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Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests

Binance, the largest cryptocurrency exchange, has recently announced the launch of Binance Megadrop, a new token launch platform that offers a unique combination of airdrops and Web3 quests. This platform allows users to subscribe BNB to Locked Products and complete tasks in their Web3 Wallet to gain early access to rewards from selected Web3 projects before their tokens are listed on the Binance Exchange.

The first project to be introduced on Binance Megadrop is BounceBit (BB), a BTC restaking chain. The token details for BounceBit are as follows: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).

To get started with Binance Megadrop, users need to log into their Binance account and ensure they have at least one active Binance Web3 Wallet. They can then subscribe to BNB Locked Products and/or complete Web3 Quests to accrue scores. These scores will determine the rewards received through the Megadrop program.

The scoring system for Megadrop is based on the Locked BNB Score, which is calculated based on the quantity of BNB subscribed and the length of the subscription period. Users will also receive a Web3 Quest Bonus and a Web3 Quest Multiplier when they complete the designated Web3 Quests. The total score is calculated by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.

It is important to note that external wallets imported to the Binance Web3 Wallet will not count, and only backed-up wallets created within the Binance Web3 Wallet can participate in Megadrop. The Megadrop rewards will be airdropped to users’ Binance Spot Wallets.

It is crucial for users to complete identity verification and hold at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, there are certain eligibility criteria for participants based on their jurisdiction. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are currently not eligible to participate in BB Megadrop.

Binance Megadrop aims to provide users with an interactive and rewarding experience within the crypto ecosystem. More details regarding the Megadrop amount, Web3 Quests, and the detailed listing plan will be announced separately.

Image source: Shutterstock

OKEx Announces Support for Spark (FLR) Airdrop as XRP Holders Prepare for Token Distribution

OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.

Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:

“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”

How will Spark Airdrop Program work?

December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.

The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.

Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.

It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.

The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.

Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:

“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”

Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.

Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:

“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.”

Can Ripple’s XRP Price Surge to $1.00 With the Upcoming Spark Token Airdrop?

Since the huge increases it recorded last month, Ripple’s XRP has pulled back slightly, currently regaining strength at the $0.60 level.

November was a huge month for Ripple, with its new projects and Bitcoin’s ascending rally to break $19,000 fueling XRP’s bullish momentum on the market. Along with Bitcoin (BTC)’s increases, altcoins have successfully rallied along, with Ethereum (ETH) and Ripple (XRP) making staggering one-year gains. ETH and XRP have respectively gained 304% and 186% over a period of 12 months, and market experts are now anticipating its surge to the next price level.

For XRP’s price, what could be a game-changer and could fuel the next run would be the upcoming Spark token airdrop, which is to begin on December 12. The token airdrop, hosted by Flare Networks, a Ripple-funded smart contract blockchain, will benefit XRP holders. The latter will receive free Spark tokens on a 1:1 ratio with the amount of XRP they hold on participating coin exchanges and wallet storage.

Market experts have deduced that the token airdrop will trigger Ripple’s next bull run. However, other factors need to be taken into consideration before the XRP token tops the $1.00 mark.

Ripple XRP shadows Bitcoin’s movements

XRP’s price movements mirror that of Bitcoin’s closely. With BTC’s bull run in mid-November which resulted in the mainstream digital asset plunging to lows of $16,000 after hitting $18,390.00 on CoinMarketCap, altcoins such as XRP token also recorded losses of their own.

When Bitcoin retraced to around $16,200 following its price spike, XRP followed with a correction of its own to the $0.45 zone, resulting in a flip of its support level.

Recently, BTC has regained its strength, trading above $19,200.00 at the time of writing. In tandem with its markup, Ethereum and Ripple have also reached higher. XRP has recovered from $0.45 and the $0.60 level seems to be a crucial psychological barrier.

According to market experts, Bitcoin needs to gain more stability and consolidate in order for the crypto market to do the same and uphold steady price movements. As long as Bitcoin stabilizes, altcoins may regain bullish momentum and sustain their price gains, as the cryptocurrency market has been heavily correlated lately. However, if Bitcoin plunges, this may lead to the downfall of XRP and other altcoins as well.

