Man who minted 14M ICX tokens due to a bug can pursue lawsuit to keep them.
A flaw in an upgrade to the ICON blockchain in 2020 allowed a user to repeatedly mint millions of ICX tokens.
A cryptocurrency enthusiast who exploited a bug in the ICON network to mint a large amount of its native ICX token can pursue entitlement claims according to a California federal judge.
On Monday, Aug. 9, U.S. District Judge William H. Orrick said that the case raises novel questions about digital property. He added that plaintiff Mark Shin had adequately alleged that the ICON Foundation was wrong to freeze his crypto asset accounts after he took advantage of its flawed code.
According to Law360, the allegations were enough to allow the case to go forward, with Judge Orrick denying the bulk of ICON Foundation's motion to dismiss the claims.
According to court filings, Shin discovered a bug in the ICON Network's code after a software update in August 2020. When attempting to transfer staked tokens, Shin discovered that 25,000 new native ICX tokens had appeared in his wallet.
He thought that there was a “visual bug with the wallet software” and attempted the process again whereby another 25,000 ICX tokens were generated.
The code flaw allowed Shin to create a total of 14 million new ICX tokens worth around $7.8 million at the time. Many of those tokens he then transferred to the Kraken and Binance cryptocurrency exchanges.
According to the court order, Shin acknowledged that “the authors and developers of the [software update] may not have intended for the network proposal to behave as it did,” but argued that he was the new lawful owner of the tokens since the code changes had been adopted.
He claimed that ICON disagreed and asked Binance and Kraken to have his accounts frozen, saying that he had attacked the network. The judge agreed with the plaintiff’s claims of possible token ownership rights allowing the case to proceed, stating:
“The inquiry at this stage, however, is whether Shin has plausibly alleged possessory interest in the ICX tokens. I find that he has.”
A flaw in an upgrade to the ICON blockchain in 2020 allowed a user to repeatedly mint millions of ICX tokens.
A cryptocurrency enthusiast who exploited a bug in the ICON network to mint a large amount of its native ICX token can pursue entitlement claims according to a California federal judge.
On Monday, Aug. 9, U.S. District Judge William H. Orrick said that the case raises novel questions about digital property. He added that plaintiff Mark Shin had adequately alleged that the ICON Foundation was wrong to freeze his crypto asset accounts after he took advantage of its flawed code.
According to Law360, the allegations were enough to allow the case to go forward, with Judge Orrick denying the bulk of ICON Foundation's motion to dismiss the claims.
According to court filings, Shin discovered a bug in the ICON Network's code after a software update in August 2020. When attempting to transfer staked tokens, Shin discovered that 25,000 new native ICX tokens had appeared in his wallet.
He thought that there was a “visual bug with the wallet software” and attempted the process again whereby another 25,000 ICX tokens were generated.
The code flaw allowed Shin to create a total of 14 million new ICX tokens worth around $7.8 million at the time. Many of those tokens he then transferred to the Kraken and Binance cryptocurrency exchanges.
According to the court order, Shin acknowledged that “the authors and developers of the [software update] may not have intended for the network proposal to behave as it did,” but argued that he was the new lawful owner of the tokens since the code changes had been adopted.
He claimed that ICON disagreed and asked Binance and Kraken to have his accounts frozen, saying that he had attacked the network. The judge agreed with the plaintiff’s claims of possible token ownership rights allowing the case to proceed, stating:
“The inquiry at this stage, however, is whether Shin has plausibly alleged possessory interest in the ICX tokens. I find that he has.”
🚀 London hardfork in the Ethereum network - will there be to the moon?
On August 5, the London hardfork took place in the main Ethereum network, which continues the network's transition from the PoW algorithm to the PoS algorithm, which in the future may have a positive impact on the value of ETH. The transition to the new algorithm assumes a slower issue of Ethereum, which can form a shortage of coins on the market.
The potential goal of ETH is to update the historical maximum, which is at $4 380, which is more than 50% higher than the current levels. Do not miss the opportunity to invest in Ethereum and go "to the moon" together with the top cryptocurrency!
Buy the ETH legally and safely, using a bank transfer in RUB, EUR, USD, BYN, as well as using Visa/MasterCard cards on a regulated crypto exchange of tokenized assets Currency.com!
Register and trade on Currency.com!
On August 5, the London hardfork took place in the main Ethereum network, which continues the network's transition from the PoW algorithm to the PoS algorithm, which in the future may have a positive impact on the value of ETH. The transition to the new algorithm assumes a slower issue of Ethereum, which can form a shortage of coins on the market.
The potential goal of ETH is to update the historical maximum, which is at $4 380, which is more than 50% higher than the current levels. Do not miss the opportunity to invest in Ethereum and go "to the moon" together with the top cryptocurrency!
Buy the ETH legally and safely, using a bank transfer in RUB, EUR, USD, BYN, as well as using Visa/MasterCard cards on a regulated crypto exchange of tokenized assets Currency.com!
Register and trade on Currency.com!
What Is the Metaverse? A High-Tech Plan to Facebookify the World.
Facebook chief executive Mark Zuckerberg recently announced the tech giant will shift from being a social media company to becoming “a metaverse company”, functioning in an “embodied internet” that blends real and virtual worlds more than ever before.
So what is “the metaverse”? It sounds like the kind of thing billionaires talk about to earn headlines, like Tesla chief Elon Musk spruiking “pizza joints” on Mars. Yet given almost three billion people use Facebook each month, Zuckerberg’s suggestion of a change of direction is worth some attention.
The term “metaverse” isn’t new, but it has recently seen a surge in popularity and speculation about what this all might mean in practice.
