South Korea’s opposition People Power Party has moved to delay the country’s 22% cryptocurrency investment tax by three years to Jan. 1, 2030, days after the government kept the levy on track to start in 2027.

According to South Korean broadcaster MBN, People Power Party lawmaker Jeong Seong-guk plans to introduce an amendment to the Income Tax Act that would move the implementation date from Jan. 1, 2027, to Jan. 1, 2030.

Jeong said the additional three years would give lawmakers and authorities time to review the virtual asset tax system and related rules before investors become liable for the tax. He argued that setting a later implementation date would give taxpayers more certainty and reduce confusion while the framework is being reconsidered.

The proposal creates another route for the opposition to challenge the tax after People Power Party lawmakers separately introduced legislation seeking to abolish it altogether.

Under the current Income Tax Act, income earned by transferring or lending cryptocurrencies, including Bitcoin and Ethereum, will be classified as other income beginning Jan. 1, 2027. Annual gains above 2.5 million won will face a combined rate of 22%, consisting of a 20% national income tax and 2% local income tax.

South Korea crypto tax delay would move implementation to 2030

Jeong’s amendment would leave the tax provisions in place but postpone when they become effective, giving lawmakers three additional years to reconsider how cryptocurrency investment income should be treated.

The proposal comes less than a week after South Korea’s Ministry of Economy and Finance confirmed that the government intends to proceed with the existing 2027 deadline.

On Aug. 3, the ministry finalized its 2026 tax reform proposal without adding another postponement for virtual asset taxation. The package still requires approval from the National Assembly, where lawmakers can amend the tax provisions or change their implementation date.

Jeong said cryptocurrency taxation should begin only after rules protecting investors and the infrastructure needed for fair taxation have been sufficiently established.

Rather than introducing a tax simply because a statutory deadline has arrived, Jeong said the government and National Assembly should first create a system that taxpayers can accept. He also called for enough time to complete the ongoing review of the virtual asset tax framework and limit disruption when the rules eventually take effect.

South Korea has already delayed the levy three times.

Lawmakers originally approved the cryptocurrency income tax provisions in 2020, with implementation scheduled for January 2022. The start date was subsequently moved to 2023, then 2025 and finally 2027 as authorities worked on reporting requirements and administrative systems.

The latest government position is that much of the required infrastructure is now ready.

During a National Assembly Finance and Economic Planning Committee meeting on July 29, Finance Minister Koo Yun-cheol said the government planned to introduce the tax according to the existing schedule and consider improvements after gaining experience with its operation.

Investors would pay 22% on gains above 2.5 million won

Under the framework scheduled for 2027, the 2.5 million won annual exemption would be deducted before the 22% rate is applied.

The Ministry of Economy and Finance illustrated the calculation in its 2026 tax proposal using an investor who earns 5 million won from Bitcoin trading in a year. After deducting the 2.5 million won allowance, the remaining 2.5 million won would generate a tax bill of 550,000 won.

Investors earning taxable cryptocurrency income during 2027 would report it for the first time in May 2028.

Government preparations have also included systems intended to give tax authorities more information about trading outside South Korea. Under the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework, South Korean authorities expect to begin receiving overseas cryptocurrency transaction information from participating jurisdictions next year.

The government has said 48 jurisdictions, including Japan, Germany and France, are participating in the reporting arrangement, which is expected to provide tax authorities with additional information on assets and transactions held through foreign platforms.

South Korea’s National Tax Service has separately established a digital asset unit as authorities prepare guidance for implementing the tax.

People Power Party is also seeking to abolish the crypto tax

While Jeong is pursuing a three-year postponement, another People Power Party proposal would remove the cryptocurrency income tax provision from the Income Tax Act entirely.

People Power Party lawmaker Song Eon-seok introduced the amendment on March 19. The bill would delete Article 21, Paragraph 1, Item 27 of the Income Tax Act, which covers income generated from transferring or lending virtual assets.

The proposal has been tabled before the National Assembly’s Finance and Economic Planning Committee and could proceed to a subcommittee for further consideration.

People Power Party lawmakers have argued that the current framework creates unequal tax treatment between cryptocurrency and stock investors. South Korea abolished its planned financial investment income tax for ordinary investors, leaving most retail gains from stock transactions outside the comparable tax regime.

