GM, frens! ☕️

Courage in our space isn’t taking max risk or placing turbodegen bets - it’s about having the agency to actually try something new when everyone else is stuck. To move when others hesitate.

That’s how new ground gets broken 🧠 

Here’s what we’re watching this week:

• 🇪🇸 Spain might go BERSERK on crypto with proposed new tax policies

• 🏴 Web3 on Fire × Bitrefill: Black Friday goes FULL DEGEN

• 🫣 Cardano’s rough week

• 🤔 Binance back in court – this time as a proxy for October 7

And on the bag front… here’s how $WALLET portfolio is doing:

If you’ve got that energy too, you’ll fit right into our Discord 🫡

Spain might go BERSERK on crypto with proposed new tax policies

Spain’s politicians picked up a new hobby - trying to fight crypto. Politicians reach for the tax code like it’s duct tape (especially when markets go sideways).

And they just proved it again 👇️ 

• Sumar (a Spanish electoral alliance) filed amendments in the Congress of Deputies that would shove many crypto gains into Spain’s general income bucket (up to 47%) instead of the current savings base that tops out around 30%. Corporate profits from digital assets - a flat 30% under corporate tax 💵 

• The plan also tells the CNMV (Spanish SEC) to roll out a “traffic light” risk system for platforms - judging registration status, supervision, asset guarantees, liquidity, etc - supposedly to “protect investors” 🤡 

On paper it reads sort of like consumer protection, at least that’s how it’s pitched. In practice it’s a sledgehammer aimed at an industry Spain still doesn’t understand 🔨 

The backlash came fast 👇️ 

• Spanish economist José Antonio Bravo called the package hostile to crypto, “a useless attack” that would only hurt regular users and holders.

• Lawyer Cris Carrascosa went harder - called it “unworkable” and predicted chaos for the entire crypto tax regime if it passes.

There’s a stickier clause buried in all that: widening what counts as seizable assets to cover all cryptocurrencies, not just the bits already fenced by the EU’s MiCA 👴 

That’s a legal mess waiting to happen according to experts, and a signal that the target isn’t scams or fly by night platforms, it’s the asset class itself 🪙 

So Spain wants to look tough vs the crypto industry, but jamming it into a 47% box won’t make volatility go away. It just tells builders, investors and devs to search for the nearest airport.

Will it pass as is? That’s the knife’s edge. Parliament can still water it down. If they don’t, Spain won’t become safer - it’ll most likely vanish from chains because activity will route elsewhere and disclosures will shrink 🤔 

The liquidity won’t die, it will just leave.

🔥 Web3 on Fire × Bitrefill: Black Friday goes FULL DEGEN

Black Friday is cool… but 25% cashback in BTC is cooler 🫰 

So we teamed up with Bitrefill to drop a deal that’s basically free sats for your next purchase on their website 🤯 

Bitrefill is an e-commerce platform that allows users to purchase gift cards, mobile top-ups, and eSIMs using crypto. It enables "living on crypto" by converting digital currencies into real-world goods and services, such as gift cards for retailers like Amazon and Starbucks, phone airtime, and subscriptions for gaming platforms like PlayStation and Xbox.

From Nov 28 to Dec 8, your first Bitrefill purchase can earn you up to €25 back in BTC. No minimum spend.

All you need to do

• Fill out a 1-minute survey (literally one minute)

• Submit → boom, your cashback code appears

Then ape into gift cards like it’s 2021 again 🐒 

Get your cashback code here 🧧 

Read the full Terms & Conditions 🤓 

Shop Bitrefill 🛒 

Keep in mind: the budget is capped. First come, first served.

That means once the sats are gone, they’re gone. Don’t be the one who reads about it next week, crying in Discord 👀 

Cardano’s rough week

There’s always that one guy… the tinkerer. The “lemme just try something” person. Recently on Cardano, one of those guys pressed send - and tipped over the whole network 🫠 

A “deliberately malformed delegation transaction” hit mainnet and slipped past validation on newer nodes 💻️ 

The TLDR is, old infrastructure read it one way, new one read it another. For hours, Cardano had two truths. Explorers couldn’t handle this and froze, DeFi apps tripped over inconsistent data. The chain slowed down and confirmations stretched from seconds to minutes ⌚️ 

To avoid problems, CEX hit the brakes - Coinbase halted ADA deposits and withdrawals for roughly 14 hours, others put up short stop signs while they waited to see which solution would work.

Price did what price does when a chain looks like this - ADA puked double digits 💸 

The post-mortem dropped fast. The bug lived in deserialization logic from 2022. Emergency patches arrived in three hours after it was discovered. By the next day the network reconverged through natural consensus 🔧 

Going by Homer, the tinkerer guy came out and admitted that it started as a personal challenge , then escalated after he became “dumb enough to rely on AI’s instructions” 🤖 

He apologized to the community and took responsibility 👇️ 

Internet jury was mixed between “thanks for owning it” and “what on earth were you thinking” 🤷‍♂️ 

Big egos

Charles Hoskinson, the founder of the chain, is not the kind of guy who does mixed, though. He called it “absolutely personal” 🤦‍♂️ 

…he also called the FBI.

