Weekly Newsletter – 21 Oct 2022

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Weekly Summary

  • IRS introduces broader ‘Digital Assets’ category ahead of tax season
  • Layer-1 blockchain Aptos launches its mainnet, drawing controversy
  • “Crypto will become a major payments disruptor”, according to Walmart’s CTO
  • BitKeep wallet drained of $1M after hacker exploits swap service
  • Celo-based Moola Market reveals US$9m crypto exploit, 93% returned by the attacker

Industry Stories

IRS Includes NFTs in 2022 tax language: The U.S. Internal Revenue Service (IRS) has officially stated in 2022 tax year guidelines that all “digital assets,” including stablecoins, NFTs, and cryptocurrencies, are set to be taxed under the same rules. The wording of “virtual currency” from the previous year’s instruction now also expands to broader “digital assets,” offering NFT investors more clarity on the matter.

Aptos blockchain launches with controversy: After raising over US$350m in two VC fundings this year, Aptos launched its long-anticipated mainnet on October 17, which is expected to compete with Solana. The blockchain start-up founded by ex-Meta employees also listed its native token on Oct 19 and airdropped US$20m tokens to early testnet users. With controversy over Aptos’ tokenmatics and TPS claims, the APT token was down 50% in the trading debut.

“Crypto”, a major fintech disruptor: Walmart CTO: Suresh Kumar, the global chief technology officer of Walmart, predicted that customers would use cryptocurrencies to pay for both tangible and intangible goods in the future, making this a “major” area of disruption, as covered by Cointelegraph. Walmart’s positive stance on crypto was also reported by CNBC in early 2022, preparing itself for the metaverse with its own cryptocurrency and NFT plans.

Hacker drains US$1m from BitKeep wallet in swap feature exploit: Multichain crypto wallet BitKeep has suffered a $1 million hack after an anonymous exploit of its swap feature on the BNB Chain. BitKeep provides its own updates saying it is analyzing the attack and will reimburse the victims.

It is the second time this month the BNB chain was compromised, after an attack of US$100m in the first week of October. According to Token Terminal’s report, half of all DeFi exploits are cross-bridge hacks, stealing over US$2.5b in the past 2 years.

Moola Market attacker returns most of $9M looted for $500K bounty: DeFi platform Moola Market suffered a security incident leading to a loss of up to $9m worth of crypto on October 18. The attacker has scored about a half-million dollar “bug bounty” after choosing to return 93% of the cryptocurrency they exploited from the Celo-based lending protocol in a few hours.

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Matrixport News

Jihan Wu, Matrixport’s founder and chairman, shared his long-term outlook at the recent Milken Institute Asia Summit. “Blockchain technologies will eventually dominate the financial sector and other real-world applications.” Said Jihan in the panel discussion.

Matrixport attended Digital Asset Summit in London on October 17-18. Omid Zadeh, Head of Business Development (EMEA), discussed in the panel of Institutional Market Access and Prime Brokerage.

Grow and manage your digital wealth with the Matrixport app: 

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