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South Korea plans to impose an 11% tax on profits from perpetual contracts of U.S. stocks traded on overseas exchanges starting next year

According to a report by South Korea's "Daily Economic News," the Ministry of Economy and Finance has decided to classify perpetual contracts linked to U.S. stocks as overseas stock derivatives, bringing them under the scope of capital gains tax. Starting next year, profits earned from investing in such products through overseas cryptocurrency exchanges will be subject to an 11% tax rate, calculated after deducting a basic exemption of 2.5 million Korean won from annual earnings, which is half of the tax rate for overseas spot stocks (22%).The report states that U.S. stock perpetual contracts are derivatives traded through overseas cryptocurrency exchanges like Binance, tracking U.S. stocks such as Nvidia, Apple, and Tesla. Since the Financial Services Commission of South Korea has not permitted perpetual contracts, South Korean investors can only participate through overseas exchanges. According to industry statistics, the trading volume of such products across 19 global exchanges from January to August this year was approximately $1 trillion. The South Korean government plans to monitor investors' relevant trading records at overseas exchanges and tax them accordingly. The news cites sources from South Korean government departments, but has not yet received official confirmation from the Ministry of Economy and Finance.

first_img Injective NFT market Talis contract was exploited, approximately 5,700 NFTs were sold

Cosmos ecosystem NFT marketplace Talis Protocol stated on October 31 on X that attackers exploited vulnerabilities in its market and auction contracts on Injective, resulting in approximately 5,700 hosted NFTs being extracted and sold into public collection bids.Talis indicated that it has suspended new listings and auctions on Injective and will return over 26,000 NFTs in the contract to their holders. As a precaution, new listings and auctions on other chains have also been suspended. Please do not buy, list, or bid on Talis until the fixes are confirmed safe; users can still cancel unexecuted bids. If listings or auctions disappear, please check your wallet.The project stated that the repaired contracts are ready and are undergoing pre-deployment review, with a timeline to be announced later. The team has recorded each affected NFT, the holders before the theft, and each transaction bid, and is formulating a plan to return the NFTs to their original holders and compensate the bidders. A list of affected NFTs will be published, and please do not purchase these NFTs in the meantime.Talis also stated that it will not request wallet connections to claim any content via private messages, and a complete post-incident explanation will be released later.RootData shows that Talis Protocol was established in 2021 and completed a $2.35 million private fundraising round in November of the same year.

first_img Chainalysis: Hackers are using old tactics to transfer stolen funds from Binance, and transferring to ETH can still be tracked

Blockchain data analysis company Chainalysis stated on October 31 that addresses related to stolen funds from Binance are attempting to transfer assets before the stablecoins are frozen. One method they are tracking involves depositing stablecoins into DeFi protocols and then retrieving them with new addresses.Chainalysis indicated that this method appeared early on the Tron blockchain following the approximately $6.4 billion attack. The related operations first convert TRX into stablecoins, and then into tokenized deposit receipts. These receipt tokens themselves cannot be frozen, but holders can exchange them back for the stablecoins they represent. The company noted that North Korean threat actors have used similar methods in other cases, citing the example of the TraderTraitor organization transferring $500,000.According to Chainalysis, the related funds were deposited into DeFi lending protocols and received non-frozen deposit tokens, which were then transferred to a new wallet that was not associated and exchanged back for stablecoins, before being converted to ETH on Ethereum through a cross-chain bridge. The company also stated that Circle and Tether have participated in freezing approximately $2.8 billion to date. Chainalysis mentioned that converting stablecoins to ETH does not exempt attackers from being tracked, and its investigators are monitoring the related on-chain patterns in real-time.
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