Roger Ver sues Matrixport over frozen crypto funds

Huobi Co-Founder Acquires 10 Million CRV TokensJun Du, Chinese Co-Founder of Seychelles-headquartered global crypto exchange Huobi, has recently completed the purchase of 10 million curve tokens (CRV) from Curve founder Michael Egorov.Photo by Growtika on UnsplashCurve protocol loan exposureThe transaction amounted to $4 million and is part of Egorov’s ongoing efforts to mitigate his at-risk loan exposure, a further consequence of last week’s $52 million hack of the Curve DeFi protocol.Initially, Du expressed his interest in acquiring 10 million CRV tokens at the prevailing rate of $0.40. This price aligned with multiple over-the-counter (OTC) agreements between Egorov and various cryptocurrency individuals. According to a report by The Block, Du later confirmed the purchase through a Twitter direct message, revealing that he had chosen to lock up the acquired tokens as veCRV. This lock-up mechanism grants voting rights within the Curve platform while requiring the tokens to remain locked for a specified duration.“I intend to uphold this lock-up for at least a year, with optimism for continuous improvements within the Curve ecosystem,” Du stated, highlighting his commitment to the project’s long-term growth.On his Twitter account, Du emphasized his unwavering support for Curve, drawing parallels to his past backing of BendDAO during a liquidity crisis. He clarified: “Challenges faced now are transient, and collective support will foster a stronger industry.”Alongside being a Co-Founder at Huobi, Du holds the positions of CEO at New Huo Tech, a digital asset service platform, and Co-Founder and General Partner (GP) at the Web3 fund ABCDE.Ongoing token sell-offIn actively managing liquidation risk, Egorov is persistently offloading CRV tokens to bolster his loan position, given his significant exposure. He has utilized multiple DeFi lending platforms to secure loans, predominantly employing CRV tokens as collateral to borrow stablecoins. His borrowing activity on platforms like Aave alone has involved $56 million in stablecoins against $149 million worth of CRV collateral.Egorov’s health ratings on these platforms have improved recently, hovering around 1.67 or higher. Nonetheless, there remains a lingering risk associated with potential liquidation of his positions if CRV’s price were to dip substantially. This could potentially lead to bad debt scenarios for the platforms, particularly due to the substantial proportion of CRV supply involved.Sales of 72 million CRVEgorov’s token sales have amounted to 72 million CRV, according to Nansen analyst Sandra Leow. Notable recipients of these tokens include Tron Founder Justin Sun, crypto trader “DCFGod,” and Andrew Kang, Co-Founder of Mechanism Capital.Aave Chan Initiative, an entity tied to the Aave protocol, has proposed that the Aave treasury allocate funds to purchase up to $2 million worth of CRV tokens. The intention is to lock up these tokens as veCRV for an extended period, potentially up to four years. This move is aimed at further reinforcing the stability of CRV’s market dynamics.

