Crypto News Source

2023-08-16 12:45:06 FBI Sounds Alarm On Deceptive Cryptocurrency Apps Posing As Investment Platforms

The U.S. Federal Bureau of Investigation (FBI) has issued a warning regarding a surge in fraudulent beta-testing applications that are posing as legitimate cryptocurrency investment platforms. The FBI’s alert highlighted how cybercriminals are embedding malicious code within beta-testing applications, which are online services used to test mobile apps before their official release. These apps often escape the scrutiny of mobile operating systems’ review processes, making them an attractive target for scammers.

These fraudulent apps are capable of extracting personally identifiable information (PII), gaining access to financial accounts, and even taking over devices. These apps adopt names, images, and descriptions resembling popular and reputable apps to dupe victims. The criminals employ tactics like phishing or romance scams to initiate contact with potential victims, directing them to download these malicious beta-testing apps under the guise of promising incentives, such as substantial financial gains. Particularly concerning is the fact that cybercriminals are reaching out to victims through dating and networking apps, coercing them into downloading harmful beta-testing apps that pose as cryptocurrency exchange platforms.

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2023-08-13 17:31:11 Circle Will Announce Roadmap And Launch Smart Contract Development Platform This Fall

The Circle CEO said the company will develop a seamless and cross-chain Stablecoin Payments Roadmap, launching a smart contract development platform this fall. Circle CEO Jeremy Allaire has announced that the company will develop a roadmap for seamless stablecoin payments and cross-chain integration this fall. Additionally, Circle plans to launch a smart contract development platform to make it easier for Web2 developers to access and use the technology.

According to Jeremy Allaire, building Web3 applications is complex, and creating an end-user experience for Web2 users is a challenge, especially on different chains. Building and deploying smart contracts and safely operating them on chains is difficult and not something most companies are willing to do. At the same time, the company knows that we are in the super early stages of development for wallets and stablecoins. There are 3 billion digital wallets available across a wide range of major Web2 products and services, so it is estimated that there will be 80 million Web3 wallets. With the Programmable Wallet, developers comfortable with Web2 development can quickly and easily include a multi-chain Web3 wallet experience in their apps (iOS and Android, Web SDK coming soon) ).

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2023-08-12 10:24:37 Worldcoin Distributed 90 Million WLD Token To 10 New Addresses

Worldcoin’s team and investor address 0x0D4…CcE7 distributed 90 million WLD token to 10 new addresses today. In the past 5 days, this address has distributed about 248m WLDs to 26 investor addresses, including 75m WLDs to 3AC address (0xC7…3741) on August 6. Today, the Worldcoin team and investor address, identified as 0x0D4…CcE7, has distributed a total of more than 90 million WLD tokens to ten newly-created addresses.

In the past five days, this particular address has distributed a grand total of around 248 million WLDs to a total of 26 investor addresses. A particular investor address, 0xC7…3741, was the recipient of a substantial sum of 75 million WLDs on August 6. Currently, the aforementioned address 0x0D4…CcE7 still retains an impressive total of 1.252 billion WLDs. On 8 August, CoinCu reported that Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT. Worldcoin has until September to respond to authorities’ inquiries.

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2023-08-09 16:13:18 Blockchain.com Secures Singapore License, Empowering Global Operations

Blockchain.com has reached a significant milestone by obtaining a coveted license from regulatory authorities in Singapore. The licensing approval from SG regulators underscores Blockchain.com’s commitment to adhering to rigorous regulatory standards while catering to the growing demand for blockchain services. The move positions the company to serve users within Singapore with a range of innovative offerings while maintaining a strong focus on security and compliance. This accomplishment bolsters the company’s credibility and sets the stage for its enhanced presence within the burgeoning Asian market and beyond.

SG, renowned for its pro-business environment and progressive approach to blockchain and fintech, offers a strategic backdrop for Blockchain.com’s expansion efforts. The license not only paves the way for enhanced user experiences within Singapore but also serves as a launchpad for the company’s wider global ambitions. Blockchain.com’s entry into the Singaporean market comes at a time when regulatory clarity is paramount for the broader blockchain industry. The license signifies the company’s proactive stance in aligning its operations with evolving regulatory frameworks, ultimately contributing to the industry’s sustainable growth. This license positions Blockchain.com to serve users and expand globally.

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2023-08-07 13:02:52 Worldcoin Confirms Kenya ID Verification Pause

Alex Blania, the co-founder and CEO of Worldcoin’s founding entity Tools for Humanity (TFH), announced on Aug. 2 that his organization had “paused World ID verifications in Kenya.” According to Blania, this move gives his organization time to address some of the concerns raised by Kenyan regulators. The remarks by Blania follow reports that the Kenyan government has suspended Worldcoin activities over public safety concerns. Before the government decided to suspend Worldcoin’s activities.

Despite facing heat from regulators and government officials, TFH’s crypto project appears to have won the backing of the country’s ICT minister, Eliud Owalo. In remarks made on the day Worldcoin’s activities were suspended, Owalo insisted that Blania’s organization was “acting within the law.” The ICT minister also pointed to the fact that most Kenyan participants were not being forced to share their details. Meanwhile, in an apparent response to concerns raised by the Kenyan government when it announced the suspension of Worldcoin’s activities, Blania suggested that his organization is pro-privacy. “World ID is built for privacy. We look forward to resuming operations while continuing global rollout,” Blania said in a tweet.