The idea of the metaverse is useful and it’s likely to be with us for some time. It’s a concept worth understanding even if, like me, you are critical of the future its proponents suggest.
The metaverse: a name whose time has come?
Humans have developed many technologies to trick our senses, from audio speakers and televisions to interactive video games and virtual reality, and in future we may develop tools to trick our other senses such as touch and smell. We have many words for these technologies, but as yet no popular word that refers to the totality of the mash-up of old-fashioned reality (the physical world) and our fabricated extensions to reality (the virtual world).
Words like “the internet” and “cyberspace” have come to be associated with places we access through screens. They don’t quite capture the steady interweaving of the internet with virtual realities (such as 3D game worlds or virtual cities) and augmented reality (such as navigation overlays or Pokémon GO).
Just as important, the old names don’t capture the new social relationships, sensory experiences and economic behaviours that are emerging along with these extensions to the virtual. For example, Upland mashes together a virtual reflection of our world with non-fungible tokens (NFTs) and property markets.
Facebook chief executive Mark Zuckerberg recently announced the tech giant will shift from being a social media company to becoming “a metaverse company”, functioning in an “embodied internet” that blends real and virtual worlds more than ever before.
So what is “the metaverse”? It sounds like the kind of thing billionaires talk about to earn headlines, like Tesla chief Elon Musk spruiking “pizza joints” on Mars. Yet given almost three billion people use Facebook each month, Zuckerberg’s suggestion of a change of direction is worth some attention.
The term “metaverse” isn’t new, but it has recently seen a surge in popularity and speculation about what this all might mean in practice.
The idea of the metaverse is useful and it’s likely to be with us for some time. It’s a concept worth understanding even if, like me, you are critical of the future its proponents suggest.
The metaverse: a name whose time has come?
Humans have developed many technologies to trick our senses, from audio speakers and televisions to interactive video games and virtual reality, and in future we may develop tools to trick our other senses such as touch and smell. We have many words for these technologies, but as yet no popular word that refers to the totality of the mash-up of old-fashioned reality (the physical world) and our fabricated extensions to reality (the virtual world).
Words like “the internet” and “cyberspace” have come to be associated with places we access through screens. They don’t quite capture the steady interweaving of the internet with virtual realities (such as 3D game worlds or virtual cities) and augmented reality (such as navigation overlays or Pokémon GO).
Just as important, the old names don’t capture the new social relationships, sensory experiences and economic behaviours that are emerging along with these extensions to the virtual. For example, Upland mashes together a virtual reflection of our world with non-fungible tokens (NFTs) and property markets.
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✅ I will share a hidden gem with you that was recently mentioned by CNBC and Bitboy and also was awarded by the German Government.
The project is called ACRIA and they are building an improved version of Chainlink. Acria is already partnering with the German Government and other big companies and projects like MakerDAO, Litecoin, Polygon.
✅ Acria is building on Cardano (ADA) too
✅ A 100x is possible with this project. I am also invested in the project.
✅ Get in now and get double the amount of ACRIA Tokens (limited time only)
💵 Buy ACRIA here 👉 https://acria.network/
Buy Acria now or you will regret it!
Crypto Sector World’s 3rd Industry in Phishing Attacks Growth - Report.
hishing activities continue to intensify across the world, with their volume for the second quarter of 2021 outpacing the same period last year by 22%. Cryptocurrency increasingly finds itself in attackers’ sight, with a tenfold increase in attacks on exchanges, according to a recent report by cyber threat intelligence company PhishLabs. Due to a spike in attacks, the crypto sector is now ranked as the third industry in terms of growth of phishing attempts.
“In Q2, a combination of brand, executive, and employee impersonation attacks accounted for over half (54.7%) of all social media attacks in the Cryptocurrency sector. This activity identifies threat actor attempts at impersonating cryptocurrency businesses to confuse customers and cash in on the sector’s skyrocketing growth,” the US firm said.
The global crypto industry reported a 13% increase in phishing attacks in the April-June 2021 period compared with the first quarter of this year.
This meant that only two other industries reported a higher growth rate in such attacks in the second quarter of 2021: payment services, with a staggering increase of 561.8%, and broadcast media, up 112.5%, as indicated by data from the report.
“We anticipate cryptocurrency businesses will continue to be aggressively targeted by threat actors through social media in future quarters, due to a majority of their activity and communication taking place through social platforms,” PhishLabs said.
Three site staging methods accounted for all of the phishing attacks targeting crypto exchanges, according to the report.
“Free Hosting solutions hosted 96.5% of the phishing sites, while Compromised Sites accounted for 3.4% of the activity. A small number of sites targeting exchanges abused development tools for staging,” according to PhishLabs.
The remaining 0.1% of such attacks on crypto exchanges were staged with the use of development tools, the analysis said.
hishing activities continue to intensify across the world, with their volume for the second quarter of 2021 outpacing the same period last year by 22%. Cryptocurrency increasingly finds itself in attackers’ sight, with a tenfold increase in attacks on exchanges, according to a recent report by cyber threat intelligence company PhishLabs. Due to a spike in attacks, the crypto sector is now ranked as the third industry in terms of growth of phishing attempts.
“In Q2, a combination of brand, executive, and employee impersonation attacks accounted for over half (54.7%) of all social media attacks in the Cryptocurrency sector. This activity identifies threat actor attempts at impersonating cryptocurrency businesses to confuse customers and cash in on the sector’s skyrocketing growth,” the US firm said.
The global crypto industry reported a 13% increase in phishing attacks in the April-June 2021 period compared with the first quarter of this year.
This meant that only two other industries reported a higher growth rate in such attacks in the second quarter of 2021: payment services, with a staggering increase of 561.8%, and broadcast media, up 112.5%, as indicated by data from the report.
