Category Archive : Belgium

Cryptocurrency Fraud: California consumer alleges she was tricked into sending cryptocurrency to a scammer

The California Department of Financial Protection and Innovation (DFPI) has received a complaint from a California resident regarding a crypto investment scam.

A California resident alleges to have been tricked into transferring money to an online scammer for the purpose of trading bitcoin on a third-party platform, after meeting the scammer on a dating app. The investor was told to transfer money from her bank account to a cryptocurrency trading platform to purchase cryptocurrency, then transfer the money into a cryptocurrency brokerage account address belonging to the scammer. The scammer then told the victim she had made about 20% profits on her initial investments, and then pressured her to put more money in the account, and to get her family to do so as well, in order to make more money. After investing at least $59,000, the victim was told she had made over $320,000 in profits.  But when she asked to withdraw some money, she was told she would have to pay 28% in taxes upfront, or approximately $92,000.  The scammer said he would send their taxes to the local and federal tax authorities, and the investor  would…

Read more at www.einnews.com

Impact of the MiCA proposal on the taxation of crypto-assets within the EU

Within the EU, crypto-assets are a particularly uncertain object of taxation both for policymakers and asset-holders, with diverse approaches across member states. 

As early as 2015, the Court of Justice of the European Union (CJEU) ruled that “the ‘bitcoin’ virtual currency, being a contractual means of payment, cannot be regarded as a current account or a deposit account, a payment or a transfer. Moreover, unlike a debt, cheques and other negotiable instruments referred to in Article 135(1)(d) of the VAT Directive, the ‘bitcoin’ virtual currency is a direct means of payment between the operators that accept it”.

In response to risks arising from money laundering and the financing of terrorism via crypto-assets, the EU included crypto-asset exchanges and wallet providers within the scope of its 5th Anti-Money Laundering Directive (5AMLD), rendering them subject to know-your-customer (KYC) rules.

Crypto-assets…

Read more at www.internationaltaxreview.com

Bitcoin Technology Market to Witness Huge Growth by 2026: Coinbase, GoCoin, Factom

This press release was orginally distributed by SBWire

Edison, NJ — (SBWIRE) — 10/18/2021 — Stay up-to-date and exploit latest trends of Bitcoin Technology Market with latest edition released by AMA.
The latest study released on the Global Bitcoin Technology Market by AMA Research evaluates market size, trend, and forecast to 2026. The Bitcoin Technology market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.

Key Players in This Report Include:
Blockstream Corporation Inc (Canada),Coinbase (United States),Coinify (Denmark),GoCoin (Singapore),Factom (United States),Unocoin (India),Bitstamp (Luxembourg),Bitfinex (Hong Kong),itBit (United States),BlockCypher (United States)

Download Sample Report PDF (Including Full TOC, Table & Figures) @ https://www.advancemarketanalytics.com/sample-report/112242-global-bitcoin-technology-market

Definition:
Bitcoin is a peer-to-peer payment system. Bitcoin is a digital currency which…

Read more at www.digitaljournal.com

Stock Market Today: Dow Set to Slip as Inflation Fears Hold and Bitcoin Surges

Text size

Read more at www.barrons.com

€41.3 ($47.8) Billion Lost in Scams, Up 15%


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AMSTERDAM, Oct. 14, 2021 (GLOBE NEWSWIRE) — In ScamAdviser’s 3rd Global State of Scams Report, 42 countries were analyzed on the number of people scammed and the amount of money lost.

Number of Scams Boomed

The number of reported scams increased from 139 million in 2019 to 266 million in 2020. The amount lost grew from €36 ($41.7) to €41 ($47.8) billion.

While the definitions and reporting methods used by different countries for scams differ strongly, nearly all nations have reported large increases in the number of reported scams.

The number of scams and money lost is probably only a small fraction of the actual size of online fraud as less than 3% up to 15% of consumers report a scam.

Investment scams are on the rise

The money lost per victim differs strongly by country as well as the type of scam. From less than €10 for fake shops, counterfeiters, and subscription traps to several €100,000 for ransomware, Business Email Compromise (BEC), and investment/crypto scams.

With the “zero-interest” economy and boredom,…

Read more at www.streetinsider.com

Greenidge Generation permit renewal draws supporters

A hearing for a run-of-the-mill air permit renewal saw significant attention in Albany and the Finger Lakes.

Greenidge Generation, a power plant and cryptocurrency mining operation in Yates County that employs 45 people, needs to renew an existing Title V air permit with the state of New York. On Wednesday, the Department of Environmental Conservation held a hearing on the issue, attended by both advocates and critics.

