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South Korean city threatens to sell crypto of tax debtors

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In a pioneering move, South Korea’s Paju City has seized cryptocurrency as part of an effort to collect unpaid taxes. The local government took action after a significant taxpayer failed to settle their obligations, marking the first time cryptocurrency has been seized in the country for tax enforcement. The move is a clear indication of South Korea’s growing resolve to integrate digital assets into its taxation system and pursue tax evaders who hold assets in cryptocurrencies.

The taxpayer in question had failed to pay over $100,000 in taxes, and after traditional methods of collection were exhausted, the Paju City government turned to blockchain technology to track and seize the individual’s digital assets. South Korean authorities reportedly worked with a blockchain analysis firm to identify the taxpayer’s crypto holdings and seize the assets, which were converted into local currency to cover the outstanding tax bill. This marks a significant step in the country’s efforts to crack down on tax evasion within the rapidly expanding cryptocurrency sector.

South Korea has been actively working to tighten regulations around cryptocurrency trading and taxation in recent years. As the country continues to embrace blockchain technology, it is also moving to ensure that digital assets are subject to the same tax scrutiny as traditional forms of wealth. The Paju City seizure is a reminder that authorities are increasingly willing to use crypto-tracking tools to enforce tax compliance and close the loopholes that have allowed some individuals to avoid paying taxes on their crypto holdings.

The seizure of cryptocurrency assets is part of a broader global trend, as governments worldwide work to adapt their tax systems to the rise of digital currencies. As cryptocurrency adoption continues to grow, tax authorities are becoming more adept at using blockchain analysis tools to trace digital transactions. South Korea’s actions could set a precedent for other jurisdictions looking to enforce tax obligations in the crypto space and signal a new phase in the intersection of cryptocurrency and government regulation.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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