Bahamas Securities Commission Holding $3.5B In FTX Customer Assets – December 30

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,526

Bitcoin price slid slightly lower over the last day of trading, touching as low as $16,365 this morning.

Top-20 altcoins have mostly seen small losses, as Ether and BNB each fall less than 1%, while Litecoin and Solana stand out with small gains of 2% a piece.

Top Stories for December 30, 2022 πŸ”₯

πŸ‘‰ Bahamas Securities Commission Holding $3.5B In FTX Customer Assets

The Securities Commission of the Bahamas has taken custody of more than $3.5 billion worth of assets belonging to customers of crypto exchange FTX, following security concerns.

The assets were transferred to digital wallets controlled by the Commission and will remain there until they are ordered to be returned to FTX customers and creditors by the Bahamas Supreme Court.

The decision to take control of the assets came after a hack in which between $370 million and $400 million in crypto assets were stolen from the exchange’s wallets. The hack is currently being investigated by the U.S. Department of Justice.

πŸ‘‰ Italy Approves 26% Capital Gains Tax On Crypto In 2023

Italy has introduced a 26% capital-gains tax on crypto traders, effective in 2023. The tax will apply to gains from crypto trading exceeding 2,000 euros per tax period.

To incentivize reporting crypto profits, a “substitute income tax” of 14% of the value of assets held as of January 1, 2023 will be applied instead of the cost at the time of purchase.

The new rules also allow losses from crypto investments to be deducted from profits and carried forward.

πŸ‘‰ Sam Bankman-Fried Cashes Out $684K From Seychelles Exchange

On-chain data shows that FTX founder Sam Bankman-Fried has cashed out large amounts of crypto, soon after being released on bail. This includes a recent $684,000 transaction to an exchange in Seychelles while under house arrest, according to DeFi educator BowTiedIguana.

The transfer is just one of multiple shady transactions recently conducted by wallets linked to Bankman-Fried and Alameda Research, with $1.7 million in Alameda assets being moved this week.