According to Cointelegraph, musician Jonathan Mann, who earned $3 million through NFT sales, almost lost all of his funds due to the cryptocurrency market crash and tax issues. He turned this experience into a song to warn cryptocurrency investors of tax risks. In January 2022, Mann sold 3700 songs as NFTs at a price of $800 each, earning approximately $3 million in ETH. Due to the failure to realize in a timely manner and the decline in ETH prices, he is facing the requirement of the US Internal Revenue Service to fully tax his income, with a tax amount of up to $1.095 million. To offset taxes, he mortgaged ETH to borrow through Aave, but lost 300 ETH in the chain liquidation triggered by the Terra ecosystem collapse. In the end, he was forced to sell his earlier purchased Autoglyph NFT for $1.1 million to pay taxes. Mann stated that despite being hit hard, he continues to create and release NFT songs daily, looking forward to achieving success again.
On June 9th, according to Onchain Lens monitoring, a giant whale transferred 4949.63 ETH (approximately $12.54 million) to Binance, Gate, and MEXC trading platforms after a four-year hiatus, while transferring 3936.44 ETH (approximately $9.9 million) to another wallet.
According to The Reporter, Muluken Amare, the Director of Ethiopia's Financial Intelligence Service (FIS), revealed at last week's Southeast Africa Anti Money Laundering Group (ESAAMLG) conference that the country is preparing for a cryptocurrency regulatory framework, although virtual currency trading is still prohibited. FIS has partnered with the United Nations, Russia, and member states to train financial security experts to monitor illegal cryptocurrency transactions. Amare emphasized that currently only Ethiopian Birr is allowed for transactions, but potential violations are being addressed through technology, manpower, and skill building. He mentioned the need to study the scale of domestic cryptocurrency trading and pointed out that if it is legalized in the future, clear regulation is needed, and if the ban is maintained, law enforcement mechanisms need to be improved. The Ethiopian Central Bank revised the bill several months ago to explicitly prohibit virtual currencies, but retained the possibility of future legalization.
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