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IRS turns up heat on crypto ahead of April 15 tax deadline. Here’s what you need to know before filing

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IRS turns up heat on crypto ahead of April 15 tax deadline. Here’s what you need to know before filing

  • The US tax filing deadline is April 15 so crypto investors should be proactive, experts say.
  • The IRS is focusing on criminal tax evasion linked to crypto more than ever.

The Internal Revenue Service is stepping up its crackdown on crypto tax evasion — and investors are running out of excuses, experts say.

What was once a murky grey zone is now a brightly lit compliance regime backed by the agency’s Criminal Investigation division, according to Andrew Duca, founder of tax platform Awaken Tax.

“This year, we are seeing the IRS clampdown on crypto tax evasion more than ever before,” he told DL News. “The IRS’s Criminal Investigation division is going after crypto cases more and more”

His stark warning lands right before the April 15 filing deadline for US crypto investors.

Some 61% of US crypto investors are unaware of the IRS’s new reporting rules for the 2025 tax year, according to a March report by Coinbase and CoinTracker shared with DL News. The report described an “environment of high compliance intent but low functional understanding.”

Duca said that 52% of US crypto investors are worried about filing their crypto taxes incorrectly this year and receiving an IRS penalty.

“There have been so many changes this year, and it’s clear investors are struggling to get their heads around it,” he said.

Filers should gather records from every exchange, connect every wallet, and report accurately, he urged.

That’s because voluntarily coming forward carries far lighter consequences than being caught. Criminal tax fraud can lead to a fine of up to $100,000 and five years in prison, according to Cornell Law School. That would be a worst-case scenario.

What’s new?

The biggest shift for 2025 is Form 1099-DA.

For the first time, brokers must report gross proceeds from digital asset transactions to taxpayers and the IRS. That brings crypto reporting closer to traditional brokerage accounts.

But there is a critical catch: brokers are not required to report cost basis to the IRS for 2025.

That means crypto investors remain fully responsible for calculating and reconciling their adjusted cost basis across platforms. And this is where many stumble, according to Duca.

“Make sure you don’t just accept what those exchanges send to you, or you could dramatically overpay,” he said.

Duca urged crypto investors to file their taxes in an honest and good-faith manner.

“The consequences of voluntarily coming forward rather than being caught out are far less.”

Crypto market movers 

  • Bitcoin is up 5.3% over the past 24 hours, trading at $74,524.
  • Ethereum is up 8.4% over the past 24 hours at $2,373.

What we’re reading 

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com

Ether outpaces bitcoin as ETF flows split and Ethereum activity jumps 41% on-week

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Ether outpaces bitcoin as ETF flows split and Ethereum activity jumps 41% on-week

Ether (ETH) is pulling ahead of bitcoin in a clear rotation, with capital shifting as bitcoin ETFs see outflows and ether funds and prices move higher.

ETH is up about 8% over the past 24 hours versus bitcoin’s roughly 5% gain, according to CoinDesk market data, extending its outperformance to about 4 percentage points over the past week and nearly 9 points over the past month.

U.S. spot bitcoin ETFs recorded $325.8 Million in net outflows on April 13, led by $229 Million from Fidelity’s FBTC and $63 Million from ARK’s ARKB, according to SoSoValue data. The pullback marks a clear cooling in what has been bitcoin’s primary source of marginal demand.

Ether ETFs saw modest daily inflows of $7.7 million, while weekly inflows climbed to $187 million for the period ending April 10 – the strongest showing of 2026 and a sharp reversal from three straight weeks of outflows totaling roughly $308 million. Cumulative inflows have now reached a record $11.68 billion.

At the same time, activity on the Ethereum network is accelerating sharply. Daily transactions have jumped 41% week over week to roughly 3.6 million, with Artemis data showing a near-vertical rise from about 2.5 million on April 10. Among major chains, only Sonic and TON posted larger percentage gains, both from far smaller bases.

(Artemis)

The quality of that activity, however, is less clear. Stablecoin transfer volume on Ethereum is down 42.6% over the same period and fees have fallen nearly 50%, pointing to smaller transaction sizes and lighter economic throughput.

Bitcoin, for its part, is holding firm despite the outflows, a sign of underlying spot support even as its dominant ETF bid weakens, according to Glassnode’s most recent weekly report.

