Hey there, PoI readers! 🌟 It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. This week, we're diving into a financial rollercoaster that would make even the most seasoned trader's head spin! From market meltdowns to tax troubles, we've got a smorgasbord of crypto chaos to feast your eyes on. So, grab your digital forks and get ready to dig into this week's juiciest stories! 🍽️💼

INTEL BRIEF

🟧 Crypto market experiences largest 3-day wipeout in a year, shedding $500B amid economic concerns.

🟧 The Bank of Japan's policy shift triggered a domino effect, leading to a significant crypto market crash.

🟧 India demands $86 million in unpaid GST taxes from Binance, setting a precedent for offshore crypto exchanges.

🟧 Crypto hackers exploit market crash to purchase discounted Ethereum using stolen funds from previous heists.

Crypto's $500B Nosedive A Chilling Scoop on the Market's Brain Freeze

In a twist that's got everyone's digital wallets shivering, the crypto market just experienced its biggest three-day plunge in a year. We're talking a whopping $510 billion wiped off the total market cap on Monday. It's like someone cranked up the AC in the crypto freezer, and now we're all left with a massive case of market hypothermia.

What's behind this frosty fiasco, you ask? Well, it's a parfait of problems! First off, we've got some weak job data in the US that's about as appetizing as a melted sundae. Add a sprinkle of recession fears, and you've got yourself a recipe for financial brain freeze.

But wait, there's more! The cherry on top of this melt-down sundae is the faltering performance of equities. The S&P 500 took a nosedive, dropping 4.4% faster than an ice cream cone on a hot summer day. Talk about a market that's more unstable than a poorly balanced banana split!

Our beloved Bitcoin and Ether weren't spared from this chilly catastrophe either. They've tumbled 10% and 18% respectively, looking about as deflated as a sad ice cream cake left out in the sun. And if you think that's bad, spare a thought for Solana, which has melted a whopping 30.6% since July 30. That's not just a dip, folks – that's a full-on crypto avalanche!

Now, you might be wondering, "Mochi, who ordered this market sundae with extra sprinkles of chaos?" Well, according to Mena Theodorou from Coinstash, we can thank a cocktail of macroeconomic factors for this bitter taste in our mouths. Japan decided to raise interest rates (talk about a party pooper), and increased tensions in the Middle East aren't exactly helping our crypto ice cream stay frozen.

But wait, there's a cherry on top of this messy sundae! Rumors are swirling about Mt Gox creditors redeeming their Bitcoin holdings, and whispers of the US Government moving its own Bitcoin stash are adding extra toppings of uncertainty to this already messy market mixture.

As of now, the market is recovering as Bitcoin BTC is trading at $57,283 and Ethereum (ETH) is trading at $2,429.

Crypto market loses $510 billion in largest 3-day sell-off in a year

Bitcoin and Ether plummet 10% and 18% respectively amid market turmoil

Macroeconomic factors, including weak US job data and recession fears, fuel the downturn

Yen-sanity! How Japan's Central Bank Accidentally Served a Crypto Brain Freeze

the Bank of Japan decides to play mad scientist with its monetary policy. The result? A market meltdown that would make even the most stoic HODLER cry "brain freeze!"

So, what's the scoop? It all started when Japan decided to raise its interest rates from a big fat zero to 0.25%. Now, I know what you're thinking – "That's smaller than the cherry on top of my sundae!" But in the world of finance, that tiny increase was like dropping a Mentos into a bottle of Diet Coke. BOOM! Suddenly, the yen is doing the cha-cha slide up the forex charts.

Now, here's where it gets extra spicy (or should I say, wasabi-flavored?). For years, clever traders had been gorging themselves on what's known as the "yen carry trade." Essentially, they were borrowing yen at rock-bottom rates and using it to fund their crypto shopping sprees. It was like getting an all-you-can-eat buffet for the price of a fortune cookie!

But when the yen started moonwalking up in value, those loans suddenly became more expensive than a gold-plated ice cream cone. Traders started panic-selling. We're talking about a whopping $1 billion in leveraged positions getting liquidated quicker than you can say "sayonara, savings!"

The result? Bitcoin and Ethereum took a dive deeper than a submarine in the Mariana Trench, plunging 18% and 26% respectively. Even the S&P 500 caught a case of the shivers, dropping over 5%. It was like watching a financial domino effect, but instead of dominoes, imagine a bunch of frozen treats toppling over in slow motion.

But fear not, my frosty friends! This market brain freeze might just be the cure we needed. Sometimes you need to clear out the freezer to make room for fresh flavors, right? With leveraged positions getting cleaned out faster than a midnight Ben & Jerry's binge, we might just see a healthier market rebound.

And here's the cherry on top: Japan's own stock market took such a nosedive (we're talking a 12% plummet, the worst since 1987!) that they might just have to backpedal on this whole interest rate hike thing. It's like they accidentally ordered a ghost pepper ice cream and now they're scrambling for the milk!

