WuBlockchain’s daily crypto roundup said the U.S. government deposited more than 17,000 BTC into Coinbase Prime over the past three days. BTC fell 6.9% during the same period.
U.S. government deposits 17,733 BTC and 750 WBTC into Coinbase Prime
Over the past three days, the U.S. government transferred 17,733 BTC, worth about $1.48 billion, to Coinbase Prime. It also deposited 750 WBTC, worth about $62 million. WuBlockchain said BTC declined 6.9% during that window.
Polychain leads new Network School financing round
Polychain Capital founder and CEO Olaf Carlson-Wee said at the Network State conference that Polychain is leading a new financing round for Network School at a $2 billion valuation.
Andreessen Horowitz, Coinbase and Balaji himself are participating in the round. The size of the financing was not disclosed.
Hong Kong police report more than 40 investment fraud cases in one week
Hong Kong police said on the CyberDefender social media platform that they received more than 40 investment fraud reports over the past week, with losses exceeding HK$36 million.
In one case, a woman in her sixties was lured into investing in cryptocurrency. Over six months, she transferred funds more than 20 times to a fake investment website, for a total of about HK$19 million. The account on the site at one point showed a balance of more than HK$42 million. She was later asked to deposit more than HK$7 million to unfreeze the funds. After sending another roughly HK$1.2 million, she became suspicious and reported the case. Her final loss exceeded HK$21 million.
French parliamentary committee approves several crypto tax amendments
The finance committee of France’s National Assembly is reviewing 10 crypto-related budget amendments. Measures that have already passed the committee include taxation on crypto-to-stablecoin conversions, an exit tax on crypto assets, and a rule allowing crypto losses to be carried forward for 10 years.
A proposal to extend the personal wealth tax to crypto assets was rejected. Other measures, including reporting requirements for some self-custodied wallets and penalties for platforms, are still under review.
Under the proposed rules, French residents could be taxed from 2027 on conversions of crypto assets into stablecoins. People leaving the country with more than €800,000 in crypto assets could face the exit tax. Self-custodied wallets worth at least €100,000 could also be subject to reporting requirements.
WuBlockchain added that the European Union’s DAC8 directive already requires platforms to collect customer identity and transaction information starting in 2026 and report it to tax authorities in 2027. None of the French measures has become law so far, and France’s current crypto capital gains tax rate remains 31.4%.
UK sanctions three crypto platforms tied to alleged Russia sanctions evasion
The UK imposed sanctions on Cryptomus, Heleket and TokenSpot as part of its latest action targeting alleged efforts to evade sanctions on Russia.
According to TRM Labs data, TokenSpot transferred more than $950 million to sanctioned exchanges Grinex and Garantex, as well as the Kremlin-backed A7 network.
DWF Labs affiliates sue BitGo for $141 million in London
DWF Maas and Falcon Digital, both affiliated with DWF Labs, have sued crypto custody firm BitGo in London’s High Court. They allege BitGo breached an over-the-counter agreement by selling Falcon Finance (FF) and ESPORTS tokens before the agreed lock-up period ended, which they say pushed token prices lower.
According to the claim, the parties agreed to discounted token pricing, subject to a three-month lock-up and a later staged unlock schedule. DWF said BitGo moved the tokens to exchanges about two months before the first unlock, creating selling pressure and damaging the value of its remaining holdings. It is seeking $141 million in damages.
BitGo declined to comment on the lawsuit. The allegations have not been decided by the court.