Cryptocurrency 

Investors Consider Cutting Ties with Facebook’s Libra Amid Regulatory Scrutiny

At least three investors in Facebook’s Libra cryptocurrency are considering disassociating with the currency following intense regulatory pushback. According to a report published in the Financial Times on Friday, some backers are fearful that the spotlight placed on the social media giant’s proposed cryptocurrency will also bring their own separate, independent businesses into disrepute. Two founding partners have allegedly held discussions with regard to what the “right next steps” should be for their investment. “I think it’s going to be difficult for partners who want to be seen as in compliance [with their…

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Cryptocurrency 

Crypto Adoption has Yet to Hit the Masses

The cryptocurrency industry may be popular, but that doesn’t mean it has seen mass adoption. Even Vitalik Buterin, the creator of Ethereum, agrees. Speaking to The Toronto Star recently, the 25-year old multimillionaire provided reasons why he thinks crypto adoption has yet to catch on. Crypto Adoption: Why Hasn’t It Happened Yet? Yesterday, The Star posted an article focusing on Buterin’s thoughts on why crypto adoption has yet to happen and what the industry can do to boost the adoption of virtual currencies. One of the main issues Buterin discussed…

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Cryptocurrency 

Secondary Market for Telegram Tokens Sees 400% Return for Investors

Telegram’s eagerly awaited blockchain, Telegram Open Network (TON), is set to be launched on October 31. However, the yet-to-be issued tokens are already trading on an unauthorized secondary market. Purchase Agreement Does Not Allow For Resale Investors are already seeing returns as high as 400% on Telegram tokens, known as grams; however, secondary buyers run the risk of their investment being worthless, as a clause in the initial offering of grams prevents their resale in any way before the launch of TON. The company is also running on a deadline,…

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Cryptocurrency 

The IRS has Words for Crypto Investors… Again: Tax Warnings

The cryptocurrency industry may still be going strong, but that doesn’t mean it hasn’t had its share of problems. Nor does it mean everyone is a fan of virtual currencies. The IRS certainly isn’t, and crypto investors have learned that the hard way the past two months. Here’s what we know. IRS has Words for Crypto Investors At the start of last month, the IRS began mailing more than 10,000 crypto investors informing (well, it was more of a warning) that they may owe taxes on various cryptocurrency transactions. This…

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Cryptocurrency 

New Zealand Tax Authorities Give the Go Ahead for Crypto Payroll

The crypto train has not yet stopped chugging along. More and more companies and countries are looking to get involved in the crypto sector, despite the hardships it has faced the past year. New Zealand just so happens to be the latest country, with reports coming out on Tuesday that said the sovereign island country will allow employers to pay their workers in cryptocurrency. Here’s everything we know. New Zealand Allows Employers to Pay Staff in Cryptocurrency This month, New Zealand tax authorities published a ruling that featured a section…

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Cryptocurrency 

China to Release Its Own Cryptocurrency Soon

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their own digital currencies. Facebook (NASDAQ:FB) announced its own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with its own as well, and in a new development, it has emerged that the Chinese central bank is close to…

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Cryptocurrency 

Crypto Criminals Take in $4.3 Billion in 2019, CipherTrace Reports

Cryptocurrency criminals have taken in an estimated $4.3 billion USD in 2019, according to CipherTrace. CipherTrace, a cryptosecurity company based in Silicon Valley, has released its Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report, which is a detailed overview of major cryptocurrency thefts, scams, and fraud around the world. The firm’s Q1 report estimated that cybercriminals illicitly obtained more than $1.2 billion USD in cryptocurrency during the first three months of the year alone. To put the severity of these figure in context, last year’s total figure for crypto theft was…

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Cryptocurrency 

Chipmixer Used to Launder BTC from Recent Binance Hack

On May 8, major crypto exchange Binance was the victim of its second major hacking. On this occasion, the thief/thieves made off with 7,000 Bitcoin, which valued at approximately $40 million USD at the time. (That same amount of BTC is worth almost double that at current rates.) Now, several months on, it has been discovered that at least 4,836 Bitcoin of that stolen loot was laundered through crypto mixing service Chipmixer. Stolen BTC Laundered through Chipmixer After Binance was hacked, the stolen coins were moved to seven addresses. Then, according…

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Cryptocurrency 

Facebook Libra Faces Another Setback From Global Regulators

Ever since Facebook (NASDAQ:FB) announced that it was going to come up with its own cryptocurrency last month, the company has faced a whole range of backlash from regulatory bodies not only in the United States but also in the rest of the world. The name of the cryptocurrency is Libra, and although the company is planning to launch it in 2020, the white paper has received its fair share of criticism. In a fresh development, privacy regulators in the United Kingdom, the United States, and the European Union have expressed…

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Cryptocurrency 

ECB Boosts Crypto Surveillance to Monitor the Market Closely

There is no doubt that cryptocurrencies have come a long way over the past few years and are now legitimately regarded as an important corner of the global financial market. However, it is also important to note, that with the rise in popularity, regulations also become a reality, and that is something plenty of regulators have been planning over the past couple of years. Most recently comes the European Central Bank, or ECB, into the mix. Key Details While it is true that the cryptocurrency community, in general, is against…

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