Good day to you all! We have some news today and we have added the Bonus News section back into the newsletter. Hope you all had a good weekend🎊

Here is the outline for the newsletter today🔥

• 💻 Jimbos Protocol $7M exploit

• 💸 Crypto mining tax is off the table!

• 🏝️ Bali warns tourists of crypto payments

Jimbos Protocol $7M exploit

The excitement surrounding the launch of Jimbos Protocol Version 2 quickly turned into dismay as the protocol fell victim to a devastating exploit, resulting in a loss of $7.3 million.

The attack occurred just days after the protocol went live, highlighting the challenges faced by decentralised finance (DeFi) platforms in maintaining robust security measures.

Jimbos Protocol suffered a significant loss of 4,090 ETH due to a lack of slippage control in the main contract. Exploiting this vulnerability, attackers executed a carefully orchestrated plan, taking advantage of a $5.9 million flash loan.

By manipulating the prices of the JIMBO token, they managed to walk away with funds from the protocol's treasury. Talk about a nice payday!

In response to the attack, the team behind Jimbos Protocol is actively collaborating with security researchers and law enforcement agencies to identify the culprits and potentially recover the lost funds. These collaborative efforts aim to enhance the security measures of the protocol and prevent future exploits.

Following the incident, the price of the JIMBO token experienced a sharp decline. However, it has since shown signs of recovery, trading at nearly 18 cents as developers explore protective plans to safeguard the interests of token holders.

The exploit serves as a stark reminder of the inherent risks associated with DeFi systems and the need for robust security measures within the blockchain ecosystem.

Crypto Mining Tax: Off the table!

In a recent development, the Digital Asset Mining Energy (DAME) tax proposal, which sought to impose a 30% tax on cryptocurrency mining firms, has been reportedly removed from the U.S. debt ceiling deal.

This decision comes as a victory for those opposing the tax, including U.S. Congressman Warren Davidson, who played a role in blocking proposed taxes as part of the debt ceiling agreement.

The DAME tax was initially put forward as a measure to address the environmental and societal concerns associated with crypto mining operations.

However, its inclusion in the debt ceiling deal sparked debates within the crypto community and among lawmakers.

The debt ceiling deal itself aims to suspend the nation's debt limit until 2025 while implementing certain restrictions on government spending.

The removal of the DAME tax from this comprehensive bill reflects a shift in the legislative landscape regarding cryptocurrency taxation.

Critics of the proposed energy tax, including crypto advocates and Republican Senator Cynthia Lummis, highlighted the significance of a thriving Bitcoin mining industry for national and energy security. They argued that such a tax could hinder innovation and the growth of the crypto sector.

The decision to remove the DAME tax demonstrates the ongoing discussions and negotiations surrounding cryptocurrency regulation and taxation.

As the industry continues to evolve, policymakers are exploring ways to strike a balance between environmental concerns, economic development, and technological innovation.

It is important to note that while the removal of the DAME tax is a significant development, the landscape of cryptocurrency regulation and taxation remains dynamic.

Bali warns tourists for crypto payments.

Local authorities in Bali, a popular tourist destination known as "Silicon Bali" due to its growing crypto community, have issued a warning to tourists regarding the use of cryptocurrency as a means of payment.

Violators who pay with crypto or break other rules may face:

• Deportation

• Criminal Penalties

• Tough Sanctions

Better not anger the authorities!

Indonesian law mandates that all transactions within the country must be settled in the local currency, the rupiah. Therefore, using cryptocurrency for payment purposes in Bali is not allowed.

The Bali Governor and local authorities are taking firm actions to enforce this regulation and maintain the integrity of the country's financial system.

Those found in violation of this law can face severe consequences, including up to one year in prison and a fine of up to 200 million rupiah ($13,300).

The aim of these penalties is to deter the use of currencies other than the rupiah and ensure compliance with Indonesian regulations.

While Bali has become a hub for crypto enthusiasts, it is crucial for visitors to understand and respect the local laws and regulations.

Although the growth of the crypto community in Bali is evident, using cryptocurrency for payment purposes can result in legal consequences.

✨Bonus News✨

• NVIDIA is revealing more AI products! - Looks like they are not slowing down after a $184 billion gain in valuation.

• ChatGPT is helping Lawyers. - A US lawyer has admitted in using ChatGPT for case research.

• Singapore’s Temasek cuts staff bonus - This was all because of the failed investment in FTX.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.