UAE makes crypto VAT-free

GM. Sip on this! Daily Squeeze is once again delivering a juicy blend of blockchain news handpicked just for you.

🚫 The UAE is exempting crypto transactions from VAT.

🕵️ The US has filed two legal complaints to confiscate $2.6M in crypto stolen by the Lazarus Group.

🍊 News drops: the website of LEGO got hacked, ZachXBT calls out Ansem for running pump-and-dumps + more

🍍 Market flavour today

The Fear and Greed Index hit 50 today, landing us in “neutral” territory—no sour notes of fear, but no sugar rush of greed either. Over the weekend, BTC hovered around $62K with no major shake-ups; however, the prices are getting closer to $64K as of now.

For those hoping for that Uptober magic, the month’s been a bit of a letdown so far—but there’s still hope that things will turn around. Last Friday’s US job data brought a surprise twist: 254K new jobs in September and the unemployment rate dropping to 4.1%, beating what economists expected. While this might slow down interest rate cuts, it’s still a win for BTC. Why? Because stronger economic growth means more appetite for riskier investments, like crypto.

So, while the market may feel like it’s stuck on low speed, don’t forget—crypto has a way of surprising us. Keep an eye on that fruit basket—sometimes, the sweetest moves happen when you’re not looking 🍊🚀

💁 No more VAT-itude in this household

Reasons why the UAE is truly not like the other girls:

– Traffic jams are more like a luxury car catwalk;
– Made Rihanna’s forehead look huge on the Burj Khalifa (no one else would dare);
– And now, they’re saying bye to VAT on crypto transactions.

Yup, starting November 15, crypto is officially dodging that 5% VAT.

The cherry on top: this tax break is retroactive, going all the way back to January 1, 2018. So, if you’ve been trading since then, you’ve got a sneaky tax-free bonus. It’s like finding money in your old jacket—simply delightful.

Basically, the UAE gave crypto a spot at the cool kids’ table, right next to traditional financial services (several of which are already VAT-free), recognizing it as a legit asset.

As for the other girls (I’m looking at you, USA), will they follow the UAE’s lead? TBD.

🕵️ Lazarus runs, the US follows

It was one of those quiet, rainy days in Crypto Town. I was halfway through my third cup of coffee when I saw this headline in a newspaper: Uncle Sam’s coming for the Lazarus Group.

Lazarus. They’re known for working in the shadows, hacking systems and stealing large amounts of crypto. Word around town, they’re working for the North Korean government, funding their economy with dirty money.

And turns out, the US isn’t letting them get away with it. Two legal complaints hit the courts, aiming to confiscate over $2.6M in stolen crypto from two huge hacks.

First, there was the 2022 Deribit job. Lazarus cracked into the options exchange’s hot wallet and stole $28M. They ran the loot through Tornado Cash and several Ethereum addresses, thinking they could lose the scent. Little did they know Uncle Sam’s one hard-nosed detective—he managed to trace $1.7M in USDT back to the heist.

Then came the 2023 Stake theft. A slick operation, Lazarus sneaked into the online casino, walking away with $41M. They moved nearly $970K of these funds in Avalanche-bridged Bitcoin, thinking they’d disappear into the night. But Uncle Sam’s been in the game long enough to have seen these tricks before.

So now, with the trail laid out before them, the US is coming for Lazarus—one stolen coin at a time. And me? My coffee tasted a little sweeter reading a story where the bad guys don’t get away clean.

📰 News drops

🧱 After a hack on October 5, a fake “LEGO Coin” promo popped up on LEGO’s homepage. The scam and its phishing link have since been removed from the site.

🔎 Crypto investigator ZachXBT called out influencer Ansem for allegedly running memecoin pump-and-dumps. With over 507K followers on X, Ansem’s influence on smaller tokens could lead to big losses for those chasing the hype, according to ZachXBT.

🍿 To celebrate its 10th anniversary, Tether dropped news about an upcoming documentary on how USDT is helping fight inflation. The trailer featured interviews with users from Turkey, Brazil, and Argentina—places hit hard by soaring inflation.

🧑‍⚖️ Vitalik Buterin donated another 100 Ether (about $240K) to help Tornado Cash developer Roman Storm’s legal defense. “I can’t describe how much it means to me. Thank you for your long-lasting support,” Storm told Buterin in response.