Tuesday, August 6, 2019

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The taxman cometh

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August 6, 2019
TAX HUNT: HM Revenue & Customs, the British tax authority, is pressuring cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to claw back unpaid taxes, industry sources said. Letters requesting such data have landed on the doorsteps of at least three exchanges doing business in the U.K. – Coinbase, eToro and CEX.IO – in the last week or so, the sources said. “HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years,” said one insider. Full story

WALLET BATTLE: Bitcoin privacy wallet Samourai announced last Thursday that its primary competitor, Wasabi Wallet, is the target of an ongoing network attack, and said Wasabi did not properly address the issue. The blog post is the latest in a string of allegations Samourai has leveled against Wasabi since mid-July. The attack, claims Samourai Wallet, resembles a Sybil attack, where a small number of users falsify new identities to appear much larger in number. This would mean that the anonymity set, or crowd, in which a user can hide their bitcoin transactions is not as large as Wasabi suggests. Wasabi has issued statements refuting Samourai’s claims. Full story

DAPPS GALORE: Samsung is adding over a dozen new apps to its blockchain dapp arsenal. Launched in March 2019 with its flagship Galaxy S10 phone, Samsung’s online dapp store, Blockchain Keystore, has grown from an initial four applications to a total of 17. The four original dapps included a password wallet, a game, a social media app, and a billing app, while new dapps include an assortment of products from social media app Anpan to entertainment app The Hunters, according to CoinDesk Korea. Full story

ELECTRICITY SHOCK: A Malta-based bitcoin miner has taken action after getting a nasty surprise when he received his electricity bill. As reported by Malta Today, the unnamed man had bought a bitcoin miner from local IT firm 3 Group, but found that the power costs were greater than the value of the bitcoin earned by mining with the device. He therefore took his complaint to Malta’s Consumer Claims Tribunal. The firm did not contest the complaint and the tribunal decided that the customer should be refunded €2,000 ($2,240). Full story

BIG BACKING: Crypto lending startup BlockFi received $18.3 million in a Series A funding round led by Valar Ventures, the company announced Tuesday. Valar, which was founded in part by PayPal co-founder Peter Thiel, was joined by Winklevoss Capital, Galaxy Digital, ConsenSys, Akuna Capital, Susquehanna, CMT Digital, Morgan Creek, Avon Ventures and PJC. Valar’s investment was its first in the cryptocurrency industry following prior investments in other fintech firms like Transferwise, a press release said. Full story
BRIEF SPIKE: BTC has pulled back to $11,700 from one-month highs above $12,300 hit earlier today. The price may soon drop further, too, as the cryptocurrency is looking heavy on the intraday charts. The dip, however, could be short lived, as the longer duration charts are still biased bullish. A UTC close above $12,000, if confirmed, could bolster the bullish prospects, opening the doors to retest of recent highs near $13,800. Full story
PASSWORD STEALER: Cybersecurity firm Avast says a crypto-targeting form of malware has been blocked by its anti-virus app over 360,000 times. The malicious piece of code, dubbed Clipsa, is a “multipurpose password stealer” that can replace crypto wallet addresses in the clipboard with addresses owned by the malware’s distributors. It can also mine cryptos on infected machines. The “attack vector is most likely malicious codec pack installers for media players,” says Avast.

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Bitcoin jumps to $12,300 / North Korea steals crypto / Hackers move stolen Binance funds

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Market Watch: After hitting $12,000 Bitcoin has fallen back within the $11,000 mark territory during Tuesday trading. Litecoin has also been pushed out of fourth place down into fifth with Bitcoin Cash settling behind XRP.

  • Bitcoin: $11,708 (⬇️ 0.69%) // $209.1 billion market cap.
  • Ethereum: $229 (⬇️ 1.75%) // $24.5 billion market cap.
  • XRP: $0.315 (⬇️ 3.63%) // $13.5 billion market cap.
  • Bitcoin Cash: $339 (⬇️ 2.41%) // $6.09 billion market cap.
  • Top 100 Winner: DigiByte: $0.011 (⬆️ 11.39%) // $134 million market cap.
  • Top 100 Loser: Japan Content Token: $0.178 (⬇️ 32.35%) // $52 million market cap.

