Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

With so much drama tied to yesterday’s Ledger hack we have made the decision to hold off on reporting on that specific story until the details have been confirmed… But with how things are looking now, it seems as though a former employee fell for a old school phishing scam, and now clients are scrambling looking for answers.

That said, let hop into today’s top headlines…

📰 News Highlights:

📉 SafeMoon's Bankruptcy: SFM Token Crashes 50% to All-Time Low (Link) (Link) (Link) (Link)

In a significant turn of events, SafeMoon, the decentralized finance (DeFi) meme coin, is grappling with a crisis as its native SFM token experiences a drastic 50% plunge, reaching an all-time low.

The tumult follows the Chapter 7 bankruptcy filing by SafeMoon US, LLC. As of the latest data from CoinGecko, SFM is currently trading at $0.00003270, reflecting the severity of the situation. The bankruptcy filing, made to the United States Bankruptcy Court for the District of Utah on December 14, reveals that SafeMoon US, LLC has an estimated 50-99 creditors, assets ranging from $10,000,001 to $50 million, and liabilities in the bracket of $100,001 to $500,000.

This development comes on the heels of the U.S. Department of Justice's indictment against SafeMoon executives, including charges of conspiracy to commit securities fraud, wire fraud, and money laundering.

🌐 CoinList Settles with OFAC: $1.2 Million Fine Over Sanctions Violation (Link) (Link) (Link)

In a seismic move within the cryptocurrency space, CoinList, the renowned crypto exchange and token listing platform, has entered a settlement agreement with the Office of Foreign Assets Control (OFAC), a division of the United States Department of Treasury.

The settlement involves CoinList paying a hefty fine exceeding $1.2 million due to alleged violations of the OFAC's Russia/Ukraine sanctions. According to OFAC's enforcement release on December 13, 2023, CoinList, while generally adhering to compliance measures, allowed the opening of accounts for users residing in Russia with Crimea addresses.

These actions transpired between April 2020 and May 2022, involving 989 financial transactions valued at $1,252,280. Crimea, recognized as Ukrainian territory but annexed by Russia in 2014, is subject to international sanctions.

CoinList, post the violations, initiated measures such as IP geo-blocking and enhanced filter settings to prevent similar lapses in the future. As part of the settlement, CoinList will further invest $300,000 in additional sanctions compliance controls.

💰 Sotheby's Bitcoin NFT Auction: Mushroom Madness Surpasses $450,000 (Link) (Link) (Link) (Link)

In an unprecedented move, the esteemed auction house Sotheby's has conducted its inaugural sale of "inscriptions" created using the Bitcoin blockchain's Ordinals protocol.

The auction featured a captivating collection known as "BitcoinShrooms," comprising pixelated images from the Ordinals inscriptions, a technology pioneered by Casey Rodarmor atop the Bitcoin blockchain. The auction, concluded on a high note, saw three images from the "BitcoinShrooms" collection collectively fetching about $450,000.

Among the standout sales was a pixelated avocado that surpassed initial estimates, selling for an impressive $101,600. Notably, over two-thirds of the bidders were newcomers to the Sotheby's platform, indicating a potential surge in interest from a broader audience. The success of this auction signifies a growing mainstream fascination with tradable digital images, colloquially referred to as "NFTs on Bitcoin.”

🔍 Brazil Imposes Crypto Tax on Overseas Holdings: President Signs into Law (Link) (Link) (Link)

In a landmark move, Brazilian President Luis Inácio Lula da Silva has officially signed into law legislation introducing taxes on crypto assets held abroad by Brazilian citizens. The law, effective from January 1, 2024, encompasses not only crypto profits but also dividends from various foreign investments.

This legislative stride aligns with global efforts to regulate crypto holdings, and the Brazilian government anticipates collecting around $4 billion in new taxes in 2024. Taxpayers who commence payments in 2023 will benefit from an early-bird advantage, with an 8% levy on all income made up to 2023 in installments.

Starting in 2024, the tax rate will be fixed at 15%, with earnings up to 6,000 Brazilian reais ($1,200) exempt from taxation. While this move contributes to the evolving regulatory landscape, discussions around aspects like loss compensation may unfold to provide greater transparency to the market.

💡 Feature of the Day:

 Land of the Rising Crypto: Japan Beckons 5,000 Web3 Firms (Link) 

Web3 Wanderers Wanted: Japan Opens Doors to 5,000 Global Pioneers!

Get ready for a Web3 wave unlike any other! Japan's Asia Web3 Alliance Japan (AWAJ) is throwing open its doors to 5,000+ web3 companies from around the world, aiming to build a thriving ecosystem in Asia. This isn't just about business - it's about bridging the gap between Japan, Asia, and the global web3 community, igniting innovation, and shaping the future of technology.

Why join this Web3 adventure?

• Dive into a booming market: Asia is one of the fastest-growing regions for blockchain and decentralized technologies. Be part of the action!

• Connect with 5,000+ potential partners: AWAJ's vast network is your gateway to collaboration, knowledge-sharing, and endless opportunities.

• Get future-ready: Learn from and work alongside industry leaders like Hinza Asif (AWAJ President), Taketo Nakanishi (CROSSTECH Cofounder), and Leo Mizuhara (Hashnote).

