[News Brief] Apr 22, morning | South Korea’s Public Petition to Abolish Virtual Asset Taxation Awaits National Assembly Review

South Korea’s Public Petition to Abolish Virtual Asset Taxation Awaits National Assembly Review

According to Odaily, a South Korean public petition seeking the abolition of virtual asset taxation has received 58,571 signatures and is now set to enter the National Assembly review process.

Under the National Assembly Act, the petition becomes subject to deliberation at the first committee meeting held after 30 days from its referral to the relevant committee.

Under the current Income Tax Act, gains from the transfer or lending of virtual assets will be classified as miscellaneous income starting January 1 next year. Income exceeding 2.5 million won will be taxed at a total rate of 22%, including 20% miscellaneous income tax and 2% local income tax.

Mainstreet Finance-Related Token MSUSD Once Plunges 85%

According to Wu Blockchain, PeckShield reported that Mainstreet Finance-related token MSUSD fell as much as 85% at one point, while utilization in Morpho’s msY/USDC market reached 100%.

AlphaUSDC Delta V2, managed by AlphaPing, was reported to have about 30% exposure to the market, equivalent to roughly $18 million.

The sell-off came after Accountable terminated its attestation agreement with Mainstreet Finance. Mainstreet said the issue was not insolvency, but rather the suspension of a third-party proof-of-reserves dashboard, adding that all assets remain fully collateralized.

Mainstreet also said it has already injected more than $8 million in USDC to support liquidity and is seeking an alternative proof-of-reserves provider.

135.41 Million USDC Transferred From Unknown Whale Wallet to Aave

According to Whale Alert, 135,415,575 USDC, worth about $135,466,221, was transferred from an anonymous wallet to Aave.

The transaction was identified on the Ethereum network and may be related to DeFi activity such as deposits or borrowing on Aave.

135.38 Million USDC Transferred From Aave to Unknown Whale Wallet

Whale Alert reported on the 20th that 135,387,405 USDC was transferred from Aave to an unidentified whale wallet.

The transfer was worth about $135,446,231 and occurred on the Ethereum network. Large-scale stablecoin movements can be interpreted as signals of changing market liquidity depending on whether they are sent to exchanges or elsewhere.

Polymarket Accused of Distributing Fake Profit Cases and Simulated Trading Videos

Prediction market platform Polymarket is facing allegations that it distributed simulated trading videos made to look like real trades, along with fabricated profit examples, through paid creators on social media.

According to Odaily, some creators produced videos using mock websites resembling the actual Polymarket platform, and some of the large profits shown in those videos were reportedly not real. Some videos were also said to require Polymarket’s review before being posted.

Polymarket reportedly managed influencer promotions through marketing agency Virality, and critics say related promotional content reached U.S. users despite restrictions on services for them. The Wall Street Journal reported that Polymarket signed a promotional deal worth several million dollars with influencer Adin Ross. Polymarket has not yet issued a public response.

jaredfromsubway Suffers $7.5 Million Loss in Attack

According to Wu Blockchain, Ethereum MEV bot jaredfromsubway suffered losses of about $7.5 million in an attack.

Blockchain security firm Blockaid said an attacker-controlled contract tricked the bot’s automated execution system into granting token approval permissions, then used the remaining allowance to drain WETH, USDC, and USDT.

Blockaid explained that the incident was not caused by phishing or a smart contract vulnerability, but by the exploitation of an architecture that automated MEV opportunity detection and approval processes.

Axelar Network Denies Damage to Its Own Network and IBC in Recent Security Incident

Axelar Network said that neither its own network nor the IBC protocol was attacked or compromised in the recent security incident.

According to PANews, Axelar stated that the affected token smart contract was not developed, deployed, or managed by Axelar. It said an “infinite mint” vulnerability arose because two core security checks had been removed from a forked version based on CW20-ICS20.

Axelar noted that the fork changed the trust structure of the original contract but did not undergo a separate security audit. It added that anyone can deploy contracts for wrapping cross-chain assets through IBC, and that the incident was not due to a flaw in IBC itself, but rather a security risk introduced during third-party contract modification.

Tether Co-Founder Unveils Decentralized Stablecoin Protocol STBL

Tether co-founder Reeve Collins has unveiled a new decentralized stablecoin protocol called STBL, arguing that existing stablecoin models have structural limitations.

According to PANews, Collins said in an interview that when users deposit dollars, issuers invest them in assets such as U.S. Treasuries to earn yield, but the issuer keeps the interest income while users only receive payment convenience.

STBL uses a dual-token structure separating a stable payment token from a yield-generating token, allowing users to accumulate returns while transacting.

It also supports institutions such as banks, brands, and sports teams in issuing their own stablecoins and choosing their own asset management and revenue-sharing rules.

Brian Armstrong Says Quantum Computing Threat to Bitcoin Is Overstated

Coinbase CEO Brian Armstrong said the threat that quantum computing poses to Bitcoin has been overstated.

According to Odaily, Armstrong said in a recent interview, “This is not just a crypto problem, but something the whole world must address together,” adding that he is working directly with core developers on the quantum computing issue.

Quantum computing has long raised concerns about the long-term security of existing cryptographic systems, though the crypto industry remains divided over the timeline of actual risk and the feasibility of mitigation.

Anza CEO Expects Solana SIMD Proposals to Be Completed This Year

Brennan Watt, CEO of Solana-focused development firm Anza, shared an update on Solana Improvement Documents (SIMD).

According to PANews, Watt said on X that the relevant SIMD proposals are expected to be completed this year.

He said SIMD-123 has passed and is nearing code completion, while the discussion draft for SIMD-547 and SIMD-553 are effectively aligned in direction.

He added that both SIMD-553 and SIMD-550 have received conceptual approval from Anza.

Chain Gaming Sector Tokens Surge Over 24 Hours on OKX

According to Odaily, chain gaming sector tokens posted broad gains over the past 24 hours based on OKX market data.

AXS rose 23.43% to 1.254 USDT, SAND gained 21.3% to 0.063 USDT, and MANA advanced 20.56% to 0.081 USDT.

The rally is seen as part of a broader altcoin rotation, with buying interest flowing into gaming and metaverse-related tokens.