artists made copycat versions of Bored Ape Yacht Club NFT's which was determined to violate copyright laws.
• Ledger Recover launches. The optional paid recovery service provided by Coincover allows users to keep a secure backup of their Secret Recovery Phrase.
• Arbitrum Orbit is mainnet-ready. Developers can now build customized L3 chains using Arbitrum Orbit.
• DyDx Chain launches mainnet as a standalone Cosmos layer 1 blockchain.
• NEO is developing a sidechain for Ethereum compatibility with its N3 mainnet. Testnet is expected by the end of the year.
⚡ Alpha
• Scroll launches Scroll Origins NFT to reward users who deploy a contract on Scroll Mainnet.
• Bebop DEX launches Halloween campaign. Users need to execute a multi-token trade on Bebop anytime from Oct 27th to Oct 31st to be eligible to mint the Not Afraid To Trade NFT.
• Starknet Quest launches new quests. Complete the new 4 Gemstone quests to be eligible to mint the Crown NFT at a later date.
• DaBank new Web3 Badge. Users who have read at least one paid Hi message can mint the Hi Offer Receiver badge starting October 28th.
🪂 Airdrops
• Olimpio covers Chainchat by Zapper, a new FriendTech alternative; along with an airdrop strategy for Zapper on X.
📰 Finance News
• Elon Musk wants X to replace your bank. Banking features on X are expected by end of 2024 as the platform acquires money transmission licenses across the US.
• JPMorgan handles $1 billion in daily transactions through JPM Coin for a number of large companies.
• Mastercard to incorporate additional Web3 technologies into their experiential marketing efforts after partnering with MoonPay.
🛡 Security and Exploits
• Metadock launches version 4.1.0. Updates include support for Polygonscan and bug fixes.
Token Unlocks![](https://abs-0.twimg.com/emoji/v2/svg/1fa99.svg)
• SingularityNET $AGIX - 9.53M ~$2.01M on OCT 27
• Optimism $OP - 24.16M ~$33.34M on OCT 29
💰 Funding
• Aera, an autonomous onchain treasury management protocol for DAOs; closes $8 million token sale led by Bain Capital Crypto.
• Moonveil, a Web3 video game studio; raises $5.4 million in Pre-seed/Seed funding round led by Gumi Cryptos Capital and Arcane Group.
• Anboto Labs, a cryptocurrency trading execution tool provider; raises $3 million in funding.
• De .Fi, a Web3 security application; raises an undisclosed amount in strategic investment by OKX.
🌾 The Degen Farmer
Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!
Protocol | Pool | Chain | TVL | APY |
---|---|---|---|---|
![]() | TUSD-USDT | Ethereum | $5.24M | 81.43% |
![]() | USDT | Ethereum | $1.54M | 39.58% |
![]() | USDC.E-WUSDR | Optimism | $4.59M | 35.92% |
![]() | USDC-MAI | Optimism | $3.08M | 32.35% |
![]() | OPUSDCE-WUSDR | Optimism | $1.09M | 31.49% |
![]() | USDC-DUSD | Defichain | $1.59M | 28.48% |
![]() | USDT | Ethereum | $3.59M | 27.26% |
![]() | USDC | Arbitrum | $7.81M | 27.20% |
That's it for today's dose! See you soon.
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