Per analysts, if Bitcoin were to undergo a huge price correction from its highs of over $19,200.00, this may lead to XRP’s support and resistance levels being flipped once again. It may result in the altcoin trading around the $0.32 area, which was a resistance zone for Ripple for over a year.

Ripple needs to record higher lows

For XRP to break $1.00, its support level needs to be higher. In other words, the bridge currency needs to record “higher lows” to reach higher price levels. Before XRP’s recent ascent that saw it gain significantly within a two-month period, the cryptocurrency was stuck in a bearish market for around two years.

Source: TradingView

According to market experts, after a bullish run, the uptrend could be maintained if a higher support level is established. For Ripple’s XRP, the two crucial areas of support to monitor would be the $0.32 and the near $0.45 area, according to TradingView experts. If $0.45 is flipped into a support level, this will be a higher low for XRP, which will result in an increase in price for the cryptocurrency.

Spark token airdrop may send XRP flying

Spark token’s upcoming airdrop has undoubtedly influenced market sentiment towards Ripple’s XRP in a positive way.

With its launch, this will likely trigger an upward price movement for XRP, but whether it will hit $1.00 remains in question. For the moment, the $0.60 level appears to be a psychological barrier for the altcoin and a mark that it keeps retesting.

Although only time will tell, what seems to be a sure bet is that Ripple’s XRP will likely gain in the long run, especially if it follows Bitcoin’s price movements so closely. This year has been significant for Ripple, as its native token has finally managed to break out of its slump and record significant gains that top even BTC’s gains.

Currently, about 36 new XRP accounts have been created in anticipation of Spark token’s upcoming snapshot. Additionally, the number of XRP holdings that have been locked in to claim free Spark tokens have been recorded to be around 17.5 billion.

What Ripple Thinks of Flare Networks, as Whether Tokens Already Minted for Spark Token Airdrop Questioned

Ripple’s CEO Brad Garlinghouse expressed excitement for the smart contract utility fork Flare Networks’ upcoming plans.

Flare Networks, a utility fork of Ripple, is working on delivering Ethereum-like functionality to the XRP Ledger, which hosts Ripple’s native token XRP. In order to do so, it will leverage the Ethereum Virtual Machine (EVM). Flare Networks is Ripple-funded and its Spark token airdrop is set to launch tomorrow, on December 12, with around 45 billion tokens available for the cryptocurrency handout. Garlinghouse has made it known that he is supportive of Flare Networks. He stated:

“From my point of view, Flare is combining the best of XRP (very fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and DeFi.”

For Garlinghouse, Flare Networks is an exciting startup, but the operations they are conducting differs from what Ripple is doing. In talking about Flare Networks, Garlinghouse shared with CNN:

“To me, it is a further example of people’s recognition that XRP is such an efficient digital asset. Utility will drive the long-term value of any digital asset. Seeing a company like Flare Networks and seeing them use the XRP network in various ways is an opportunity going forward, but it doesn’t affect RippleNet in how we are using ODL (on-demand liquidity) for our customers.”

For XRP holders, the airdrop is much anticipated, as anyone holding XRP funds on participating coin exchanges and digital wallets will receive free Spark tokens on a 1:1 ratio. Therefore, the more XRP one holds during the snapshot, the more Spark tokens they will receive. Garlinghouse commented on this:

“I think XRP holders are deservedly excited about what Flare is doing. I’m excited about what Flare is doing, any time you’re seeing real utility solving a real problem.”

He expressed support for Flare Networks. The Ripple CEO also said that although the project is Ripple-funded, Ripple is not part of the decisive conversations of the startup as that is up to Flare’s executive team.

However, he seemed utterly confident that Flare Networks will succeed, following its airdrop. Garlinghouse said:

“Flare Network has carved out an interesting niche as they move forward with the Spark token airdrop, and I’m optimistic for them.”

How does the Spark Airdrop Program work?

Flare Networks’ Spark (FLR) token airdrop will debut with a snapshot that will be held tomorrow, on December 12. The snapshot will successfully capture the total XRP holdings of each member participating in the cryptocurrency giveaway and the tokens are supposed to be distributed sometime in the first quarter of 2021.

