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Korean Tax Tribunal: The gift tax on Bitcoin transferred through a spouse's account must be re-investigated

The Korean Tax Tribunal recently made a re-investigation ruling on a dispute regarding the gift tax on Bitcoin. The case involves whether transferring Bitcoin through a spouse's overseas exchange account constitutes a gift, which has attracted widespread attention in the cryptocurrency tax community. The case shows that taxpayer A transferred 67 Bitcoins stored in a personal hardware cold wallet (Ledger) to avoid direct transfer to a domestic exchange due to the Travel Rule regulatory restrictions in South Korea, using spouse B's overseas exchange account for the transfer. The entire process took only 2 to 8 minutes, after which the Bitcoins were sold to purchase real estate.The tax authorities determined that this action constituted a gift between spouses and imposed a gift tax on A. A appealed, claiming that the Bitcoins were personal assets held since before 2014 and submitted a memorandum of understanding signed with the spouse—where it was agreed that if the Bitcoins appreciated, real estate would be purchased, and 13 Bitcoins would be gifted to the spouse as compensation. A argued that determining it as a gift solely based on the brief passage of funds through the spouse's account was a qualitative error.After review, the Tax Tribunal found that A failed to adequately submit key evidence such as the memorandum of understanding, gift contract, and photos of the hardware wallet during the tax investigation, leading to flaws in the investigation process. At the same time, the distribution method of 67 Bitcoins transferred to A's account and 13 Bitcoins retained under the spouse's name was consistent with A's statements. Based on this, the Tribunal ruled that a new investigation must be conducted regarding the actual ownership of the hardware wallet and the substantive ownership of the digital assets. This case is seen as a landmark case in South Korea's cryptocurrency tax practice, directly addressing the challenges of determining ownership of cold wallet assets and the tax classification of cross-account transfers.

The Hong Kong Investment Promotion Agency discusses the development of digital assets and tokenization at the Bund Conference

ChainCatcher news, according to the Beijing News, the 2025 Inclusion·Bund Conference held in Shanghai welcomed its first "Global Theme Day." In terms of blockchain technology applications, representatives at the conference pointed out that this technology is becoming a key component in building a new generation of financial infrastructure, particularly showing potential in areas such as cross-border payments and asset tokenization. The InvestHK of the Hong Kong Special Administrative Region government explored the development of digital assets and tokenization, with several companies sharing the application prospects of tokenization technology in various industries including finance, real estate, and supply chains.A representative from the Hong Kong Securities and Futures Commission introduced the development trends and regulatory framework of the Hong Kong tokenization product market, emphasizing that in the Web3 era, a comprehensive compliance and security system is the cornerstone of digital asset development. It was noted that the Hong Kong Special Administrative Region government published the "Hong Kong Digital Asset Development Policy Declaration 2.0" in June this year, and is committed to creating a digital asset development environment that balances regulatory compliance and technological innovation by optimizing the legal and regulatory framework.

Uniswap "pegged" exchange Bunni hacked, losing over $8.4 million

ChainCatcher news, another security incident has occurred in the decentralized finance (DeFi) sector. The exchange Bunni, built on Uniswap, has been hacked, resulting in a loss of $8.4 million. According to the official Bunni website, the application aims to "maximize the profits of liquidity providers under all market conditions," but today's loss is contrary to that goal.Previously, according to the crypto security auditing firm BlockSec Phalcon (@Phalcon_xyz), a suspicious transaction targeting the Bunni protocol (@bunni_xyz) contract was detected on the Ethereum network, causing a loss of approximately $2.3 million. About two hours later, the Bunni team acknowledged the incident and suspended their contracts across all networks. Subsequently, more auditing firms got involved in the investigation and found that in addition to the $2.3 million loss on the Ethereum network, there was also a loss of $6 million on the Unichain network, bringing the total loss to $8.4 million.The attack appears to be related to a precision vulnerability in the platform's "liquidity allocation function" curve. The hacker manipulated this function through carefully designed transaction sizes, leading to errors in the rebalancing calculations, which incorrectly computed the shares each liquidity provider should hold. The hacker repeated this process to extract excess LP tokens, draining Bunni's liquidity pool.Although Bunni's codebase had been audited by well-known security firms such as Trail of Bits and Cyfrin, and there were "serious" issues reported, it remains unclear whether this attack fell within the scope of those audit reports.
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