Web3🌕Monday Roundup: Whiskey Tokenization, Security Breaches, Crypto Tax Exemptions, and Bitcoin Gains!

Happy Monday! As we dive into another exciting week in the world of Web3, we've rounded up the latest developments that are shaping the landscape of digital assets and blockchain technology. From innovative tokenization initiatives to significant regulatory changes, today's Web3 Roundup has plenty to offer. Join us as we explore Marathon's Anduro launching its tokenization platform with a unique whiskey twist, EigenLayer's response to a recent hack, the UAE's groundbreaking tax exemption for cryptocurrencies, and Japan’s Metaplanet significantly increasing its Bitcoin holdings. Let’s unpack these headlines and what they mean for the future of Web3!

1. Marathon's Anduro launches tokenization platform, kicks off with whiskey

Anduro, in collaboration with tokenization specialist Vertalo, has launched Avant, a platform designed to tokenize real-world assets (RWAs) on the Bitcoin blockchain. Their first pilot project will focus on tokenizing whiskey barrels, bringing a unique twist to the convergence of traditional finance and blockchain technology. Unlike Ethereum and Solana's RWA approaches, Anduro’s Bitcoin-native solution targets industries like American whiskey, appealing to Bitcoin enthusiasts. This move is part of Marathon Digital's strategy to diversify revenue streams as Bitcoin's block rewards decrease, driving innovation and adoption within the broader Bitcoin ecosystem.

Bitcoin Miner Marathon’s Anduro Unveils Tokenization Platform, Starts With Whiskey

Anduro has developed the real-world assets (RWA) project Avant alongside tokenization platform Vertalo, and they will tokenize whiskey barrels in a pilot project.

CoinDeskJamie Crawley

2. EigenLayer addresses $5.5M hack as 'isolated incident'

EigenLayer recently experienced a security breach where a malicious actor compromised an email thread between an investor and its custodial service. The attacker stole 1.6 million EIGEN tokens, valued at approximately $5.5 million, by transferring them to their wallet and selling them via a decentralized swap platform. EigenLayer confirmed the incident was isolated and unrelated to any vulnerability within the protocol or token contracts. They are cooperating with law enforcement, and some stolen funds have already been frozen. Despite the hack, the EIGEN token price has partially rebounded, showing resilience in the face of this security setback.

EigenLayer Says $5.5 Million Hack From ‘Compromised’ Email Thread Is An ‘Isolated Incident’ - Unchained

A malicious actor compromised an email thread between an investor and EigenLayer’s custodial service resulting in over 1.6 million EIGEN tokens being erroneously transferred to the attacker’s address.

UnchainedTikta

3. UAE exempts crypto from Value Added Tax

The UAE has exempted cryptocurrency transfers and conversions from value-added tax (VAT), positioning itself as a more crypto-friendly jurisdiction. The Federal Tax Authority's new VAT regulations, effective retrospectively from January 1, 2018, include exemptions for managing investment funds and virtual asset transfers. These changes aim to streamline digital asset transactions and create a favorable environment for crypto-related businesses. Companies are advised to review their input tax recovery and adjust historic returns if needed. This move, alongside updated regulations on virtual asset service providers, further solidifies the UAE's efforts to become a global hub for cryptocurrency activities.

UAE exempts crypto transfers, conversion from value-added tax

Auditing firm PwC advised virtual asset businesses to pay attention to their input tax recovery following the regulatory updates on VAT.

CointelegraphEzra Reguerra

4. Japan’s Metaplanet ups Bitcoin holdings to $40M

Tokyo-based investment firm Metaplanet has enhanced its Bitcoin portfolio by acquiring 108.786 BTC for approximately $6.7 million, bringing its total holdings to 639.503 BTC valued at around $40.6 million. Despite significant market volatility, with over $123 million in leveraged positions liquidated recently, Metaplanet remains optimistic about Bitcoin's long-term potential, mirroring the strategy of MicroStrategy. The company aims to hedge against the declining Japanese yen through its aggressive investment in Bitcoin. Following this latest acquisition, Metaplanet's stock surged nearly 8%, reflecting strong market confidence in its Bitcoin-focused strategy.

Japan’s Metaplanet Expands Bitcoin Holdings with Fresh $6.7M Purchase

Metaplanet has once again bolstered its Bitcoin portfolio, continuing its aggressive investment strategy despite turbulent market conditions.

CoinspeakerChimamanda U. Martha

As we wrap up this week's Web3 Roundup, it’s clear that innovation continues to shape the crypto landscape, from tokenization initiatives to regulatory advancements. With Marathon's foray into whiskey tokenization and EigenLayer's swift response to security challenges, the industry is showcasing resilience and adaptability. Meanwhile, the UAE's tax exemption for crypto transactions and Metaplanet's aggressive Bitcoin strategy highlight the growing acceptance and integration of digital assets in traditional finance. Stay tuned for more updates as we continue to navigate this dynamic space. Don’t forget to subscribe to our newsletter for the latest insights and developments!

WEB3 AI ML