Bank of Japan's interest rate hike from 0% to 0.25% triggered a surge in yen value

The yen surge caused a massive unwind of the "yen carry trade," leading to a crypto market crash

Over $1 billion in leveraged positions were liquidated, but this could lead to a healthier market rebound

Binance's Curry Hurry India Serves Up an $86M Tax Bill with Extra Spice

The Directorate General of Goods and Service Tax Intelligence from India has just slapped Binance with a tax bill more sizable than the Taj Mahal – we're talking a whopping $86 million in unpaid GST taxes!

This tax demand is so unprecedented, it's like India just invented a new flavor of cryptocurrency lassi.

Here's the scoop: Binance had been operating in India like a stealth samosa vendor, quietly pocketing transaction fees from Indian users. We're talking about earnings that would make even a Bollywood movie budget blush – approximately Rs 4,000 crore INR (that's about $478 million for those of you who don't speak rupee).

But here's where it gets extra spicy: Binance wasn't just keeping these rupees in their digital dhabba (that's a roadside restaurant for you non-Hindi speakers). Oh no, they were funneling it off to a company called Nest Services Limited in Seychelles. Talk about an offshore curry house!

Now, India's not playing around. They've been firing off emails to Binance offices in Seychelles, the Cayman Islands, and Switzerland like a game of international ping-pong. But Binance was playing hard to get, ignoring these digital love letters until they finally decided to hire a local counsel. Better late than never, right?

But wait, there's more masala in this mix! India's got some serious crypto tax rules that are spicier than ghost pepper ice cream. We're talking a 1% tax on every crypto transaction (yes, every single one), and a 30% tax on all those juicy crypto profits. It's like they're trying to make HODLing as challenging as a Yoga headstand! They crypto community however, feels ignored believing the Indian government prioritizes its own interests over citizen’s safety and security.

And here's the real kicker – Binance isn't the only exchange that's about to get a taste of India's tax tandoor. Other big names like Huobi, Kraken, and KuCoin might soon find themselves sweating more than a tourist eating their first vindaloo.

India demands $86 million in unpaid GST taxes from Binance

Binance reportedly earned about $478 million from transaction fees from Indian customers

This tax demand sets a precedent for other offshore crypto exchanges operating in India

Hackers' Discount Bonanza When Thieves Go Bargain Hunting in the Crypto Crash

Picture this: The crypto market's taking a nosedive steeper than a rollercoaster designed by a madman, and who decides to go shopping? That's right, our friendly neighborhood hackers! Talk about opportunists with a twisted sense of timing!

These digital desperados saw Ethereum's price plummeting faster than a lead balloon – we're talking a 20% drop in less than 12 hours, folks! – and thought, "Gee, what a great time to spend our ill-gotten gains!" It's like they're following some bizarro world version of "buy low, sell... never because it's stolen anyway!"

The star of this crypto crime comedy? None other than the Nomad bridge exploiter from last year's heist. This tech-savvy ne'er-do-well decided to treat themselves to a shopping spree, snagging a whopping 16,892 ETH using their pilfered piggy bank of 39.75 million Dai tokens.

But wait, there's more! Our hacker friend wasn't content with just buying the dip. Oh no, they had to add a sprinkle of extra sneakiness to their sundae of shadiness. Faster than you can say "blockchain forensics," they started shuffling their new ETH stash over to Tornado Cash, the crypto mixer that's more popular with wrongdoers than a ski mask at a bank robber's convention.

And just when you thought the crypto crime caper couldn't get any crazier, enter the Pancake Bunny bandit from 2021! This blast from the past decided to join the bargain-hunting bonanza, swapping their stolen Dai for some cut-price ETH. But oops! In a plot twist worthy of a sitcom, they accidentally sent 3.6 million Dai to the wrong address! Talk about a costly fat-finger error.

Our blockchain bloodhound, Officer CIA (no, not that CIA), confirmed the bungle, saying the hacker "lost the entire 3.6 million DAI tokens for sure." Ouch! That's gotta sting worse than brain freeze from an ice cream eating contest!

So, what's the moral of this crypto crime caper? Well, as your trusty digital dessert dispenser of wisdom, I'd say it's this: Even in the world of high-tech heists, crime doesn't pay... especially if you can't double-check a wallet address!

Hackers from the 2022 Nomad bridge exploit bought 16,892 ETH during the market crash using stolen funds

The Pancake Bunny hacker from 2021 also attempted to buy discounted ETH but accidentally lost 3.6 million DAI in a transfer error

Crypto mixers like Tornado Cash continue to be used by hackers to obscure stolen funds

And that's a wrap, my lovely PoI readers! 🎬 I hope this edition left you feeling informed, entertained, and maybe even a little dizzy from all the market twists and turns. Remember, in the world of crypto, what goes down must come up... eventually! 📊 Until next time, this is Mochi, signing off with a virtual scoop of resilience! 🍦💪 

P.S. Don't forget to share your thoughts, predictions, and favorite market crash coping mechanisms with us. Every voice matters in the PoI community, especially when we're all screaming "HODL" together! 📣❤️ Share the newsletter, because misery loves company... and so does unexpected market recovery!

🍨📰 Catch you in the next issue! 📰🍨