Welcome to the Daily Crypto, October 8th, 2024 OLE777 – Asia 1st multiplatform crypto gaming. This week, the writer wants to highlight 3 interesting light news about the crypto world updates: a victim of SpireBit got his money back, the UAE announced VAT exemptions for crypto, and Vitalik Buterin’s 100 ETH donation to Roman Storm.

Let’s read more!

A Victim of Crypto Scam Company “SpireBit” Got His Money Back

Aleksey Madan was shocked when he received a $140,000 check from Massachusetts officials this week. This was the full amount he lost in a crypto scam that targeted seniors like him.

Madan, 69, had fallen victim to a fraudulent company called SpireBit, which ran ads on social media promising huge returns on investments. They falsely claimed that Elon Musk endorsed the company, tricking many into transferring large sums of money.

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After an NPR investigation, Massachusetts officials sued SpireBit and froze its assets. Authorities managed to seize $269,000 from the company’s crypto wallets, with the funds being distributed to four victims, including Madan.

Crypto scams like SpireBit are becoming more common, with scammers stealing over $5.6 billion last year alone. These scams often target vulnerable people, luring them in with false promises and then stealing their life savings.

UAE Become a Crypto-Friendly Nation: VAT Exemptions For Crypto

The UAE, especially through its financial centers in Dubai and Abu Dhabi, is creating new opportunities to attract crypto companies and investors. A recent update announced value-added tax (VAT) exemptions for crypto transfers and conversions, effective from November 15, 2024.

The Federal Tax Authority (FTA) introduced these changes through Cabinet Decision No. (100) of 2024. Over 30 amendments were made, including specific tax exemptions for managing investment funds and crypto-related activities. According to PwC, these exemptions apply retroactively from January 1, 2018, and address input tax recovery for crypto companies.

The UAE is positioning itself as a crypto-friendly nation while other countries, like China and India, are more cautious. Dubai’s Virtual Assets Regulatory Authority helps regulate virtual assets, contributing to the UAE’s growth. A Chainalysis report showed the UAE received over $30 billion in crypto, making it the third-largest crypto economy in the MENA region.

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Vitalik Buterin Donated 100 ETH to Roman Storm

Co-founder of Ethereum, Vitalik Buterin recently donated 100 Ether (around $240,000) to support Tornado Cash developer Roman Storm’s legal defense–accused of facilitating money laundering in 2022. This marks his third donation to the cause. The Defend Roman Storm page has raised 327 ETH in total, worth about $785,000, from 148 payments.

Roman Storm expressed deep gratitude for the support, saying it meant a lot to him. His case is ongoing, as on September 26, 2024, a U.S. judge allowed the case to proceed, rejecting Storm’s dismissal request. Storm, who faces up to 45 years in prison if convicted, pleads not guilty and claims Tornado Cash is open-source software.

In 2024, JusticeDAO raised over $1.5 million to aid Tornado Cash developers. Despite legal and regulatory pressures, Tornado Cash mixer deposits surged to $1.9 billion in early 2024, a 50% increase compared to the previous year.

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