In a significant development for the cryptocurrency landscape, the US Internal Revenue Service (IRS) has finalized regulations that will require decentralized finance (DeFi) brokers to report gross proceeds from digital asset transactions.

The crypto world stays to be the area of new discoveries on one hand, and hackers on the other. The major happenings for the current week were the creativity of hackers in hacking and the weak spots still existing in the ecosystem. Below, is a close-up view of the hacker attacks this week.

The U.S. Internal Revenue Service (IRS) has introduced a new tax rule that will affect decentralized finance (DeFi) brokers. Starting in 2027, DeFi platforms will have to collect user trading information, issue tax forms, and provide customer details like names and addresses. This rule is meant to make digital asset taxes similar to traditional ones.

The U.S. Internal Revenue Service (IRS) has reaffirmed its stance on the immediate taxability of staking rewards, doubling down on a position assumed in 2023 as part of internal guidelines.

The year saw a major rally for cryptocurrencies with the arrival of Bitcoin ETFs in January, the halving, and Trump's reelection. But it was an even bigger year for many of the top 100 crypto altcoins.

A South Korean court has jailed a celebrity pro golfer and the former head of the crypto exchange Bithumb for bribery and attempting to manipulate altcoin price levels. The post S Korean Court Jails Pro Golfer, Ex-Crypto Exchange Chief for Altcoin Price Manipulation appeared first on Cryptonews.

The Internal Revenue Service finalized regulations requiring DeFi brokers to report gross proceeds from digital asset transactions on Form 1099, starting January 1, 2027.

A crypto exchange token is defying this week's marketwide downtrend, skyrocketing by nearly 30%. The Bitget Token (BGB) is trading at $7.37 at time of writing and is up nearly 28% in the past 24 hours and more than 70% in the past week.

Over the past 7 days, $WIF has dropped 12%, $BONK is down 8%, $ETH has fallen 4%, $SOL has slipped 3%, and $SHIB has decreased by 2%.

New data from cybersecurity firm Hacken reveals that $1.7 billion worth of crypto assets were lost through the theft of private keys in 2024. In its 2024 Web3 Security Report, Hacken says that the theft of private crypto keys remains the most “significant” threat to crypto investors.

Cryptocurrency markets are currently seeing an “encouraging trend of whales moving stablecoins to exchanges,” with data showing that at least seven different deposits entered leading cryptocurrency exchange Binance in the last 24-hour period. According to data from on-chain analytics firm Santiment, at least one of these deposits was worth $50 million, equivalent to 2.

Scammers employ complex tactics to earn the victim's trust before defrauding them.

MicroStrategy's Michael Saylor has proposed a new framework for digital asset implementation in the United States. This will usher in new growth, with surging adoption tapping an all-time high.

The IRS has finalized regulations requiring DeFi platform front-ends to report cryptocurrency sales, expanding broker responsibilities and increasing transparency for millions of taxpayers by 2027. IRS Expands Reporting Rules to Digital Asset Brokers Brokers are now obligated to disclose digital asset transactions according to new rules published by the US Internal Revenue Service (IRS).

The Internal Revenue Service (IRS) published new crypto tax guidelines today, demanding that DeFi brokers collect and report much more detailed information about customers and transactions.

The Bitcoin (BTC) premium on Upbit spiked again, as the Korean won slid to a 15-year low against the US dollar. Data from Bank of Korea shows local investors rushed into crypto in the second half of the year to offset stock market losses.

TL;DR The “Pig Butchering” fraud caused $3.6 billion in losses in 2024, making it the biggest threat to cryptocurrency users. Cyber frauds increased by 40% compared to the previous year, with $2.3 billion in losses. Despite the losses, $1.

The crypto community is pushing back against new DeFi tax guidelines brought forward by the IRS on Friday. The post Crypto Community Reacts To New IRS DeFi Reporting Rules appeared first on Cryptonews.

Gensler, who once said that “everything but Bitcoin” falls under his agency's purview, is on the way out. But what's next for the industry?

The South Korean government says it is imposing sanctions on 15 North Koreans who engage in illicit cyber activities to raise funds for their totalitarian state.

The new IRS rules classifying DeFi protocols as brokers have triggered a swift backlash in the crypto industry, with calls for Congress to overturn the rules.

Pig butchering scams led to $3.6 billion in crypto losses in 2024, emerging as the most significant fraud scheme of the year, according to a report by web3 security firm Cyvers. The long-term fraud method, where victims are groomed over time to make substantial investments, outpaced other forms of crypto scams in 2024.

The IRS is going after decentralized finance (DeFi) brokers with a vendetta. If left, starting in 2027, these brokers will be required to report every dime made in crypto sales.

