Criminal Investigation Department of the US Internal Revenue Service (IRS-CI) reported that it participated in a larger proportion of cryptocurrency investigations on December 4th. The head of the IRS-CI, Jim Lee, stated in a statement to Bloomberg that about half of all investigations into digital assets in the past year involved tax issues. In contrast, he pointed out that three years ago, 90% of active cryptocurrency cases involved money laundering.

Jim Lee, head of the criminal division of the US Internal Revenue Service, stated that cases related to cryptocurrency tax evasion are on the rise. Lee said that three years ago, the vast majority of ongoing cryptocurrency investigations (over 90%) involved money laundering. However, in the past year, about half of the digital asset investigations involved taxes/ tax evasion.

Serious investors are investing heavily in Bitcoin funds, with the biggest 10-week inflows since the 2021 bull run. Digital asset fund manager CoinShares reported that last week, money going into crypto investment products hit $176 million, reaching a 10-week total of $1.76 billion. The inflows were last this high in October 2021 when the first-ever Bitcoin futures exchange-traded fund hit the American market. Analysts speculate that a bull run may be on its way, with hype around the potential approval of a spot Bitcoin ETF leading investors to pour money into the space.

As many as 28 virtual digital asset (VDA) or cryptocurrency service providers have registered with India's Financial Intelligence Unit (FIU). In March of this year, the Indian Ministry of Finance stipulated that cryptocurrency companies must register with the FIU, the country's anti-money laundering agency, and comply with other processes as stipulated by the Prevention of Money Laundering Act (PMLA). The Ministry of Finance's response also indicated that "guidelines and reporting requirements apply to offshore cryptocurrency exchanges that provide services to the Indian market" and that "appropriate action under the PMLA" will be taken against non-compliant offshore platforms.

Cryptocurrency stocks in the US stock market rose sharply in pre-market trading, with Microstrategy up 8% and Proshares Bitcoin Strategy ETF up 7.8%.

At the Global Wealth Forum held in Abu Dhabi, Jenny Johnson, President and CEO of Franklin D. Roosevelt, discussed the company's exploration of blockchain technology and the application for a Bitcoin ETF. Johnson emphasized the importance of distinguishing between Bitcoin and blockchain, and pointed out that blockchain technology will make private markets more democratic, reduce transaction costs, and make it easier to divide and transfer ownership of hard-to-handle assets. She also mentioned that the company's tokenized currency market fund demonstrates their confidence in this area. Regarding the approval of a Bitcoin spot ETF, Johnson said it depends on regulatory agencies, but she believes a spot ETF is a better way to obtain Bitcoin. In addition, she revealed her small investments in cryptocurrency and looked forward to other blockchain or cryptocurrency-related products that the company may launch.

On December 2nd, Aevo announced the launch of Spot Swaps on X platform, which allows users to convert collateral between ETH, USDC, USDT, and WBTC.

Esteban Cabrera Da Corte, a resident of Miami, has been sentenced to 63 months in prison for leading a scheme that defrauded banks of millions of dollars by stealing crypto assets and cash. Da Corte and his crew used fake identities to purchase $4 million worth of virtual currencies from an unnamed crypto exchange and then falsely claimed to banks that the purchases were unauthorized. They were able to deceive both the banks and the crypto exchange platform, tricking them into reversing the transactions and depositing money into accounts controlled by his team. In addition to his prison sentence, Da Corte was ordered to pay about $3.58 million worth of restitution and forfeit $1.2 million.

Blockchain detective ZachXBT revealed that a SIM card swapping hacker who impersonated the Apple Support Center and stole $386,000 worth of cryptocurrency and NFT (BAYC#9012) from user Mr312 last year has been sentenced to 8 years in prison and ordered to pay $1.2 million in compensation.

Ron DeSantis, Governor of Florida and Republican presidential candidate, strongly criticized the Biden administration's attitude towards cryptocurrency in an interview with The Washington Observer. DeSantis said: "The SEC led by Biden is the judge, jury, and executioner in the cryptocurrency field, while the Federal Reserve continues to promote the development of CBDC." DeSantis opposes the lawsuits filed by the SEC against cryptocurrency companies, stating: "Due to regulatory reform, innovation is fleeing abroad. I will defend the right of Americans to hold digital assets without government interference. Cryptocurrency rules should be formulated by Congress, not regulatory agencies that do not understand the industry."