In this weekly recap, we cover:
- IRS Delays Crypto Reporting Rules: The IRS pushes its cost-basis reporting requirements for crypto assets to 2026, giving brokers more time to adapt.
- Siqi Chen’s Rug Pull Controversy: The MIRA token creator faces backlash after a mishap with his test token ZERO, sparking skepticism in the crypto community.
- Do Kwon Extradited to the U.S.: Terraform Labs’ co-founder faces fraud charges in the U.S. after Montenegro hands him over to authorities.
- Ethereum ETFs’ Record Inflows: U.S. spot Ethereum ETFs close 2024 with $2.7 billion in net inflows, signaling strong market interest.
- Celsius Appeals FTX Ruling: Celsius challenges a court decision disallowing its $444 million claim against FTX in a heated legal battle.
- USD0 Stablecoin Depegging Drama: A whale-triggered sell-off briefly depegs USD0, but the stablecoin quickly regains its $1 value.
- HYPE Token Staking Launches: HyperLiquid unveils staking for its HYPE token, with $9.4 billion staked at launch.
- Tether’s Bitcoin Investment Grows: Tether adds $700 million worth of Bitcoin to its strategic reserve, continuing its diversification strategy.
