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Ransomware task force calls for aggressive Bitcoin transaction tracing measures

The task force has proposed new rules that would facilitate aggressive cryptocurrency tracing and tighter licensing requirements for businesses handling digital assets.

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Government and industry have teamed up to fight a major increase in ransomware, with a newly formed ransomware task force calling for new measures to more aggressively trace Bitcoin and crypto capital flows.

The task force includes law enforcement including FBI and U.S. Secret Service agents working alongside representatives of leading security and tech firms.

According to an April 29 report from Reuters citing anonymous sources from the Department of Justice’s task force, the group is calling for new guidelines designed to cut through the anonymity of digital asset transfers that will soon be reviewed by Congress.

The proposed measures includes tightened KYC requirements for crypto asset exchanges, expanded licensing requirements for entities operating with cryptocurrencies, and extending anti-money laundering laws to better canvas the operations of crypto conversion kiosks and ATMs.

The group is also supporting the Financial Crimes Enforcement Network’s push to increase the reporting requirements for transactions valued at more than $10,000.

One Homeland Security official said the proposed guidelines would also be “huge” for law enforcement efforts to comb narcotics traffickers, human smugglers, and other actors engaging in illicit activities under the cover of crypto-pseudonymity.

“This is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone’s safe,” he said.

The proposed rules seek to respond to a record year for ransomware attacks, with the task force estimating ransomware syndicates collected close to $350 million during 2020 — up 200% from the previous year. The lion’s share of profits were accumulated through targeting government agencies, hospitals, educational institutions, and private companies.

The task force also noted evidence suggesting many ransomware operators have friendly relations with North Korea, Russia, and other nation-states whose interests appear to oppose those of the United States.

In announcing the team last week, Acting Deputy Attorney General, John Carlin, wrote: “Although the Department has taken significant steps to address cyber crime, it is imperative that we bring the full authorities and resources of the Department to bear to confront the many dimensions and root causes of this threat.”

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Source: https://cointelegraph.com/news/ransomware-task-force-calls-for-aggressive-bitcoin-transaction-tracing-measures

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US lawmaker introduces bill aimed at protecting ‘forked assets’ from IRS

This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency.

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Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets.

In an announcement from Emmer on Monday, the congressperson from Minnesota said he had once again introduced the Safe Harbor for Taxpayers with Forked Assets bill in the United States House of Representatives. If passed in its current state, the bill would create a safe harbor for crypto holders with forked assets, allowing them to be nontaxable events. Further, these conditions would be continued until the Internal Revenue Service provides “clear and consistent guidance on how these transactions should be managed.”

“Just like every other federal agency, the IRS must keep up with the rapid pace of technology or risk losing American leadership in innovation,” said Emmer. “Taxpayers suffering from a lack of tax guidance are being unfairly punished for investing in an emerging technology. What has been issued by the IRS so far is not pragmatic and has not supported the technology nor those who engage with it.”

He added:

“We should be embracing emerging technologies and providing a clear regulatory system that allows innovation to flourish in the United States. A safe harbor will protect taxpayers until the IRS take steps to improve their guidance.”

The deadline for filing taxes in the United States was May 17, following an extension from the usual mid-April due date. Crypto users who HODL their assets in the U.S. often do not have to pay taxes on them, but typically anyone who transfers tokens, exchanges them for fiat or receives digital currency as the result of a fork will have to report such transactions to the IRS. According to Emmer, taxpayers who receive forked digital currency “may have no knowledge of this new tax burden.”

Emmer, a Republican, first introduced the bill in 2018, and again the following year, in a Democrat-led House of Representatives but with a Republican-led executive branch. On both occasions, the bill was referred to the House Committee on Ways and Means and no further action was taken. This would be the first time his bill would face both a House, Senate and presidency in which Democrats are in control.

The Safe Harbor for Taxpayers with Forked Assets bill has the support of Chamber of Digital Commerce, nonprofit crypto advocacy organization Coin Center, the Blockchain Association and Rep. Darren Soto, a Democrat representing Florida’s 9th district.

