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  • Abra CEO Bill Barhydt: “We Haven’t Seen the True Bottom in Bitcoin Yet; It Could Drop This Far”

    Abra CEO Bill Barhydt: “We Haven’t Seen the True Bottom in Bitcoin Yet; It Could Drop This Far”

    Abra CEO Bill Barhydt, a seasoned figure in the cryptocurrency world, assessed Bitcoin’s current market state, upcoming macroeconomic developments, and the future of the sector. According to Barhydt, the final “capitulation” phase may not have occurred in the market yet.

    Bill Barhydt noted that Bitcoin has been trading in a narrow range for some time, drawing attention to the question of whether the market is in an accumulation phase or a period of calm before a new wave of decline. Barhydt stated, “I wouldn’t be surprised to see a downward breakout with a capitulation move,” pointing to the $50,000-$55,000 range.

    Related News Company That Previously Purchased a Large Amount of Bitcoin Sells BTC: Says It May Sell More

    However, he added that such a decline would remain a “shallow bear market” given Bitcoin’s historical volatility.

    Barhydt argued that the focus should be on the major transformation in financial infrastructure rather than short-term price movements. Stating that the perspective of traditional finance (TradFi) giants towards cryptocurrency has completely changed, the CEO said:

    “In the future, everything will be tokenized. From Tesla shares to SpaceX shares, from Bitcoin to real estate, all portfolio structures will be managed through tokens.”

    *This is not investment advice.

  • Trump says US could charge for Strait of Hormuz passage amid Iran war

    Trump says US could charge for Strait of Hormuz passage amid Iran war

    US president says Washington, as the ‘winner’ of the war, has a ‘concept’ for charging a toll in strategic waterway.

    President Donald Trump has suggested the United States may be looking to charge a toll in the Strait of Hormuz after the war, a move that would likely require direct US military control over the strategic waterway.

    Asked on Monday whether he would accept a deal that would allow Iran to take fees from ships to traverse the strait, the US president said: “What about us charging tolls? I’d rather do that than let them have them. Why shouldn’t we? We’re the winner. We won.”

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    Trump reiterated that Iran has been militarily defeated, a claim that he has been making since the early days of the war, despite Iran’s sustained drone and missile attacks across the region and its continuing blockade of Hormuz.

    “The only thing they have is the psychology of, ‘Oh, we’re going to drop a couple of mines in the water.’ All right, no, I mean, we have a concept where we’ll charge tolls,” Trump told reporters.

    Hormuz, which connects the Gulf to the Indian Ocean, lies mostly within Omani and Iranian territorial waters. About 20 percent of the world’s oil and liquefied natural gas (LNG) passed through the strait before the war.

    Trump’s latest comments came as he issued what he called a “final” ultimatum to Tehran to reopen the strait and agree to Washington’s terms or face attacks against Iran’s civilian infrastructure, including bridges and power plants.

    The US president told reporters on Monday that any deal with Iran must include reopening the Strait of Hormuz.

    “We have to have a deal that’s acceptable to me, and part of that deal is going to be, we want free traffic of oil,” he said.

    Reports have suggested that Iran is already charging a toll for some of the few ships it is allowing to pass through the strait.

    “The Strait of Hormuz situation won’t return to its pre-war status,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote on X last month.

    Iran’s Foreign Minister Abbas Araghchi has also called for “new arrangements” to manage the waterway after the war, ensuring safe passage for ships and protecting Iran’s interests.

    “I believe that after the war, the first step should be drafting a new protocol for the Strait of Hormuz,” he told Al Jazeera in March. “Naturally, this should be done between the countries that lie on both sides of the strait.”

    The White House said last week that Trump is considering asking Arab countries to pay for Washington’s expenses in its war on Iran.

  • Kalshi Scores Biggest Legal Win Yet in Appeals Court Decision Against New Jersey

    Kalshi Scores Biggest Legal Win Yet in Appeals Court Decision Against New Jersey

    In brief

    • Kalshi won a major appeals court ruling that its sports-related markets should be federally regulated.
    • The court said oversight belongs to the CFTC, not state gambling authorities like New Jersey’s.
    • The decision strengthens Kalshi’s position in a broader national legal battle likely headed to the Supreme Court.