The opposition has used that difference to argue against imposing a 22% levy on cryptocurrency gains.

During the July 29 committee hearing, People Power Party lawmaker Kim Sang-hoon also questioned the absence of provisions allowing cryptocurrency investors to carry trading losses forward.

Kim warned that the structure could encourage investors to move trading from domestic platforms such as Upbit, Bithumb, Coinone and Korbit to overseas centralized exchanges, decentralized finance services or peer-to-peer markets.

Responding to the committee, Koo said treating virtual asset gains under South Korea’s capital gains tax framework would require a review of the country’s financial taxation system. The finance minister said changes could be considered after authorities gained experience operating the cryptocurrency tax.

The government and ruling Democratic Party have continued to support implementing the levy, making passage of the opposition’s repeal proposal uncertain. MBN reported that the government and ruling party are expected to argue for maintaining taxation when the repeal bill reaches detailed committee discussions.

Jeong’s delay amendment therefore provides the opposition with a separate legislative option that would retain the tax in law while preventing it from taking effect next year.

Digital asset legislation is being prepared alongside the tax debate

The dispute over taxation is unfolding while South Korean regulators and lawmakers are working on a new regulatory framework for the cryptocurrency sector.

In late July, the Financial Services Commission told the National Assembly that it was preparing a consolidated Digital Asset Basic Act with the ruling Democratic Party.

The planned legislation would combine work surrounding 10 digital asset and stablecoin proposals already pending before lawmakers. The framework is expected to address stablecoin issuance and circulation, exchange requirements, disclosures, internal controls and trading-system resilience.

Several provisions remain under discussion, including whether issuers of won-backed stablecoins should be controlled by bank-led consortiums and whether ownership restrictions should apply to major cryptocurrency exchanges.

The Bank of Korea has supported a leading role for banks in won-backed stablecoin issuance because of potential implications for monetary and financial stability, while some lawmakers and industry participants have supported allowing qualified non-bank companies to issue tokens under licensing and reserve requirements.

Jeong has separately introduced legislation involving institutional access to cryptocurrencies. MBN reported that he previously became the first lawmaker in the 22nd National Assembly to propose a bill allowing institutional cryptocurrency investment through spot exchange-traded funds that could include assets such as Bitcoin and Ethereum.

His latest amendment would change only the implementation timetable for cryptocurrency income taxation, moving the statutory start date from Jan. 1, 2027, to Jan. 1, 2030, while the separate Song Eon-seok proposal would remove the relevant income tax provision altogether.

Wallets linked to crypto payment processor Coinsbuy were reportedly drained of more than $7.9 million across Ethereum and TRON around 13:00 UTC on Aug. 9, according to blockchain investigator Specter and follow up monitoring from security firms. 

The attacker then began routing part of the stolen assets through exchanges and toward Monero, a privacy focused cryptocurrency.

PeckShield said the wallets “likely lost” about $7.9 million and traced part of the proceeds through ChangeNOW, FixedFloat and BingX. CertiK’s security feed independently relayed the same estimated loss and exchange routes. The precise attack vector has not been established publicly.

Coinsbuy drain spread across Ethereum and TRON

Specter identified two Ethereum addresses and one TRON address as theft destinations. The cross network movement suggests the attacker obtained access capable of moving assets on more than one chain, but that does not establish whether private keys, administrator credentials or another part of Coinsbuy’s infrastructure was compromised.

GoPlus Security said the activity was “consistent with hot wallet private key or administrator privilege theft.” That remains an assessment, not a confirmed root cause. Coinsbuy has not published a technical postmortem in the public documentation reviewed on Aug. 10. Its latest visible release notes are dated July 31.

Coinsbuy describes itself as a business focused crypto payment service offering payment processing, wallet infrastructure and digital asset management. Its official site also advertises crypto payment processing and wallet services for businesses.

Stolen funds moved through exchanges toward Monero

After the drain, the attacker began sending stolen assets through exchange services. Specter said the funds were being converted toward Monero, while PeckShield identified ChangeNOW, FixedFloat and BingX among platforms receiving portions of the proceeds.

Specter also said ChangeNOW helped freeze a six figure amount before it could move further. ChangeNOW had not issued a separate public statement confirming the exact frozen sum in sources reviewed for this story, so the amount remains attributed to the investigator.