As of now, 68 exchanges will support the airdrop, notably, Kraken, Binance, Coinbase, eToro, KuCoin, to name a few, and it is likely too late for any others to join the list, as some crypto exchanges have already announced the temporary suspension of XRP withdrawals and deposits in light of the airdrop.

Are the Spark tokens existent yet?

A total of 100 billion Spark tokens will be minted, and 45 billion will be distributed to eligible parties, excluding Ripple Labs. However, since distribution is only expected for some time in March, with self-custodial claims extended until June 11, 2021, whether or not the tokens have already been minted has been brought up.

A pseudonymous digital asset investor tweeted and mentioned Singaporean exchange Bitrue, who allegedly announced Spark token trading available for the month of December, although the airdrop has not started yet:

“When is the first $FLR to be minted? Has it been minted already? I understand that they’re (Bitrue) ‘working with Flare,’ but I still (sic) interested in how this works based on the timing of @FlareNetworks mainnet launch. Not being an adversary here. Just learning.”

Bitrue crypto exchange had announced support for Spark trading by the end of the year, notably in December. It said that it was working with Flare Networks “to determine your initial 15% distribution and let you trade with it ASAP.” The notice by the Singapore-based exchange depicted that trading will start in December.

Kraken Reminds Ripple XRP Holders of Looming Spark Token Airdrop as New Tax Development Unfolds

With the upcoming Spark token airdrop by Flare Networks, many Ripple (XRP) holders have scrambled to deposit their XRP in participating cryptocurrency exchanges.

Kraken crypto exchange has been one of the latest exchanges to confirm participation in the Spark token airdrop by Flare Networks, which will launch on December 12 with a snapshot. The snapshot of XRP holdings on participating crypto exchanges will be noted by Flare Networks and the Spark tokens, or FLR, will be distributed at a later date by the Ripple-backed blockchain startup.

Now, Kraken has issued a statement on its official Twitter account, reminding XRP holders to not wait until the last minute to deposit their XRP funds. It read:

“XRP holders: To get your Airdropped $FLR on Kraken, all you need to do is deposit your XRP no later than Dec 11 by ~23.00 UTC. If you already hold your XRP on Kraken, nothing further needs to be done – just keep it on Kraken until after Dec 12 at 00:00 UTC.”

Speculations by market experts have led to the conclusion that the Spark token airdrop by Flare Networks will send Ripple’s XRP token soaring to new heights.

Although Flare Networks operate independently from Ripple operations, it is a smart fork utility contract that branched out from the fintech firm. With Spark tokens to be distributed on a 1:1 ratio with XRP, many traders could capitalize on the moment to obtain free coins by maximizing their Ripple funds on participating exchanges.

Taxing Spark airdrop

A development of the Spark token airdrop that Ripple investors were not expecting may be that the airdrop comes with a price – literally. According to an announcement from the Internal Revenue Service (IRS), airdropped tokens will be taxed as ordinary income once a taxpayer gains “dominion and control” over the cryptocurrency. This indicates that once a trader has the ability to transfer, exchange, or sell the cryptocurrency, it will have “control” over it from a legal point of view.

The taxed amount will depend on one’s income tax bracket, among other things. Section 61 of the IRS document states:

“Under Section 61, all gains or undeniable accessions to wealth, clearly realized, over which a taxpayer has complete dominion, are included in gross income. In general, income is ordinary unless it is gain from the sale or exchange of a capital asset or a special rule applies.”

The fact that the Spark token airdrop will be taxed is a new development as previously, when Bitcoin Cash (BCH) hard forked from Bitcoin, no specific tax policies were involved. Therefore, whether income earned on BCH was to be reported was unclear.

However, things have significantly changed in the crypto sector since 2017. The announcement by the IRS of the Flare Network airdrop being taxed may come as a surprise for XRP holders. A pseudonymous Tweeter replied to Kraken’s reminder of the airdrop by tweeting his two cents:

“Good luck with tax implications if claiming. Don’t lose it all because of an air drop…

Flare Networks Clarifies on Launched Spark Token Airdrop, Ripple XRP Shows No Signs of Bullish Revival

Flare Networks’ Spark token airdrop program launched officially on December 12, but there may be some misconceptions surrounding the official debut.