“We anticipate cryptocurrency businesses will continue to be aggressively targeted by threat actors through social media in future quarters, due to a majority of their activity and communication taking place through social platforms,” PhishLabs said.
Three site staging methods accounted for all of the phishing attacks targeting crypto exchanges, according to the report.
“Free Hosting solutions hosted 96.5% of the phishing sites, while Compromised Sites accounted for 3.4% of the activity. A small number of sites targeting exchanges abused development tools for staging,” according to PhishLabs.
The remaining 0.1% of such attacks on crypto exchanges were staged with the use of development tools, the analysis said.
🤑 Crypto Exchange Currency.com continues a series of tournaments for traders with a prize fund of $10 000!
In order to participate in the tournament, it is necessary to:
- Register on Currency.com.
- Pass the verification procedure.
- Perform trading operations with leverage.
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The winners will be determined by the highest yield (P&L) on leveraged trading operations. The rewards are distributed as follows:
🥇1st place - $5 000
🥈 2nd place - $3 000
🥉 3rd place - $2 000
The tournament runs until August 27, 2021. Register and win!
In order to participate in the tournament, it is necessary to:
- Register on Currency.com.
- Pass the verification procedure.
- Perform trading operations with leverage.
- Demonstrate the highest profitability.
- Get into the TOP 3 participants and take the prize.
The winners will be determined by the highest yield (P&L) on leveraged trading operations. The rewards are distributed as follows:
🥇1st place - $5 000
🥈 2nd place - $3 000
🥉 3rd place - $2 000
The tournament runs until August 27, 2021. Register and win!
Binance Tightening KYC Procedure, The Screaming Sheep NFT
Crypto exchange Binance has announced they have tightened the customer verification requirements on their platforms, as they extend their response to heightened regulatory scrutiny over recent months. With immediate effect, new customers must supply government ID and pass facial verification to meet "Intermediate" verification for access to services such as crypto deposits, trades and withdrawals, while existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption until they provide the necessary documents.
Crypto exchange OKEx has announced the launch of a USD 10m fund to help develop play-to-earn (or GameFi) projects. They will also host a hackathon with the theme "BUIDL IN METAFORCE" on August 26, where the winning team will receive USD 1m in funding as well as additional support from the exchange, such as advanced listing and promotional marketing.
Social media and marketing company Brave Bison has announced a partnership with non-fungible token (NFT) platform Power Up NFTs to facilitate the sale of the viral The Screaming Sheep video as an NFT. Brave Bison added that it has represented The Screaming Sheep video for a number of years and has worked with the video owner to license the content out to brands and organisations. It argued that the video is now considered to be one of the most famous viral pieces of content the internet has to offer.
Retail bank Lloyds Banking Group has posted a vacancy for Senior Manager in Digital Currency and Innovation to explore investment opportunities. The manager will develop payments use cases and initiate business or investments around digital currencies, according to the posting.
Crypto custody firm Anchorage has announced it is offering blockchain governance voting services, starting with decentralized finance (DeFi) project (AAVE). Institutions and token holders can use Anchorage’s governance portal to participate in on-chain governance decisions critical to the Aave lending protocol, as the system uses a separate voting key so that digital assets can remain safely in storage.
Cross-blockchain decentralized storage and computing network Aleph has announced the release of decentralized indexing for the blockchain Solana (SOL). They stated that until now, applications built on Solana have had to rely on their own centralized indexing solutions requiring high costs for physical hardware, unfeasibly fast internet connections, and computing power, while Aleph provides a decentralized alternative.
Crypto mining company Argo Blockchain has filed for US Securities and Exchange Commission (SEC) approval to sell American Depositary Shares (ADS). If approved, this would be their secondary Nasdaq listing, and would trade under the ticker “ARBK.”
Investment news
Crypto exchange Binance has announced they have tightened the customer verification requirements on their platforms, as they extend their response to heightened regulatory scrutiny over recent months. With immediate effect, new customers must supply government ID and pass facial verification to meet "Intermediate" verification for access to services such as crypto deposits, trades and withdrawals, while existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption until they provide the necessary documents.
Crypto exchange OKEx has announced the launch of a USD 10m fund to help develop play-to-earn (or GameFi) projects. They will also host a hackathon with the theme "BUIDL IN METAFORCE" on August 26, where the winning team will receive USD 1m in funding as well as additional support from the exchange, such as advanced listing and promotional marketing.
Social media and marketing company Brave Bison has announced a partnership with non-fungible token (NFT) platform Power Up NFTs to facilitate the sale of the viral The Screaming Sheep video as an NFT. Brave Bison added that it has represented The Screaming Sheep video for a number of years and has worked with the video owner to license the content out to brands and organisations. It argued that the video is now considered to be one of the most famous viral pieces of content the internet has to offer.
Retail bank Lloyds Banking Group has posted a vacancy for Senior Manager in Digital Currency and Innovation to explore investment opportunities. The manager will develop payments use cases and initiate business or investments around digital currencies, according to the posting.
Crypto custody firm Anchorage has announced it is offering blockchain governance voting services, starting with decentralized finance (DeFi) project (AAVE). Institutions and token holders can use Anchorage’s governance portal to participate in on-chain governance decisions critical to the Aave lending protocol, as the system uses a separate voting key so that digital assets can remain safely in storage.
Cross-blockchain decentralized storage and computing network Aleph has announced the release of decentralized indexing for the blockchain Solana (SOL). They stated that until now, applications built on Solana have had to rely on their own centralized indexing solutions requiring high costs for physical hardware, unfeasibly fast internet connections, and computing power, while Aleph provides a decentralized alternative.