The laundering route resembles patterns seen in other major crypto thefts. In an earlier recovery case, investigators helped freeze about $1.2 million tied to Bo Shen’s stolen assets after funds passed through services including ChangeNOW. Separately, a January wallet theft involved attackers converting stolen Bitcoin and Litecoin into Monero.

Deposits and withdrawals reportedly resumed

Coinsbuy paused deposits and withdrawals after the incident and later restored them, according to Specter’s update and reports citing the investigator. No separate incident notice confirming the timeline was visible in Coinsbuy’s public release notes at the time of review.

It also remains unclear from public disclosures whether the reported $7.9 million consisted entirely of Coinsbuy owned assets, client funds or a combination of both. No customer loss breakdown or reimbursement plan was visible in the company materials reviewed on Aug. 10.

That distinction matters because service restoration does not establish that the investigation is complete or that the full loss has been recovered. The currently verified public picture remains limited to the reported drain, identified theft addresses, laundering activity and a partial freeze.

The case adds to a busy security year. TRM Labs recorded 207 hacks and about $972 million stolen during the first half of 2026, according to data cited in recent industry loss coverage. Infrastructure and operational failures accounted for most of the value lost during that period.

What happens next

The next material update would be a Coinsbuy incident report identifying the attack vector, affected assets, final loss and any customer exposure. Confirmation from ChangeNOW or the other exchanges could also clarify how much was frozen and whether additional funds remain recoverable.

For now, claims about how the attacker obtained access should remain qualified. Security researchers are continuing to trace the listed Ethereum and TRON addresses, but movement into Monero can make later tracing harder once funds leave transparent blockchains.

Cysic’s CYS token surged before South Korean exchange Upbit announced new BTC and USDT trading pairs on Aug. 10, drawing attention to the timing of one of the token’s largest intraday moves. 

Upbit initially scheduled trading for 14:00 KST, but the exchange has since postponed the opening twice, with its latest notice moving the launch to 20:00 KST.

That update is important because CYS had already recorded much of its price surge before Upbit trading began. At the time of research, the new markets had not yet opened, meaning the rally cannot be described as buying activity occurring on Upbit itself.

Cysic rally came before Upbit announced the listing

Upbit published its original CYS trading announcement on Aug. 10, saying it would add CYS/BTC and CYS/USDT markets and support deposits and withdrawals through Base. The exchange initially targeted 14:00 KST for trading. Its official social media post confirms that original schedule.

The timing of CYS’s price action came earlier. CYS climbed from around $0.80 to a wick near $1.30, with the largest move occurring around 23:00 UTC on Aug. 9. Upbit’s public listing announcement arrived several hours later.

That sequence has prompted unverified speculation online about whether some traders had advance knowledge of the listing. However, there is currently no verified evidence establishing that Upbit information leaked or that insider trading occurred. Neither the price chart nor the timing alone proves misconduct, and no official investigation or finding reviewed for this story supports such a conclusion.

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CYS was also rallying before the Upbit news. CoinGecko historical data show the token closing around $0.54 on Aug. 4, $0.83 on Aug. 5 and $0.95 on Aug. 7, demonstrating that its broader advance had already been underway for several sessions.

Upbit delays Cysic trading twice to 20:00 KST

The exchange changed the timetable shortly after announcing the six new assets. Upbit first moved trading for CYS, ICNT, XAN, EDEN, AIOZ and ALLO from 14:00 KST to 17:00 KST. Its official post identified the revised opening time directly.

A second update at 16:45 KST then pushed the launch from 17:00 KST to 20:00 KST. Upbit’s official Telegram channel recorded the additional schedule change after its earlier postponement. The exchange’s notice did not attribute either delay to a problem with CYS specifically.

Upbit had warned in the original announcement that trading could be delayed if sufficient liquidity was not secured after deposits and withdrawals opened. Similar provisions have appeared in other listings. As crypto.news reported in recent CAP listing coverage, new Upbit markets can be postponed when opening liquidity does not meet the exchange’s requirements.

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Once CYS trading begins, Upbit plans to restrict buy orders for approximately five minutes. Sell orders priced more than 10% below the previous day’s reference close will face a similar initial restriction, while only limit orders will be accepted for roughly the first two hours.

