Day: June 26, 2023

Japan’s National Tax Agency Says Crypto Startups Will Not Pay for Unrealized Gains

The move is expected to attract crypto investors who had fled the country following the heavy burdens caused by taxations of unrealized profits. Undeniably, the cryptocurrency and blockchain markets have turned out to be a huge backbone for the development of economic growth prospects in many markets around the world. By now, it is safe to bet that countries have a clear understanding that the cryptocurrency and blockchain industries are here to stay and thus prudent to tap into their prowess to rebuild their economies following the devastations of Covid-19.…

Revisiting the ‘buy $1 worth of Bitcoin’ video 10 years later

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While crypto advocate Davinci Jeremie expected to become a hero to his community after talking about Bitcoin (BTC) and why they should buy at least $1 worth of it 10 years ago, things did not turn out as he expected.  In an interview with Cointelegraph, Jeremie shared the story of how he found Bitcoin (BTC), what his community thought about it back then, and what he thinks would help onboard more people into Bitcoin. Crypto influencer Davinci Jeremie in a call with Cointelegraph reporter Ezra Reguerra. Source: Cointelegraph According to…

Terra Classic Engineers Working on Major Revival Plan with ‘Six Samurai’ Proposal

The ‘Six Samurai’ proposal presents roadmap to important components such as the migration from Columbus-5 to Columbus-6 and an upgrade to the Cosmos SDK. Six engineers working on the Terra Classic ecosystem have proposed a ‘Six Samurai’ plan for the complete revival of the blockchain ecosystem. This development comes as some community members of Terra have been looking to break away entirely from the shadows of disgraced founder Do Kwon and bring new life to the LUNC ecosystem. Terra Classic, the original network developed by Terraform Labs, has remained as…

Breaking down the ongoing token impersonation scams with DeFi execs

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Decentralized Finance (DeFi) protocol Tres Finance warned the community about a scam that involves fake tokens designed to mimic legitimate transactions. In an interview, Tres Finance co-founder Tal Zackon and the company’s technical lead Idan David shared the details of a scam using fraudulent transactions that imitate legitimate ones. According to the duo, the scammers attempt to lure unsuspecting users to copy the wrong wallet address and send their transactions there. David further explained that scammers often identify and target wallets with large amounts of stablecoins like Tether (USDT) or…

Singapore’s Central Bank Proposes Interoperable Network Design for Tokenizing Assets

Singapore’s MAS created the report with 11 banking giants to run several pilots improve market issuance by tokenizing assets. The Monetary Authority of Singapore (MAS) is proposing a framework to develop open and interoperable networks for tokenizing assets. On Monday, the central bank published a report containing details of its proposal, called Project Guardian. The publication states that the MAS is already collaborating with 11 organizations working to develop and test tokenization across multiple asset categories. The test will feature foreign exchange, fixed income, and wealth management asset classes powered by a…

Game developers’ role in elevating Web3 gaming — Breaking the stigma

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Since its inception in 2017, Web3 gaming (a.k.a. blockchain gaming) has faced significant hurdles, leaving the industry at a critical crossroads — adapt or perish (as some believe). But others, including myself, are confident that the world of Web3 games is merely undergoing a much-needed transformation, having only recently shed the hype-driven mentality that marked its infancy.  To put this into context, one must remember that mobile games had similar challenges. The quality of the first games, created primarily by enthusiasts and indie studios, was noticeably poor. The infrastructure needed…

HSBC Approves Bitcoin and Ethereum ETF Trading in Hong Kong

In conjunction with its decision to allow Bitcoin and Ethereum ETF trading, HSBC has launched the Virtual Asset Investor Education Centre. HSBC Holdings plc (LON: HSBA), the largest bank in Hong Kong, has made history by becoming the first bank in the region to offer crypto trading services to its customers. As revealed by Independent Chinese Journalist, Wu Blockchain, customers can now buy and sell Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) listed on the Hong Kong exchange. This move comes as a response to the growing demand for…

Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury

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The Canadian Bitcoin (BTC) mining company, Hut 8 Mining, has secured a credit facility from a subsidiary of the United States-based cryptocurrency exchange, Coinbase. Hut 8 officially announced on June 26 that it entered into a $50 million credit agreement with Coinbase Credit as lender. The credit facility involved Hut 8’s subsidiary, Hut 8 Holdings, as the borrower. According to the announcement, the loan proceeds will be used for general corporate purposes. The credit facility provides a $15 million term loan that is expected to be funded at or subsequently…

BitGo Has Other Acquisitions Pending Following Aborted Prime Trust Purchase

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How security, education and regulation can mitigate rising crypto scams

Crypto losses to bad actors have significantly increased in the last two years, but cybersecurity experts believe there is no cause for concern, as most new tech is exploited during the early days of its use.  According to blockchain security firm CertiK’s annual Web3 security report for 2022, malicious actors drained over $3.7 billion in value from Web3 protocols last year, representing a 189% increase over the $1.8 billion lost in 2021. CertiK’s report for the first quarter of 2023 also revealed that hackers accessed over $320 million in the…