For now, bitcoin is absorbing ETF outflows without breaking, a sign of underlying spot strength even as momentum indicators flash overbought. Whether ether’s setup marks the start of a durable rotation or a short-lived burst will depend on ETH funds sustaining inflows and bitcoin’s positioning unwinding without a sharp correction.

It also hinges on the quality of the activity on chain. The stablecoin summer of 2025, when USDC and USDT transfer volumes surged and drove Ethereum to record economic throughput, set the benchmark for a fundamentally driven rally that helped push ether toward $4,000.

This week’s data points in the opposite direction. Transactions are up 41%, but stablecoin volume is down 42.6%, signaling more activity with less value behind it. Closing that gap is what would turn a rotation into something more durable.

DroppRWA Scales Sovereign Tokenisation with ‘Factory Floor’ Infrastructure

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DroppRWA Scales Sovereign Tokenisation with ‘Factory Floor’ Infrastructure

DroppRWA, a specialist in real-world asset (RWA) tokenisation, is industrialising the transition of physical assets to the blockchain through a “regulator-native” approach. After securing $12.5 billion in mandates within its first six months, the firm is now preparing to bring approximately $3 billion of these assets on-chain in 2026.

Led by Faisal Al Monai, the Co-Founder and CEO of droppRWA, the platform moves beyond the traditional model of “wrapping” assets in digital legal layers. Instead, it embeds compliance and legal finality directly into the infrastructure. This strategy mirrors Al Monai’s previous experience founding SADAD, Saudi Arabia’s national payment rails, where he viewed infrastructure as a public utility rather than a private platform.

Solving the Oracle Problem

A primary hurdle for universal capital markets has been the “oracle problem”—the difficulty of feeding reliable off-chain data onto a blockchain. Al Monai explained that droppRWA addresses this by integrating directly with Saudi Arabia’s National Real Estate Registry (RER).

“The question is not just, ‘Can we trust the data feed telling us who owns this property?’ It’s also, ‘Does an on-chain transfer constitute a legally recognized change of ownership under national law?’” Al Monai said. By collapsing the ledger and the legal source of truth into the same system, the platform ensures that the token and the property title remain identical.

Intelligent Energy Assets

Beyond real estate, droppRWA is collaborating with EDF to develop a framework for automated carbon-credit verification. This partnership connects energy production data from solar and wind farms to blockchain infrastructure using SCADA (Supervisory Control and Data Acquisition) systems.

“For tokenization, SCADA informs data oracles, which in turn can be used to trigger smart-contract payouts and automated revenue distribution,” Al Monai commented. The monetization model for this energy infrastructure follows a three-tier structure: a one-time primary issuance fee, an annual platform fee, and per-transaction fees.

Global Portability and the Trust Stack™

While the current scale is driven by the top-down alignment in Saudi Arabia, droppRWA is designed for international expansion. The firm utilizes a Domain Specific Compliance Language (DSCL) to ensure its framework remains portable across different G20 jurisdictions.

“Rather than hardcoding any single jurisdiction’s ruleset into the platform, compliance logic is encoded as modular, version-controlled rules,” Al Monai added. This allows the platform to update its compliance layer for specific markets—such as MiCA-governed European jurisdictions—without altering the underlying settlement or security architecture.

As the Kingdom explores a Central Bank Digital Currency (CBDC), droppRWA’s Trust Stack™ is positioned to interface with these emerging systems. Al Monai noted that such infrastructure will eventually allow payments and asset transfers to occur simultaneously through instant, atomic settlement.

SEC Opens Limited Broker Exemption Path For Crypto Trading Interfaces

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SEC Opens Limited Broker Exemption Path For Crypto Trading Interfaces

The U.S. Securities and Exchange Commission has issued new staff guidance indicating that certain user-facing interfaces involved in crypto securities trading may not be required to register as broker-dealers, provided they meet a strict set of conditions designed to limit discretion, influence, and conflicts of interest.

In a statement released by the Division of Trading and Markets of the U.S. Securities and Exchange Commission, the agency outlined a framework under which websites, mobile applications, and browser-based tools that facilitate blockchain-based trading could operate outside traditional broker registration requirements for a limited period.