Cysic price data show a volatile record attempt

CYS was trading near $0.92 at the latest CoinGecko reading, up about 11% over 24 hours and more than 223% over seven days. Its market capitalization was around $150 million, based on roughly 160 million circulating tokens. Twenty four hour volume stood above $70 million.

CoinGecko currently lists Cysic’s all time high at $1.28. The safest interpretation is that CYS reached a new record on some trading venues, while the exact peak depends on the exchange and price feed used.

The volatility is not unusual around major South Korean exchange announcements. In recent GRVT listing coverage, GRVT had already risen 23% before its scheduled Upbit opening. Likewise, earlier CFX listing coverage showed Conflux gaining about 8.5% before trading began. Neither case proves the announcement was the sole cause of the preceding price move.

What happens next when Upbit opens Cysic markets

The immediate event is the scheduled 20:00 KST opening of CYS/BTC and CYS/USDT trading. Traders will then be able to distinguish the pre listing price move from the actual market response once Upbit orders begin executing.

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Cysic describes itself as a decentralized compute network connecting hardware capacity with demand for zero knowledge and AI computation. Its official documentation says participants can provide compute resources and earn CYS, while the network supports workloads ranging from consumer hardware to GPUs and specialized ZK equipment.

South Korea remains an important market for exchange driven altcoin activity despite weaker overall volumes. As crypto.news reported in South Korean trading data, Upbit accounted for 67.4% of trading among the country’s five major won based exchanges during the measured July period.

For CYS, the next test is therefore the market opening itself. The token has already experienced a sharp rally and retracement before Upbit trading started. Whether the new BTC and USDT pairs create sustained demand will only become measurable after trading begins.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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A Bitcoin security researcher says he lost access to OpenAI’s Trust & Cyber tooling while working on ongoing red-team scans, forcing him to revert to alternative AI options for future analysis. The episode underscores a broader worry shared by parts of the crypto defense community: that the most capable AI systems may not be readily available to those trying to harden public code against cyber threats.

In an X post on Tuesday, AnchorWatch CEO Rob Hamilton said he began integrating OpenAI’s Trust & Cyber capabilities into his Bitcoin Red Team efforts on Saturday. He later reported that his access was restricted the following morning, prompting him to switch back to using Chinese open-source models for vulnerability research. Hamilton framed the change as a practical necessity for maintaining defensive work rather than a preferred approach.

Key takeaways

• Hamilton says access to OpenAI’s Trust & Cyber capabilities was restricted after he started using it for Bitcoin Red Team research.
• He plans to continue scanning Bitcoin-related repositories using Chinese open-source AI models rather than relying on the previously integrated tooling.
• Bitcoin Red Team’s approach combines AI-assisted scanning with human review across hundreds of open-source repositories.
• The incident echoes wider concerns from crypto leaders that “frontier” AI access remains limited despite rising cyber risk.

A sudden access restriction changes the research workflow

Hamilton’s post describes a short integration window: after beginning to use OpenAI’s Trust & Cyber tools for Bitcoin Red Team on Saturday, he said he was prevented from continuing the investigation after access was restricted the next day. In his view, the restriction limited not only the ability to evaluate existing code changes but also to check whether additional issues remained undiscovered.

Hamilton also characterized the situation as a policy bottleneck, implying that defensive teams are constrained by rules that attackers can bypass. He argued that “intelligence is unrestricted” for actors who pursue harm, while defenders conducting “harm reduction” are left without comparable tooling. The core point is less about the specific model choice and more about continuity: red-team work depends on sustained access to iterative analysis tools as scans evolve and new leads emerge.

Why this matters for Bitcoin security testing

Bitcoin Red Team is described as a volunteer effort using AI tools and human review to examine a large number of Bitcoin-related open-source repositories for vulnerabilities. According to the account referenced in Hamilton’s post, the work has been particularly active in the wake of major wallet security incidents.

That timing is important because defenders often need rapid, repeatable workflows to assess code changes across a sprawling ecosystem. When an AI tool is removed midstream, it can slow down verification, increase manual effort, or force researchers to restart parts of their process with different systems. Hamilton’s statement suggests the restriction wasn’t merely a temporary inconvenience—it affected his ability to continue investigating code updates and to explore whether other weaknesses might be present.