Crypto mining company Argo Blockchain has filed for US Securities and Exchange Commission (SEC) approval to sell American Depositary Shares (ADS). If approved, this would be their secondary Nasdaq listing, and would trade under the ticker “ARBK.”
Investment news
Starting August 26, 2021, FTX, Raydium and Apollo-X will host the sale of the highly anticipated tokens of the Solana-powered Star Atlas metaverse, ushering in the next era of play-to-earn enabled GameFi revolution. In the two IDOs, additional allocation of ATLAS and POLIS tokens will be available to holders of meta-posters.
FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale
Raydium:
https://raydium.medium.com/star-atlas-is-launching-on-acceleraytor-fa35cfe3291f
Appollo-X
https://apollox.paidnetwork.com/project/star-atlas
Official Websites:
* https://StarAtlas.com
* app: https://play.staratlas.com/
Telegram: https://t.me/staratlasgame
FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale
Raydium:
https://raydium.medium.com/star-atlas-is-launching-on-acceleraytor-fa35cfe3291f
Appollo-X
https://apollox.paidnetwork.com/project/star-atlas
Official Websites:
* https://StarAtlas.com
* app: https://play.staratlas.com/
Telegram: https://t.me/staratlasgame
Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining.
Miners used an empty warehouse of an electricity supply company to plug into the grid and mine crypto on a variety of devices, including gaming consoles.
Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine, the facility was located on the former premises of JSC Vinnytsiaoblenergo, an electricity supply company.
The illegal crypto miners concealed their activities by manipulating electricity meters to steal electricity from JSC Vinnytsiaoblenergo.
Described as the largest underground mining operation discovered by the Ukrainian police, the farm housed nearly 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processing units, notebooks, phones and flash drives.
The SBU estimated the state’s monthly losses due to electricity theft — which had the potential to cause electricity shortages for the entire city of Vinnytsa — to range between $186,200 and $259,300.
Several estimates show that Sony’s last-gen gaming console, PlayStation 4, is not the ideal rig to mine cryptocurrency. Given its slightly outdated configuration compared to many mining rigs available today, even a 16-console PS4 setup would fail to generate meaningful returns with legal electricity usage.
Ukraine was ranked as the world’s leader in Chainalysis’ Global Crypto Adoption Index last year. The Eastern European country is trying to lead the region with crypto-friendly initiatives such as the proposal of a bill that aims to determine the legal status of crypto assets, including rules for their circulation and issuance in the country.
Miners used an empty warehouse of an electricity supply company to plug into the grid and mine crypto on a variety of devices, including gaming consoles.
Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine, the facility was located on the former premises of JSC Vinnytsiaoblenergo, an electricity supply company.
The illegal crypto miners concealed their activities by manipulating electricity meters to steal electricity from JSC Vinnytsiaoblenergo.
Described as the largest underground mining operation discovered by the Ukrainian police, the farm housed nearly 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processing units, notebooks, phones and flash drives.
The SBU estimated the state’s monthly losses due to electricity theft — which had the potential to cause electricity shortages for the entire city of Vinnytsa — to range between $186,200 and $259,300.
Several estimates show that Sony’s last-gen gaming console, PlayStation 4, is not the ideal rig to mine cryptocurrency. Given its slightly outdated configuration compared to many mining rigs available today, even a 16-console PS4 setup would fail to generate meaningful returns with legal electricity usage.
Ukraine was ranked as the world’s leader in Chainalysis’ Global Crypto Adoption Index last year. The Eastern European country is trying to lead the region with crypto-friendly initiatives such as the proposal of a bill that aims to determine the legal status of crypto assets, including rules for their circulation and issuance in the country.
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🎙AMA Announcement
Crypto Land will host an AMA Session with PEAKDEFI in Crypto Land + PEAKDEFI chat..
⏱START 1PM UTC 27.08.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @peakdefi_official
🌐Website - https://peakdefi.com/
Crypto Land will host an AMA Session with PEAKDEFI in Crypto Land + PEAKDEFI chat..
⏱START 1PM UTC 27.08.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @peakdefi_official
🌐Website - https://peakdefi.com/
Russian Miner Has His Video Cards Stolen – By Balcony-Scaling Neighbor.
A Russian miner was robbed of his video cards by his next-door neighbor – who police say climbed over the man’s balcony to steal his hardware.
According to the Kursk branch of the Office of the Ministry of Internal Affairs and the local media outlet Kurskie Izvestia, the flat belongs to a Kursk resident who had moved out of the property after converting it into a crypto mining “farm.”
But the miner guessed something was wrong when he noticed that the equipment had ceased to generate any income for him – and was no longer mining coins.
He notified the police, who were initially flummoxed by the fact that they were unable to find any traces of a break-in or a burglary in the apartment. Eventually, they formulated the theory that the miner’s neighbors were somehow involved in the theft – and were soon proved correct.
Their investigation led them to discover that a resident in the neighboring apartment had deduced that a miner was living next door – due to the sound of the mechanical “whirring” of graphics processing units and mining rigs.
The neighbor also noticed that the owner was almost always absent from the property, returning only briefly every now and then to check on the status of his rigs.
The neighbor then hatched a plan, police said, also involving his girlfriend and a friend, to sneak into the house by climbing across the adjoining balcony. The intruders, police said, then proceeded to remove and escape with 30 video cards, which were found hidden in the neighbor’s car.
The cards were worth over USD 54,000 by current market prices, the media outlet explained.
The police claimed that all three were interrogated, and that all members of “the criminal group confessed” to the crime and ensured the safe return of the video card haul.