• Become a web3 pioneer: AWAJ's Student Exchange Program in 48 Japanese prefectures will equip the next generation with the skills to shape the future.

But wait, there's more! AWAJ is also launching a Stablecoin Subcommittee, aiming to revolutionize cross-border transactions and financial exchanges in the region. Imagine a world where sending money is as easy as sending an email!

Ready to join the Web3 revolution? AWAJ welcomes you with open arms (and a vibrant ecosystem). This is your chance to be a part of something transformative, collaborative, and downright exciting.

So, what are you waiting for? Pack your bags, grab your blockchain expertise, and head to Asia! The future of Web3 awaits.

P.S. Don't forget to check out AWAJ's website and social media for more information and updates on this groundbreaking initiative!

🔍 Industry Insights: 

Ditch the Cash, Embrace the Crypto: Your Guide to Accepting Bitcoin & Beyond! (Link) 

Simplified Crypto Payments: Your Guide to Boosts and Bitcoin (and Beyond!)

Crypto payments might sound like a techie labyrinth, but it's actually a game-changer for savvy businesses! This guide demystifies the process, from understanding the basics to seamlessly integrating crypto into your operations. We'll explore:

Why Crypto Rocks for Businesses:

• Cost-Crunchers: Ditch hefty fees from traditional payment providers like Visa and Mastercard. Crypto transactions are decentralized, meaning no middlemen and significantly lower costs, especially for high-volume businesses.

• Speed Demons: Transactions zap through the blockchain, boosting your cash flow and offering a smoother experience for customers.

• Security Fortresses: Blockchain technology's encryption and immutability enhance security, minimizing fraud risks compared to traditional methods.

• Global Gateways: Break free from geographical boundaries and currency conversions. Crypto welcomes customers worldwide, expanding your market reach.

Crypto Payment Providers: Your Gatekeepers to Crypto Glory

Crypto payment gateways are your bridge to crypto transactions. They offer:

• POS Systems and Shopping Cart Integration: Seamless integration with your existing infrastructure.

• Volatility Protection: Guard against crypto's ups and downs.

• Currency Conversions and Invoicing: Easy-peasy handling of different currencies and invoicing needs.

Choosing the Right Gateway: It's All About Your Needs

Consider factors like:

• Supported Cryptocurrencies: Which coins will you accept?

• Integration Ease: How easily will it integrate with your system?

• Volatility Protection: How comfortable are you with crypto's fluctuations?

• Features and Fees: Find a gateway that matches your needs and budget.

Popular Gateways and Their Perks:

• Coinbase Commerce: Easy integration with major US exchanges, custom checkouts, and volatility shielding.

• BitPay: Robust infrastructure, invoicing, mass payouts, and prepaid Mastercard option.

• CoinGate: Supports over 70 currencies, integrates with various platforms, and offers crypto conversions and invoicing.

• NOWPayments: Low transaction fees and supports over 70 currencies, ideal for basic solutions.

• AlfaCoins: Flexible payment options, competitive fees, and unique features like partial payments in different currencies.

• Strike (Bitcoin Lightning Network): Ultra-fast microtransactions with minimal fees, ideal for online businesses.

Setting Up Your Crypto Payment System:

• Pick Your Gateway: Choose the one that aligns with your needs.

• Create a Merchant Account: Register with your chosen gateway.

• Integrate with Your Platform: Make it all flow seamlessly.

• Set Up Your Wallet: Securely store your crypto earnings.

• Configure Payment Options: Tailor your payment settings.

• Security Measures: Protect yourself from fraud and hacking.

• Educate Your Team: Train your staff on crypto transactions.

• Test and Launch: Ensure everything runs smoothly before showing the world your crypto side.

• Marketing: Spread the word and attract customers with the benefits of crypto payments.

Best Cryptos for Payments:

• Bitcoin (BTC): The OG, widely accepted, but transaction times and fees can be higher.

• Ethereum (ETH): Flexible and supports smart contracts, ideal for digital businesses.

• Litecoin (LTC): Faster and cheaper transactions than Bitcoin.

• Stablecoins (USDT, USDC, DAI): Minimize volatility by pegging to stable assets like the US dollar.

• XRP: Fast and cheap for international transactions.

• Dogecoin (DOGE): Fun and gaining popularity, especially in retail and entertainment.

Who's Already on the Crypto Train?

• Microsoft: Accepts Bitcoin for game and app purchases.

• AT&T: First major US carrier accepting crypto.

• Shopify: Thousands of merchants accept Bitcoin.

• Tesla: Briefly accepted Bitcoin, still accepts Dogecoin.

• AMC Theaters: Movie tickets with Bitcoin.

• Subway: Some locations accept Bitcoin.

Using the Lightning Network for Super-Fast Bitcoin:

The Lightning Network takes Bitcoin transactions to warp speed, making them instantaneous and incredibly cheap, ideal for microtransactions and online businesses.

So, are you ready to embrace the future of payments? Accepting crypto can be a game-changer for your business, opening doors to new markets, boosting efficiency, and attracting tech-savvy customers. Dive in, set up your crypto payment system, and watch your business take off!

😂 Crypto Memes of the Day: 

And that’s it for this today.

See you all next week for Monday’s edition!

Jonathan Gibson
UseTheBitcoin.com