Crypto LVL

2024-01-16 16:02:13 Gov’t Servers in South Korean City ‘Infected with Crypto Mining Malware’

Crypto mining malware has been found on two government servers in the South Korean city of Daejeon, an audit has found. Per MBN, the nation’s Ministry of Public Administration and Security commissioned biannual audits of the city government’s servers. During the most recent audit, in June last year, auditors found that Daejeon City’s “information system was infected with malicious code.” The code, they said was “used for purposes such as virtual currency mining.”

The auditors said they had found “a series of cyber breaches” on two of the city’s servers.

They said that one of the compromised servers was “infected with” mining malware that made use of “exposed” administrator account passwords. Another server, they said, had been used “as a hacking transit point.” The point allowed attackers to “further infect” the network with crypto mining malware. The city’s cyber response team said they had detected “abnormal” activities “within eight days.” The team then quarantined the network and discovered the malicious code. It then reported details to the National Intelligence Service (NIS).

The NIS is South Korea’s top intelligence agency, and deals with breaches of public data. The auditors, however, stated that a lack of “additional security measures” had allowed hackers to strike with impunity. Open / Comment

2024-01-13 16:02:13 FTX Creditors File Motion to Block Crypto Valuation with Low 2022 Prices

A group of FTX creditors have filed a motion seeking to stop plans of the collapsed exchange from valuing their cryptocurrency assets based on 2022 prices.

The creditors filed a motion urging the bankruptcy court to estimate claims based on virtual assets and fiat currency in line with the digital assets conversion table to ensure they receive the full value of their assets.

“By this Motion, the Debtors request entry of the Order pursuant to sections 502(c) and 105(a) of the Bankruptcy Code, substantially in the form attached hereto as Exhibit A, estimating Claims based on Digital Assets and fiat currency by approving the Digital Assets Conversion Table to value such Claims, including Customer Entitlement Claims, for purposes of any plan in these Chapter 11 Cases.”

As the bankruptcy proceeding continues, FTX administrators are looking to adopt an approach to value assets based on 2022 prices, which is when it filed for bankruptcy, and pay creditors in the fiat value.

This approach will block creditors from receiving the current crypto valuations of their assets which have doubled since 2022. The bear market of 2022 was riddled with industry implosion and macroeconomic factors leading to plunging asset prices. Open / Comment

2024-01-10 16:02:45 BitGo Gains In-Principle Approval from Authority to Operate in Singapore

BitGo has recently been granted in-principle approval from Singapore’s Monetary Authority of Singapore (MAS) for a Major Payment Institution license.

According to a social media post published by the established American digital asset custody firm, BitGo is one step closer to offering specialized trading services for non-retail investors.

“This expands our global footprint and provides APAC with regulated, secure and trusted solutions,” wrote the post. “We applaud Singapore’s sound, clear and robust regulatory framework for digital assets.”

With the full license in sight, BitGo Singapore Pte. Ltd. plans to expand its services in the city-state. The company aims to enable institutional clients to purchase and sell cryptocurrencies directly from its cold storage custody solution.

Singapore’s regulatory clarity around digital assets, and its position as a leading innovation hub and gateway to Asia-Pacific are key factors driving the expansion to the Republic, said Lim Ho Beng, BitGo’s Asia-Pacific managing director, as reported by The Straits Times.

BitGo CEO Mike Belshe highlighted the significance of the MAS in-principle approval following the firm’s recent acquisition of its German license.

“We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions,” said Belshe. Open / Comment

2024-01-07 16:01:47 Hashdex Launches New Commercial for Spot Bitcoin ETF

Hashdex, an asset management firm, has released a new commercial ahead of the upcoming US Securities and Exchange Commission (SEC) decision on the listing of spot Bitcoin exchange-traded funds (ETFs) in the country.