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2023-08-06 12:12:47 Curve Finance Founder Sells Another 8 Million CRVs Before Liquidation Concerns

Curve Finance founder, Michael Egorov, continued to sell 8 million CRVs to 5 investors/institutions. Since the OTC sale began on August 1, Curve founders have sold 114.025 million CRV to 24 investors/institutions in exchange for $45.61 million in funds. Michael held too much CRV and was criticized by many. Although this OTC sale of CRV tokens will speed up CRV decentralization, it could also pave the way for future problems. The OTC trading price of CRV this time is $0.4, about 30% lower than the current market price.

Despite the half-year lockup period, the tokens given to investors are fully unlocked. These positions will not be sold immediately, but some investors can hedge their risk through centralized exchange perpetual contracts proportional to the CRV/USDT perpetual contract trading pair continuing to be negative, meaning the bearish sentiment is dominating. One of the reasons pioneering projects are more attractive to finance is that they are more likely to pay compensation if an accident occurs. CRV holders, the rights and benefits will not be greatly reduced, for users with losses, the money can also be recovered to restore confidence. Currently it is actually developing along this route and projects like Alchemix, JPEG’d have recovered some money after trying to contact the hackers.

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2023-08-05 15:44:02 Coinbase Plans To Seek Full Dismissal Of SEC Lawsuit From Court This Friday

Coinbase is set to take action against the U.S. Securities and Exchange Commission (SEC) by filing an order seeking dismissal of the lawsuit on August 4. The company’s Chief Legal Officer, Paul Grewal, conveyed confidence in their defense during the second-quarter earnings call held on August 3. Additionally, he highlighted that the SEC lacks regulatory authority over cryptocurrency exchanges and had not indicated any requirement for registration when Coinbase’s registration statement was deemed effective in April 2021.

The company’s Chief Executive, Brian Armstrong, also spoke out against the SEC’s approach, criticizing its regulation by enforcement tactic instead of participating in rulemaking. Despite the ongoing legal battle, the exchange reported impressive second-quarter earnings on Thursday, exceeding analysts’ expectations with a revenue of $708 million. However, the company did report a loss of $0.42 per share for the same period. The legal battle between Coinbase and the SEC ensued in June when the regulator accused the exchange of trading at least 13 crypto assets without proper registration as securities. Along with its rival Binance, Coinbase allegedly operated as an unregistered securities exchange, leading to the SEC’s legal action.

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2023-08-03 21:03:46 Coinbase Promises To Integrate Layer-2 Lightning Network Solution For Bitcoin

Brian Armstrong, the CEO of Coinbase, and Jack Dorsey, former CEO of Twitter, engaged in a cordial conversation discussing the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. The Lightning Network, a second layer for Bitcoin that facilitates micropayment channels between nodes, has gained significant attention as a way to speed up payments on the Bitcoin blockchain at a low cost. As the crypto industry expands, platforms like Binance have already integrated the Lightning Network.

Prominent Bitcoin advocates, including Block co-founder Jack Dorsey and MicroStrategy executive chairman Michael Saylor, have encouraged Armstrong to adopt the Lightning Network. Dorsey openly accused Coinbase of neglecting both Bitcoin and the Lightning Network, urging the platform to allocate more resources to these technologies. He also advocated for an open protocol for monetary transmission that isn’t under the control of a single entity. Brian Armstrong responded to Dorsey’s comments, stating that Coinbase is indeed exploring ways to integrate the Lightning Network. While acknowledging that the task is not trivial, Armstrong emphasized the company’s commitment to Bitcoin, claiming to have introduced more individuals to the cryptocurrency than possibly any other platform.

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2023-08-02 15:13:27 IRS Issues Cryptocurrency Tax Ruling: Staking Rewards Now Taxable Income

The Internal Revenue Service (IRS) has issued a ruling stating that cryptocurrency investors who receive rewards for participating in validation activities on proof-of-stake (PoS) networks should count those rewards as income in the year they gain control of the tokens. According to CoinDesk, this latest tax guidance clarifies the taxation of cryptocurrency staking rewards and applies not only to individual investors but also to those staking tokens through cryptocurrency exchanges.

The IRS emphasizes that the fair market value of the validation rewards must be included in the taxpayer’s gross income in the taxable year when they gain dominion and control over the rewards. The valuation should be based on the moment the U.S. taxpayer acquires control of the tokens. This means that the taxable event occurs when the investor can freely use, transfer, or sell the rewarded tokens. Furthermore, the IRS asserts that the rule applies equally to investors who stake tokens through cryptocurrency exchanges if they receive additional units of cryptocurrency as rewards for their participation in validation. This clarifies the tax treatment for investors using staking services provided by exchanges.

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2023-08-01 16:30:28 Binance Becomes First Exchange Granted Operational MVP License In Dubai

Dubai’s Virtual Assets Regulatory Authority (VARA) has granted Binance FZE, the Dubai subsidiary of cryptocurrency exchange Binance, the Operational Minimum Viable Product (MVP) license. This milestone achievement marks Binance FZE as the first exchange to receive such a license in Dubai, allowing the company to operate virtual asset exchange and broker-dealer services, initially catering to institutional and qualified retail investors in the region. The path to obtaining the operational MVP license involved a series of successful milestones.

Binance secured a provisional MVP license in March 2022 and followed up with a preparatory MVP license in September of the same year. With this latest development, the exchange is now permitted to engage in two licensed activities – virtual asset exchange services and virtual asset broker-dealer services, limited to institutional and qualified retail investors in Dubai. The issuance of this operational MVP license reflects Binance’s commitment to building a compliant exchange in collaboration with local regulators and within the unique regulatory framework for Virtual Asset Service Providers (VASPs) in Dubai. It also enables eligible users in the city to access authorized services, including converting virtual assets to fiat safely, adhering to VARA-designated standards compliant with the intergovernmental Financial Action Task Force.

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