US Seizes Do Kwon, Ending Extradition Saga, IRS Grants Temporary Relief On Crypto Cost-Basis Rules and more
1.US Seizes Do Kwon, Ending Extradition Saga
The recent extradition of Do Kwon, co-founder of Terraform Labs, to the United States marks a pivotal moment in the cryptocurrency industry's evolution. Kwon's arrest and subsequent transfer to U.S. custody follow the 2022 collapse of the TerraUSD and Luna cryptocurrencies, which erased approximately $40 billion from the market and left countless investors in financial distress.
This development underscores the increasing determination of global authorities to hold crypto entrepreneurs accountable for their actions. Kwon faces multiple charges, including fraud and market manipulation, highlighting the necessity for transparency and regulatory compliance within the crypto space. As the industry matures, such enforcement actions may serve as a deterrent against malfeasance, fostering a more secure environment for investors and promoting the sustainable growth of digital assets.
2.IRS Grants Temporary Relief On Crypto Cost-Basis Rules
Imagine the relief of countless crypto investors upon hearing that the IRS has temporarily postponed its mandate requiring centralized exchanges to default to the First In, First Out (FIFO) accounting method for tax reporting. This decision, effective until December 31, 2025, spares many from potentially higher tax liabilities that FIFO could have imposed, especially during bullish market periods.
By allowing investors to continue using preferred methods like Highest In, First Out (HIFO) or Specific Identification (Spec ID), the IRS acknowledges the complexities of cryptocurrency taxation and offers a reprieve that could prevent unintentional financial strain. This move not only provides immediate relief but also grants brokers ample time to adapt their systems to support diverse accounting methods, fostering a more equitable tax environment for all parties involved.
3.Musk’s Pepe Avatar Triggers PEPE Coin’s 12% Surge
Elon Musk's recent transformation into "Kekius Maximus," complete with a Pepe the Frog avatar, has once again demonstrated his unparalleled influence over cryptocurrency markets. Within hours, the PEPE meme coin experienced a 12% surge in value, underscoring the profound impact of his social media activity.
This event highlights the volatile nature of meme-based cryptocurrencies, where market sentiment can shift dramatically based on cultural references and influential endorsements. While the excitement is palpable, it's essential for investors to approach such trends with caution, recognizing the speculative risks inherent in markets driven by internet culture and celebrity influence.
Dennis Pateo - Author Bio
Dennis Pateo, born on July 31, 1996, is a marketing professional and the Chief Web Curator of Immoderatio, a leading U.S. based platform in business and cryptocurrency. With over five years of experience in Web3 and digital marketing, he combines technical expertise and storytelling to create impactful strategies.
A graduate of the Polytechnic University of the Philippines in Marketing Management, Dennis specializes in tools like NetSuite Oracle, HubSpot, and Binance. He has worked with firms like Cryptofutura and Tencoins, focusing on Web3 strategies, community management, and SEO-driven content.
Based in Caloocan City, Dennis is passionate about cryptocurrency, finance, and emerging technologies. Contact him at dennispateo1@gmail.com or +63 9654466038