September was a month filled with significant developments and events in crypto industry, including regulatory changes, scandals, and more. In this article, we will take a closer look at some of the most noteworthy crypto news stories from the past month.
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G20 calls for ‘swift’ creation of crypto tax reporting rules and info exchange.
G20 leaders are working towards a Crypto Asset Reporting Framework, which would see member countries collect and share information about the use of cryptocurrency and digital assets to ensure that users are not evading taxes. The leaders have called for the swift implementation of the framework and amendments to the common reporting standard. The Global Forum on Transparency and Exchange of Information for Tax Purposes has been asked to determine a timeline for the information exchange program, which is expected to begin by 2027. The G20 is also working on broader tax reforms, including the creation of an international, two-pillar tax program.
A Bitcoin user accidentally paid $500,000 in fees to make a transaction.
A user accidentally paid nearly 20 bitcoin ($500,000) in a fee to move just 0.008 bitcoin ($200), setting a record for the most expensive transaction fee paid in U.S. dollars for a single Bitcoin transaction.
The platform agreed to make a refund, saying, “after conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender.”
11,196 Years Jail Sentence for Faruk Özer, CEO of Collapsed Turkish Crypto Exchange Thodex.
Faruk Fatih Özer, the founder of the collapsed Turkish crypto exchange Thodex, his sister Serap Özer and his brother Güven Özer have been sentenced to 11,196 years, 10 months and 15 days in prison, according to local media. A judicial fine of 135 million liras ($5 million approx.) was also imposed.
Thodex was one of Turkey's largest crypto exchanges before it suddenly went offline in April 2021 and Özer went missing. Over 400,000 members were left in the dark without access to deposits of $2 billion in cryptocurrencies. Özer had fled to Albania but was arrested in August 2022 after an Interpol red notice against him.
El Salvador Launches Education Program To Teach Bitcoin In Every School.
El Salvador, the first nation to officially adopt Bitcoin as legal tender, is once again making headlines in the world of cryptocurrency. This initiative aims to incorporate Bitcoin education in all schools across the country by 2024.
Initiated on the 2-year mark of the groundbreaking Bitcoin Law, this program is set to train 150 public school teachers about Bitcoin. After receiving their training, these educators will disperse across the nation, integrating Bitcoin knowledge into their respective curriculum and classrooms.
Global Crypto Wealth Study Reveals 6 Bitcoin Billionaires and 88,000 Crypto Millionaires.
The study by Henley & Partners reveals there are 88,200 individuals worldwide who hold over $1 million in cryptocurrencies. Of these, almost half—40,500—have Bitcoin holdings exceeding $1 million. The total market value of crypto is now a staggering USD 1,180 billion and there are 425 million individuals globally that own cryptocurrencies.