Wu said he learned that according to Periodista Digital, a Spanish DeFi investor was ordered by the tax authorities to pay an additional 9 million euros (about 10.5 million U.S. dollars) in taxes for using crypto assets as collateral for loans, even though he did not sell the assets or realize any gains. The Spanish Tax Authority (AEAT) regarded the loan as "capital gains" and imposed taxes on the transfer of assets in the DeFi protocol.