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Acting on a judge’s order, Egyptian police detained the sons of former president Hosni Mubarak on Saturday along with three others in connection with insider trading charges for which the five are on trial, security officials said.
Nicehash, the cloud mining service that got hacked in December, has returned 60 percent of the stolen bitcoins, according to local media. After the cyberattack last year, the Slovenian company promised to fully reimburse its customers and has been doing it on a monthly basis. The police investigation into the case is still ongoing.
Reimbursements Made on Monthly Basis
Slovenia-based crypto-mining pool Nicehash has managed to return 60 percent of about 4,700 bitcoins (BTC) stolen in a hacking attack last year, STA reported. In December, 2017 when crypto prices were heading towards their all-time highs, the missing cryptocurrency was valued at approximately 56 million EUR (~$ 65 million USD).
The price of bitcoin core (BTC) has dropped from almost $ 20,000 USD per coin in the weeks following the cybercrime incident to around $ 6,700 dollars at the time of writing, or almost 70 percent.
Nicehash was hacked on December 6, when its website went down and it was forced to interrupt operations. “Our payment system was compromised, and the contents of the Nicehash bitcoin wallet have been stolen,” the company announced in a Reddit post.
The platform was back online just two weeks after the security breach. Its team pledged to fully reimburse the pool members for their losses. So far, the reimbursements have been made on a monthly basis.
Investigation Going On in Slovenia
The criminal investigation into the case is still ongoing, the Slovenian press agency noted citing representatives of the Ljubljana Police Department. “Information gathering and other activities are still underway and carried out with the help of international legal collaboration,” the police said in a press release quoted by STA.
Slovenian police officials commented that this type of investigations are among the most demanding and lengthy, Total Slovenia News reported. Hackers are usually based abroad and act from different parts of the world, using a variety of techniques to conceal their identity and location.
The Ljubljana-headquartered Nicehash claims to be the “largest crypto-mining marketplace.” The service connects sellers and buyers of hashing power. Buyers rent computing power through its online platform in order to mine bitcoin core (BTC). Sellers have to run the Nicehash mining software and connect their hardware to the pool’s servers. The company was founded by Marko Kobal and Matjaž Škorjanc in 2014.
Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.
Images courtesy of Shutterstock.
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World Blockchain Forum has been instrumental in the raising of over $ 6.3 Billion dollars this year through Initial Coin Offerings (ICOs) and Security Token Offerings (STOs). Keynote provided the platform for Ethereum to launch in 2014, and continues to be the platform where the strongest and most lucrative companies in the world go to launch their projects. As security tokens begin to unlock a further trillion dollars in capital markets, the World Blockchain Forum returns to London, bigger and better than ever.
This industry is changing. Prices continue to fluctuate wildly, and cryptocurrency is feeling the effects of being in the global limelight. Massive raises, coupled with increasing regulation, is turning the industry on its head. This is no longer an industry for the few early adopters, it is a place for everyone, and it’s therefore becoming competitive.
As the longest running cryptocurrency and blockchain event in the industry, we are acutely aware of this monumental shift in in thinking, from global industries and companies who want to be part of this future changing technology
In the words of Moe Levin, Founder and CEO of Keynote, “if you are not participating now you will be left behind.”
It’s no longer a conversation about the potential of the technology; that is certain. The conversation is now about the magnitude of impact the technology will have on the evolution of humanity. This is becoming a scalable, viable, non-negotiable technology.
The promise of blockchain technology is expanding at breakneck speed and is set to shape the future economy. In every boardroom in every Fortune 500 company in the world, in big red letters, underlined, is the word Blockchain. Not having a blockchain strategy in 2018 is like not having an internet strategy in 1999. The world is being disrupted fast.
Our speaker list includes the inventor of digital cash, the founder of Salesforce, visionaries and entrepreneurs alike, sharing the stage with government officials and global investors.