The trio will now have their cases heard by the courts, and could face jail time of up to seven years for breaking and entering, as well as theft.
A Russian miner was robbed of his video cards by his next-door neighbor – who police say climbed over the man’s balcony to steal his hardware.
According to the Kursk branch of the Office of the Ministry of Internal Affairs and the local media outlet Kurskie Izvestia, the flat belongs to a Kursk resident who had moved out of the property after converting it into a crypto mining “farm.”
But the miner guessed something was wrong when he noticed that the equipment had ceased to generate any income for him – and was no longer mining coins.
He notified the police, who were initially flummoxed by the fact that they were unable to find any traces of a break-in or a burglary in the apartment. Eventually, they formulated the theory that the miner’s neighbors were somehow involved in the theft – and were soon proved correct.
Their investigation led them to discover that a resident in the neighboring apartment had deduced that a miner was living next door – due to the sound of the mechanical “whirring” of graphics processing units and mining rigs.
The neighbor also noticed that the owner was almost always absent from the property, returning only briefly every now and then to check on the status of his rigs.
The neighbor then hatched a plan, police said, also involving his girlfriend and a friend, to sneak into the house by climbing across the adjoining balcony. The intruders, police said, then proceeded to remove and escape with 30 video cards, which were found hidden in the neighbor’s car.
The cards were worth over USD 54,000 by current market prices, the media outlet explained.
The police claimed that all three were interrogated, and that all members of “the criminal group confessed” to the crime and ensured the safe return of the video card haul.
The trio will now have their cases heard by the courts, and could face jail time of up to seven years for breaking and entering, as well as theft.
El Salvador Parliament Green-lights USD 150M Bitcoin Fund as Critics Scoff.
Bitcoin (BTC) path to becoming legal tender in El Salvador cleared another hurdle, with parliament approving a bill to launch a USD 150m adoption fund – but government critics continue to voice their discontent.
The fund’s approval by the National Assembly was never in doubt due to the size of the President Nayib Bukele’s Neuvas Ideas party majority (56 out of 84 seats). The fund will allow the government to provide support for BTC-USD transactions, with the money being managed by the Development Bank of El Salvador (Bandesal). Bukele is aware that many merchants are likely to seek to convert BTC payments into fiat, particularly in the early stages of his plan.
A further USD 30m worth of loans has been earmarked for a project that will see the government offer users of its new Chivo bitcoin wallet and exchange platform a USD 30 golden hello bonus – in BTC.
And the government will also spend USD 23.3m on new outlets that will house crypto ATMs.
The minister added:
“We have several teams in the country to show the population how to use the Chivo wallet. We have developed a user-friendly application so that all Salvadorans can learn to use this cryptocurrency.”
But resistance to crypto adoption continues. The same newspaper quoted a number of opposition MPs as speaking out about the bill and the adoption plans in general.
MPs from the two major opposition parties, FMLN and ARENA, spoke out in the house in the debate preceding the vote.
ARENA’s René Portillo Cuadra criticized the government for paying for adoption through a series of loans that he complained would ultimately need to be paid by the taxpayer.
He stated:
“There is something fishy about this bitcoin business. Someone will gain from it, but it is not the people, namely those who own businesses. Time will prove us right.”
Anabel Belloso, an FMLN MP who co-launched an unsuccessful bid to derail the bitcoin bill in early summer, called the fund a “link in one of the most irresponsible decisions that this Assembly has ever made.”
Belloso claimed that only a select “few” would benefit from the move, and that the adoption plan would see “inequality” escalate in the country.
Bitcoin (BTC) path to becoming legal tender in El Salvador cleared another hurdle, with parliament approving a bill to launch a USD 150m adoption fund – but government critics continue to voice their discontent.
The fund’s approval by the National Assembly was never in doubt due to the size of the President Nayib Bukele’s Neuvas Ideas party majority (56 out of 84 seats). The fund will allow the government to provide support for BTC-USD transactions, with the money being managed by the Development Bank of El Salvador (Bandesal). Bukele is aware that many merchants are likely to seek to convert BTC payments into fiat, particularly in the early stages of his plan.
A further USD 30m worth of loans has been earmarked for a project that will see the government offer users of its new Chivo bitcoin wallet and exchange platform a USD 30 golden hello bonus – in BTC.
And the government will also spend USD 23.3m on new outlets that will house crypto ATMs.
The minister added:
“We have several teams in the country to show the population how to use the Chivo wallet. We have developed a user-friendly application so that all Salvadorans can learn to use this cryptocurrency.”
But resistance to crypto adoption continues. The same newspaper quoted a number of opposition MPs as speaking out about the bill and the adoption plans in general.
MPs from the two major opposition parties, FMLN and ARENA, spoke out in the house in the debate preceding the vote.
ARENA’s René Portillo Cuadra criticized the government for paying for adoption through a series of loans that he complained would ultimately need to be paid by the taxpayer.
He stated:
“There is something fishy about this bitcoin business. Someone will gain from it, but it is not the people, namely those who own businesses. Time will prove us right.”
Anabel Belloso, an FMLN MP who co-launched an unsuccessful bid to derail the bitcoin bill in early summer, called the fund a “link in one of the most irresponsible decisions that this Assembly has ever made.”
Belloso claimed that only a select “few” would benefit from the move, and that the adoption plan would see “inequality” escalate in the country.
Australian tax office: Report crypto profits or else.
The ATO said it already knows who is invested in cryptocurrencies and expects cooperation.
The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.
The ATO’s assistant commissioner, Tim Loh, told News that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money.
Loh said the tax office was already aware of who is invested in cryptocurrency thanks to the cooperation it has received from exchanges and banking institutions.