The guidance applies specifically to “covered user interfaces,” which include software products that help users prepare and transmit crypto asset securities transactions through self-custodial wallets. According to the SEC staff, these tools may qualify for an exemption if they function as neutral interfaces rather than intermediaries that exercise judgment or influence over trading activity.

To remain outside broker-dealer registration, interface providers must adhere to several conditions. These include refraining from recommending specific trades, avoiding solicitation of particular transactions, and ensuring users retain full control over trade parameters such as price, size, and execution preferences. The interfaces must also rely on objective, pre-disclosed criteria when routing trades or displaying execution options.

Back in March, the SEC and CFTC issued joint guidance stating that most digital assets are not securities and introduced a formal token taxonomy that classifies stablecoins, digital commodities, digital tools, and collectibles outside securities law. 

The framework left only “digital securities” under traditional regulation while clarifying that activities like staking, mining, and airdrops generally fall outside the Howey Test, marking a departure from prior enforcement-heavy approaches toward a more defined regulatory structure.

The SEC’s disclosure structures

The SEC also emphasized disclosure requirements. Providers must clearly outline fee structures, conflicts of interest, and any relationships with affiliated trading venues or liquidity systems. In cases where a provider connects users to multiple execution pathways, the system must allow users to sort or filter options based on neutral metrics such as price or speed, rather than editorial or promotional ranking.

Another key requirement is operational neutrality. The guidance prohibits interface operators from describing trading routes as “best” or “preferred,” or from providing commentary that could be interpreted as investment advice. The systems must also avoid discretionary decision-making in how market data is presented or how transactions are routed.

The staff statement also places limits on compensation structures. Fees must be fixed, transparent, and unrelated to trade outcomes, execution venues, or counterparty selection. This is intended to reduce incentives for interface providers to favor specific trading environments.

In addition, providers are expected to implement policies for evaluating and monitoring connected trading venues. These policies must assess factors such as liquidity, transparency, security, and reliability, and must be applied consistently across all integrated systems. Any default trading parameters must also be based on objective criteria and subject to ongoing review.

The SEC clarified that the statement is not a formal rule or binding regulation. Instead, it reflects the staff’s current interpretation of how existing broker-dealer laws under the Securities Exchange Act of 1934 may apply to crypto-focused interfaces. The guidance will remain in effect for five years unless replaced or modified through future commission-level rulemaking.

Importantly, the agency stressed that the exemption is narrow in scope. It does not apply to entities that negotiate trades, provide investment advice, custody user funds, execute transactions, or otherwise engage in traditional broker functions. Any platform performing those activities would still fall under existing registration requirements.

Rave futures see $43 million in liquidations, third highest behind bitcoin and ether

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Rave futures see $43 million in liquidations, third highest behind bitcoin and ether

RaveDAO’s RAVE token, a little-known project until last week, has burst onto the scene in dramatic fashion.

It is now the third-largest cryptocurrency behind bitcoin BTC$74,544.30 and ether (ETH) – not by market capitalization, but by liquidations or forced closures of leveraged futures bets by exchanges.

In the past 24 hours, exchanges have liquidated $44 million worth of RAVE futures positions, the majority of which were bearish (short) bets, according to data source Coinglass. By comparison, liquidations in bitcoin and ether stood at $229 million and $135 million, respectively.

Rave is the third largest by liquidations. (Coinglass)

RAVE’s outsized liquidations follow an extraordinary rally, with the token surging roughly 4,500% in seven days and lifting its market capitalization from about $60 million to $2.8 billion. To put that into perspective, the value of liquidations over the past 24 hours alone is roughly equivalent to the token’s entire market cap just a week ago. This highlights the intensity of the price surge and the degree of speculative activity driving it.

RaveDAO markets itself as a Web3-based music platform that aims to merge EDM culture with blockchain tools, including on-chain ticketing, crypto payments at events, and staking tied to live show revenues. It also highlights supposed collaborations with major exchanges like Binance and OKX, along with claims of multi-million-dollar revenue to strengthen its story of real-world adoption.

Liquidations occur when the market moves against a trader’s position, eroding their margin. If the trader fails to add collateral, the exchange forcibly closes the position.

