Blockchain Series E, FTX, & The IRS
The cryptocurrency landscape is witnessing significant developments across various fronts. Blockchain.com, a key player in the cryptocurrency exchange and wallet service sector, successfully completed a Series E funding round, raising $110 million. This round, led by Kingsway Capital, valued Blockchain.com lower than in previous valuations, highlighting the challenges and dynamic nature of the crypto market.
In another significant development, FTX, a cryptocurrency exchange undergoing bankruptcy, has sued Bybit Fintech Ltd and two of its affiliates. The lawsuit seeks to recover around $953 million in cash and digital assets. This legal move is crucial for FTX, as it aims to recuperate a substantial part of the nearly $9 billion deficit in its accounts and provide restitution to its customers.
Amidst these market movements, the Internal Revenue Service (IRS) in the United States is tightening its grip on cryptocurrency taxation. New regulations and reporting requirements have considerably increased the complexity and cost of tax compliance for crypto transactions. Particularly, the 6045 digital asset broker regulations are set to significantly elevate the cost of filing crypto taxes. These changes are causing complications for individual investors and tax software providers, making accurate reporting and compliance more challenging. The IRS's intensified focus on crypto tax compliance underscores the importance for investors to stay updated and adhere to the evolving tax regulations in the cryptocurrency domain.
1. [bloomberglaw.com - FTX Sues Crypto Firm Bybit to Recover Assets Worth $953 Million](https://news.bloomberglaw.com/bankruptcy-law/ftx-sues-crypto-firm-bybit-to-recover-assets-worth-953-million)
2. [cointelegraph.com - FTX files billion-dollar lawsuit against Bybit over asset withdrawals](https://cointelegraph.com/news/ftx-files-billion-dollar-lawsuit-against-bybit-over-asset-withdrawals)
3. [bitcoinist.com - FTX Files $953 Million Lawsuit Against ByBit Exchange](https://bitcoinist.com/ftx-953-million-lawsuit-bybit/)
4. [coinmarketcap.com - FTX launches $953 million lawsuit against Bybit over](https://coinmarketcap.com/community/articles/65503afbea028e49ed7530d5/)
5. [investing.com - FTX Sues Bybit and Affiliates Alleging Withdrawal of $953](https://ng.investing.com/news/cryptocurrency-news/ftx-sues-bybit-and-affiliates-alleging-withdrawal-of-953-report-1141125)
6. [coinpedia.org - FTX Sues Bybit for $953 Million, Alleging Unauthorized Asset Withdrawal](https://coinpedia.org/crypto-live-news/ftx-sues-bybit-for-953-million-alleging-unauthorized-asset-withdrawal/)