Prices are as of 12:30 p.m. EDT.

     

1. Bitcoin jumped to $12,300 only to drop to $11,600 in a flash crash during Tuesday trading. The number one cryptocurrency continued its bullish rise following on from yesterday's increase over the $11,000 mark. Bitcoin bull Mike Novogratz suggested yesterday that the Bitcoin rally "could have real legs" amid instability in Hong Kong and trade tensions between the U.S. and China. However, he didn't say how far it would go. –COINTELEGRAPH

Bitcoin jumps to $12,300 only to drop to $11,600 in a flash crash
     

2. A United Nations report has claimed that North Korea stole around $2 billion in fiat and cryptocurrency from banks and exchanges to fund its weapons of mass destruction program. Independent experts monitoring the situation state that North Korea employed "increasingly sophisticated attacks" to steal the money. At least 35 reported instances are being investigated involving attacks on financial institutions, crypto exchanges, and mining activity in 17 countries. According to the UN, targeting cryptocurrency platforms enabled North Korea to generate income that was harder to trace. –REUTERS

     
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3. Hackers who stole over 7,000 Bitcoin from Malta-based platform Binance are, reportedly, still trying to move funds in an attempt to launder the stolen coins. The data from analytics company Coinfirm shows that six exchanges were sent small amounts to see if they would be detected and frozen. These included BTC-Alpha, BitPay, BitX.co, CoinGate, Huobi, and Kraken. However, ChipMixer, a Bitcoin tumbler that combines hundreds of transactions to conceal their origin, received the biggest amount. Around 6.4634 BTC, worth roughly $76,000, was sent to mixer addresses. –CRYPTO SLATE

Binance hackers who stole 7,000 Bitcoin are continuing to move funds
     

4. Jaret Seiberg, a senior policy analyst at Cowen, an investment banking company, has said in a client note that a potential Walmart crypto coin could generate less political opposition compared to Facebook's proposed Libra stablecoin. According to Seiberg, the coin would be pegged to the U.S. dollar and would be similar to a rechargeable gift card that can be used at the store. However, while it may not have the "global intentions" of Libra, a coin from Walmart could still present a threat to banks and credit unions, according to the analyst. –BLOOMBERG

     
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5. The U.K.'s tax authority, HM Revenue & Customers (HMRC) is urging crypto platforms to work with it as it attempts to uncover those who have failed to pay their taxes. So far, three platforms operating in the U.K. have received letters requesting customers' names and transaction data in the last week: CEX.IO, Coinbase, and eToro. –COIN DESK

     

6. An unnamed Bitcoin miner who has taken a seller to tribunal over an electricity bill has won his case. The man initially bought the miner to mine Bitcoin, but found the power costs were far greater. According to a complaint to Malta's Consumer Claims Tribunal, the $2,900 miner was noisy and didn't produce a profit. The complaint wasn't contested and the tribunal granted the customer a $2,240 refund. –MALTA TODAY

     

7. Trading software provider Trading Technologies has decided to close its crypto trading platform, TT Crypto, due to a lack of retail users. In an email to registered users, Mike Unetich, vice president of cryptocurrencies at TT, said the aim was to "attract a large retail-oriented customer base." It will shut its doors August 9 at 4:00 p.m. CDT. –THE BLOCK

     

8. Cybersecurity firm Avast has found that crypto stealing malware, Clipsa, which has been blocked 360,000 times between August 2018 and July 2019, has bagged hackers nearly $37,000 in stolen funds. Described as a "multipurpose password stealer," Clipsa uses attack vectors to redirect funds away from their intended destination and toward hackers' wallets. –THE NEXT WEB

     

9. Mastercard is to use a demo blockchain-based product to determine if it can tackle fake clothing with a tracking solution. Working with store Fred Segal Sunset and MADE, Mastercard will demonstrate its tracking platform Provenance in an upcoming show. It will be able to show customers how products make it to the store shelves from their source. –COIN DESK

     

10. BlockFi, a crypto lending startup, has raised $18.3 million in a Series A funding round. According to the company, the money will go toward new additions to its product line up. It already offers yield-bearing Bitcoin deposits – which launched in March – and cryptocurrency-backed loans. –COIN DESK

     

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

     
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