    A federal appeals court in Philadelphia handed a significant victory to Kalshi Monday, ruling that New Jersey has no claim to regulate the prediction market under existing state gambling laws.

    Wagers on Kalshi—including those related to sports—instead fall under the federal purview of the CFTC, a panel of federal appeals judges ruled 2-1 on Monday.

    The appeals court affirmed a preliminary injunction granted last spring against New Jersey, after gambling regulators in the state sent Kalshi a cease-and-desist order. The state regulators had argued Kalshi’s sports-related markets were unregistered sports bets by another name; Kalshi argued they were event contracts exclusively regulated by the CFTC.

    Last April, a federal judge in New Jersey sided with Kalshi, ruling New Jersey could not enforce a ban on the platform as the case proceeded to trial—becuase Kalshi was likely to succeed on the merits of its case.

    Today, two appellate judges came to the same conclusion, affirming the judge’s original ruling. They are Chief Judge Michael A. Chagares, who was appointed to the Third Circuit Appeals Court by former President George W. Bush, and Judge David J. Porter, who was appointed by President Donald Trump.

    The sole dissenting judge in today’s ruling, Jane R. Roth, lambasted her colleagues’ decision, arguing that although Kalshi’s sports-related wagers are registered as event contracts, that one factor does not change their inherent nature as bets on the outcomes of sports games.

    “The Majority [holds] that Kalshi’s registration as a DCM and branding of its wagers as sports-event contracts are acts of alchemy that transmute its products from sports gambling to futures trading,” Roth dissented. “I see Kalshi’s actions as a performative sleight meant to obscure the reality that Kalshi’s products are sports gambling.”

    Roth was appointed to the court in 1991 by former President George H.W. Bush.

    “The Third Circuit ruled in Kalshi’s favor. People use prediction markets because they’re more fair, transparent, and reward being right,” Kalshi co-founder and CEO Tarek Mansour wrote on X. “Free markets work. We should keep them that way. This is a big win for the industry and millions of users.”

    Kalshi posted to Mansour’s post when reached by Decrypt for comment on today’s ruling.

    As a U.S. Appeals Court decision, today’s ruling can only be appealed to the U.S. Supreme Court—unless the 3rd Circuit opts for a rare en banc review, in which every judge on the circuit would collectively rehear the case.

    For over a year now, state and federal courts across the country have come to vastly differing conclusions in the jurisdictional dispute over prediction market regulation. Nevada, for instance, recently succeeded in temporarily banning Kalshi in the gambling-dominated state. On Friday, a state judge extended that initial 14-day ban for another two weeks.

    Meanwhile, the Trump administration has aggressively argued that prediction markets should not have to comply with state gambling laws. Last week, the Trump CFTC, along with the Department of Justice, sued Illinois, Arizona, and Connecticut for attempting to regulate prediction market platforms.

    Due to the extent of the disagreement, the matter of prediction market regulation is likely to ultimately be decided by the Supreme Court.

    Editor’s note: This story was updated after publication to include comments from Kalshi.

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  • Circle’s Arc Network Reveals Quantum Resistance Plans as Bitcoin, Ethereum Face Threat

    Circle’s Arc Network Reveals Quantum Resistance Plans as Bitcoin, Ethereum Face Threat

    In brief

    • Arc Network will launch its mainnet with built-in post-quantum signature support.
    • The phased roadmap targets full quantum resistance across wallets, validators, and infrastructure.
    • Experts predict quantum computers could break current cryptography within a few years, with Google seeing a real threat to Bitcoin by 2032.

    Arc, an upcoming layer-1 blockchain backed by USDC stablecoin issuer Circle, announced that its impending mainnet launch will come with post-quantum signature support—part of a broader roadmap to address growing concerns about quantum computing threats to cryptocurrency.

    The Ethereum Virtual Machine-compatible blockchain aims to protect institutional digital assets from future quantum attacks that could break current cryptographic systems.

