In recent cryptocurrency news, Russian lawmakers approved a six-year ban on cryptocurrency mining in ten regions, effective from January 1, 2025, with seasonal restrictions aiming to prevent energy blackouts. This aligns with laws signed by President Vladimir Putin in 2024. In other developments, Hyperliquid faced significant net outflows exceeding $256 million in 30 hours, driven by concerns that North Korean hackers were exploiting the trading platform. Although Hyperliquid reassured users that there were no exploits, the fears contributed to outflows reaching an all-time peak. Additionally, the U.S. Internal Revenue Service (IRS) reaffirmed that staking rewards are taxable income upon receipt, rejecting a lawsuit arguing for different tax treatment. The IRS cited Revenue Ruling 2023-14, which mandates reporting staking rewards at fair market value when they can be traded.

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