The Shib Crypto Recap: Tuesday

It’s another day in the crypto sphere, which means it’s time for a recap of today’s major headlines. Tuesday features a mosaic of even more crypto security issues, regulatory precedents, and Bitcoin discussions.

Shocking Stats: 536 Crypto Hacks and $31 Billion in Losses Over a Decade

A recent report indicates there have been 536 crypto hacks and scams over the past 13 years, causing losses exceeding $31 billion. Analyst Igor Stepahin created what he calls “the largest dataset of crypto losses,” using a hybrid Bubble Chart and Swarm Plot to illustrate the data. Notably, over $18 billion has been lost to scams and various hacking methods. While many hacks involve smaller losses, large losses of over $10 million have increased significantly in recent years. Certain regions are more vulnerable to these attacks. Security analyst Mar Gimenez-Aguilar found that EVM-based chains and Solana are among the most targeted due to their popularity and smart contract functionality.

UAE Central Bank Implements Strict Regulations on Risky Digital Assets

The UAE’s Central Bank has started to regulate the virtual asset sector, targeting Algorithmic Stablecoins and Privacy Tokens. These types of digital assets are under close examination due to their potential for misuse and their impact on the financial system’s integrity. The CBUAE’s decision is a major shift from its usual conservative approach to financial innovation. Under this regulation, the bank has prohibited the issuance, promotion, and provision of services related to these assets. This prohibition is comprehensive, affecting all individuals and entities, including those licensed by the Securities and Commodities Authority (SCA), regardless of their location, whether located in the UAE or operating from abroad.

Bitcoin: ‘Worthless’ or Rising Power? Neel Kashkari’s Critique vs. Record Gains

Minneapolis Federal Reserve President Neel Kashkari continues to label Bitcoin as a “worthless” asset class despite its 12 years in existence. He believes the cryptocurrency has not proven to be a viable currency.

Nonetheless, Bitcoin has experienced significant gains over the years. It rose by 9% in 2012, 59% in 2016, and an impressive 171% in 2020. In 2024, Bitcoin has increased by 48%, surpassing many major asset classes. Additionally, Bitcoin’s open interest has hit a record high of $19.8 billion, reflecting more liquidity in the derivatives market. Traders seem to be building long positions, indicating growing interest in Bitcoin.

South Korea’s Bold Move to Seize Crypto Assets to Recover $136 Million in Taxes

In North Gyeongsang Province, South Korea, authorities have seized $890,000 in cryptocurrencies from residents who owe local taxes. The province is targeting $136 million in overdue taxes by the end of the year, having already collected $35 million by August. This recent seizure is part of a broader crackdown on tax evaders with cryptocurrency.

A campaign to recover unpaid taxes runs from October 14 to December 13, involving 22 key cities and counties. Local governments have established dedicated teams to oversee the collection process. Provincial officials said they will keep enforcing tax collection through asset seizures. Tax evaders can pay their taxes in fiat currency first. If they don’t comply, their seized crypto will be sold to settle the debts.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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