    The network’s roadmap spans wallets, private smart contract state, validator authentication, and supporting infrastructure. Unlike approaches that would force disruptive network-wide resets, Arc’s design is opt-in with no mandatory migration required, according to the company.

    Post-quantum signature support will arrive alongside the forthcoming mainnet launch, while quantum-resistance private state protection is noted as a “near-term” enhancement. Post-quantum-designed infrastructure will come later, followed by the “long-term” improvement of validator signature hardening.

    The technical challenges are significant. While classical signatures measure 64-65 bytes, post-quantum signatures can be an order of magnitude larger. Arc’s sub-second block finalization leaves attackers only a 500 millisecond window to forge validator signatures. The roadmap document emphasizes that blockchains need quantum-resistant protections across every layer of the stack, not just at the wallet level.

    The move highlights challenges facing established networks—Bitcoin’s migration to post-quantum wallets alone could take months of continuous processing in a best-case scenario, Arc’s documentation states.

    “The organizations that lead this transition will be the ones that started building before the urgency became undeniable,” Arc’s post reads. The technical complexity of quantum-resistant migrations poses significant hurdles for networks with large user bases and extensive infrastructure.

    The quantum threat has gained urgency as “Q-Day”—when quantum computers could break public-key cryptography—approaches. The National Institute of Standards and Technology has warned about “harvest now, decrypt later” attacks, where adversaries collect encrypted data today to decrypt once quantum computers become powerful enough.

    Most major blockchain networks lack adequate preparation for quantum threats that could render current security obsolete, making proactive approaches increasingly critical for protecting long-lived digital assets.

    Bitcoin developers have discussed potential mitigation solutions for years, with a Bitcoin Improvement Proposal (BIP 360) recently gaining traction. Meanwhile, Ethereum developers have coalesced around a roadmap championed by co-founder Vitalik Buterin and the Ethereum Foundation, with plans to implement quantum resistance before it’s a problem.

    The price of ALGO has surged over the last week after the Algorand blockchain was cited in a Google research paper about post-quantum cryptography. Google recently said that the quantum threat to Bitcoin could take root by 2032, even sooner than previously projected.

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  • Shaquille O’Neal, Warner Launch ‘Dunkman’ Professional Dunk League

    Shaquille O’Neal, Warner Launch ‘Dunkman’ Professional Dunk League

    Warner Bros. Discovery may no longer show NBA games on TNT each week, but that doesn’t mean the company is no longer playing basketball.

    Shaquille O’Neal, Authentic Brands Group and Warner’s TNT Sports will launch “Dunkman,” the first professional league tied to dunking, in summer of 2026. The inaugural season will feature 24 skilled dunkers competing live across four events. Finalists will compete for a world championship title and a grand prize of $500,000. Eli Lilly & Co., the pharmaceutical giant, will also work as a partner with the league.

    “The NBA’s dunking contest over the last ten to fifteen years has been terrible,” O’Neal told Variety during an interview on Monday. “We want the best dunkers around the world, and we know there are a lot of great dunkers out there.”

    O’Neal will serve as commissioner of the new league.

    The launch of Dunkman — which got its start as a six-episode competition late last year — is the latest in a a new series of efforts by media companies to take more control over the sports rights that fill up so much more of their programming schedules. The cost to show top tier games from the NFL and NBA, among others, continues to rise. With that in mind, many of the nation’s big media companies have tried to launch their own entities. Warner also works with the three-on-three Unrivaled women’s basketball league and manages “The Match” celebrity golf tournament. Fox Corp, is a major owner of the UFL spring football league.

    “We’ve kind of come to the conclusion that these guys are professional athletes that need to be organized” says Craig Barry, executive vice president and chief content officer of Warner’s TNT Sports, during an interview. “We believe there’s an opportunity to bring a league to the fans,” who have already shown interest in seeing great dunks playing on digital and social media

    Live league events will air across TNT, TBS, truTV and HBO Max, with additional content streamed across “Dunkman,” social channels, Bleacher Report, House of Highlights and YouTube. 

