Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another electrifying edition of Proof of Intel! 🌐This newsletter is packed with more twists and turns than a blockchain algorithm. We've got presidential tech tariffs, shocking token collapses, Vitalik's philosophical deep dive, and a jaw-dropping NFT tax fraud saga that'll make your digital wallet tremble! 💡 From the corridors of Washington to the depths of crypto markets, we're bringing you the hottest stories that are reshaping the digital landscape. Grab your favorite beverage, settle in, and let's dive into the wild world of tech and web3!

INTEL BRIEF

🟧 President Trump exempts key tech products from tariffs, potentially benefiting tech stocks and cryptocurrency markets.

🟧  Mantra token experiences a dramatic 90% price collapse, sparking speculation and concern in the crypto market.

🟧 Ethereum co-founder Vitalik Buterin emphasizes the critical importance of social philosophy in blockchain application development.

🟧  NFT trader Waylon Wilcox faces potential prison time for massive tax fraud involving CryptoPunk NFT sales.

Trump Shakes Tech Markets with Surprising Tariff Move

President Donald Trump has thrown a lifeline to the tech industry by exempting a wide range of technology products from reciprocal tariffs. The get-out-of-tariffs-free card covers everything from smartphones and computers to semiconductors and storage cards, sending ripples of relief through tech executive boardrooms and investment portfolios.

According to market analysts, this strategic move could breathe new life into tech stocks that have been gasping under the weight of trade tensions. Bitcoin already making a bold statement by breaking past the $85,000 mark on April 12.

The Kobeissi Letter boldly proclaimed that "large-cap technology companies will ultimately come out ahead," painting a picture of potential recovery. The tariff relief isn't just a band-aid; it's potentially a game-changing economic strategy.

On April 9, Trump initiated a 90-day pause on reciprocal tariffs and strategically lowered tariff rates to 10% for countries playing nice. The market's response was nothing short of spectacular – Bitcoin surged 9%, while the S&P 500 rocketed over 10%.

Bitcoin advocate Max Keiser threw a bit of cold water on the celebration, arguing that these tech product exemptions won't necessarily solve deeper economic challenges. He pointed out the rising yield on 10-year US Treasury Bonds, highlighting ongoing economic uncertainties.

Macro trader Raoul Pal added another layer of intrigue, suggesting these tariff policies are less about economics and more about diplomatic chess – a negotiation tool to establish a US-China trade deal.

Trump exempts key tech products from tariffs.

Bitcoin surges past $85,000 in response.

Markets show positive reaction to trade policy shifts.

 Mantra Token Crashes in Dramatic Crypto Market Meltdown

Mantra (OM) token has suffered a catastrophic price nosedive that's sending shockwaves through the cryptocurrency world. On April 13, the token plummeted from a respectable $6.3 to a mere $0.50, obliterating over 90% of its $6 billion market cap in just 24 hours.

Market investor Gordon didn't mince words, dramatically questioning whether this could be the biggest rug pull since LUNA/FTX. The crypto community is on high alert, with fingers pointing and theories flying.

Mantra co-founder JP Mullin attempted to calm the storm. "We are here and not going anywhere," he proclaimed on X, providing a verification address for the team's OM tokens. The Mantra team claims the price implosion was triggered by "reckless liquidations" and not by any direct team actions.

Mantra has been making significant strides in the Middle Eastern market. Just months ago, in January 2025, the company sealed a massive $1 billion deal with investment conglomerate DAMAC to tokenize various assets, including real estate and data centers. They even secured a virtual asset service provider license from Dubai's Virtual Assets Regulatory Authority (VARA) in February, positioning themselves as a serious player in the UAE's crypto landscape.

The incident adds to a growing list of crypto market challenges in 2025, following other high-profile token collapses and cybersecurity incidents like the Libra memecoin implosion and the $1.4 billion Bybit hack.

As the dust settles, one thing remains clear: the crypto world continues to be a rollercoaster of innovation and uncertainty.