Short squeeze

A wave of liquidations in RAVE, particularly on short positions, suggests the rally is being driven by a short squeeze, where forced unwinding of bearish bets is amplifying upward price momentum. Of the total tally of $43.25 million, over $32 million were short bets.

Some observers allege the short squeeze may have been deliberately engineered by team members who transferred large amounts of tokens to exchanges, sparking fears of an imminent sell-off. Those tokens were then reportedly withdrawn just as quickly, which lifted prices and triggered a short squeeze.

“The setup: the first $30.58M of $RAVE (~$42M) gets transferred to Bitget, signalling a potential dump and baiting traders into short positions. Then ~$32M RAVE gets pulled back on-chain over the next 2 days while spot price gets aggressively pumped, wiping out every short that took the bait,” a popular trading community handle on X called Evening Trader Group noted.

Concentration of ownership

It’s easier to move tokens like RAVE, which are controlled by a small set of wallets. The concentration of ownership often creates a highly illiquid market.

Nearly 90% of the token’s supply, 248 million, is held in three Gnosis safe wallets, almost certainly associated with team members, data from Arkham shows.

Rave: top holders. (Arkham)
Rave: top holders. (Arkham)

Gnosis safe addresses are usually linked to project teams because they use the standard multi-signature (multi-signature) smart contract wallets to manage crypto treasuries. In most Web3 projects, a Safe is set up with multiple “owners” (team members, founders, or signers), and any transaction—like moving tokens, minting, or selling—requires approval from a threshold of them.

This supposed manipulation has prompted some observers to urge caution going forward.

“It will dump 95%+ using the same old playbook over and over, and retail will get wrecked like always,” a pseudonymous observer, Columbus, said on X.

X’s Nikita Bier says as X Money launch nears

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X’s Nikita Bier says as X Money launch nears

Nikita Bier may have just told crypto what X is about to ship.

“Crypto has had a rough year. Maybe we should launch something to fix it,” X’s head of product wrote Tuesday in a post that pulled in more than 677,000 views within hours.

Elon Musk confirmed last month that X Money will go live in April with peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, built with Visa and a licensed subsidiary in more than 40 U.S. states.

What lies beneath that stack remains an open question.

Public details describe a fiat-based product, with no confirmed crypto functionality. But X has stopped short of explicitly ruling out blockchain rails, and the product’s design overlaps with areas crypto has focused on for years, including instant payments and yield on dollar balances.

Three weeks ago, X hired Benji Taylor, Aave’s former Chief Product Officer, and Head of Design at Base.

Bier said at the time of the hire that he had tracked Taylor’s work for years and had pushed to bring him on, calling one of his past products among the best-designed he had seen.

But whether that overlap becomes competition or integration remains unresolved.

X could keep its payments stack entirely fiat, competing with crypto for users seeking yield and convenience. Or it could eventually incorporate crypto rails behind the scenes, using blockchain infrastructure without exposing users to it directly.

For now, Bier’s post lands in that ambiguity. Crypto may be waiting for its next catalyst, but it is no longer clear whether that catalyst will come from within the industry or from platforms building around it.

How AI and Modernisation Are Converging

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How AI and Modernisation Are Converging

In payments, innovation rarely happens in isolation. What is emerging now is something more powerful – the convergence of multiple trends that, together, are reshaping how banks operate and deliver customer experience. 

In this conversation, Radha Suvarna, Chief Product Officer for Payments at Finastra, highlights their recent report exploring how AI and modernisation are no longer separate priorities – they are becoming mutually reinforcing forces. 

Access the full report here: https://www.finastra.com/financial-services-state-nation-survey-2026 

For many banks, modernisation has been an ongoing theme for years. The move toward cloud-native, microservices-based, API-enabled platforms is about more than technology refresh – it is about creating systems that are flexible, scalable, and forward-compatible. But historically, progress has been gradual. 

AI is now accelerating that journey. 

With the ability to automate coding, testing, and operational processes, AI is enabling banks to experiment faster and iterate more effectively. What once took months can now be tested in significantly shorter cycles. At the same time, modern platforms are making it easier to deploy and scale those AI-driven capabilities. Together, they create a multiplying effect – each strengthening the impact of the other. 

The practical applications are already visible. 