    O’Neal is passionate about the concept, says Lee White, head of sports content at WME, which represents the basketball legend. “Shaq has been outspoken about the state of the dunk contest and how it’s lost relevance in recent years. The star power isn’t there, but more importantly, the innovation and creativity has fallen off,” he says. “But rather than just complaining about a problem and waiting for someone else to fix it, Shaq and the team have built something entirely new with ‘Dunkman.’  We feel this is truly a groundbreaking competition that brings together the best viral dunk artists from around the world and appeals to an audience that is underserved.”

    O’Neal says fans will get to meet some new athletes. He cites the example of a Polish doctor who took part in the initial contest and displayed some surprising skills. “This is a new professional league, not a dunking contest,” he says, “We are calling all dunkers.”

    .

  • Fox Renews ‘Memory of a Killer,’ Starring Michael Imperioli and Patrick Dempsey, for Season 2

    Fox Renews ‘Memory of a Killer,’ Starring Michael Imperioli and Patrick Dempsey, for Season 2

    Fox has just unearthed more killer memories. The network has given a Season 2 order to “Memory of a Killer,” its freshman drama starring Patrick Dempsey and Michael Imperioli. This brings the series, which just wrapped its Season 1 on Monday night, through the 2026-2027 TV season.

    “‘Memory of a Killer’ has become a true standout with visceral performances from Patrick Dempsey and Michael Imperioli,” said Fox TV Network prexy Michael Thorn. “Aaron Zelman, Glenn Kessler, and our partners at Warner Bros. Television have delivered a sharp, emotional character-driven thriller that’s clearly landed with viewers, and we’re excited to continue that success together in Season Two.”

    The 10-episode Season 1 premiered on Jan. 25 behind the NFL’s NFC championship game, which helped make it broadcast’s highest-rated drama telecast this season, Fox said. The network said it’s also Fox’s most-streamed series to date.

    The series is inspired by the book and 2003 Belgian film “De Zaak Alzheimer.” Warner Bros. Television and Fox Entertainment are behind the show, with executive producers including showrunners Aaron Zelman and Glenn Kessler, and series star Dempsey. Arthur Sarkissian and Martin Campbell are also executive producers, along with Peter Bouckaert of Eyeworks.

    “We’re thrilled Fox has renewed ‘Memory of a Killer’ for a second season, a richly deserved renewal given the show’s great critical, creative, and commercial success,” said Channing Dungey, chairman and CEO, Warner Bros. Television Group and WBD US Networks. “The performances of Patrick Dempsey and Michael Imperioli have been powerful and compelling, and we can’t wait to see what the show’s brilliant creative team has in store for Angelo’s next chapter.”

    Richard Harmon, Odeya Rush, Daniel Davis Stewart and Peter Gadiot also star. Here’s the logline for Season 1: “‘Memory of A Killer’ is a dramatic thriller starring Emmy nominee Patrick Dempsey as a hitman, Angelo Doyle, leading a dangerous double life while hiding an even deadlier personal secret. Emmy winner Michael Imperioli stars opposite Dempsey in the role of Dutch, Angelo’s oldest friend and an accomplished chef whose restaurant is a front for criminal enterprise.”

  • Around Half the ADHD and Autism Content You See on TikTok May Be Misleading

    Around Half the ADHD and Autism Content You See on TikTok May Be Misleading

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    New research finds that a significant number of videos about ADHD, autism, and various mental health conditions on social media platforms like TikTok are misleading or inaccurate. Maria Korneeva/Getty Images
    • A new study has found that a significant amount of social media content about mental health is inaccurate.
    • Researchers identified TikTok as the platform most associated with misleading mental health information
    • Much of the content is based on personal anecdotes and simplified traits rather than clinical criteria
    • Experts warn that this rise in misinformation may contribute to confusion, misdiagnosis, and delayed support

    A new study, published in the Journal of Social Media Research, has found that a significant proportion of social media content about mental health and neurodevelopmental conditions may be misleading.

    Researchers at the University of East Anglia’s Norwich Medical School reported that 52% of top-performing ADHD videos and 41% of autism-related videos on TikTok contained information that was inaccurate or not supported by current clinical evidence.