On January 5, Hashdex posted an advertisement on X (formerly Twitter), aligning with its series of ads strategically crafted to promote its Spot Bitcoin ETF. The advertisement proclaimed that “Bitcoin’s Time Has Arrived,” as speculation mounted that a decision from the US Securities and Exchange Commission (SEC) on approval of a spot Bitcoin ETF could be imminent.

The Hashdex commercial reflects on Burger King’s 1993 decision to accept credit, showcasing the slow but impactful adoption of new financial technologies. The commercial draws a parallel between Bitcoin and the advent of credit in the ’90s and emphasizes Bitcoin’s innovative nature and potential for financial sector disruption.

It suggests that comprehending disruptive innovation requires time and concludes that “Bitcoin’s Time Has Arrived.”

Notably, the digital asset management firm recently marked Bitcoin’s birthday in a video released just yesterday, showcasing a firm commitment to celebrating the cryptocurrency’s evolving status in the financial sector. Bitcoin was created 15 years ago, and Hashdex dedicated a video to its inception and inspiration for the future of crypto. Open / Comment

2024-01-04 16:01:58 S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’

South Korea’s Incheon says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. Per the media outlet Newsis, the city collected the combined sum from 298 people.

The media outlet noted that the city “confiscated virtual currencies such as Bitcoin (BTC).” Citizens will likely be given the choice of paying tax bills and associated fines or seeing their coins liquidated and sold off.

The move is part of an ongoing, region-by-region crackdown on crypto-holding tax “dodgers” involving both central and local tax agencies. The National Tax Service (NTS) has added a range of new crypto monitoring tools to its arsenal in the past few years, as has the customs service.

Incheon’s tax service also confiscated a range of other assets, including bonds, bank safety deposit boxes, and “hidden financial assets at secondary financial institutions.” In total, the city raised over $43.6 million from tax evaders living in Incheon in FY 2023. Open / Comment

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2024-01-01 17:02:10 Former Binance CEO Changpeng Zhao Barred from Travel by US Judge

Former Binance CEO Changpeng Zhao, commonly known as CZ, has been blocked from traveling again as his sentencing for criminal charges approaches in late February.

On December 29, in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard Jones issued a sealed order denying Zhao’s “request for permission to travel.” CZ was granted $175 million in bail as he awaits sentencing for various violations of banking laws but is subject to travel restrictions preventing him from leaving the United States.

While the details of the motion are not publicly available, CZ and his defense team have sought to seal documents related to his travel outside the U.S., citing the inclusion of private and sensitive medical information about one of Zhao’s children. The filings aim to justify the sealing request to protect the confidentiality of personal details.

This sealed order marks the second instance of the court restricting Zhao’s movements. Last month, Judge Richard Jones ordered that a condition allowing Zhao to return to his home in the United Arab Emirates be stayed until the court resolves the government’s motion for review. Prosecutors had raised concerns about Zhao being a flight risk, citing his wealth and the lack of an extradition treaty between the UAE and the U.S.

The specific medical information provided to the court under seal in Zhao’s case remains undisclosed. Zhao is known to have three children with Yi He, a former talk show host and co-founder of Binance. Open / Comment

2023-12-29 20:31:47 Kyrgyzstan Raises $1m from Crypto Mining Taxes in 2023

Kyrgyzstan is quietly becoming a force in crypto mining, with its government set to raise over $1 million this year from taxing the industry. According to the media outlet 24KG, the nation’s finance ministry reported that it had raised $900,000 worth of tax revenue from crypto miners in the first 11 months of 2023.

This included a bumper month in August, when miners paid the state over $132,000 in taxes. The ministry’s data appears to point to a growth in crypto mining activity in Kyrgyzstan.

The report notes that mining-related tax payments “began to grow actively in the second quarter of the year. February tax payments amounted to just under $8,300, with revenues climbing rapidly in April.

The nation’s Energy Minister Taalaibek Ibraev stated that most crypto mining “farms” in Kyrgyzstan “are affiliated with the owners of small hydroelectric power stations.” Open / Comment

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