Avalanche Native Token Sets New All-Time High

AVAX (Avalanche), the native token of the Avalanche blockchain network sets a new all-time high following a private token sale by Polychain and Three Arrows raising a total of $230M.

Avalanche is one of the fast-emerging blockchain networks that aims to unseat the DeFi favorite blockchain network Ethereum.

The price of the AVAX (Avalanche) token started its rally after the launching of the Avalanche Rush, a $180M incentive program for leading DeFi projects in August.

The price of the altcoin recorded a new peak at $75.13 in a data by Crypto.co. Currently, the digital asset has now reached a total market cap of $15,331,750,666 .

With the persisting issues on scalability, interoperability, and bloating gas fees on the Ethereum network, can Avalanche steal the blockchain’s place in the crypto world and prevail over Solana, Cardano, Polkadot, and other competitors?

MISO Token Platform on Sushiswap, Victim of $3M Hack

MISO token platform in Sushiswap was a victim of a $3M hacking incident

MISO token platform on Sushiswap was the newest victim of a $3M hacking.

The platform is a suite of open-source smart contracts created to ease the process of launching a new project on the SushiSwap exchange and was launched in May. As stated by Sushiswap CTO Joseph Delong, the bad actors launched a so-called supply chain attack. This type of cyber attack focuses on weaker links in an organization’s supply chain. In his tweet, Delong stated how the attack on the platform was carried out by the exploiters.

“The Miso front end has become the victim of a supply chain attack. An anonymous contractor by with the GH handle AristoK3 injected malicious code into the Miso front end. We have reason to believe this is @eratos1122.”

Delong further stated:

“The only exploited auction was the @JayPegsAutoMart auction. The attacker inserted their own wallet address to replace the auctionWallet at the auction creation.”

As of the latest update, Sushiswap has requested the attackers’ KYC information from FTX and Binance but the two exchanges declined to cooperate.

Also, Sushiswap has given an ultimatum on the attackers to return the funds by 8a ET and instructed their lawyer to file a complaint with the FBI.

In August, MISO token launchpad has experienced a similar attack but was able to circumvent it after a researcher discover the exploit before the attack could be launched before the BitDAO token sale.

But this time the DEX was not too fortunate though after falling victim to the latest exploit in the crypto world.

Crypto Founder Hedge Gets Seven-Year Imprisonment

Stefan Hi Qin sentenced with seven years imprisonment

Australian national crypto hedge founder Stefan Hi Qin gets seven-year imprisonment and a penalty of $55M  for more than a $100M crypto scam.

In February, Qin admitted in court to having embezzled nearly all the assets raised in his Virgil Sigma Fund. Initially, he was facing 20-year imprisonment but was shortened in consideration of his clean record and for voluntarily turning himself for trial.

According to the US DOJ, Qin used his investors’ money to support a lavish including paying for a $23K penthouse in New York.

Virgil Sigma Fund Ltd, a typical Ponzi scheme promised its investors 500% returns through an algorithm called “Tenjin”. As Qin claims, the Tenjin take advantage of arbitrage opportunities for buying and selling crypto across other trading platforms.

Crypto scams continue to proliferate in the crypto world resulting in the loss of funds by unwitting victims in the form of Ponzi schemes. As the famous saying goes “If it’s too good to be, it must be a scam”. This will always be true when it comes to investments in the crypto world. Are they ways for investors to protect themselves from these scams?

“No Delay to Tax Code,” Says Korean Finance Minister

Korean Finance Minister says no delay to implementation of new crypto tax law

Following reports on Korea’s ruling party to postpone the implementation of the crypto tax laws, South Korean Minister of Strategy and Finance Hong Nam-ki says no delay will take place.

The crypto tax law was due to be implemented on Jan. 1, 2022, although efforts were being made by the Democratic party to postpone it to 2023.

Under the crypto tax regulation, gains from crypto transactions will now be deemed “miscellaneous income”. Crypto investors who are earning more than 2.5 million won or $2,260 will be subjected to a 20% tax. The first 2.5 million won will be tax-free and only the succeeding amount will be subjected to tax.

During the National Assembly session on Wednesday, Kim Byung-ook, a National Assembly Representative from the Democratic Party asked Hong for a possibility of postponement of the law until 2023 to coincide with the capital gains tax on stocks. He stated:

“Isn’t it reasonable to levy the stock market capital gains tax and virtual asset tax in 2023?”

And Hong replied “No” and further stated:

“In the past, it was almost impossible to collect taxes on virtual asset accounts, so no taxation was carried out […] The foundation has now been laid, and based on that, we will be taxed starting next year.”

The Democratic Party and Hong have been in a rift after the ruling party called out for the Finance Minister’s removal from office. This could be one of the biggest hurdles the party has to face in its effort to postpone the crypto tax law implementation.