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KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined

  • TJ Tate
  • December 1, 2023

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Welcome to Finance Redefined

Welcome to Finance Redefined — your weekly source of up-to-date decentralized finance (DeFi) insights. Delve into the most significant developments of the week and get the inside scoop.

KyberSwap Hacker Wants Total Control

The hacker behind the infamous KyberSwap hack, which resulted in the loss of $46 million, has released a list of demands that need to be fulfilled. This includes total control over the Kyber company and its assets, both on-chain and off-chain. A deadline has been set for the Kyber team to comply with these demands — Dec. 10.

Australia’s “Toilet Paper” Crypto Tax Guidance

Australia’s finance regulator recently released tax guidance for the DeFi space, but law firm Cadena Legal has branded the guidance as “toilet paper”. The firm’s founder, Harrison Dell, believes it will only confuse Australians and might reduce their willingness to comply with the rules.

DeFi Ecosystem Continues Bullish Momentum

The DeFi ecosystem continued its bullish performance from the previous week, with most tokens registering steady gains on the weekly charts. The total value locked into DeFi protocols is now over $47.4 billion.

DeFi Could Solve Africa’s Foreign Exchange Problems

Pascal Ntsama IV, CEO of Canza Finance, told Cointelegraph that DeFi could address liquidity issues in Africa’s foreign exchange market. DeFi technology could provide decentralized foreign exchange for African currencies and the African DeFi community is projected to reach over half a million users by 2027.

Wormhole Raises $225 Million at $2.5 Billion Valuation

Cross-chain protocol Wormhole recently raised $225 million in an investment round led by Brevan Howard, Coinbase Ventures, and Multicoin Capital. This funding places the company at a new valuation of $2.5 billion.

Final Word

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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