“(We) follow the money trail back to the taxpayer and we do that through the ATO which has data matching profiles with cryptocurrency exchanges and they provide that information to us and we use that information to cross match with people’s tax returns,” Loh said.
“There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules,” he added.
Loh said he was alarmed by some people’s readiness to ignore tax obligations incurred in the world of cryptocurrency. The ATO will contact 400,000 Australian citizens in 2021 to urge them to review their previously lodged tax returns and to prompt them to report capital gains or losses on crypto trades.
As for the process of keeping accurate tax records, Loh said the best practice would be to record every transaction in Australian dollar terms, keeping note of dates, times and wallet addresses.
“The best tip to nail your cryptocurrency gains and losses is to keep accurate records including dates of transactions, the value in Australian dollars at the time of the transactions, what the transactions were for, and who the other party was, even if it’s just their wallet address,” said Loh.
The ATO said it already knows who is invested in cryptocurrencies and expects cooperation.
The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.
The ATO’s assistant commissioner, Tim Loh, told News that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money.
Loh said the tax office was already aware of who is invested in cryptocurrency thanks to the cooperation it has received from exchanges and banking institutions.
“(We) follow the money trail back to the taxpayer and we do that through the ATO which has data matching profiles with cryptocurrency exchanges and they provide that information to us and we use that information to cross match with people’s tax returns,” Loh said.
“There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules,” he added.
Loh said he was alarmed by some people’s readiness to ignore tax obligations incurred in the world of cryptocurrency. The ATO will contact 400,000 Australian citizens in 2021 to urge them to review their previously lodged tax returns and to prompt them to report capital gains or losses on crypto trades.
As for the process of keeping accurate tax records, Loh said the best practice would be to record every transaction in Australian dollar terms, keeping note of dates, times and wallet addresses.
“The best tip to nail your cryptocurrency gains and losses is to keep accurate records including dates of transactions, the value in Australian dollars at the time of the transactions, what the transactions were for, and who the other party was, even if it’s just their wallet address,” said Loh.
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Bitcoin Becomes Legal Tender With Unfriendly Welcome by Apple & Google.
Bitcoin (BTC) has become legal tender in El Salvador and with it will come a “ton” of “FUD,” the nation’s President Nayib Bukele warned. And as Bukele confirmed the news that government “brokers” had bought BTC 400 (USD 21m), the release of the state-run BTC wallet has apparently been hit by a delay of sorts – while a wave of negativity sweeps through the nation’s press.
Midnight has passed in El Salvador, where it is now September 7, the day when the law making BTC legal tender promulgates.
Yesterday, Bukele took to Twitter to first warn of “incoming FUD! Tons of it.” He then returned to announce a BTC 200 buy, claiming that “our brokers will be buying a lot more as the deadline approaches.” And he later added the update:
“El Salvador just bought 200 new coins. We now hold BTC 400.”
He then teased the dawn of history, with a three-minute countdown to the start of September 7.
But the President called on Apple, Huawei, and Google to “release” the Chivo wallet app, after stating that the nation was “waiting” for the app to be available in their stores. He first wrote that it “won’t be long” until the stores were updated – and then followed up with an angry face emoji and the imperative “Release him!”
Meanwhile, the nation’s Chivo ATMs are also ready for business, albeit under the watchful eye of heavily armed men. El Diario de Hoy published photographs of the ATM in the San Martín district of San Salvador, housed in a small weather-proof building – and surrounded by automatic rifle-toting guards.
Police told the photographer that armed officers have been told to “routinely” patrol the facilities to ensure they stay “vandalism”-free.
Bukele has previously said that the government will spend at least USD 205m worth of public funds to ensure BTC adoption goes smoothly.
The negativity was palpable, however, as the same media outlet quoted various experts who called the bitcoin law “the work of beginners,” an “experiment” and even “stupid.”
Street protests continued, with the same media outlet quoting an individual named Blanca Marroquín, as stating:
“This bitcoin law is not for the poor.”
La Prensa Gráfica reported that an opposition MP from the VAMOS party has launched a bid to repeal the law.
Bitcoin (BTC) has become legal tender in El Salvador and with it will come a “ton” of “FUD,” the nation’s President Nayib Bukele warned. And as Bukele confirmed the news that government “brokers” had bought BTC 400 (USD 21m), the release of the state-run BTC wallet has apparently been hit by a delay of sorts – while a wave of negativity sweeps through the nation’s press.
Midnight has passed in El Salvador, where it is now September 7, the day when the law making BTC legal tender promulgates.
Yesterday, Bukele took to Twitter to first warn of “incoming FUD! Tons of it.” He then returned to announce a BTC 200 buy, claiming that “our brokers will be buying a lot more as the deadline approaches.” And he later added the update:
“El Salvador just bought 200 new coins. We now hold BTC 400.”
He then teased the dawn of history, with a three-minute countdown to the start of September 7.
But the President called on Apple, Huawei, and Google to “release” the Chivo wallet app, after stating that the nation was “waiting” for the app to be available in their stores. He first wrote that it “won’t be long” until the stores were updated – and then followed up with an angry face emoji and the imperative “Release him!”
Meanwhile, the nation’s Chivo ATMs are also ready for business, albeit under the watchful eye of heavily armed men. El Diario de Hoy published photographs of the ATM in the San Martín district of San Salvador, housed in a small weather-proof building – and surrounded by automatic rifle-toting guards.
Police told the photographer that armed officers have been told to “routinely” patrol the facilities to ensure they stay “vandalism”-free.
Bukele has previously said that the government will spend at least USD 205m worth of public funds to ensure BTC adoption goes smoothly.