The Spark (FLR) Airdrop Program, which greatly benefits XRP holders as FLR tokens could be received freely on a 1:1 ratio with XRP, officially launched on December 12. Although it is a separate entity of Ripple, Flare Networks, which is a utility fork of Ripple, has the blockchain tech firm’s full support. Speaking about the blockchain fork, David Schwartz, the Chief Technology Officer of Ripple, said:

“It is fantastic to see companies building systems that add utility to XRP and I think the ability to use XRP directly in smart contracts is going to be tremendously useful.”

Flare Networks aims to bring Ethereum-like smart contract functionality to the XRP ledger, and one of its first calls of duty was the launch of its native token Spark.

Flare Networks provides clarified guidelines

However, Flare Networks now rectified certain points concerning the launch. Although it started on December 12, the release only featured the first part of the airdrop – the snapshot, where XRP holdings in participating wallets and coin exchanges were taken into consideration by Flare Networks for distribution of Spark tokens at a later date.

Flare Networks said:

“Reminder: Spark $FLR will be issued by the network when main net goes live. This is anticipated Q1-Q2 2021.”

Also, the blockchain startup warned against scams that were circulating online on DeFi protocols such as Uniswap that offered FLR tokens for sale and said these were fraudulent and false. Flare said that if contacted privately for FLR tokens, that it was most likely a scam. The startup added that there was no “public sale of Spark $FLR,” as tokens have not even been minted yet.

Flare Networks have not started creating the Spark token yet, as the official distribution of the new tokens would be for some time next year, either in the first or the second quarter of 2021. It also clarified that if exchanges offered Spark tokens as a debt, or an IOU (I-owe-you), that it was up to them but that it had nothing to do with Flare. The company tweeted:

“We are aware that some exchanges intent to issue an IOU (Future) of Spark $FLR, this is their prerogative. Flare as an entity has zero involvement in this. Caveat emptor.”

Flare Networks comes at a time when certain exchanges, such as Bitrue, had already announced that it will be offering trading opportunities for Spark tokens for the month of December. The airdrop launch is supposed to benefit not only Flare Networks, but also Ripple’s XRP.

Flare Token airdrop fails to push XRP higher

The third-largest cryptocurrency by market capitalization XRP has had quite a bullish run in November, where it soared by 130% in a month’s time. However, recently, although market experts have expected XRP’s price to soar along with Flare Networks’ token launch, XRP had failed to deliver. Instead, the support level of XRP has fallen to around $0.50, after achieving a two-year high of 0.90 on Coinbase last month.

XRP appears to be consolidating around the $0.50 level and has not soared bullishly following Flare Networks’ snapshot, much to traders’ disappointment.

The question of whether it will rise at a later time, or trade bearishly remains in question, as XRP had failed to deliver and record any exciting price spikes until last month, where it broke its slump of two years.

Ripple-Backed Flare Networks to Launch a Spark Token Airdrop for Litecoin

Flare Networks has announced that they will be hosting yet another airdrop for their native Spark token.

Second crypto giveaway by Flare Networks

This time, however, the cryptocurrency giveaway will target Litecoin (LTC) holders instead of XRP holders. Flare Networks, which is a smart-contract utility fork of Ripple, had announced previously that they will be distributing 45 billion Spark (FLR) tokens from the 100 billion that will be minted. The announcement follows the Spark token Airdrop Program, which went live on December 12, with a snapshot of XRP holders’ funds on participating exchanges and wallet platforms. The snapshot recorded the total amount of XRP investors held so that Spark tokens could be distributed freely to them on a later date, sometime in the first quarter of this year.

In order to be able to launch a second airdrop for Litecoin, Flare Networks will reduce the cryptocurrency amount that was initially going to be shared among its founders. For the second airdrop, a budget of five billion FLR tokens have been set. The announcement read:

“Flare foundation token allocation will be reduced so that 5 billion FLR can be distributed to LTC participants.”

Flare announced that more details will be revealed later on. With the new cryptocurrency giveaway for Litecoin holders, this may draw crypto users to leverage Flare Networks’ smart contract platform more for lending and transacting. The Flare mainnet, which is to be released in the second quarter of 2021, will aim to deliver Ethereum-like smart contract functionality to different networks, such as Litecoin and XRP Ledger. Flare said:

“Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.”