Mantra token crashes 90%, dropping from $6.3 to $0.50

Company claims liquidations, not internal issues, caused collapse

Continues expansion in Middle Eastern crypto market.

Vitalik Buterin Reveals the Philosophical Heart of Blockchain Apps

Ethereum co-founder Vitalik Buterin has unleashed a philosophical bombshell about the heart and soul of blockchain applications. Speaking on Warpcast, Buterin argues that the true battleground for Ethereum's future isn't in its technical infrastructure, but in the philosophical underpinnings of its applications.

"Apps are 80% special purpose," Buterin boldly declares, highlighting that the real magic happens in how developers conceptualize and create decentralized applications. It's not just about the code – it's about the underlying vision that drives blockchain innovation.

Buterin draws fascinating comparisons between different technological layers. While a programming language like C++ might remain relatively neutral, the app layer is a canvas for philosophical expression. He provocatively suggests that even if C++ were created by a "totalitarian racist fascist," the language itself might remain technically unchanged.

Good guys vs. bad guys of crypto get a clear calling out in Buterin's analysis. On the positive side, he points to Railgun, Farcaster, and Polymarket as shining examples of apps with robust social philosophy. These platforms aren't just building technology; they're constructing digital ecosystems with intrinsic ethical considerations.

Buterin doesn't hold back on calling out platforms he sees as philosophically bankrupt. Pump.fun, the collapsed Terra ecosystem, and the infamous FTX make his list of shame – platforms he believes represent problematic approaches to blockchain development.

Blockchain isn't just about technological innovation – it's about creating digital spaces that reflect deeper values of decentralization, privacy, and social responsibility.

Vitalik Buterin emphasizes social philosophy in app development

Highlights difference between platforms with good and bad philosophical approaches

Argues app layer is crucial for Ethereum's future vision

 NFT Trader Faces Prison for Massive CryptoPunk Tax Fraud

NFT trader is staring down the barrel of up to six years in prison for an audacious attempt to dodge the taxman. Waylon Wilcox, 45, has admitted to filing false income tax returns that deliberately concealed nearly $13 million in profits from CryptoPunk NFT trades.

The numbers are mind-boggling. Wilcox traded a whopping 97 CryptoPunks from the industry's largest NFT collection, which boasts a $687 million market capitalization. In 2021, he sold 62 CryptoPunks, raking in $7.4 million in profits. The following year, 35 more CryptoPunks netted him an additional $4.9 million. His brilliant plan? Simply selecting "no" when asked about digital asset transactions on his tax filings

The Internal Revenue Service (IRS) was not amused. Special Agent Yury Kruty made it crystal clear: "In today's economic environment, it's more important than ever that the American people feel confident that everyone is playing by the rules and paying the taxes they owe."

This case drops into a rapidly evolving crypto tax landscape. In June 2024, the IRS introduced new regulations making US crypto transactions subject to third-party tax reporting. Centralized crypto exchanges have been required to report digital asset sales since January, signaling a new era of fiscal transparency.

A recent twist came on April 10 when President Trump signed a congressional resolution blocking a Biden-era legislation that would have expanded reporting requirements to decentralized finance (DeFi) protocols. The proposed rule, set to take effect in 2027, would have cast an even wider net for crypto tax reporting.

Crypto regulatory advisers are cautiously optimistic, suggesting that a more nuanced approach to regulation might serve the industry better than aggressive tax legislation.

NFT trader faces up to 6 years in prison for $13M tax fraud

CryptoPunk sales deliberately underreported on tax returns

IRS intensifying scrutiny of digital asset transactions
RetryR

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe a little bit wiser about the crypto universe. Remember, in the world of digital assets, knowledge is your most powerful currency. Whether you're a seasoned hodler or a curious newcomer, there's always something new to learn. Until next time, this is Mochi, signing off with a virtual knowledge bomb!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! Share the newsletter

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