Schlagwort: crypto market news

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Haven Protocol Token (XHV) crashes after mint exploit

  • Haven Protocol suffered a mint exploit, with over 500 million XHV tokens minted illicitly,
  • The hack has sent the price of the XHV token down by over 60%.
  • Hacker(s) exploited a vulnerability in the range proof validation code, introduced during the Haven 3.2 rebase to Monero.

Haven Protocol, a blockchain project known for its mint-and-burn mechanism, has suffered a mint exploit, leading to a dramatic plunge in its token price.

The exploit allowed a hacker to mint a vast number of XHV tokens, driving the supply to unmanageable levels. Following the hack, the price of the Haven token (XHV) nosedived by over 60%, falling from $0.0003594 to $0.0001341.

Haven Protocol Token (XHV) crashes after mint exploit

What happened to the Haven Protocol?

The Haven Protocol team disclosed the exploit via their social media account, revealing that over 500 million XHV tokens were illicitly created.

This discrepancy was detected during an exchange supply query, contrasting sharply with the audited supply of 263 million tokens. Developers attributed the breach to a vulnerability in the “range proof validation” code, introduced during the Haven 3.2 rebase to Monero.

This flaw enabled the creation of XHV tokens without detection, as the minting occurred after auditing processes.

Notably, the surplus tokens were not accounted for in the audited supply figures, exposing a critical gap in the protocol’s security measures.

The exploit has significantly impacted the market standing of XHV, a project that once saw its token peak at $28.99 in April 2021. The incident has compounded its decline, with the current price reflecting the erosion of trust in the protocol.

In response, Haven Protocol urged its community to avoid purchasing XHV on exchanges, citing ongoing efforts to assess the situation. The team acknowledged the gravity of the breach, expressing regret and promising further updates as discussions within their Haven Operations Committee (HOC) progress.

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Italy will drop plans to increase tax on crypto capital gains

  • Italy drops plans to raise crypto tax from 26% to 42% after industry opposition.
  • Lawmakers propose capping the tax at 28% or maintaining the current 26% rate.
  • Progressive taxation and exemptions aim to protect small investors and boost crypto.

Italy has decided to abandon a controversial proposal to raise the tax on cryptocurrency capital gains from 26% to 42%, following significant industry opposition and political disagreements.

The initial plan, introduced by Economy Minister Giancarlo Giorgetti, aimed to increase government revenues to fund socio-economic programs. However, it met resistance from lawmakers, industry stakeholders, and members of the ruling League party, prompting a reassessment of the measure.

Crypto capital gains tax in the revised 2025 Italy budget

According to sources familiar with the development, instead of the sharp hike, Italian lawmakers have proposed a more moderate increase, capping the tax rate at 28%. Others suggest maintaining the current 26% rate to avoid disrupting the growing crypto sector.

The revised tax plans form part of the 2025 budget, which must gain parliamentary approval by the end of December.

League lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni were among those pushing for a softer approach. Both argued that an excessive tax increase could drive cryptocurrency trading underground, harming both investors and the broader economy. “No more prejudice about cryptocurrencies,” the lawmakers emphasized, highlighting the importance of fostering a supportive environment for the digital asset industry.

To further encourage innovation while addressing fiscal concerns, lawmakers have also proposed implementing progressive taxation and raising exemption thresholds to protect smaller investors. These measures aim to create a balanced regulatory framework that promotes investment in digital assets without stifling economic growth.

The tax debate in Italy mirrors broader global trends as nations seek to regulate and tax cryptocurrencies. For instance, Russia imposes a 13%-15% income tax on crypto sales, while exempting mining operations from VAT.

The Czech Republic has also introduced reforms exempting long-term crypto holdings from capital gains tax, encouraging digital asset investments.

Italy’s recalibrated approach signals an intent to align with these international practices while mitigating risks to its domestic economy. By rethinking its stance, Italy seeks to strike a balance between fiscal responsibility and fostering a competitive digital economy.

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Microsoft shareholders reject Bitcoin treasury proposal

  • Microsoft shareholders have voted against the proposal that sought to have the tech giant add Bitcoin to its balance sheet.
  • The vote on Tuesday, December 10, 2024, followed the proposal by the National Center for Public Policy Research, and came after MicroStrategy founder and Chairman Michael Saylor added to the call for Microsoft to adopt a Bitcoin treasury via a presentation.

On Dec. 10, details on the vote indicated Microsoft shareholders had rejected the proposal – meaning one of the world’s most valuable companies is not primed to add BTC to its treasury any time soon. Microsoft will not now take time to study the option of having the world’s largest cryptocurrency by market cap as part of its diversified portfolio.

Saylor, whose company is the largest corporate holder of Bitcoin after a buying spree that started in 2020, said last week that Microsoft had the potential to add trillions of dollars to its market cap if it invested in the flagship digital asset.

MicroStrategy acquired an additional 21,550 BTC worth $2.1 billion on Dec. 9, bringing its total haul 423,650 BTC bought for approximately $25.6 billion.

