India Considers Imposing 28% GST on All Crypto Transactions
The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions. “Currently tax is levied only on the part of the services provided by crypto exchanges. Subjecting the whole transaction to tax at a higher slab of 28% could give the markets a free fall,” one tax expert warned.
The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions. “Currently tax is levied only on the part of the services provided by crypto exchanges. Subjecting the whole transaction to tax at a higher slab of 28% could give the markets a free fall,” one tax expert warned.
What happened with LUNA🌙, and how it was coordinated and executed:
- Attacker OTC accumulated $1bn of UST
- Borrowed $3bn in $btc
- Spread around some fud about peg and bank runs
- Dumped their $3bn $btc on market to trigger wider panic.
- 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- First cleared all liquidity from curve (needed just $350m $ust to do that)
- Then started dumping their $ust on Binance
- Creating a small depeg
- terra market module configured for $150m daily throughput for peg restoration would be enough if liquidity on curve was the intended $4bn instead of $350m
- people in small panic because $btc tanking and small $ust depeg so LFG started selling $btc to restore peg
- that's exactly what the attackers wanted because they've shorted $btc
- LFG dumping $btc while attackers putting pressure on by dumping $ust
- the more $btc sold the lower $btc tanked increasing panic the more $ust sell pressure the attackers needed
- finally people mass panicking and mass congestion hit the chain, cexs suspended withdrawals and shit hit the fan -> bank run on anchor
- Jump/LFG likely realized whats happening somewhere in the middle of their $btc reserve bag, stopped dumping $btc to save the peg, let it burn
- now peg is being restored naturally via the market module
- rumors about big deals made during the night
All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3bn instead of $350m. The timing was not a coincidence.
Source: @4484twitter
- Attacker OTC accumulated $1bn of UST
- Borrowed $3bn in $btc
- Spread around some fud about peg and bank runs
- Dumped their $3bn $btc on market to trigger wider panic.
- 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- First cleared all liquidity from curve (needed just $350m $ust to do that)
- Then started dumping their $ust on Binance
- Creating a small depeg
- terra market module configured for $150m daily throughput for peg restoration would be enough if liquidity on curve was the intended $4bn instead of $350m
- people in small panic because $btc tanking and small $ust depeg so LFG started selling $btc to restore peg
- that's exactly what the attackers wanted because they've shorted $btc
- LFG dumping $btc while attackers putting pressure on by dumping $ust
- the more $btc sold the lower $btc tanked increasing panic the more $ust sell pressure the attackers needed
- finally people mass panicking and mass congestion hit the chain, cexs suspended withdrawals and shit hit the fan -> bank run on anchor
- Jump/LFG likely realized whats happening somewhere in the middle of their $btc reserve bag, stopped dumping $btc to save the peg, let it burn
- now peg is being restored naturally via the market module
- rumors about big deals made during the night
All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3bn instead of $350m. The timing was not a coincidence.
Source: @4484twitter
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