Here are some of the major developments from the world of crypto over the past few days.
Solana's open interest (OI) and price have fallen over the past 24 hours. However, traders remain optimistic and see this as a great opportunity. As of April 14, Solana's SOL was $155, with OI at $1.62 billion, down roughly 21% from the previous day.
Solana's sudden price drop wiped out $36.55 million worth of traders' long positions, possibly disappointing those who were hoping for a price rise ahead of Bitcoin's April 20 halving. Popular trader GCR Classic broke its silence due to the price decline across the market.
Meanwhile, crypto entrepreneur Kyle Chasse told his followers in a post dated March 13th that users of the Solana blockchain reported increasing issues around network congestion and transaction errors over several weeks. Industrial projects, particularly those planning token launches, decided to hold off until the technical challenges were resolved.
IRS Chief Criminal Investigation Guy Fico said the agency is now more proactive and able to address virtual currency-related tax crimes as the tax filing season approaches. The US Internal Revenue Service is bracing for a significant increase in crypto tax crime cases as Americans approach the April 15 tax deadline.
Speaking to CNBC at the Chainalysis Links event in New York, IRS Criminal Investigation Director Guy Ficco said the agency is preparing to deal with a corresponding increase in tax evasion and avoidance cases. A Title 26 tax code refers to taxpayers who voluntarily evade paying taxes by lying or obscuring their reporting documents.
Mr. Ficco said that cryptocurrencies have so far been primarily used as a tool for financial crimes such as fraud, fraud, and money laundering, but his agency recently reported that "tax crimes targeting only cryptocurrencies" have seen a significant increase in the number of cases and expects it to increase further soon. Ficco also laid out some ground rules for those who want to file their taxes properly and avoid hassles with the IRS.
Blockchain fraud continues to be a problem as individuals with a history of fraud on platforms such as Tycoon, Kokomo, and Lendora are now launching a new program on Impact. This has become a pressing issue. They recently transferred approximately $1 million in laundered funds to finance their fraud. According to on-chain detective ZachXBT, the funds were initially moved from his Ethereum address associated with the previous scam to another address on the Polygon network.
The group converted funds into ETH Encrypted (WETH) and used bridge services such as Orbiter and Bungee to transfer funds between multiple networks. They point to platforms such as Base, Solana, Circle, Optimism, Arbitrum, Ethereum and Avalanche, demonstrating their performance and presence in the limited space. These facts show how important vigilance is in a suspended society. Investors are advised to avoid new strategies such as Change, especially those that involve transferring large amounts of money.
Verifying your eligibility, evaluating your audit experience, and understanding financial business processes are important steps you can take to protect your investment. Additionally, the public is encouraged to share information and provide guidance to each other on dealing with suspicious activity to prevent further harm. A few days before the launch of the new Internet (scheduled for the end of this month) the total closed impact (TVL) exceeded 2.1 billion.