ruby0heneri

@ruby0heneri

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Sometimes, we need to allow ourselves to slow down and breathe. Grabbing a coffee break during lunch right now.

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Investing in solving scalability challenges and improving user interfaces for decentralized services is a must. The technology should be as easy to use as internet services while providing superior privacy and control.

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The road to a fully decentralized internet is not without its challenges.

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In an announcement on Feb. 22, Zhou thanked the crypto community for its outpouring of support, writing: “Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history.”

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On Feb. 22, Cointelegraph reported that Bybit’s assets had dropped over $5.3 billion due to the hack and subsequent withdrawals. However, independent audits confirmed that the exchange still had more reserves than liabilities. That same day, Feb. 22, Bybit CEO Ben Zhou noted that withdrawals had returned “to a normal pace.”

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“I made 920+ addresses receiving funds tied to the Bybit hack public and noticed a person laundering for Lazarus Group previously launched meme coins via Pump Fun,” he said.

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https://warpcast.com/ellalo4bel/0x4e37ed80

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“It was obviously well-designed and targeted,” he said, apologizing to anyone who lost funds in the Eliza scam links that were posted on his account. “This space is so tiring,” he lamented.

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“I woke up and everyone DMed me saying my account was hacked, my wife logged in and deleted posts and connected accounts while I was asleep so I didn’t see it,” he said.

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Still, Dogecoin remains over 48% lower than its all-time high of $0.73, which was hit nearly four years ago on May 8, 2021, CoinMarketCap data shows.

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Shortly after the website’s launch, Dogecoin’s price briefly surpassed $0.40.

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On Nov. 27, 2024, Dogecoin flipped Porsche’s $56.1 billion market cap, driven by endorsements from Musk and speculation around the launch of an exchange-traded product (ETP) for the memecoin.

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Crypto commentator Mark Thomas said in a Jan. 1 X post, “The one time that FIFO can be good is if your sale date is more than one year after the earliest crypto you bought, but less than one year after the latest crypto you bought.”

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He said this would be because investors might “unintentionally” sell their earliest purchased assets — those with the lowest cost basis — first, thereby “unknowingly maximizing their capital gains.”

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Chandrasekera warned that imposing this rule immediately could have “been disastrous” for many crypto taxpayers during a bull market.

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“You won’t have to be locked into FIFO as before,” Cointracker head of tax Shehan Chandrasekera said in a Dec. 31 X post.

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FIFO, otherwise known as “First In, First Out,” is the default method for calculating capital gains tax in the US. It is calculated by assuming the oldest cryptocurrency bought is sold first, pushing up a taxpayer’s capital gains.

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The initial IRS ruling stated that if investors holding crypto assets with a CeFi broker don’t select their preferred accounting method, like HIFO (Highest In, First Out) or Spec ID, the broker will default to reporting sales using the FIFO method.

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The United States Internal Revenue Service (IRS) has issued a temporary relief for a rule that would have defaulted crypto holders on centralized exchanges to a less-than-ideal accounting method.

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Despite China’s anti-crypto antics, former Binance CEO Changpeng “CZ” Zhao said it will be one of the countries to adopt a Bitcoin reserve strategy. At the Bitcoin MENA event in Abu Dhabi, Zhao said the country could move fast on policies if it wanted to. He said the government must “do it at some point.”

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