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IRS wins court approval to serve Kraken with a request for customer information

The IRS will serve the crypto exchange with a John Doe summons, which requests user information to identify crypto holding taxpayers.

The post IRS wins court approval to serve Kraken with a request for customer information appeared first on The Block.

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After a denial last month, a federal court in the Northern District of California has authorized the Internal Revenue Service (IRS) to serve an information request to Kraken. The IRS will serve the crypto exchange with a John Doe summons, which requests user information to identify crypto holding taxpayers.

The Department of Justice announced the authorization today. The request will seek information about U.S. taxpayers who conducted at least $20,000 in crypto transactions from 2016 to 2020. The IRS is seeking the information to root out those who aren’t reporting their crypto holdings.

“There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions,” said IRS Commissioner Chuck Rettig in the announcement. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”

Kraken is not accused of any wrongdoing. A John Doe Summons requires a judge’s approval because it allows the regulator to request non-public information about taxpayers who have yet to be identified.

The IRS didn’t get that approval at first. The tax agency first made the request in early April, but the court responded by saying the government’s request was “overbroad.” The court then mandated that the IRS refile with narrowed scope, with that new request being accepted by the court, thus allowing the IRS to move forward serving Kraken.

Coinbase fought a similar request from the IRS in 2016 when it contended the regulator’s request was overbroad. Kraken has not responded to requests for comment on how it plans to handle the coming summons.

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Source: https://www.theblockcrypto.com/linked/104140/irs-kraken-john-doe-summons-tax-information?utm_source=rss&utm_medium=rss

Blockchain

Opium Finance DeFi Protocol Offers ETH Dump Protection

Decentralized finance (DeFi) is evolving at such a rapid pace that new investment vehicles are being rolled out on a daily basis, and Opium is offering the latest.

The post Opium Finance DeFi Protocol Offers ETH Dump Protection appeared first on BeInCrypto.

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Decentralized finance (DeFi) is evolving at such a rapid pace that new investment vehicles are being rolled out on a daily basis, and Opium is offering the latest.

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In what it has described as “a strategy for bearish investors” the synthetic derivatives Opium Network has unveiled a product offering protection against large downwards movements in Ethereum prices.

Opium explained that its “ETH Dump Protection” is based on a “protective put” which is a strategy for investors who believe that the price of an asset will decline in the future, adding:

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“It can be used by bullish investors to hedge against potential losses and get a protection to the downside,”

In a tweet on June 13, Opium stated that it works like any other decentralized insurance. Investors purchase protection for a premium and in the case that the asset drops below the strike price, they receive the difference between the strike price and the current value of ETH.

Encouraging the bears

Derivatives provide the option to short an asset, and this essentially is encouraging that action by offering rewards if the asset crashes.

“If you are bearish on an asset, you can use ETH Dump Protection as a part of the classic shortening strategy – if you believe that ETH will plummet rather than grow, purchase ETH Dump Protection and receive payouts when ETH goes down.”

The offering is part of the protocol’s Opium Insurance suite launched in December 2020 offering differing levels of protection for various DeFi strategies, smart contracts, and crypto assets.

In early April, Opium Finance partnered with Gnosis and the Universal Market Access (UMA) platform to introduce optimistic oracles that are more accurate and less prone to price manipulation.

Later the same month the DeFi protocol unveiled a “Turbo ETH” leveraging product which allowed traders to make leveraged bets on price increases.

The latest announcement from Opium was in late May for a derivatives based product to insure SpaceX launches.

OPIUM price outlook

Opium’s native token of the same name has gained 3.4% on the day to reach $2.15 at the time of press.

Its price has been steadily trending down since early February, however, and is currently a painful 90% down from its all-time high of $23.

With a circulating supply of 6.7 million tokens, OPIUM has a current market cap of $14.3 million making it a minnow when compared to many other DeFi tokens.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/opium-finance-defi-protocol-eth-dump-protection/

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Is Telcoin (TEL) Cryptocurrency a Bump and Dump?

Telcoin Cryptocurrency began its journey in the market with a disorderly aim in its mind, which at that time was clearly not considered distinct.

