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Moon Kyung-ho, head of the income tax policy division at the Ministry of Economy and Finance, said the government is considering a reasonable approach to virtual asset taxation that the public can accept and that can be implemented smoothly in practice, Edaily reported. Speaking at a forum held today at the National Assembly Library in Seoul and hosted by Democratic Party lawmakers Lee Kwang-jae, Min Byoung-dug, Park Min-kyu and Lee Kang-il, Moon said the government would listen to the views presented at the event and work toward a conclusion through close communication with relevant ministries and sufficient consultations with the National Assembly.

South Korean prosecutors have sought a 12-year prison term for the de facto operator of Queen Bee Company, the issuer of Queen Bee Coin, in a roughly 30 billion won ($21.5 million) fraud case, Digital Asset reported. At a closing hearing in the QBZ, or Queen Bee Coin, fraud case held at the 11th Criminal Division of the Seoul Southern District Court on Oct. 1, prosecutors asked for a 12-year sentence and forfeiture of 1.5 billion won for the operator, identified only by the surname Lee. Prosecutors also sought seven years for the company’s CEO, identified only as A, and nine years for Noh, former head of wallet service provider Hexlant. The defendants were indicted in July 2024 on fraud charges alleging they issued and listed the coin with no intent or ability to pursue coin-linked businesses, then distributed false promotional articles to swindle investors out of 30 billion won.

DePIN project Holo said on X it has officially launched HoloFuel (HF), a payment token that lets HOT holders convert their existing tokens after installing the Unyt accounting app and joining the HoloFuel network. HoloFuel can be used to pay for products and services including hosting, AI chatbots, digital identity verification tools and mutual credit-based accounting services. Holo also stressed the conversion from HOT to HoloFuel is voluntary, and HOT held in Ethereum wallets or deposited in Ethereum smart contracts will not be burned.

The Financial Action Task Force urged countries again to restrict cryptocurrency transactions involving Iran over risks including terrorist financing, while also calling on Vietnam to establish rules for virtual asset service providers. In a statement on Oct. 30, the FATF said Iran still does not meet international standards related to countering terrorist financing and urged countries to restrict financial institutions and virtual asset service providers from entering Iran, block Iranian firms from setting up overseas branches, and prohibit new correspondent relationships. The FATF also decided to keep Iran designated as a high-risk jurisdiction. On Vietnam, the FATF expressed strong concern over the slow pace of improvements to its anti-money laundering regime, including regulations for cryptocurrencies and virtual asset service providers. The FATF said Vietnam has yet to carry out an improvement plan it was supposed to complete by May 2025 and said it would consider follow-up measures if the country fails to show clear progress by February 2027.

Cosmos contributors are preparing a public review process to revamp the economic structure of the native ATOM token and the Cosmos Hub product roadmap, NewsBTC reported. The related research and validation work is ready to move into the public discussion stage, and specific changes will later undergo governance review. The review will focus on three main areas: adjusting ATOM issuance rules, improving long-term staking incentives, and creating a mechanism to reflect future Cosmos Hub revenue in the reward system. Contributors plan to submit each change as a separate proposal so the community can review and vote on them individually. Information on the process is scheduled to be released around Nov. 20, with the review set to begin in early December.

Whale Alert reported that 3,000 BTC has been transferred from Binance to an unknown wallet. The transaction is valued at about $235 million.

Upbit announced it will temporarily suspend ALGO deposits and withdrawals starting at 11:00 a.m. UTC on Nov. 5 due to the Algorand network upgrade.

The spot CVD chart is an order book analysis chart for the BTC/USDT spot trading pair. The top panel shows the volume heatmap, while the bottom panel shows cumulative volume delta, or CVD. - The volume heatmap tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or moves sharply. Brighter areas may act as support or resistance. - The CVD indicator shows buy and sell orders by order size. As buy orders increase, the line for the corresponding color rises. The yellow line reflects orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million, among other categories.

Jessie said Initia’s layer-1 network and rollups are back online and operating.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 49.66% long, 50.34% short - Binance: 50.49% long, 49.51% short - OKX: 50.82% long, 49.18% short - Bybit: 49.97% long, 50.03% short

Oh Se-jin, CEO of DigitalX, the cryptocurrency exchange acquired by Mirae Asset Group and formerly known as Korbit, has expressed his intention to resign, setting the stage for a broader management reshuffle centered on Mirae Asset, The Fact reported. According to the crypto industry on Nov. 2, Oh recently conveyed his intention to step down for personal reasons. Oh joined Korbit in 2019 and became CEO in January 2020, later securing three consecutive term renewals. His term had originally run through the end of 2028.

South Korea’s Democratic Party plans to push for passage of the government’s Digital Asset Basic Act bill by December after receiving a government draft on stablecoin-related provisions this month, Edaily reported. Speaking in a congratulatory address at a forum held at the National Assembly Library today, Democratic Party lawmaker Lee Kang-il of the National Policy Committee said government authorities, referring to South Korea’s Financial Services Commission, had indicated they would provide the government draft in November and added that he would try to see it passed by December. The Digital Asset Basic Act is a comprehensive bill covering the broader virtual asset ecosystem, including issuance, distribution, disclosure and listing. Views remain divided over whether to cap shareholdings by major shareholders of virtual asset exchanges and whether stablecoin issuers should take the form of consortiums in which the banking sector holds a majority stake of 50% plus one share. The Financial Services Commission said in its presidential briefing this year that it aims to process the bill within the year.

Taiwanese singer Jeffrey Huang, known as Machi Big Brother, saw a 10x long position in 11,000 HYPE liquidated for a $31,600 loss, Odaily reported. Huang later added to a 25x ETH long, bringing the position to 5,200 ETH and leaving it with an unrealized profit of $158,000.