His comment also reflects a recurring pattern in security research: tools that speed up initial discovery are only as useful as the ability to keep investigating after early findings. If the process is cut short, the risk of leaving unresolved vulnerabilities rises, especially in open-source environments where issues may be subtle and scattered across multiple repositories.

Escalating threat pressure and limited AI access

The episode fits into a larger debate inside crypto about who gets access to advanced AI capabilities. Earlier coverage referenced in the article notes that crypto executives told Cointelegraph last month that many major firms were still waiting to obtain powerful new AI models to help secure their code against escalating cyber threats, with only a select few having been able to get access.

Bringing Hamilton’s account into that context, the risk for the broader sector is not only that attackers will improve their methods, but that defenders may not be able to match speed and depth. If the most effective tools are restricted, available only to a narrow set of organizations, or subject to sudden changes in access policy, the defense pipeline may become uneven.

Hamilton’s complaint is also notable for its emphasis on “sufficient” code changes. In vulnerability research, it is not enough to identify a potential bug; teams also need to confirm that patches address the underlying issue and do not introduce new problems. Cutting off access at the point where verification is needed is therefore more damaging than removing a tool at the early scanning stage.

What readers should watch next

The immediate story is a researcher switching back to Chinese open-source AI models after reporting restricted access to OpenAI’s Trust & Cyber capabilities. Going forward, observers will likely focus on whether Bitcoin Red Team can maintain its scan velocity and depth without the previously used tools, and whether other crypto security teams report similar access volatility as they try to use frontier AI for defensive purposes.

“They came to us highly recommended by an alumni CEO that we had already backed,” Rist told CoinDesk in an interview. “So, there was a lot of trust there, and this CEO said, ‘You got to meet these guys’. They were serial entrepreneurs coming out of South Africa. They’d never built businesses outside of South Africa, but they were hungry. They were relentless.”

Despite enjoying a sturdy exit, Rist said he feels mixed emotions toward the Mastercard acquisition, having been part of the whole BVNK journey. “It’s actually sad to sign the papers, almost like sending your son off to boarding school,” he said.

Chris Harmse, co-founder and chief business officer at BVNK echoed this: “It’s been an incredible journey,” he said in an email. “Concentric has been a valued partner throughout that journey.”

Stablecoins, one of the busiest areas of crypto, have become a focal point for the large card networks and payments players. The total stablecoin market cap is about $300 billion, according to CoinGecko data.

The proverbial cat was set loose among the pigeons when Stripe acquired stablecoin infrastructure firm Bridge in late 2024 for $1.1 billion. This probably put pressure on the likes of Visa and Mastercard to start kicking the tires of other stablecoin shops so as not to be outflanked by Stripe’s aggressive approach.

Robinhood has begun offering cryptocurrency trading to eligible UK customers, giving users access to more than 50 digital assets through Bitstamp inside its main investing app.

According to a Bloomberg report, the rollout starts this week and brings crypto trading alongside Robinhood’s existing UK products, which include equities, stocks and shares ISAs, options and futures.

Customers can buy and sell assets including Bitcoin, Ethereum, XRP and HYPE, with the trades handled by Bitstamp UK Ltd. Robinhood acquired the long-running crypto exchange for $200 million last year and has since used the business to support parts of its international crypto expansion.

The UK service carries no trading, custody or account maintenance fees, Robinhood said. Customers will instead pay a 0.1% foreign exchange fee when converting currencies, while certain conversions made during weekends will carry a 0.3% fee.

Robinhood crypto trading starts after FCA registration

The launch follows regulatory approval secured shortly before the product rollout. Robinhood’s UK subsidiary was added to the Financial Conduct Authority’s register of cryptoasset firms on July 31, clearing a regulatory requirement for providing cryptocurrency services in the country.

Under the existing UK system, crypto firms must register with the FCA and comply with anti-money laundering requirements before offering covered services. Robinhood had previously disclosed during its July 29 second-quarter earnings report that it planned to introduce crypto products in the UK but did not provide a launch date at the time.

Crypto trading is being provided through Bitstamp UK Ltd, which is registered with the FCA as a cryptoasset service provider. Robinhood warned that cryptocurrencies held through Bitstamp UK are not protected by the Financial Services Compensation Scheme or covered by the Financial Ombudsman Service.

Jordan Sinclair, president of Robinhood UK Ltd and general manager of Bitstamp UK Ltd, said the company sees digital assets becoming an important part of investment portfolios among a new group of UK investors.