XRP holders will receive their Spark tokens as planned

Although XRP has been having a hard time struggling to stay afloat since the SEC lawsuit against its mother company Ripple Labs, it has since recovered slightly in price. Despite the lawsuit, Flare Networks has said that the cryptocurrency giveaway of Spark tokens to XRP holders on a 1:1 ratio will remain unaffected.

XRP’s survival in the cryptocurrency market may be attributed to the majority of its trades happening outside the US. Although many exchanges in the United States had halted XRP trading or delisted the token altogether, XRP transactions outside of the United States are still being conducted, with the majority of it coming from Asia. This may serve to partially explain why XRP has managed to stay afloat despite the SEC’s clampdown on the token in the United States. Per the lawsuit, it alleges that XRP is a security.

QiSwap DEX Will Airdrop QI and Implement Pioneer Programs to Fuel Growth

To promote the usage and growth of its decentralized exchange protocol, QiSwap, a QTUM-based dApp, will be conducting an airdrop and rewarding early adopters through its new Pioneer Programs. Holders of QTUM, Qtum Network’s native currency, will automatically receive QI, the token that powers QiSwap’s decentralized algorithmic automated market-making platform. Scheduled to take place around February 14, the official date and time haven’t been pre-announced to avoid scammers who might list fake tokens on DEXs to try and rip off eager users.

QI Airdrop Breakdown

Based on a Qtum wallet screenshot that will take place on February 14, the QiSwap team will create a QRC20 token and distribute it to all QTUM token holders. Users will receive a one to one ratio of Qi Airdrop Tokens, or QIAD, that will allow people to swap them out for the real QI tokens over a two-week time frame. The QiSwap team estimates the creation of 97 million QIAD tokens, which will then be traded for 22 million QI tokens by users who want to take advantage of this one-time opportunity. This method incentivizes active users in the ecosystem, only distributing the real QI tokens to people proactively claiming them.

The February 12th snapshot will be a blueprint of the keys controlling eligible UTXOs defining what addresses receive QIAD. Around the time of the snapshot, a smart contract will be deployed that allows you to swap QIAD for Qi tokens over a 3 week period. All users that wish to participate in the airdrop will need to deposit their QIAD tokens into the contract in order to claim their QI. There will be a QIAD/QI redemption ratio of 2:1.

QI will be hosting a fair distribution token launch, with no presale or ICO to reward wealthy early investors. All QI tokens will be distributed throughout the QiSwap economy to promote platform growth. If you hold QTUM on a centralized exchange, you will need to make sure it will be able to credit the QI tokens to your account. However, QiSwap is actively working on getting the airdrop supported by cryptocurrency exchanges. If exchanges decide to support it, users will automatically be eligible for their QI tokens without taking additional steps.

Creating Pioneer Programs to Reward First Movers

As a way to thank the QiSwap community that has been there from the beginning, testing the beta platform, reporting bugs, and providing platform liquidity, QiSwap has developed a reward scheme to benefit them. Categorized into two subgroups, Pioneers I and Pioneers II, QiSwap has created a unique pool of 0.3 percent of the total one billion token supply to reward their platform pioneers.

The Pioneers I group consists of the very first users, those willing to claim testnet tokens and trial the network without any monetary reward. If you provided liquidity or performed a swap on the testnet, QiSwap will be airdropping a portion of one million QI tokens to your QiWallet. The testnet and mainnet wallets are distinct from one another, so QiSwap will be releasing a guide on how to receive your share of the tokens. QiSwap will be airdropping an additional two million QI through the Pioneers II program, eligible to anyone that provides liquidity or conducts a swap on the QiSwap mainnet before February 14.

QiSwap is gearing up for an exciting launch based on the fair distribution of its token. With remarkably low transaction fees that only cost a couple of pennies due to the application running on the Qtum blockchain, QiSwap is setting itself up to become the leading automated market maker within the QTUM ecosystem.

South Korea to Introduce 10%-50% Gift Tax on Crypto Airdrops

The Ministry of Strategy and Finance of South Korea announced on Monday that hard-forked tokens, staking rewards, and crypto airdrops will be subject to gift tax under the country’s Inheritance and Gift Tax Act.