In areas such as fraud detection and sanction screening, AI models are improving accuracy and reducing false positives. This not only lowers financial losses but also enhances customer experience by avoiding unnecessary transaction delays. In operations, AI is helping to streamline processes such as payment repair – reducing resolution times and improving efficiency for both banks and customers. 

These improvements are becoming even more critical as payments evolve. 

The rise of real-time and immediate payments is changing expectations. Transactions must be processed in seconds, leaving little room for manual intervention. At the same time, customers expect greater transparency, more payment options, and seamless digital experiences. This creates both an opportunity and a challenge.

On one hand, banks have more ways than ever to differentiate – through personalised experiences, faster services, and improved visibility. On the other, they must maintain the trust and reliability that underpin the payments ecosystem. Payments must work every time, securely and without failure. 

Looking ahead, Suvarna points to a broader shift driven by the convergence of AI, faster payments, and emerging technologies such as stablecoins and distributed ledger systems. Together, these trends are creating a more dynamic and complex payments landscape. 

For banks, the path forward is clear – but not simple. 

They must prioritise trust and security, commit to ongoing modernisation, lean into AI experimentation, and partner across the ecosystem rather than attempting to build everything in-house. 

In a rapidly evolving environment, success will depend not on any single technology, but on how effectively these forces are brought together to deliver better outcomes for customers.

Steve Aoki dumps his last SHIB and ETH as Bored Apes he bought for $800K sit at $97K

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Steve Aoki dumps his last SHIB and ETH as Bored Apes he bought for $800K sit at $97K

Steve Aoki told CoinDesk in August 2021 that NFTs would be “part of culture” within five years. Almost exactly five years later, he is liquidating what’s left of his crypto portfolio.

Arkham Intelligence data shows Aoki’s wallet sold 1.785 billion SHIB for roughly $10,300 and swapped 7.25 ETH for approximately $15,900 on Monday, routing $29,650 in USDT to Gemini. Two weeks earlier, the same wallet sold 4.155 billion PEPE through 1inch for $14,700. Smaller stablecoin movements of $600 to $1,700 through MetaMask filled in the gaps between the larger exits.

These sales are pocket change but the losses are not.

Aoki paid over $800,000 for seven Bored Ape Yacht Club NFTs during the 2021 boom when he was one of the most visible celebrity advocates for the space.

Those seven Apes are now worth approximately $13,800 each, or roughly $97,000 total, an 88% decline from his purchase price. He has not sold them, but at current floor prices there is little left to recover.

At the peak of the NFT mania, Aoki secured financing for “Dominion X,” an NFT TV show produced in collaboration with Seth Green’s Stoopid Buddy Stoodios.

The show sold 500 NFTs in 30 seconds on Nifty Gateway. His manager told CoinDesk the sale “barely covered” production costs but demonstrated a market for “original IP on the blockchain.”

The show never reached broadcast.

The broader NFT market confirms the pattern. Bored Ape floor prices have fallen from over $400,000 in early 2022 to under $14,000 today. The 2023–2025 bull market, which lifted Bitcoin to all-time highs above $126,000, largely bypassed NFTs entirely. Unlike previous cycles, capital has increasingly favored projects demonstrating clear utility and portfolio value over purely narrative-driven or speculative assets.

Aoki still holds the seven Apes. Everything else is going to Gemini.

What Is RAVE DAO And Why Has It Been Pumping Non-Stop For 3 Weeks?

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What Is RAVE DAO And Why Has It Been Pumping Non-Stop For 3 Weeks?

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

While the crypto market has been caught in sideways movement over the last few weeks, one token, RAVE, has defied all odds and staged a 4-digit rally during this time. The token, which rose from seemingly obscurity into the limelight in less than a month, has quickly become the hot topic of the crypto market. Naturally, its rapid surge has triggered excitement among some community members. But the broader majority are only left with questions: what is RAVE and why is it pumping?

Tearing Down The Mystery Behind RAVE DAO

RaveDAO (RAVE) was launched back in December 2025, making it a fairly new cryptocurrency in the space. It first burst into the scene in what seemed to be a pretty insider-dominated sale, with a total supply of 1 billion, and the tokens from the sale vested.

As for the utility, the RaveDAO website says that the project is meant to be the future of on-chain entertainment. They do this by hosting events around the world, with past events billed across countries such as the UAE, Singapore, South Korea, among others.