    They found that social media platforms, including YouTube, TikTok, Facebook, Instagram, and X (formerly Twitter), are awash with misleading or unsubstantiated mental health content, and identified TikTok as the worst offender.

    The study also found that videos were often based on personal anecdotes and simplified traits, rather than diagnostic criteria or professional guidance.

    “Our work uncovered misinformation rates on social media as high as 56%. This highlights how easily engaging videos can spread widely online, even when the information isn’t always accurate,” Eleanor Chatburn, a Clinical Psychologist from UEA’s Norwich Medical School, and the senior author of the study, said in a press release.

    “Social media has become an important place where many young people learn about mental health, but the quality of this information can vary greatly. This means that misleading content can circulate quickly, particularly if there aren’t accessible and reliable sources available.”

    Darren O’Reilly, DPsych, CPsychol, HCPC, consultant psychologist and clinical director at AuDHD Psychiatry, said he isn’t surprised by these findings.

    “I’m not surprised that social media, and TikTok in particular, seems prone to misinformation since it rewards fast, emotionally engaging and highly relatable content and not the careful, evidence-based and clinically accurate content,” he told Healthline.

    O’Reilly was not involved in the study.

    Part of the problem, he noted, is that this kind of content can feel hugely validating, even if it’s not accurate.

    “TikTok does not reward being right. It rewards being relatable, confident, and easy to share,” he pointed out.

    “With ADHD and autism in particular, people can recognise one small part of themselves in a video and mistake that recognition for proof. But short-form mental health content tends to flatten complex conditions into a few catchy traits, and that is where misinformation spreads fastest.”

    As a result, O’Reilly said he often sees people arriving in the clinic with a strong self-diagnosis based on social media content, when the reality is often much more complex.

    ADHD and autism are especially vulnerable to oversimplification because their traits overlap with everyday experiences such as stress, burnout, trauma, and anxiety. That makes inaccurate content feel convincing, even when it is clinically incomplete or wrong,” he noted.

    When online content about mental health and neurodivergence can feel relatable and validating, you might ask, what’s the harm?

    One of the biggest issues is that it can lead to confusion and misdiagnosis. O’Reilly said that in some cases, people can spend years trying to solve the wrong problem.

    “What we often see is a double risk. Some people take on a diagnosis that does not really fit, while others dismiss symptoms that actually need proper attention,” he explained.

    “When people are self-diagnosing based on short-form content, they are usually matching one or two traits, rather than seeing the full picture. That can lead them down a path that does not actually address what is going on.”

    In some cases, O’Reilly said, this can delay people in getting a proper assessment. For others, it can mean a delay in getting the right support.

    “A big part of the problem is that online content tends to blur the line between normal human experiences and clinical conditions. Things like distraction, stress, or emotional ups and downs get presented as signs of a disorder, when they may not be,” he explained.

    “For people who are genuinely neurodivergent, this can delay access to the right support or lead to misunderstanding their own needs. For others, it can mean unnecessary labels, increased anxiety, and trying interventions that do not help.”

    Perhaps one of the biggest benefits of social media is that it can raise awareness of topics that aren’t often discussed.

    Content on platforms like TikTok can spark productive conversations and reduce stigma. However, increased awareness around mental health and neurodivergence needs to be balanced with accuracy.

    “What is spreading online is not just awareness, it is a simplified, non-clinical version of these conditions. Social media has made neurodivergence visible, but visibility is not the same as understanding,” O’Reilly noted.

    “The benefit is that people feel able to explore their difficulties without shame, which increases help-seeking. The risk is that awareness turns into overconfidence, where people move from this resonates to this explains everything without proper assessment,” he explained.

    The challenge is removing the oversimplification around the conditions.

    “ADHD and Autism are complex developmental conditions, and if they are reduced to a handful of traits, people gain awareness but lose accuracy,” O’Reilly said.

    “The goal is not to reduce conversation, but to anchor it in evidence, where lived experience is shared but not mistaken for diagnosis.”

