Blockchain data showed that stolen Bitcoin was bridged to Ethereum, fragmented into multiple wallets and later routed into the crypto mixer. Roughly $63 million in Tornado Cash deposits has been linked to the $282 million cryptocurrency wallet compromise of Jan. 10. Blockchain security firm CertiK said in a Monday X post that its monitoring systems identified Tornado Cash interactions tied to the exploit. The update expands on the post-theft money laundering mechanics of the Jan. 10 incident, which is being tracked by multiple crypto investigators due to the amount lost and the speed at which funds were moved. Read more
The Hong Kong Securities & Futures Professionals Association is backing the OECD’s CARF and tougher tax transparency, but wants lighter treatment and more flexible recordkeeping. The Hong Kong Securities & Futures Professionals Association (HKSFPA) has urged the city’s government to soften some elements of its planned implementation of the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting standards. The industry body warned that the OECD’s Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could saddle local institutions with operational and liability risks. CARF is a new standard for automatic tax information exchange for crypto asset users across borders, while CRS is the OECD’s existing automatic information exchange regime for traditional financial accounts. Read more