The negativity was palpable, however, as the same media outlet quoted various experts who called the bitcoin law “the work of beginners,” an “experiment” and even “stupid.”
Street protests continued, with the same media outlet quoting an individual named Blanca Marroquín, as stating:
“This bitcoin law is not for the poor.”
La Prensa Gráfica reported that an opposition MP from the VAMOS party has launched a bid to repeal the law.
Coinbase Pro Accidentally 'Re-Lists' XRP Amid Spat with SEC.
After first de-listing XRP in January over fears of a regulatory crackdown on the cryptocurrency, several users of the US-based major crypto exchange Coinbase Pro took notice last night that the exchange seemed to have re-listed it. But the joy over the apparent listing was short-lived, with the exchange shortly after denying any listing of XRP.
However, XRP managed to spike sharply following the reports but crashed soon after. At 09:08 UTC, XRP trades at USD 1.09 and is down by 3% in a day and 13% in a week.
The news of what appeared to be a re-listing of XRP by Coinbase Pro was widely shared on Twitter today, after several users noticed that the trading pairs XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC were viewable on the popular trading platform.
Before the clarification from Coinbase Pro came, however, several members in the crypto community discussed whether the “re-listing” was simply an attempt from Coinbase to troll the Securities and Exchange Commission (SEC), following the regulator’s threat to sue Coinbase over its planned lending feature.
The transparency about this threat from Coinbase’s side over the spat with the regulator made many in the community sympathetic with them, thus giving community members great joy in speculating last night that the exchange is “itching to get in a fight with the SEC.”
After first de-listing XRP in January over fears of a regulatory crackdown on the cryptocurrency, several users of the US-based major crypto exchange Coinbase Pro took notice last night that the exchange seemed to have re-listed it. But the joy over the apparent listing was short-lived, with the exchange shortly after denying any listing of XRP.
However, XRP managed to spike sharply following the reports but crashed soon after. At 09:08 UTC, XRP trades at USD 1.09 and is down by 3% in a day and 13% in a week.
The news of what appeared to be a re-listing of XRP by Coinbase Pro was widely shared on Twitter today, after several users noticed that the trading pairs XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC were viewable on the popular trading platform.
Before the clarification from Coinbase Pro came, however, several members in the crypto community discussed whether the “re-listing” was simply an attempt from Coinbase to troll the Securities and Exchange Commission (SEC), following the regulator’s threat to sue Coinbase over its planned lending feature.
The transparency about this threat from Coinbase’s side over the spat with the regulator made many in the community sympathetic with them, thus giving community members great joy in speculating last night that the exchange is “itching to get in a fight with the SEC.”
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MicroStrategy Buys Another BTC 5,050, Holds USD 5.1B of BTC.
The US-based publicly traded software company MicroStrategy, led by the prominent bitcoin (BTC) bull Michael Saylor, announced today that it has purchased an additional BTC 5,050 at an average price of USD 48,099.
As usual, the bitcoin purchase was publicized by Saylor via his Twitter account, where he also said that the company now holds a total of BTC 114,042 purchased at an average price of USD 27,713.
MicroStrategy’s massive bitcoin holdings now means that the company owns bitcoin worth over USD 5.1b.
Following MicroStrategy’s announcement of the latest purchase, the popular bitcoin on-chain analyst Willy Woo published an updated version of his chart of bitcoin held by public companies. The chart shows MicroStrategy clearly leading the pack, followed by electric carmaker Tesla, Mike Novogratz’s investment firm Galaxy Digital, and Jack Dorsey’s payments company Square.
In a follow-up tweet, Woo also offered his take on MicroStrategy’s massive bitcoin holding, saying that he believes many other companies use MicroStrategy to get exposure to bitcoin without having to buy the asset itself.
“In case people wonder why MicroStrategy is such a large holder. I think public companies find it easier to buy a convertible debt instrument from MicroStrategy to gain BTC exposure than to hold the underlying asset. IMO MicroStrategy hold BTC for many companies,” the on-chain analyst wrote.
The US-based publicly traded software company MicroStrategy, led by the prominent bitcoin (BTC) bull Michael Saylor, announced today that it has purchased an additional BTC 5,050 at an average price of USD 48,099.
As usual, the bitcoin purchase was publicized by Saylor via his Twitter account, where he also said that the company now holds a total of BTC 114,042 purchased at an average price of USD 27,713.
MicroStrategy’s massive bitcoin holdings now means that the company owns bitcoin worth over USD 5.1b.
Following MicroStrategy’s announcement of the latest purchase, the popular bitcoin on-chain analyst Willy Woo published an updated version of his chart of bitcoin held by public companies. The chart shows MicroStrategy clearly leading the pack, followed by electric carmaker Tesla, Mike Novogratz’s investment firm Galaxy Digital, and Jack Dorsey’s payments company Square.
In a follow-up tweet, Woo also offered his take on MicroStrategy’s massive bitcoin holding, saying that he believes many other companies use MicroStrategy to get exposure to bitcoin without having to buy the asset itself.
“In case people wonder why MicroStrategy is such a large holder. I think public companies find it easier to buy a convertible debt instrument from MicroStrategy to gain BTC exposure than to hold the underlying asset. IMO MicroStrategy hold BTC for many companies,” the on-chain analyst wrote.
AMC To Add Ethereum, Litecoin, and BCH Payments Alongside Bitcoin.
To further capitalize on those moviegoers who have embraced cryptocurrencies, troubled US movie theatre chain AMC Entertainment Holdings Inc. confirmed that, besides the already-announced bitcoin (BTC), it will be accepting payment in ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
This comes after the chain made waves in the cryptosphere last month when it stated it would allow customers to buy tickets and snacks with BTC by the end of this year.