Katsunobu Katō, a Liberal Democratic Party politician and Japan's Minister of Finance under Prime Minister Shigeru Ishiba's government since October 2024, has said that cryptocurrency assets can play a role in a diversified investment portfolio. Katō made the remarks while speaking at an event that was held in Tokyo related to the subject of crypto assets on Aug. 25, according to Bloomberg. Katō stated:''Crypto assets run the risk of high volatility, but if an appropriate investment environment is created, they can become targets for diversified investment.''Photo by JJ Ying on UnsplashGrowing crypto user baseKatō acknowledged that there is a growing user base in Japan related to digital assets. With that, he intends to work towards the provision of a healthy trading environment in Japan for stakeholders within the digital assets sector. The finance minister added that he has been trying to balance regulation with a need to leave the digital assets sector with sufficient freedom so as to enable the development of innovation. Crypto tax reformIt emerged over the weekend that the Japanese financial regulator, the Financial Services Agency (FSA), intends to include tax reform measures in respect of the crypto sector in 2026 tax revision proposals that it will bring to the Japanese government. It’s expected that the proposals, scheduled for submission by the end of this month, will call for a separate taxation category for digital assets and the implementation of a flat 20% tax rate. Under Japan’s existing tax regimen, crypto trading gains must be reported under the categorization of “miscellaneous income,” with those gains subject to tax rates of up to 55%. The move would bring taxation on crypto trading gains in line with the tax treatment that’s currently in place for equity trading gains. Equities have been given their own category and are taxed at a flat rate of 20%. Reclassifying cryptocurrenciesAdditionally, the FSA plans to propose legislation next year that would result in the reclassification of cryptocurrencies, removing them from their current treatment as a means of payment under the Payment Services Act. The regulator wants crypto to come under the Financial Instruments and Exchange Act, reclassifying it as a financial product. Katō has outlined his party’s commitment to the consideration of reviewing crypto asset taxation. That item was incorporated into his government’s tax reform plan for 2025, while the Japanese cabinet approved a proposal to amend the Payment Services Act back in March. As part of plans to have digital assets categorized as financial products, the FSA is also understood to be interested in broadening the scope of insider trading restrictions. Kato’s remarks are being interpreted as positive for the crypto sector. According to International Monetary Fund (IMF) data, Japan is the world’s fifth-largest economy, with a gross domestic product (GDP) exceeding $4.1 trillion.Source: World Economic Outlook (April 2025)In further positive news for the sector in Japan, it was reported on Aug. 18 that the FSA is likely to approve the issuance of JPYC, a Japanese yen-backed stablecoin, over the course of the coming months.

KuCoin Report Points to Marked Increase in Crypto Investors in TurkeyAs part of its “Into The Cryptoverse: Understanding Crypto Users” series, Seychelles-based crypto exchange KuCoin published a report on Thursday that identifies a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months.Photo by Dima Rogachevskiy on UnsplashCrypto adoption surgeThe report, the fifteenth such report produced by KuCoin as part of this series, reveals that there has been a substantial surge in crypto adoption among Turkish adults, with an impressive 52% of the adult population participating in crypto investments.Since November 2021 there has been a 12% increase in the number of crypto investors aged 18 to 60. These statistics underscore the growing interest and acceptance of cryptocurrencies in Turkey. It’s not likely to be a coincidence that this surge in adoption has come about against the backdrop of the local currency, the Turkish lira, losing more than 50% of its value against the US dollar.Here are some of the key insights that the report identified:Growing Crypto Adoption Among Turkish Adults: The survey indicates a significant upswing in the number of Turkish adults investing in cryptocurrencies. The percentage of adults embracing crypto has surged from 40% to 52% over the last year and a half, despite the overall crypto market finding itself in the doldrums within that time frame.Increased Female Participation: While male investors continue to dominate at a rate of 57%, the survey points to a notable trend of increasing participation among women, particularly in the younger age brackets. Approximately 47% of female crypto investors are between the ages of 18 and 30.Youth-Driven Growth: Younger generations are leading the crypto adoption charge, with investors aged 31 to 44 constituting the largest group at 48%. Furthermore, a significant proportion of investors under 30 joined the market within the past year, indicating the influence of youth within the crypto space.Many have expressed the view that crypto adoption will come about through the younger demographic. It’s a factor that has not gone unnoticed by crypto platforms, including fellow Seychelles-based exchange Bitget.Motivations for Crypto Investments: The report delves into the motivations behind crypto investments among Turkish adults. A substantial 58% express the desire to create long-term wealth, transcending generational boundaries. This suggests a widespread belief in crypto’s potential as a tool for financial freedom.Popular Cryptocurrencies: Bitcoin remains a favored choice, capturing 71% of overall investor interest. Ethereum follows closely with 45% interest, while stablecoins garnered the attention of 33% of surveyed participants.Crypto Trading Dominates: A significant 70% of Turkish participants use crypto for trading, indicating the prevalent use of cryptocurrencies as investment instruments. Meanwhile, 22% have ventured into buying NFTs.Influence of Personal Connections: Personal relationships play a pivotal role in driving crypto adoption in Turkey. About 57% of participants learned about crypto through family and friends, highlighting the significance of these connections in introducing newcomers to the crypto world.This finding resonates with a similar finding relative to a recently published report covering crypto adoption in Vietnam.The report has been based upon online surveys carried out by KuCoin between May 5 and May 12 of this year.