Gems Launchpad's NFA Club, dubbed the “Tinder of Crypto,” gamifies crypto investing with AI-powered KOL insights, staking, and trading signals.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Robert Le of PitchBook discusses which crypto projects are likely to get the most attention from venture capital firms in 2025.

The U.S. Internal Revenue Service said DeFi brokers should comply with long-standing securities rules, disagreeing with industry sentiment arguing for different laws for digital assets.

Metamask, a prominent Web3 wallet, has launched its Gas Station feature, which aims to alleviate users' challenges with transaction fees on the Ethereum mainnet. Web3 Wallet Metamask Tackles Gas Fee Challenges The new feature, integrated into Metamask's Smart Transactions with Swaps, provides gas-included transaction quotes.

Incarcerated former FTX executive Ryan Salame appears to have already slashed a year off his prison sentence. Data from the U.S. Federal Bureau of Prisons indicates Salame's release date is now March 1st, 2031. The former co-chief executive of FTX Digital Markets reported to prison in October after being sentenced to 7.

The cryptocurrency market is experiencing significant volatility, drives anxiety among traders and investors. Bitcoin (BTC), which has recently traded around $96,478, has seen a decline to $96,000, raising concerns about its short-term price trajectory.

Opportunity often lies in the details. Each cycle brings new favourites and hidden gems, and 2024 is no different. XRP, the trailblazer in remittance technology, continues to redefine cross-border payments. Cardano is steadfast in its mission to deliver sustainable, scalable blockchain solutions.

A widely followed crypto analyst is issuing a warning about one red-hot utility altcoin, saying it could be in for a slow bleed to the downside.

Experts predict that AI agents, real-world assets (RWAs), stablecoins, and an increasingly friendly approach to crypto regulations will be key drivers of the crypto sector's trajectory in 2025. Expectations over a global race for strategic Bitcoin reserves were also among their answers.

VC funding accelerated in 2024, capping a successful year with more than $17B in crypto startup deals. The last month of the year wrapped up multiple private placements and undisclosed deals.

In the world of cryptocurrencies, the names of such giants as Polkadot (DOT) and Avalanche (AVAX) are getting louder and louder. However, Nebula Stride (NST) - an ambitious project that is rapidly gaining momentum and offers truly unique solutions - is increasingly standing out against their background.

The native token of the layer-two Ethereum network Movement has delivered significant gains to investors who were eligible to receive its airdrop on December 9. Within the first 24 hours, the token's price rose from around $0.70 to over $2 at some point the day after the airdrop.

Th final regulation treats DeFi front-ends as brokers, demanding the disclosure of gross proceeds from sales of digital assets.

The US Treasury Deaprtment has finally released the long-awaited DeFi broker tax reporting framework in its bid to capture revenue from the growing industry. According to the released framework, platforms offering trading services to report user transactions with the Internal Revenue Service (IRS).

The U.S. Treasury's sweeping IRS rule forces crypto platforms to track and report all transactions, igniting fierce industry backlash and looming legal battles over its survival. US Treasury Expands IRS Reach – Crypto Industry Faces Full Reporting Rule The U.S.

Gil Luria, D.A. Davidson managing director, joins 'Money Movers' to discuss his bitcoin and crypto outlook.

The US Department of the Treasury and the Internal Revenue Service (IRS) have released the final version of its broker rules to digital assets services providers, which includes provisions on requiring DeFi protocols to conduct Know-Your-Customer (KYC) procedures.

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The world's crypto mining tax has strongly declined, with countries known to receive budget boosts, such as Kyrgyzstan, left in dismay.

The finalized rule means "front-end" crypto service providers will follow the same tax reporting requirements as traditional securities brokers.

In a recent Cointelegraph video, we assessed the risk posed by quantum computing to cryptocurrency, potential solutions, and what investors should do to protect their portfolios.

Sheila Warren, CEO of the Crypto Council for Innovation, had her X account hacked on December 26, promoting $SPELL token scams. The organization quickly addressed the issue, removing the posts and warning the public. The post Crypto Council for Innovation CEO's X Account Hacked to Promote $SPELL appeared first on Cryptonews.

TL;DR Crypto whales are making large stablecoin deposits to Binance. A $500 million transfer to Binance has been reported, raising expectations of potential asset accumulation. Bitcoin reserves on exchanges have decreased, indicating possible accumulation by investors.

According to Agence France Presse, Montenegro is set to extradite South Korean cryptocurrency entrepreneur Do Kwon to the U.S.

The directive, issued on December 26, represents Cambodia's shift toward embracing financial innovation while prioritizing strict oversight.