Adam Aron, CEO of AMC, unveiled the plan in a recent tweet addressed to “[c]ryptocurrency enthusiasts”.
AMC “has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash,” the CEO said.
Last month, Aron shared his opinion that cryptocurrencies were on track to increase their importance in the coming years in a much-discussed tweet.
“If it remains safe and reliable to use, it would seem that crypto currency will get even more important in future years," he said. "From reading your comments, I see that many of you are crypto enthusiasts. AMC is pleased to get out in front, by planning to accept payment online in bitcoin.”
Embracing crypto could provide the chain with the much-needed financial boost. AMC has managed to escape bankruptcy owing to a USD 917m cash infusion by the company’s investors. The business welcomed the new equity and debt capital, recognizing it “should allow the company to make it through this dark coronavirus-impacted winter.”
The CEO’s latest announcement has also triggered a number of positive reactions by crypto users on social media, with one particular group of cryptocurrency supporters voicing their demand that the company add a new crypto to the mix - specifically, the dogecoin (DOGE) community.
The issue of AMC’s notorious meme stock also resurfaced in the course of the debate.
At one point on September 15, the AMC stock went up to USD 47.7, then ended the day at USD 46.84. Its year-to-date change is 2,230%.
To further capitalize on those moviegoers who have embraced cryptocurrencies, troubled US movie theatre chain AMC Entertainment Holdings Inc. confirmed that, besides the already-announced bitcoin (BTC), it will be accepting payment in ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
This comes after the chain made waves in the cryptosphere last month when it stated it would allow customers to buy tickets and snacks with BTC by the end of this year.
Adam Aron, CEO of AMC, unveiled the plan in a recent tweet addressed to “[c]ryptocurrency enthusiasts”.
AMC “has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash,” the CEO said.
Last month, Aron shared his opinion that cryptocurrencies were on track to increase their importance in the coming years in a much-discussed tweet.
“If it remains safe and reliable to use, it would seem that crypto currency will get even more important in future years," he said. "From reading your comments, I see that many of you are crypto enthusiasts. AMC is pleased to get out in front, by planning to accept payment online in bitcoin.”
Embracing crypto could provide the chain with the much-needed financial boost. AMC has managed to escape bankruptcy owing to a USD 917m cash infusion by the company’s investors. The business welcomed the new equity and debt capital, recognizing it “should allow the company to make it through this dark coronavirus-impacted winter.”
The CEO’s latest announcement has also triggered a number of positive reactions by crypto users on social media, with one particular group of cryptocurrency supporters voicing their demand that the company add a new crypto to the mix - specifically, the dogecoin (DOGE) community.
The issue of AMC’s notorious meme stock also resurfaced in the course of the debate.
At one point on September 15, the AMC stock went up to USD 47.7, then ended the day at USD 46.84. Its year-to-date change is 2,230%.
El Salvador ranks third in global Bitcoin ATM installations, data finds.
The Salvadorian government has installed over 200 ATMs in September after adopting Bitcoin as a legal tender.
El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.
According to data from Coin ATM Radar, El Salvador has exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC to U.S. dollar conversions.
Comparing this to Statista data from August 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Beforehand, the country ranked 43rd on the list with just four functional crypto ATMs.
President Nayib Bukele had previously stated that Bitcoin’s adoption would be initially supported by a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with an in-house cryptocurrency wallet provider named Chivo to power the BTC wallets and ATM usage in the country.
Crypto ATM installations are at an all-time high around the world with 27,664 active machines, and 2,790 new machines being added in September. The increase in El Salvador’s ATM installation drive aligns with the recent presidential order that requires all businesses to accept payment in Bitcoin. However, the merchants retain the option to convert Bitcoin payments to USD before withdrawing their earnings.
While other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset, an average of 63.7 ATMs continue to get installed globally every day. Genesis coin remains a leading crypto ATM manufacturer with a market share of 40.7%, while General Bytes and BitAccess represent 22.7% and 12.7% of the market, respectively.
El Salvador’s Bitcoin adoption has seen some resistance from locals, which recently led to the burning of a Chivo-supported Bitcoin machine. Those protesting adoption of Bitcoin highlighted concerns regarding uncertainty, price fluctuation and lack of exposure to the crypto market.
The Salvadorian government has installed over 200 ATMs in September after adopting Bitcoin as a legal tender.
El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.
According to data from Coin ATM Radar, El Salvador has exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC to U.S. dollar conversions.
Comparing this to Statista data from August 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Beforehand, the country ranked 43rd on the list with just four functional crypto ATMs.
President Nayib Bukele had previously stated that Bitcoin’s adoption would be initially supported by a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with an in-house cryptocurrency wallet provider named Chivo to power the BTC wallets and ATM usage in the country.
Crypto ATM installations are at an all-time high around the world with 27,664 active machines, and 2,790 new machines being added in September. The increase in El Salvador’s ATM installation drive aligns with the recent presidential order that requires all businesses to accept payment in Bitcoin. However, the merchants retain the option to convert Bitcoin payments to USD before withdrawing their earnings.
While other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset, an average of 63.7 ATMs continue to get installed globally every day. Genesis coin remains a leading crypto ATM manufacturer with a market share of 40.7%, while General Bytes and BitAccess represent 22.7% and 12.7% of the market, respectively.
El Salvador’s Bitcoin adoption has seen some resistance from locals, which recently led to the burning of a Chivo-supported Bitcoin machine. Those protesting adoption of Bitcoin highlighted concerns regarding uncertainty, price fluctuation and lack of exposure to the crypto market.