Critics also used the hearing as a way to highlight an issue that may be more important to them than a simple permit renewal: Passage of A7389A/S6486B, a bill carried by state Sen. Kevin Parker and Assemblymember Anna Kelles, that would establish a moratorium on the kind of cryptocurrency mining currently being done by Greenidge until a full generic environmental impact review can be completed.

While Greenidge has been around for a while as a natural gas power plant, it recently started using 40% of the power it generates for cryptocurrency mining.

This type of mining doesn’t drill into the ground. Instead, the plant uses 15,300 computers that work around-the-clock to drill into enormous piles of digital data in pursuit of virtual currency, like, for example,…

Read more at spectrumlocalnews.com

Two Facebook Crypto Engineers Jump Ship

Two engineers working for the past two years to co-create Facebook’s Novi digital wallet — formerly called Calibra — left the company to work with the cryptocurrency team at the venture capital firm Andreessen Horowitz.

Riyaz Faizullabhoy will join the VC firm’s a16z Crypto as chief technology officer and Nassim Eddequiouaq will serve as chief information security officer, according to an Andreessen Horowitz blog post. The company announced the launch of a $2.2 billion cryptocurrency-focused fund four months ago.

See also: Facebook’s Novi To Take A Bow; Challenges Loom

Andreessen said that as Web3 moves closer to building the internet of the future on decentralized protocols, trust and confidence are central to mainstream acceptance.

“Central to this effort is security; if we are to build and scale the internet of value, people need confidence that their assets are protected,” said Anthony Albanese, a16oz Crypto COO.

“Crypto is growing and adapting so quickly that it’s difficult for even the most technically-savvy founders to ensure they’re following the latest security best practices,” he added, noting that the hiring of Faizullabhoy and Eddequiouaq was…

Read more at www.pymnts.com

Silex Insight announces record-breaking speed for their ChaCha20-Poly1305 solution

Mont-Saint-Guibert, Belgium — October 12, 2021 — Silex Insight, a leading provider for flexible security IP cores, announces increased speed for their Chacha20-Poly1305 hardware crypto engine that is geared towards high-throughput applications. The RFC7539-compliant IP core offers customers future-proof authenticated encryption between highly networked applications, for example in IoT or cloud computing. This IP core is available for ASIC and FPGA designs. With simple, straightforward interfaces, it is easy to integrate and highly scalable, which is a trademark of all Silex Insight’s IP cores.

This IP core is used to verify the data integrity and the authenticity of messages or packets. It provides authenticated encryption with associated data (AEAD) using the Chacha20 stream cipher combined with the Poly1305 message authentication code (MAC). Its maximum throughput is 800Gbps with ASICs and 100Gbps with FPGAs, and it can be fully configured to match the specific throughput requirements of the application and hardware platform. For SoC solutions, the core can be combined with optional scatter/gather DMA for easy and efficient integration. Alternatively,…

Read more at www.design-reuse.com

How Copy-Trading Can Help Investors Catch Up With The Decentralized Crypto Market

Decentralized Finance (DeFi) is getting harder to ignore. It’s now responsible for locking in sums marching towards $200 billion and higher.

The total value locked (TVL) in DeFi has skyrocketed in the last year, and the number of new wallet addresses interacting with DeFi protocols increased by 65% in the first half of the year on one blockchain alone. Adding to these figures, MetaMask, arguably the most popular crypto wallet in DeFi, reported a little over 10 million active users in August 2021, and these user numbers represent an 1800% rise from 545,000 active users in 2020.

This is, by all means, explosive growth for DeFi, but the estimated number of users who own some form of cryptocurrency worldwide stands well north of 100 million people, and DeFi protocols are nowhere near logging this many participating addresses. One must conclude that the potential growth for DeFi is still nowhere near meeting its potential.

As a consequence, a wealth of market synergy lays dormant as the booming DeFi market waits to attract new users looking for the next place to make their biggest returns on investments. Therefore, it becomes increasingly necessary for projects to bridge the gap…

Read more at finance.yahoo.com

Former UK chancellor Philip Hammond joins crypto startup

Philip Hammond, who championed Britain’s fintech sector during his time as chancellor of the exchequer, is one of the most high-profile political figures to jump on board the rapidly-growing digital assets sector. Photo: Daniel Leal-Olivas/AFP

Philip Hammond, the former UK chancellor, has joined cryptocurrency startup Copper, taking on the job as an adviser to the firm.

The company, which launched in 2018, provides digital currency custody and trading services to institutional investors. It handles $50bn (£36bn) in transactions each month on behalf of around 400 clients, including traders, wealth companies, private banks and offices.

Hammond, who championed Britain’s fintech sector during his time as finance minister, is one of the most high-profile political figures to jump on board the rapidly-growing digital assets sector.

“Copper is a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions,” Hammond told the Financial Times.

“The really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered.”

Watch: What is…

Read more at sg.news.yahoo.com

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