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Telcoin cryptocurrency began its journey with a disorderly aim in its mind, which was at that time definitely not considered distinct. The crews behind the development of different altcoins have visions of altering some of the aspects of the world. However, that vision of making a change in the existing world has often been marinated in misconceptions and/or fantasies.

Talking about the main aim of the crypto asset, it is the settlement market, where the Western Union is presently the crystal clear spearheader. In addition to this, it should be noted that the crypto coin has recently entered a partnership with the international telecoms and Android money exchange platforms in order to provide their users with high-pace, relatively low-cost digital settlements to android money platforms and digital wallets.

The reader must know that what is more difficult here in the market is to dethrone the existing market leaders in the market, the ruling currencies, and coins. However, the fact that this coin has encountered major strides and implementations this year can not be ignored at any cost. 

If we count on the gains of the cryptocurrency from the beginning of this year, the crypto coin has managed to soar around 30,000%, and even though it is a huge return, this rise in the price of the crypto coin can be seen as an extremely regular figure from some new Initial Coin Offerings.

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Moreover, in the case of this coin, it can be witnessed that this is not some upward rising due to marketing strategies that are being utilized to gain the interest of the investor, the coin has been around in the market since the year 2017.

What Is Driving the Telcoin Cryptocurrency 

Telcoin (TEL) is an ERC-20 token based on the Ethereum blockchain and is utilized in the telcoin ecosystem for making transactions on digital commerce websites. In the year 2017, Claude Eguinta and Paul Neuner co-founded the coin in order to assist their users in transferring money internationally in just a matter of seconds. 

Grasping the power of blockchain, the coin is striving to bring people in the evolving world a faster, low-cost surrogate to settlement services. In order to achieve its target, the company tries to build relationships with mobile companies and internationally established digital wallets that allow them to reach out to a wide user base with a service that does not require contact.

READ  China’s Crypto Crackdown Could be Good for the Market: Analysis

In addition to this, it should be noted that the crypto coin has not been a big beneficiary of the several surges in the market. What is going to help Telcoin Cryptocurrency achieve its aim is the recently released advancement that will be allowing the institutions to connect consumers to allow DeFi into the equation.

Moreover, the firm has recently announced a settlement service that will be helping with the conveying of funds between the Philippines and Canada. These projects are definitely of those kinds that can really assist in propelling the coin into mass adoption. Besides, witnessing history has never been an easy task.

How to Purchase Telcoin

Moving further with the article and discussing how to purchase Telcoin Cryptocurrency, the reader should be aware of the fact that the coin has been on various exchanges for a while now. 

The interested buyer will be having a choice between different platforms such as Uniswap, Kucoin, and Balancer, which has ultimately made it really straightforward to invest in the crypto coin for a while.

Security Factor of Telcoin

As seen in the reports released by different market aggregators, people have been searching for queries like Tel bump or dump, telcoin bump or dump, in their search boxes. Definitely, before moving further one should be able to get his hands on the details, rumors, data, and information that is circulating in the market.

READ  Craig Wright Sues Bitcoin Developers, Calvin Ayre Releases Statement

As the Telcoin Cryptocurrency makes use of the PoC model, there are no authenticators present on the network to validate the dealings on the network.

However, in order to attain better and advanced security levels, the coin enacts multi-signature crypto security.

As of now, the banks are forecasted to remain controlling the crypto market. Also, the competition is gradually increasing.

In addition to all the details mentioned above, it should be noted that the team has recently announced its addition to a decentralized exchange named QuickSwap. Moreover, the news of the QuickSwap listing did play a vital role in drifting up the value of the coin.

This is because the operations of the exchange are done on the Polygon protocol which does have a lower charge.

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Source: https://www.cryptoknowmics.com/news/is-telcoin-tel-cryptocurrency-a-bump-and-dump

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Nearly 25% of All Ethereum Locked in Smart Contracts

Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of it is now locked in smart contracts.

The post Nearly 25% of All Ethereum Locked in Smart Contracts appeared first on BeInCrypto.

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Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of the supply is now locked in smart contracts.

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Industry observer and ETHhub founder, Anthony Sassano, has noted that the amount of ETH locked into smart contracts is similar to that during the DAO event in mid-2016.