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Source: https://cointelegraph.com/news/us-lawmaker-introduces-bill-aimed-at-protecting-forked-assets-from-irs

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Long-Term Hodlers Buying the Dip Despite Elon Musk’s Bitcoin FUD 

Bitcoin’s hashrate bounces back from post-halving dip

Bitcoin’s hashrate bounces back from post-halving dipGlassnode analysts have revealed via a May 17, 2021 newsletter, that more experienced crypto investors are actively stacking up bitcoin (BTC) during this Elon Musk-triggered market correction, while a vast majority of crypto newbies have sold off their coins at a loss.  Weak Hands Dump their Bitcoins (BTC) The events of the past week have

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Glassnode analysts have revealed via a May 17, 2021 newsletter, that more experienced crypto investors are actively stacking up bitcoin (BTC) during this Elon Musk-triggered market correction, while a vast majority of crypto newbies have sold off their coins at a loss. 

Weak Hands Dump their Bitcoins (BTC)

The events of the past week have proven once again how easy it is for people of influence such as Elon Musk, to single-handedly turn the crypto markets upside down with their actions on social media. And it somehow justifies the U.S. SEC’s reluctance towards greenlighting a bitcoin ETF in the country just yet, as the nascent industry is still very much prone to market manipulation 

While some bitcoin (BTC) proponents have labeled Elon Musk’s latest stance on bitcoin’s energy consumption as uninformed, with some others questioning his motive, considering the fact that Tesla still holds over $1 billion worth of bitcoin in its treasury, the Dogefather’s tweet still triggered a massive bloodbath in the crypto markets.

According to Glassnode’s Week 20, 2021, On-chain report, while Musk’s comments brought about widespread confusion in the markets generally, it’s the newbies in the industry that suffered the most, as they panicked and sold off their bitcoins at a loss, while long term hodlers kept buying the dip.

Glassnode wrote:

“Newer market entrants have panic sold and realized significant losses on their coins, with both the aSOPR and STH-SOPR dipping below 1.0 once again. Both of these metrics consider the degree of profit realized by coins moving on-chain, with higher values indicating profitable coins were on the move, and value below 1.0 indicating most coins were last moved at higher prices.”

A Bull Run Like No Other 

What’s more, the analysts also noted that while this year’s bull run is similar to that of 2017 in terms of supply and demand dynamics, there are several key differences between them.

Specifically, the team says this season’s bull run has only lasted for 200 days, as compared to the year-long bull market of 2017.

The team has also revealed that more than 23 percent of unique on-chain bitcoin wallets are currently at a loss, with the total number of bitcoin wallet addresses holding non-zero BTC balance decreasing by -2.8 percent from the 2021 ATH of 38.7 million addresses.

“A total of 1.1 million addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway,” the team wrote.

Long-term holders, on the other hand, are taking advantage of the recent crash in the bitcoin price to accumulate more BTC.

“The number of addresses that are in accumulation has increased by1.1 percent since the recent low. Accumulation addresses are defined as those which have at least two incoming bitcoin transactions but have never spent any coins,” concluded Glassnode.

The bitcoin price is down by 19.53 percent in the past seven days, hovering around $44,985, with a market cap of $843.46 billion, as seen on CoinMarketCap.

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Source: https://btcmanager.com/long-term-hodlers-buying-the-dip-despite-elon-musks-bitcoin-fud/

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Uniswap Price Analysis: 18 May

Uniswap’s price was holding above support at $35.44, however, after the recent push, the price dropped below this level. This drop in value increased volatility in the market and was followed by a rec

The post Uniswap Price Analysis: 18 May appeared first on AMBCrypto.

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Uniswap’s price was holding above support at $35.44, however, after the recent push, the price dropped below this level. This drop in value increased volatility in the market and was followed by a recovery effort that pushed the price right above the support line.

Currently, UNI was trading at $35.80 with a market capitalization of $20.08 billion.