    So, what practical steps can you take to identify misinformation, and more importantly, where can you find reliable and accurate mental health and neurodivergence support?

    “If a video claims, ‘If you do this, you have ADHD or autism,’ it is almost certainly misleading. Real diagnoses are based on patterns, impairment, and history, not one trait,” O’Reilly said.

    “Good information explains context and limitations, while bad information speaks in absolutes and skips over nuance.”

    As a rule of thumb, O’Reilly said you should avoid content that reduces a condition to a single behaviour or quick fix, look for whether the creator has relevant clinical training or cites credible sources, and check if multiple explanations are considered, not just one diagnosis.

    For evidence-based support, O’Reilly advised seeking out regulated professionals such as clinical psychologists, psychiatrists, or specialist ADHD and autism services.

    “A proper assessment should involve developmental history, functional impact, and consideration of alternative explanations, not just symptom checklists,” he noted.

  • New Jersey has no right to ban Kalshi’s prediction market, US appeals court rules

    Kalshi can’t be stopped in New Jersey. A 3rd US Circuit Court of Appeals panel ruled on Monday that New Jersey has no authority to regulate Kalshi’s prediction market allowing people to bet on the outcome of sports events. That power rests with the Commodity Futures Trading Commission, the panel ruled 2-1.

    The CFTC is headed by President Donald Trump appointee Michael Selig, who vocally and actively supports prediction markets like Kalshi and Polymarket, calling them “exciting products.” The Trump family agrees: Donald Trump Jr. is a paid adviser to Kalshi and an unpaid adviser to Polymarket, and Truth Social, which is run by the Trump Media and Technology Group, is set to start a prediction market of its own.

    Online prediction markets are an emerging phenomenon that allow users to bet on the outcome of basically anything, from local athletic competitions to lethal military invasions. Though they’re new, these marketplaces have already shown evidence of insider trading on an extreme scale, with suspicious bets and big payouts tied to the US and Israel’s military strikes in Iran, and also the US’ brief invasion in Venezuela. According to blockchain analyst DeFi Oasis, fewer than 0.04 percent of Polymarket accounts captured more than 70 percent of profits, totaling $3.7 billion.

    Multiple state gaming regulators have filed legal challenges against Kalshi and Polymarket in recent months, and just last week the CFTC sued Arizona, Connecticut and Illinois over their attempts to regulate prediction markets. While each state has its own angle of attack, from election issues to underage betting, they’re all broadly claiming that prediction markets are just illegal gambling businesses. Today’s ruling marks the first federal-level decision in one of these cases and it’s in favor of the prediction markets.

    New Jersey sent Kalshi a cease and desist letter in 2025, claiming the service violated the state’s ban on collegiate sports betting. Kalshi escalated the situation and sued New Jersey, arguing that its sports contracts are actually swaps, a type of financial investment that’s (conveniently) regulated by the CFTC. A lower-court judge previously sided with Kalshi, prompting New Jersey to appeal. Two of the three judges in that appeal ruled that Kalshi’s sports-related event contracts were indeed swaps. Kalshi CEO Tarek Mansour called Monday’s ruling “a big win for the industry.”

    US Circuit Judge Jane Richards Roth dissented, writing that Kalshi’s “offerings were virtually indistinguishable from the ​betting products available on online sportsbooks, such as DraftKings and FanDuel.”

    New Jersey Attorney General Jennifer Davenport has the option to ask the full 3rd Circuit to rehear the case, and the issue is also pending in several other courts.

  • The League of Legends KeSPA cup will air globally on Disney+

    Disney has inked a deal with the Korea Esports Association that will bring several gaming tournaments to the its streaming platform. Disney+ will be the global live streaming home for Esports Champions Asia Jinju 2026, the 2026 League of Legends KeSPA CUP and some preliminary events ahead of the 20th Asian Games Aichi-Nagoya 2026. This agreement expands KeSPA’s arrangement with Disney, which only streamed its esports events to viewers in Asia last year.

