This week in cryptocurrency saw significant developments as companies increased their Bitcoin assets, while others faced cyber attacks and changes in tax regulation.
Company Bitcoin Acquisitions
Trump Media purchased $2 billion worth of Bitcoin, making it the primary asset in their $3 billion liquid asset portfolio. Another significant acquisition came from Strategy, which added 6,220 Bitcoin, worth $739.8 million, raising their total cryptocurrency holdings to 607,770 BTC.
CoinDCX Launches Recovery Bounty
India's cryptocurrency exchange CoinDCX announced a bounty program for assistance in tracing stolen funds after a cyberattack that resulted in a loss of $44 million. The exchange is offering up to 25% of recovered assets, capped at $11 million.
India Intensifies Tax Enforcement
Indian tax authorities have begun implementing artificial intelligence systems and international data-sharing agreements to combat tax evasion related to digital assets. The Chairman of the Central Board of Direct Taxes, Ravi Agarwal, indicated that new analytical tools will help detect tax avoidance through cryptocurrency transactions more effectively.
This week, the crypto industry faced significant changes and challenges, ranging from major investments in Bitcoin to new initiatives aimed at ensuring security and compliance in tax regulations.