“The amount of ETH in smart contracts is now at a similar level to what it was during The DAO event (around 23% of all ETH).”

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He added that at the time, it was worth $230 million when ETH was priced at around $13. Today, that amount is worth a whopping $63 billion.

ETH locked in smart contracts – Glassnode

The chart depicts the spike during that year when Ethereum poured into the DAO, the first decentralized autonomous organization launched on the Ethereum blockchain, after raising $150 million through a token sale.

The DAO was hacked due to vulnerabilities in its code base and the Ethereum blockchain was hard forked to restore the stolen funds, resulting in the network splitting into Ethereum and Ethereum Classic.

Sassano also noted that there was more than a million ETH in the Binance Smart Chain bridge contract.

ETH 2.0 latest

A lot of that ETH locked up is in the Beacon Chain deposit contract. According to the ETH 2.0 Launchpad, there are currently 5.42 million ETH staked on the blockchain.

At current prices, this is estimated to be worth around $13.5 billion. It also represents 4.65% of the entire supply and around a quarter of all ETH locked across all decentralized finance (DeFi) smart contracts.

Staking rewards diminish over time as more ETH is locked into the contract. It’s currently generating a yield of 6.7% per year. The network has 165,000 active validators, a figure that has increased 250% since the beginning of 2021.

As reported by BeInCrypto, Ethereum fundamentals are solid at the moment and they have been strengthening against bitcoin over the past year or so.

Ethereum price outlook

At the time of press, Ethereum was trading up 5.7% on the day at $2,480. It hit a weekend low of just under $2,300 on Saturday but has managed to recover during Monday morning’s Asian trading session.

The asset is currently 43% off its all-time high but appears to have found solid support around current price levels.  

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/nearly-25-ethereum-locked-in-smart-contracts/

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World’s First Summit on Decentralized Finance to Kick Off June 14

The world’s first-ever summit dedicated to decentralized finance is expected to kick off on June 14 at 9 am Pacific Time. 

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The world’s first-ever summit dedicated to decentralized finance is expected to kick off on June 14 at 9 am Pacific Time. 

DeFi summit is a virtual conference that gives participants free access to talks, roundtable discussions, and presentations taking place over a week. The event helps pioneers in the decentralized finance and nonfungible token community to come together and exchange ideas. This time around, the conference will focus on DEX, wallets, DAOs, NFTs, insurance, and lending.

NFT Artists and Experts to Address Decentralized Finance Summit

Right from day one, the summit will offer participants a look behind the burgeoning NFT market. Digital artists Pplpleasr and Matty Mo, Erik Mendelson of Bondly, and Max Moore of Sotheby’s will speak to the audiences. Other notable speakers include companies like Axie Infinity, Gala Games, and Animoca Brands.

The following day Billionaire Investor Mark Cuban will join the Polygon Power Panel as a special guest alongside Stani Kulechov from Aave, Sandeep Naiwal from Polygon, and Roc Zacharias from Quickswap.

The third day will see experts from Chainlink, Cosmos, Luna, Stacks, and OpenOcean speak to the attendees on various subjects connected to the industry. The DeFi trader roundtable featuring Boxmining, Cryptonauts, and DeFi Summit co-founders Justin Wu and Michael Huynh will also be held on this day.

On its fourth day, the conference will dedicate time to a day-long event called the DeFi Demo Day, where DeFi projects demonstrate their product, share their ideas, and engage with the community. The event will wrap up with a Decentralized Afterparty and networking event in Decentraland.

DeFi Summit Gives Free Access to Crypto Community

The DeFi summit is the largest event of its kind, projected to host more than 120 speakers. It aims to provide builders and developers with a chance to gather with the community and discuss central issues affecting the industry. 

The summit is free for all and will be featuring leading innovators and experts from across the globe. Those interested in participating in the online event are required to register at the event’s official website. 

READ  Poloniex To Introduce A Token Launching Tool, LaunchBase

#Decentralized Finance (DeFi) #DeFi NFTs #DeFi Summit

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Source: https://www.cryptoknowmics.com/news/worlds-first-summit-on-decentralized-finance-to-kick-off-june-14

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