    Esports Champions Asia is the first event on the calendar, occurring April 24-26 with professional teams from across the continent squaring up in tournaments for games including Street Fighter 6, The King of Fighters XV, TEKKEN 8 and the eFootball series. Disney+ will also be an official streamer for the PUBG Mobile and Eternal Return competitions during that weekend.

    It could be helpful for western esports fans to have a single location for watching the major events happening in Asia. However, many tournaments are currently free to watch on Twitch or YouTube, so now needing a Disney+ subscription to catch some of these international competitions might feel onerous. Esports might run the risk of turning into the fragmented set of rights deals that plagues traditional sports leagues, where a game could be on one of a half dozen different paid services each night. It’s also likely going to mean co-streamers take a hit to their viewership, since Disney seems unlikely to offer the same sort of broadcast access that has made the practice popular on Twitch.

  • India Issues Tax Notices to Crypto Traders Over Unreported Activity From Earlier Years

    India is intensifying scrutiny of cryptocurrency activity as tax authorities flag system-estimated income that may not reflect actual profits, issuing reassessment notices that could reopen past filings and pressure traders to justify discrepancies.

    Key Takeaways:

    • India is issuing Section 148A notices that can reopen past crypto filings for review.
    • Systems may flag estimated income that does not reflect actual profits, increasing exposure.
    • Data mismatches across exchanges and tax filings can escalate scrutiny and potential penalties.

    India Crypto Tax Notices Target Past Reporting Gaps

    Indian tax authorities are stepping up enforcement efforts targeting cryptocurrency transactions, especially those from earlier financial years now under review. Section 148A notices are reportedly being issued to taxpayers where discrepancies in reported income are flagged through advanced title=”Learn about Cryptocurrencies” target=”_blank”>Crypto tax platform Koinx shared on April 6 insights about these developments. The company stated on social media platform X:

    “148A notices are now being issued to crypto investors in India.”

    “Many relate to FY 2021–22 transactions,” the crypto tax platform affirmed, clarifying: “This number is often $NOT your actual profit. It’s just what the system thinks is income … Until you prove otherwise.”

    The firm explained that such notices are triggered when authorities detect inconsistencies in financial data. The flagged amounts often reflect system-derived estimates rather than confirmed taxable profits.

    Automated Systems Flag Crypto Volume as Income Risks

    Koinx detailed how India’s Income Tax Department evaluates crypto activity using internal surveillance systems and risk engines. The Insight Portal and CRIU infrastructure analyze financial activity across multiple datasets. These systems compare PAN-linked KYC details, exchange trading activity, bank transfers, and filed income tax returns. Any mismatch across these sources can trigger a notice under Section 148A for further review. The company emphasized that the taxpayer’s response determines whether reassessment proceeds, stating:

    “A 148A notice is not a tax demand yet. It’s a show-cause notice. Meaning the department is asking: ‘Explain why we should not reopen your assessment.’
    Your response determines what happens next.”

    The firm also highlighted structural issues when traders use multiple exchanges and wallets across different platforms. For example, the firm outlined a common transaction path where assets move across Coinswitch, Binance, private wallets, and Wazirx. In such scenarios, the tax system may capture only one segment of the transaction chain rather than the complete flow. This limited visibility can lead to mismatched records and inflated income assumptions. As a result, fragmented tracking may misrepresent actual trading activity and overstate income levels. Authorities often interpret gross turnover as income rather than net profit.

    In one example, a trader may have executed transactions totaling ₹1.6 crore (approximately $172K) in volume during the year. The actual profit from those trades could be only ₹4–5 lakh (approximately $4,300–$5,400) after accounting for costs and losses. However, the system may initially flag the entire ₹1.6 crore (approximately $190,000) as deemed income until the taxpayer provides clarification.

    Koinx urged that recipients should remain calm and act promptly to address the notice with accurate data. The tax firm stated: “If you receive this notice, do $NOT panic.” The platform advised reconstructing complete transaction histories, calculating actual gains or losses, preparing accurate tax computations, and submitting supporting evidence. Noting that proper documentation and timely responses remain critical as enforcement systems continue expanding, the company concluded:

    “Most notices can be resolved if your data is correct.”