The South Korean Ministry of Finance said that during its response to a tax law interpretation for the freely movable digital asset by exchanges.

The National Tax Service (NTS), the tax authority in Korea under the Ministry of Strategy and Finance, said that any free virtual asset transfers in the form of airdrops, staking rewards, and hard-forked tokens would attract a gift tax.

The authorities will levy the tax on third parties who get the crypto transfers free. According to the announcement, gift tax will be: “Levied on the third party to whom the virtual asset is transferred free of charge.”

While the virtual asset gains tax will be postponed to 2025, the authorities said free virtual asset transfers would attract a 10%-50% tax under the Inheritance and Gift Tax Act.

The South Korean gift taxation law applies to all items of economic value which can be converted to fiat currency.

Under the Act, once a recipient receives a gift, they will be expected to file a gift tax return within three months of receiving it.

Due to the lack of regulations surrounding the digital asset market, the ministry said that actual taxation on such digital asset transfers would be considered a case-to-case basis.

Preparing Crypto Regulations

South Korea’s government postponed the virtual asset gains tax until 2025 because the country still does not have proper regulatory guidelines surrounding digital assets.

Last month, the government postponed plans to impose a 20% tax on all crypto earnings until 2025. Government officials said the decision was triggered by stagnant market conditions and the time required to prepare investor protection measures.

Initially, the country’s legislators delayed such plans until December 2023. Some reasons for the postponement were attributed to the current global market outlook, which is generally negative. The lawmakers were also concerned about the time required to prepare for investor protection measures.

Authorities prefer to postpone the tax until the crypto market matures and a new regulatory framework is thoroughly prepared to ensure transparency and investor protection.

Machi Big Brother's recent NFT sell-off

According to statistics provided by Nansen, nonfungible token (NFT) whale Jeffrey Hwang, also referred to informally as Machi Big Brother, sold 1,010 tokens in the span of 48 hours for a total of 11,680 ether (ETH), which is equal to $18.6 million.

Andrew Thurman, who works for Nansen and is a simian psychometric enhancement specialist, emphasized the trading activity that took place over the previous two days in a Twitter thread he posted on February 25. He observed that it is “possibly the greatest NFT dump ever.”

In addition to many other non-fungible tokens (NFTs), the big selling event included the sale of a total of 308 Otherdeed NFTs, 90 Bored Ape Yacht Club (BAYC) NFTs, and 191 Mutant Ape Yacht Club (MAYC) NFTs.

However, Machi Massive Brother quickly purchased back 991 NFTs, and Thurman theorized that this may be a move to either record some gains while simultaneously undertaking “one big wash deal to produce enormous Blur airdrop profits” or a “quite blatant market manipulation.”

Reportedly one of the largest recipients of the Blur (BLUR) token airdrop from upstart NFT marketplace Blur, which recently dethroned OpenSea from its position as the top-ranked NFT platform in trading volume, Machi is said to be one of the largest recipients of the airdrop.

The project began its first round of airdrops to the community on February 14. The quantity of tokens that were airdropped depended on the user’s degree of involvement on the platform as well as the amount of Ethereum-based NFT trading activity that they participated in.

The blockchain analytics platform Arkham Intel said on February 17 that Machi had received 1.8 million BLUR and cashed it out for $1.3 million USD.

As a result, Machi may be able to acquire some more BLUR tokens in the next round by increasing the amount of activity in the NFT trading market, while other whales may be trying to do the same thing.

According to the statistics provided by NFT Price Floor, when looking at the floor prices of top collections that Machi first dropped, the prices of BAYC, MAYC, and Otherdeed NFTs have experienced a decline of 7.77%, 9.2%, and 8.16% respectively in the previous 24 hours.

In a recent piece, Thurman made the observation that “One man’s drive for an airdrop is ruining certain markets.”

According to CoinGecko, the price of BLUR is $0.79 at the time of this writing, reflecting a decrease of 17.7% over the course of the previous week.

The Blur team said in a tweet on February 22 that the project would shortly airdrop $300 million worth of tokens as part of its second round of funding.