Crypto News Today: South Korea Proposes Tax Delay, Polygon Weighs Fork

Crypto news today is led by South Korea’s proposal to delay a planned cryptocurrency gains tax until 2029 and a Polygon proposal that could reverse the effect of a theft. Bitcoin and other major assets were higher over the past 24 hours, while security and company earnings also featured in the day’s headlines.

Crypto news today market overview

At 13:59 UTC on November 5, Bitcoin was up 1.61% over 24 hours, and Ether had gained 2.92%, according to CoinGecko market data. Both remained down over the past 30 days. The Crypto Fear & Greed Index stood at 50, classified as Neutral, on November 5. The index describes sentiment, not a forecast.

The 30-day figures show a weaker picture for Bitcoin and Ether: Bitcoin was down 7.69% and Ether was down 12.15%. All prices and percentage changes in the table are market data as of 13:59 UTC on November 5. The daily gains do not erase the longer-period declines shown in the data.

South Korea proposes delaying crypto tax until 2029

South Korea proposed postponing its cryptocurrency capital gains tax until 2029, extending the tax-free period by two years, U.Today reported on November 5. Finance Minister Lee Hyoung-il announced the proposal on Thursday. The tax has already been postponed three times, making this the fourth delay, according to the report.

The reported plan would apply a 22% tax and local income tax to cryptocurrency-related gains above 2.5 million won. U.Today reported that authorities want to strengthen regulatory oversight and connect exchange data with the United States. Officials argue that introducing the tax before international information-sharing systems are operational could disadvantage local exchanges and complicate enforcement against overseas trading activity.

The government also intends to introduce provisions allowing investors to carry cryptocurrency investment losses forward for up to three years, potentially reducing taxable gains in later periods. The proposal is to delay the tax, not cancel it. Tax rules differ by jurisdiction. Read U.Today’s report on South Korea’s proposed tax delay.

French bank confirms cyberattack after suspected $133 million loss

Crédit Mutuel Arkéa confirmed it had suffered a cyberattack after blockchain investigator ZachXBT flagged suspected losses of $133 million, The Block reported on November 5. The bank did not confirm an exact loss, but validated the order of magnitude of the figure, according to The Block’s report.

The distinction is important: $133 million is a suspected-loss figure, not an exact amount confirmed by the bank. The evidence provided does not establish the final amount of losses.

Polygon proposal would move stolen POL tokens

Polygon developers have put a hard-fork proposal to a vote that would seize 70.49 million POL tokens from hacker addresses and return them to victims, U.Today reported. The tokens were valued at $6.5 million at the time of the attack. The assets came from two separate hacks at the end of October: 23.86 million POL was taken from Polymarket and 46.63 million from Binance.

Polygon validators blacklisted the addresses, cutting off the outflow, but the proposal’s authors describe that measure as temporary. The proposed fork would zero out the hacker wallets at the protocol level. It has not been described as a completed recovery. A recovery proposal of this kind raises questions about transaction reversibility and how exceptional decisions should be made on a network, a tension highlighted in U.Today’s report on the Polygon hard-fork proposal.

American Bitcoin reports $126 million third-quarter profit

American Bitcoin reported third-quarter net income of $126 million, compared with a $57.2 million net loss in the previous quarter, The Block reported on November 5. The report described the swing as resulting from digital asset gains.

The result shows how digital asset gains can feature in a company’s reported quarterly earnings. A single quarter’s net income does not establish that similar results will continue.

Other headlines

• Binance cut off SignalPlus API keys over a potential security issue at the trading platform. Binance said its own systems and user funds were unaffected, Decrypt reported on November 5. Decrypt said the announcement came a week after Binance lost $6.4 billion in a hack blamed on North Korea.
• Coinbase said it was not affected by the Binance hack and told customers that over 99% of customer crypto is held offline. The security controls it detailed also included split private keys and kill switches, Decrypt reported.

FAQ

What is the biggest crypto news today?

Two prominent stories are South Korea’s proposal to delay its crypto capital gains tax until 2029 and Polygon’s proposal to recover stolen POL tokens.

Why is the Polygon hard-fork proposal controversial?

It would use a protocol change to move tokens from hacker addresses, raising questions about transaction reversibility and who can make exceptional decisions for a network. The proposal has not been described as completed.

What does crypto news today say about market sentiment?

The listed major assets were higher over 24 hours at 13:59 UTC on November 5, while Bitcoin, Ether, BNB, XRP and Solana were all down over 30 days. The Fear & Greed Index was Neutral at 50 on November 5. Those figures describe market data and sentiment at the stated times, not future direction.

Sources

• South Korea Announces Delay in Crypto Taxation Policy (U.Today)
• Polygon Plans Hard Fork to Seize $6.5 Million From Polymarket and Binance Hackers (U.Today)
• Crédit Mutuel Arkéa confirms cyberattack after ZachXBT flags $133M in suspected losses (The Block)

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.