World Class Speaker Lineup
Eran Eyal | CEO & Co-founder, Shopin
Jack Gavigan | COO, ZCash
David Chaum | Inventor of Digital Cash
Marjan Delatinne | Global Head of Banking, Ripple
Bill Barhydt | CEO & Founder, Abra
Moe Levin | Founder, Keynote
Martins Liberts | Co-founder and Visioneer, Debitum Network
Jo-Jo Hubbard | COO & Co-founder, Electron
David Chaum | Inventor of Digital Cash
Marjan Delattine | Global Head of Banking, Ripple
Halsey Minor | Founder of Salesforce
Vanessa Grellet | Executive Director, ConsenSys
Jason King | Co-Founder, Kingsland University
Sang Lee | President and CEO, Darcmatter
Jeff Berwick | Editor-In-Chief, The Dollar Vigilante
Marieke Flament | Global CMO and EMEA Managing Director, Circle
A full list of confirmed speakers and the agenda can be found here
Premium Venue in the Heart of London
The most incredible venue in the heart of London, the recently transformed Old Billingsgate is spectacular and regal 30,000 square foot building overlooking the River Thames.
The Grand Hall is Old Billingsgate’s largest space, boasting a stunning triple-height ceiling and a feature mezzanine providing the perfect home for WBF London 2018. The ornate sky-lit ceiling together with The Grand Hall’s magnificent proportions guarantees an inspiring space to listen, learn, and collaborate.
Global Networking Opportunities
World Blockchain Forum networking events are the lynchpin between industry and enterprise in the blockchain space; a moment in time where you can take part in leading-edge discussions shaping the future.
A focus of WBF London is to allow attendees to forge deep connections and cut quickly to the chase with the experts, the investors and the innovators. Attendees will join the speaker line-up and expert panellists for lively debate, informed conversation and top-notch hospitality while taking in the stunning views of the River Thames.
Monday 3 September 2018
7pm-11pm | Old Billingsgate
Tuesday 4 September 2018
6pm-9pm | Old Billingsgate
Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote and the event can be found at: london.keynote.ae
The World Blockchain Forum is the world’s largest and longest running two-day blockchain conference and will feature a star-studded lineup of over 100 world class presenters including a special fireside chat with influencers who have been part of some of the largest ICOs to date. The focus is on blockchain technology; specifically investments, successful past and future icos within the industry, legal implications and regulations, and how decentralization is disrupting the banking industry.
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In today’s edition of Bitcoin in Brief, we cover the return of Coinbase to Wyoming, the expansion of Robinhood Crypto to Iowa and Georgia, a lawsuit against an exchange for failing to give a user his BCH plus a cybersecurity research that finds cryptocurrency exchanges experienced a massive surge of user data leaks.
Coinbase Returns to Wyoming
Coinbase has announced that its money transmitter license has been renewed in the state of Wyoming. That means that after about three years of absence, locals can once again use the platform to buy, sell and spend supported cryptocurrencies. Wyoming passed a number of laws meant to make the state more attractive to Bitcoin business this year, including exempting cryptocurrencies from property taxation.
Mike Lempres, Chief Legal & Compliance Officer, stated: “Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state.”
Robinhood Crypto Reaches Iowa and Georgia
Robinhood Financial, the Palo Alto-headquartered US stocks brokerage app, has added another two locations where cryptocurrency trading is now supported for its clients. The company officially announced on its Twitter page that the service is rolling out to Iowa and Georgia. The app now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states, including Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.
Chinese User Sues Okcoin
According to media reports from China, a user of Okcoin named Feng Bin is suing the exchange over some missing bitcoin cash. The client claims he had to receive about 38.75 BCH following the fork due to his holdings before the event which just recently marked its one year anniversary. The Chinese investor alleges that when he contacted the Okcoin team to help recover his BCH he was told by support staff that the deadline the exchange set for doing so had expired and he was no longer eligible due to that reason.
‘Leaky’ Cryptocurrency Exchanges
Group-IB, a Moscow-based cybersecurity firm, has issued a report about user data leaks from cryptocurrency exchanges. The researchers analyzed the theft of 720 user accounts (logins and passwords) from the 19 largest exchanges during 2017, and found a steady increase in the number of compromised user accounts. In 2017, it increased by 369% compared to 2016. And in January 2018, the number of incidents jumped by 689% compared to the 2017 monthly average. The US, Russia and China are where users are targeted most often.
The study identified 50 active botnets used for launching cyberattacks on users of cryptocurrency exchanges. The researchers found that cybercriminals employ sophisticated malicious software and even modified tools previously used for attacks on banks to hack cryptocurrency exchanges and gain access to users’ personal data. However, the main culprit is that both users and exchanges fail to use two-factor authentication. The second cause is disregard for basic cybersecurity rules such as using weak and repetitive passwords.
