Security Update: Solv Will Cover User Losses for Recent Hack
On January 5, 2025, at 1:00 AM (UTC+0), Solv's official Twitter account was compromised, resulting in a fraudulent Ethereum address being posted. Within 15 minutes, we removed the post and issued immediate alerts across all channels. Unfortunately, some users incurred losses.
We are actively collaborating with @SlowMist_Team to investigate the breach, enhance security measures, and recover the stolen funds. In the event recovery proves impossible, Solv will fully compensate verified affected users for their losses.
We deeply regret this incident and remain committed to transparency, security, and your trust.
🔒 Reminder: Always verify token addresses through official and trusted channels.
The US Internal Revenue Service (IRS) announced new rules on December 27 defining some decentralized finance (DeFi) agreements as brokers and requiring customer identification (KYC) requirements, sparking strong opposition from the crypto industry. The rules are expected to affect up to 875 DeFi brokers and 2.6 million taxpayers. Criticized by legal experts for allegedly overstepping its authority and potentially violating constitutional rights, Alexander Grieve, vice president of Paradigm, called on the new “pro-crypto Congress” to repeal the rules through the Congressional Review Act (CRA). The Blockchain Institute called the rules “a last-ditch effort to push the US crypto industry overseas” and said it would take action to counter them. As previously reported, the IRS requires “DeFi brokers” to collect user transaction information.
On December 3, it was reported that the innovative project MAJOR in the Telegram ecosystem has continued to gain popularity in the past week. Currently, the MAJOR token is priced at $1.1192, with a 24-hour increase of 3.74%. As the number one game on the Telegram platform, MAJOR has not only attracted a large number of users, but also made significant progress in expanding its ecosystem functions.
On November 30, the official announced the launch of the NFT exchange function, allowing users to rent and lease unique digital numbers in the Telegram ecosystem. The first phase of this function is expected to be launched next week. Users holding the number 888 can get $MAJOR through the platform, while enthusiasts can participate in the ecosystem by purchasing tokens in advance. The official stated that this is just the beginning of MAJOR's NFT function, and more innovative applications will be launched in the future.
In addition, Telegram founder Pavel Durov publicly expressed his support for MAJOR on November 28, calling it "one of the most successful Mini Program cases" in the Telegram ecosystem. He revealed that MAJOR generated over $10 million in revenue in just 5 months, with over 70 million users and was driven by entrepreneur Roxman. In recognition of the project, Durov received 1% of MAJOR tokens and promised not to sell them in the next 10 years.
MAJOR's community and market performance continue to attract attention from the outside world, and also set a benchmark for the Telegram Mini Program ecosystem. Some analysts point out that MAJOR's token mechanism and ecosystem innovations could further drive its market performance in the future. #XmasCryptoMiracles #2024withBinance #CristmasMarketAnalysis
Long-term Bitcoin holders’ holdings have dropped to 12.45 million, hitting a new low since July 2022
According to IntoTheBlock data, the current holdings of long-term Bitcoin holders have dropped to 12.45 million coins, hitting a new low since July 2022. The data shows that in this cycle, the reduction in holdings by long-term holders was only 9.8%, much narrower compared to 15% during the 2021 bull market cycle and 26% during the 2017 bull market cycle.
Bernstein: Net inflows into Ethereum spot ETFs could drive ETH to outperform the market.
According to CoinDesk, brokerage Bernstein said in a research report on Monday that Ethereum has underperformed Bitcoin this year, but inflows into Ethereum ETFs have reversed, possibly indicating that the period of underperformance may be over. On Friday, inflows into BlackRock’s Ethereum spot ETF reached $250 million, while Bitcoin spot ETFs saw inflows of just $137 million. This creates a supply and demand dynamic that is favorable for ETH. Bernstein pointed out that staking returns could be another driving force for Ethereum. Initial Ethereum spot ETFs do not include staking returns due to regulatory restrictions.
South Korea's Democratic Party Agrees to Postpone Crypto Tax for 2 Years
Park Chan-dae, leader of the Korea Democratic Party (KDP), announced his agreement to postpone the implementation of cryptocurrency tax for 2 years.
This decision is a response to the proposal of the government and the People Power Party (PPP) which plans to implement a profit tax from digital assets of 2.5 million won or around Rp28.5 million in 2025.
In fact, the PPP has proposed again to increase the threshold to 50 million won or around Rp571 million. This step aims to ensure that only large investors are affected by the tax.
Unlike the PPP, the KDP under the leadership of Park Chan-dae seeks to create a more conducive environment for the growth of the crypto sector and protect investors.