That’s when one of Cardano’s senior devs publicly resigned, saying the vibe of dragging feds into a failed test experiment felt like a line cross:

Later, Charles also blamed the dump that followed on “institutions”.

As if you’d really need a tinfoil hat to tell that a chain with security issues is going to dump hard very fast in a market such as this one 🤪 

To be frank for a second: Charles has spent years building this massive, main character, truck size ego where every dump, delay or criticism is either a grand misunderstanding or someone else’s fault 😶 

…so when a random trader on Twitter told him he’d rather hear about macro from an actual economist, Charles couldn’t stay silent:

That one line got preserved in amber 💎 

Within hours it was screenshotted onto the yelling guy meme, pasted under charts of ADA’s TVL and clipped into threads roasting the idea that a chain still struggling to prove basic DeFi throughput has somehow “rebuilt Wall Street” 🤦‍♂️ 

It wasn’t connected to the outage drama directly, but it still rhymed perfectly 👌 

The same reflex to overstate his own role in the story, the same need to assert that everyone else simply doesn’t understand what kind of genius they are dealing with, or for example this shitching the FBI because they got humiliated as a dev team - this is one of the reasons this blunder happened in the first place 🤡 

Instead of projecting authority, the reply handed CT a permanent caption for every future Cardano fail: the founder who truly believes he runs global finance from his Twitter replies.

The memes write themselves here 🤷‍♂️ 

Binance back in court – this time as a proxy for October 7

Families of roughly 300 Americans killed or injured on Oct 7 Attack (on Israel from Gaza) are suing Binance and CZ, arguing the exchange helped move more than $1B tied to sanctioned groups - and that a meaningful slice of those transactions kept on going even after the day that made headlines global.

The filing names Hamas, PIJ, Hezbollah, IRGC and points at Gaza crypto brokers and “obvious no business” accounts 💰️ 

It zooms in on a 26 year old with an alleged ~$177M suspicious deposit trail and reopens some old accusations, even after the 2023 CZ’s guilty plea and $4.3B in fines that Binance had to pay.

The road to this docket

• 2023: Binance pleads guilty to sanctions and AML violations. $4.3B. The corporate line since: we follow the rules; we’re a different shop now.

• 2024 - 2025: Journalists, onchain sleuths and subpoenas keep tugging threads around Gaza brokers and fiat ramps. Plaintiffs decide there’s enough to test in court.

• Today: A class action under U.S. anti terror statutes.

Cut through the rhetoric and the core allegation is simple: it was planned.

Binance’s public stance is already on autopilot - we comply with international sanctions, we don’t knowingly facilitate bad actors, we exit when risk is identified. Expect reminders about the 2023 plea, the monitorship, the upgraded screening, and the number of accounts banned post plea 🤷‍♂️ 

One wrinkle to watch: CZ’s Trump pardon.

Does it nudge DOJ posture? Does it spill over into how banks, monitors, and courts treat Binance, or is it just optics with no bearing on a civil issue like this? 🤔 

Crypto’s worst habit is pretending there are only two choices - either spotless innocence or cartoon villainy. Reality is more boring (and probably would be more lethal in court): CEXes really do have misaligned incentives, dirty regional agents / “temporarily tolerated” partners, lack of any vendor alerts, etc. - and everyone knows this 🥷 

Binance is certainly not one of those that love to say “no” to big money.

And CZ’s not alone under the radar at the moment.

Eric Trump is currently out doing interviews and pushing back on a D.C. rumor that his crypto company sold tokens into Russia or North Korea 😲 

• In a recent interview, he called it political, said every buyer is KYC’d and made a point of separating his businesses from the White House 🏠️ 

• According to him, American Bitcoin, the family’s mining company, reported about $3.5 million in net profit last quarter. It’s a simple thing: a real business with power, hardware, and a P&L that anyone can read, supposedly clean no matter how you look at it 🕵️ 

In this scheme, World Liberty Financial is the umbrella for payments and tokenization. A vehicle for moving stablecoins.

According to him, big banks closed hundreds of the family’s accounts over the years. If you believe that version, the logic is obvious: if the gate won’t open, build your own gate 🪙 

During this talk, CZ was mentioned by name. Eric said he’s met him maybe once and pushed away any attempt to tie Trumps to the exchange 🥴 

None of this settles the D.C. rumor, that will rise or fall on documents. If investigators ask for files, they’ll look at onboarding records and onchain data, and only then if the books line up, the story might take a completely different turn.

So this makes one think… is any of this connected, and are we headed for another 2022 style bust, maybe bigger, with old exchanges and cabal on one side and big politicians on the other? Or are these just stories moving in parallel? 🍿 

One thing is 100%: something’s brewing, so these next couple of months are going to be interesting.

Other worthy reads

“The OG view” - according to goodalexander:

“Dumb Money Wealth Creation Cycles (and why CT is miserable in Q4 2025)” by IcoBeast:

“Surviving brutal crypto selloffs” by Raoul Pal:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!