“In 2018, we will see even more incidents. This situation requires prompt and effective response of all stakeholders, including experts in different areas,” stated Ruslan Yusufov, Director of Special Projects at Group-IB.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Group-IB.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post The Daily: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming appeared first on Bitcoin News.
An American military plane flew into North Korea on Friday and left with the remains of US troops who were killed during the Korean War, the White House says. It’s not clear how many, but South Korea’s Yonhap news agency estimates that 50 sets of remains were transferred. The plane…
Taxpayers in Russia have started declaring incomes and profits from crypto transactions even before cryptocurrencies are legalized in the country, results from this year’s tax campaign show. The Finance Ministry has again clarified the applicable tax rules, while the State Duma is still fine-tuning the upcoming regulations.
One Conscientious Taxpayer
A resident of the Altai Republic, a subject of the Russian Federation, has for the first time declared income obtained through purchases and sales of cryptocurrency, the Federal Tax Service reported on its website. The announcement is based on results from this year’s tax collecting campaign, the authority noted.
Taxpayers must declare their tax obligations no later than April 30 of the year following the taxation period, the Service reminded. The tax base for crypto transactions is calculated in rubles. It represents the excess amount of the total received from the sale of cryptocurrency over the total of the expenses for its acquisition. In the absence of special rules, residents dealing in crypto are expected to follow the established general procedures.
The clarification notice reflects recently issued instructions, which Minfin sent to regional tax inspectorates in a letter dated June 6. Noting the lack of dedicated provisions, the ministry said taxpayers could reduce their taxable crypto income by deducting the incurred and documented expenses for the purchase of crypto assets. In case of ambiguity, the tax legislation is interpreted in favor of the taxpayer.
Some Questions Remain
The question that many in the Russian crypto community are still asking is what the special crypto tax rules would look like. That should be decided by the Council of Ministers and the Central Bank of Russia (CBR) before July, 2018, as requested by President Putin. Officials have made different proposals but the ultimate decision depends on the legal of cryptocurrencies, which has yet to be determined.
The State Duma, the lower house of Russia’s parliament, has supported on first reading three draft laws aimed at regulating the country’s crypto sector. The bills – “On Digital Financial Assets,” “On Attracting Investments Using Investment Platforms” and “On Digital Rights” – should be adopted by the end of June.
Choosing the exact terms to define cryptocurrencies, however, has proved to be a difficult task. The chair of the parliamentary Financial Market Committee, Anatoliy Aksakov, told journalists this week that “digital money” and “digital currency” will be removed from the drafts and replaced with the legal concept “digital rights.” A similar comment was made earlier by Russian Prime Minister Dmitry Medvedev. The legal status of cryptocurrencies will directly affect the taxation of their transactions.
Tax Breaks for the Self-Employed
A new tax regime for self-employed Russians is expected to enter into force from July, next year. Its provisions will also affect those engaged in crypto-related activities, including miners and traders of digital assets, owners and clients of cryptocurrency exchanges. A survey conducted a couple of months ago showed that cryptocurrency is the main source of income for 12% of Russian crypto users.
As a preliminary estimate, Russia has all the prerequisites to become a crypto-friendly jurisdiction, when it comes to taxation. Income tax in the country is only 13%. According to an earlier communication by the Finance Ministry, Russians are expected to pay the same flat rate on their crypto-related incomes. The recommendation was issued in response to an enquiry filed in October, last year.
As part of the new tax regime, it has been proposed to adopt even lower rates for self-employed Russian residents – 3% for natural persons and 6% for corporate entities. These changes may be introduced in Russia’s regions first, as early as the beginning of 2019. In comparison, income tax rates in countries like Japan and France reach more than 50%.
Do you expect Russia to become a crypto-friendly country as far as taxation is concerned? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com
Republicans and Democrats put aside the sectarian hostilities that have increasingly defined Washington and came together on the baseball diamond Thursday, a year after bullets from a would-be mass assassin shook Congress to its core. Democrats prevailed 21-5 in the 57th Congressional Baseball Game for Charity at Nationals Park. But…
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“19 days until I’m back!” said the Snapchat message sent to her best friend last Friday morning. But Sabika Sheikh ended up returning home to Pakistan sooner than planned: Her body arrived in Karachi in a flag-draped coffin Wednesday. The 17-year-old was one of the victims of the Santa Fe…