Min Byoung-dug, a lawmaker from South Korea’s ruling Democratic Party, said digital asset taxation is likely to be delayed if policymakers weigh tax fairness alongside market competitiveness. Speaking at a forum held at 2:00 p.m. UTC? No—held at 2:00 p.m. KST?

South Korean Democratic Party lawmaker Park Min-kyu called for a delay to planned virtual asset taxation and urged the swift passage of a basic law on digital assets, Edaily reported. In remarks at a forum held today at the National Assembly Library in Seoul’s Yeouido district, Park said a premature tax rollout could drive users to overseas exchanges and leave the industry, as well as the tax base, weakened. Park said the most urgent task is enacting a basic law on digital assets. Park added that South Korea still lacks sufficiently established basic rules and an industry foundation for digital assets even as virtual asset taxation is set to take effect in January next year. Park said there are concerns the already struggling domestic digital asset market could contract further, and warned that if taxation proceeds without sufficient access to trading data from overseas exchanges, the tax burden could fall disproportionately on users of domestic exchanges, raising fairness concerns.

An anonymous whale address bought 27,553 ETH worth $62.97 million over the past five hours at an average price of $2,286, according to Lookonchain.

Bitcoin could fall to the mid-$70,000 range in the near term but still rebound to $90,000 by year-end, 10x Research founder Markus Thielen said in a recent interview with Cointelegraph. Thielen said the market appears to be in a short-term correction phase, with BTC potentially declining further into the mid-to-upper $70,000s before recovering. He added that the Federal Reserve may adopt a more cautious monetary policy stance in early December, including signaling the possibility of an additional rate hike, and said more market-friendly conditions could then emerge and support a year-end rally. Thielen also said Bitcoin would likely post stronger gains than Ethereum.

Crypto investment firm Paradigm unstaked about 2.55 million HYPE through 15 wallets over the past two days, on-chain analyst MLMOnchain said. Based on prices at the time, the tokens were worth about $224 million and accounted for 17.85% of the 14.26 million HYPE Paradigm currently has staked on Hypercore. MLMOnchain added Paradigm had previously unstaked a large amount of HYPE several weeks earlier, then moved the funds to new wallets and staked them again. MLMOnchain said a similar pattern could emerge this time.

Binance could cover losses from the recent $6.3 billion hack with roughly six to 15 months of revenue, Cointelegraph reported. The outlet said Binance announced it had covered about 95% of the $6.3 billion stolen in last week’s hack using its own assets and an insurance fund, and withdrawals resumed on Nov. 1. Cointelegraph added Binance does not disclose financial statements, but founder Changpeng Zhao estimated annual revenue at about $5 billion in March, while Bloomberg estimated revenue over the latest 12 months at $10.7 billion as of June. Based on those figures, the hack amounted to about six to 15 months of Binance’s revenue, according to the report. The outlet also said stablecoin issuers and exchanges are generating the most revenue in the crypto industry, while among on-chain protocols, perpetual futures decentralized exchanges such as Hyperliquid (HYPE) and memecoin launchpads are standing out.

Bitcoin was attempting to reclaim the $79,000 level after recovering $78,000 on the morning of Nov. 2, CoinDesk reported. The outlet said the crypto market, which had plunged after a $6.34 billion hack at Binance last week, appeared to be stabilizing and had rebounded for a third straight trading day as of today. Among major cryptocurrencies, Zcash (ZEC) was leading the rebound with a gain of about 3%, while Ethereum (ETH) and BNB Chain (BNB) were each up about 2%.

Gate said it froze two accounts suspected of being linked to a Binance hacker address. Earlier, on-chain analyst Lookonchain pointed out that a total of 250,000 USDD had been deposited to Gate over 12 hours from an address suspected of belonging to the Binance hacker.

RUNE, the native token of cross-chain decentralized exchange Thorchain, fell about 20% over the past 24 hours and briefly slipped below $0.50. BlockBeats said the short-term decline came as regulatory and security concerns intensified after it was confirmed that hackers routed part of the funds stolen in last week’s Binance hack through Thorchain. According to on-chain data, the hackers moved about 185.1 million TRX and 3.83 million USDT into Thorchain and swapped roughly $48.3 million worth of crypto across 2,697 transactions. The amount ultimately retained through the laundering process was estimated at about $42.7 million, implying losses of around $5.7 million from fees and slippage.

A wallet address beginning with rK21t6 that has transaction history with the Binance hacker transferred 40 million XRP, worth about $50.48 million, to an anonymous address beginning with rhXtR at around 3:56 a.m. UTC today, Whale Alert reported. According to CoinMarketCap, XRP was recently trading at $1.25, up 0.55%.

SBI VC Trade, the cryptocurrency exchange of Japanese financial group SBI Holdings, said on its official website that user deposits of yen-denominated stablecoin JPYSC for lending had surpassed ¥10 billion ($570 million) as of today. The combined total of on-chain balances and exchange deposits exceeded ¥30 billion ($1.71 billion). SBI VC Trade began handling JPYSC in June and launched a service in July that lets users deposit their JPYSC with the exchange to earn lending fees. The exchange also plans to use JPYSC in on-chain financial services once legal revisions and other steps allow the stablecoin to be used on public blockchains.

A hacker moved 4,000 ETH worth $9.22 million to Tornado Cash about two hours ago, on-chain analyst EmberCN said. The hacker previously stole about $22 million worth of cryptocurrency from decentralized finance protocol Pando four years ago and bought 7,548 ETH at an average price of $2,249 with 16.98 million DAI three days ago, as the crypto market fell during the Binance hack incident.