Microsoft board urged shareholders to vote down proposal

The “Assessment of Investing in Bitcoin” proposal by the National Center for Public Policy Research advocated for a 1% outlay of Microsoft’s assets into BTC. According to the proposal, the company should have weighed whether diversifying with Bitcoin to hedge against inflation was in the best interests of shareholders.

Saylor offered a 3-minute presentation to Microsoft’s Board of Directors and the chairman and CEO Satya Nadella. The Bitcoin bull explained why taking this approach would have been the right thing for the company.

The preliminary results of the shareholders’ vote means Microsoft could adopt this strategy at a time when BTC price will be much higher than the current $97k. The company’s board had last month asked shareholders to reject the proposal.

Despite the outcome of the vote, some in the crypto industry are bullish on what it means to have such a proposal in place.

Notably, the National Center for Public Policy Research has also submitted a similar proposal to Amazon.

MSFT shares traded around $446.98 at the time of writing, with the performance largely flat on the day.  Bitcoin price fell below $95,000 on the news, reaching lows of $94,550. However, BTC was back above $95k at the time of writing as bulls target a retest of the psychological $100k level.

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OKX Ventures boosts TON ecosystem with $5m investment

  • OKX Ventures’ investment adds to the recently launched $10 million Telegram Growth Hub.
  • The $5 million investment in TON Ventures targets growth for Telegram-powered apps on TON blockchain.

OKX Ventures, the investment arm of global crypto exchange OKX, has invested $5 million in TON Ventures to bolster the development of Telegram-powered TON applications.

The OKX Ventures team announced the investment in The Open Network blockchain’s dedicated venture capital fund on Dec. 10. Per the announcement, the investment will go into efforts to accelerate the TON ecosystem’s developer ecosystem.

“This investment, alongside our recently launched Telegram Growth Hub, demonstrates our long-term conviction in TON’s potential to drive mainstream adoption of onchain technologies. We’re excited to work closely with TON Ventures’ founding team, whose deep ecosystem expertise will be invaluable in scaling the next generation of TON-native applications,” OKX Ventures partner Jeff Ren noted.

OKX Ventures unveiled the $10 million Telegram growth hub alongside The Open Platform and Folius Ventures. The goal is to bring blockchain applications and its benefits to Telegram’s more than 950 million monthly active users.

Eyeing web3 expansion

TON has in the past several months witnessed the explosive surge and traction for mini-apps. Other than Catizen and Notcoin, there has been notable attention on projects such as OKX Racer.

“The OKX Ventures team were one of the first supporters of the TON value proposition, which sits at the intersection of Telegram’s social graph and TON’s blockchain rails, to develop a vibrant ecosystem of Web3 consumer applications that would onboard millions of people,” TON Ventures partner Ian Wittkopp said.

So far, TON Ventures has secured $40 million in funding, with the target for future development including gaming and monetization tools.

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Amazon shareholders call for the company to hold 5% of its assets in Bitcoin

  • MicroStrategy’s stock has outperformed Amazon’s stock by 537% in the past year
  • The proposal calls for Amazon to include some Bitcoin to maximize shareholder value without taking on too much risk
  • Last week, Michael Saylor, CEO of MicroStrategy called on Microsoft to adopt Bitcoin, calling it “digital capital”

A group of Amazon shareholders has requested that the company allocate 5% of its assets in Bitcoin.

The National Center for Public Policy Research, a free-market, independent conservative think tank, submitted the proposal to Amazon for consideration at its 2025 annual shareholder meeting.

The proposal, shared by Tim Kotzman, a podcast host covering Bitcoin and MicroStrategy, recommends adding “assets to its treasury that appreciate more than bonds, even if those assets are more volatile short-term.”

The proposal points to Bitcoin’s price, which has increased more than 131% over the past year, outperforming corporate bonds by more than 126%, on average.

“MicroStrategy – which holds Bitcoin on its balance sheet – has had its stock outperform Amazon stock by 537% in the previous year,” the proposal said.

“And they’re not alone. Institutional and corporate Bitcoin adoption is becoming more commonplace: more public companies such as Tesla and Block have added Bitcoin to their balance sheets; Amazon’s second and fourth largest institutional shareholders – BlackRock and Fidelity, respectively – offer their clients a Bitcoin ETF; and the US government may form a Bitcoin strategic reserve in 2025.”

The proposal points out that while Bitcoin is a “volatile asset,” Amazon’s stock was the same in the past. Because of this, companies have “a responsibility to maximize shareholder value over the long-term as well as the short-term,” adding:

“Diversifying the balance sheet by including some Bitcoin solves this problem without taking on too much volatility. At minimum, Amazon should evaluate the benefits of holding some, even just 5%, of its assets in Bitcoin.”

Michael Saylor calls Bitcoin “digital capital”

The shareholder proposal comes as Michael Saylor, CEO of MicroStrategy, said to Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

In a three-minute video posted on X last week, Saylor said:

“Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

“If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

In Saylor’s opinion, that lies with Bitcoin.

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