The RAVE token was launched on the Ethereum Layer 2 network, Base, owned by Coinbase, and quickly gained widespread acceptance. According to its CoinMarketCap page, the RAVE token was quickly listed on top exchanges such as Binance, Coinbase, and Bitget.

With widespread influencer and KOL support, the token’s social media quickly grew to tens of thousands of followers. But while the project itself is interesting, the real ‘tea’ is what happened in the days leading up to its over 4,000% rally.

A Real Pump Or A Classic Manipulation?

In the days following the pump, on-chain sleuths and investigators had dug into the on-chain activities of the RAVE team to unveil what appears to be a sinister manipulation scheme. According to the Evening Trader Group, a multisig wallet linked to the team had begun a massive accumulation trend using intermediary wallets. By the time the accumulation was done, the wallet had accumulated over $40 million worth of RAVE, quickly multiplying its profit.

As investigators dug deeper, the true holder concentration showed just how deep it went. According to on-chain data, the team currently controls more than 90% of the total supply. This concentration has led to manipulation allegations against the RaveDAO team as community members demand answers.

RAVE DAO Transactions
Source: X

The surge also caught the attention of the popular on-chain investigator, ZachXBT, who reached out directly to co-founder @wildwoodmoo on X. However, there has been no response from the co-founder, who hasn’t been active on the social media platform since February.

At the time of writing, the RAVE token is up by more than 4,500% in the last month. This has pushed its unlocked market cap above $3 billion, and its Fully Diluted Valuation (FDV) to over $13 billion. Its trading volume has ballooned, garnering over $4 billion in trading volume on Binance Perps alone, and its growth continues to befuddle investors, who have taken to calling it another Binance “crime” token.

RAVE price chart from Tradingview.com
Price remains above $11 | Source: RAVEUSDT on Tradingview.com

Featured image from Dall.E, chart from TradingView.com

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US Opens Compensation Claims for OneCoin Victims

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US Opens Compensation Claims for OneCoin Victims

The US Department of Justice has launched a compensation process for victims of the $4 billion crypto Ponzi scheme OneCoin, using forfeited assets taken from some of the scheme’s architects.

The Justice Department said on Monday that more than $40 million in forfeited assets is available to compensate anyone who purchased OneCoin between 2014 and 2019 and recorded a net loss.

Jay Clayton, the US Attorney for Manhattan, said the compensation process was “an important step toward returning funds to those harmed.”

OneCoin was launched in 2014 with the goal of surpassing Bitcoin (BTC), and despite rising to become the second-largest cryptocurrency by market capitalization, it later collapsed as users discovered the coins had no utility, and authorities worldwide started investigations into the operation.

Before it collapsed, OneCoin rose to become the second-largest cryptocurrency by market capitalization. Source: YouTube 

“Between 2014 and 2019, OneCoin’s founders sold a lie disguised as cryptocurrency, costing victims more than $4 billion worldwide,” Clayton said. “While no recovery can fully undo the damage, our Office will continue working to seize criminal proceeds and prioritize getting money back into the hands of victims.”

OneCoin co-founder disappeared, another gets 20 years

OneCoin was launched by Ruja Ignatova and Karl Sebastian Greenwood in Bulgaria and began operating in the United States around 2015.

The Justice Department estimates that between 2014 and the end of 2016, the scheme stole more than $4 billion from around 3.5 million victims. However, some estimates for worldwide losses reach $19 billion.

Related: Hacked crypto tokens drop 61% on average and rarely recover, Immunefi report says

Prior to OneCoin’s collapse, several central banks, including those of Latvia, Sweden and Norway, warned investors against the cryptocurrency, flagging it as a possible Ponzi scheme.

Bulgarian police eventually raided OneCoin’s headquarters in 2018 and arrested Greenwood.

He was sentenced to 20 years in prison in September 2023 for his role in the scheme. 

Ignatova was last seen in 2017, boarding a flight to Athens. She is one of the FBI’s “Ten Most Wanted Fugitives,” and the agency is offering $5 million for information leading to her capture and conviction.

Magazine: Bitcoin quantum-safe without upgrade? CZ’s 2031 crypto vision: Hodler’s Digest, April 5 – 11