“With today’s launch, we’re taking another major step toward becoming the all-in-one investment platform for the UK,” Sinclair said.

Robinhood enters the market before another regulatory change scheduled for the UK crypto sector. Applications under the country’s incoming crypto authorization framework are expected to open at the end of September and remain available until the end of February 2027, with the full regime scheduled to take effect in October 2027.

The FCA registration obtained under the current anti-money laundering framework does not replace authorization under the incoming system. Companies seeking to continue providing covered crypto services after the transition will need to meet the requirements of the new regime.

Cortex adds AI analysis to Robinhood’s UK crypto service

Alongside trading, Robinhood is introducing Cortex Digests for Crypto to UK customers as part of the rollout.

The generative AI feature processes breaking news, technical indicators, market information and Robinhood’s proprietary data to provide explanations for price movements in individual cryptocurrencies. According to the company, the tool is designed to give investors additional market context when evaluating digital assets.

Adding the feature extends Robinhood Cortex into a crypto service that now sits inside the same application as the company’s other UK investment products.

The launch also connects UK customers to a crypto business that has expanded beyond buying and selling tokens. Robinhood has been developing its own blockchain infrastructure through Robinhood Chain, a permissionless Layer 2 network built using Arbitrum technology.

According to company figures, Robinhood Chain has recorded more than $18 billion in decentralized exchange trading volume and more than $840 million in total value locked since launching on July 1.

Developers worldwide, including those in the UK, can build applications on the network. Robinhood has described the blockchain as infrastructure developed to institutional standards.

During the company’s latest earnings period, CEO Vlad Tenev said Robinhood Chain had become the fastest Ethereum Virtual Machine-compatible blockchain to reach 100 million transactions.

Crypto revenue fell as Robinhood expanded other businesses

The UK rollout comes after Robinhood reported lower cryptocurrency transaction revenue during the second quarter despite expanding its digital asset products.

Crypto transaction revenue fell 38% from a year earlier to $100 million in the quarter ended June 30, according to financial results released on July 29.

Other parts of Robinhood’s trading business recorded stronger growth. Prediction markets generated $156 million during the quarter, exceeding crypto transaction revenue for the first time.

Total net revenue increased 32% year over year to $1.31 billion, while net income rose 48% to $573 million compared with the second quarter of 2025.

During the same period, Robinhood launched Robinhood Chain, expanded its Stock Tokens product to more than 120 countries, introduced Robinhood Earn and completed its acquisition of Canadian crypto platform WonderFi.

Prediction markets have also become a larger part of the company’s product lineup. The Wall Street Journal reported in July that Robinhood had discussed adding event contracts from Crypto.com to its prediction markets hub, although neither company confirmed an agreement.

Robinhood already distributes contracts through Kalshi and ForecastEx, while it also operates Rothera through a joint venture with Susquehanna International Group.

Robinhood has continued adding products outside crypto

Days before launching UK crypto trading, Robinhood also filed to raise as much as $200 million for its second publicly listed venture fund.

Regulatory filings showed Robinhood Ventures Fund II plans to offer 7.6 million shares at $25 each, with Robinhood separately selling another 400,000 shares. Subject to regulatory approval, the fund is expected to begin trading on the New York Stock Exchange under the ticker RVII on Aug. 13.

Unlike Robinhood Ventures Fund I, which concentrated on later-stage private companies including OpenAI, Stripe, SpaceX and Databricks, RVII is structured mainly around earlier-stage businesses.

The fund is expected to begin with investments in about 80 private companies and will primarily target seed-stage businesses connected to Y Combinator, including companies founded by current or former accelerator participants and YC alumni.

Robinhood Ventures head Sarah Pinto said the structure is intended to give retail investors access to companies earlier in their development rather than requiring them to wait until an initial public offering.

RVII also introduces fees that were not part of Robinhood’s first venture fund. Regulatory disclosures show investors will pay a 2% annual management fee and a 20% incentive fee on realized gains, while the prospectus warns that shareholders will not have redemption rights before liquidation.

The subscription period is scheduled to close on Aug. 12, according to the filing, with Goldman Sachs serving as lead bookrunner and Citigroup, JPMorgan, UBS and Wells Fargo acting as joint bookrunners.