Uniswap hourly chart

Source: UNIUSD on TradingView

The above chart of UNI indicated that the price of the digital asset fell under the $35.55 support. Although bearish pressure pushed the asset’s value under this level, the market always bounces back. Despite the recent downtrend, buyers boosted the price higher and gave way to a bull trend.

UNI’s value could be looking to move towards higher levels.

Reasoning

Bollinger Bands were noting a strong divergence, at the time of writing. This divergence hinted at the rise of volatility once again as the price tried to build higher. Signal line pointed at the rise of bullishness as it moved under the candlesticks marking the upward trending price.

The 50 moving average had also slipped under the price bars and was acting as immediate support.

The rise in buying pressure had been a result of the inflated prices as highlighted by the rising value of the relative strength index from the oversold zone. Currently, RSI value had moved past the equilibrium zone and remained at 56. This indicated that the buying pressure was dominant in the UNI market while the momentum was also growing for buyers.

Crucial levels

Entry-level: $36.30
Take profit: $37.83
Stop-level: $35.53
Risk to Reward: 1.97

Conclusion

The current UNI market suggested a bullish movement for the digital asset. Going forward, the price of UNI could rise to the immediate resistance at $37. While the indicators suggested a strong market, a sudden shift in volatility could change this trend.


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Source: https://ambcrypto.com/uniswap-price-analysis-18-may

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Why The SEC Opposes XRP Holders’ Involvement In Action Against Ripple

XRP holders have been trying to gain a voice in the action against Ripple Labs and some of its executives filed by the Securities and Exchange Commission (SEC). However, the regulator has opposed by any means at its disposal. In a reply memorandum filed on May 17th, the Commission reiterated its position against the motion […]

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XRP holders have been trying to gain a voice in the action against Ripple Labs and some of its executives filed by the Securities and Exchange Commission (SEC). However, the regulator has opposed by any means at its disposal.

In a reply memorandum filed on May 17th, the Commission reiterated its position against the motion to intervene presented by the collective called “Movants”, 6 XRP holders in the representation of their community.

The SEC claims that these investors are “improperly” trying to take a role in the action via an “amici curiae”, a form of legal instrument that would grant the holders a status of assistance in the case. Thus, they could provide expertise and their unique point of view as investors.

The regulators claim that the XRP holders can’t “offer any unique perspective”, information or additional details that could provide value in court. Also, the Commission added that the Movants have a bias point of view and “advocate for the same outcome as Defendants”, Ripple Labs and executives Brad Garlinghouse and Chris Larsen. The documents claims:

Seeking to inject themselves as “third-party defendants” in this action, Movants would act as “friends” of Defendants, not true “friends of the court,” if permitted to participate as amici.  And Movants’ arguments are not relevant to (and would improperly expand) the violations charged by the SEC in this action.

How XRP Holders Could Affect The Action On Ripple Labs

Therefore, the SEC asked for the denial of the motion presented by Movants and claimed that their involvement would bring “prejudice” to the court. In that way, this participation could “transform the nature” of the case and even go as far as deny the SEC the right to “discovery”, according to the document.

One of the Movants, lawyer John E. Deaton, responded to the memorandum. The expert said that the legal entities in the United States had granted “amicus” in cases where parties, according to the SEC’s logic, could be classified as “bias”. Deaton added:

It’s granted to someone with strong interest in or views on the subject matter of an action, but not a party to the action.

Lawyer Jeremy Hogan said that XRP investors should not participate as full litigants but acknowledged that they can bring relevant facts to the court. Hogan added:

to argue that Ripple and the XRP litigants are in collusion goes too far. I think the Judge should (and will) grant limited “amici” participation – something obviously the SEC doe NOT want to see happen.

While the crypto market bleeds, XRP has held a strong ground against bears and trades at $1,62, at the time of writing. Lower timeframes show medium profits with 7.9% in the daily chart. Higher time frames are in the green with a 15.4% and 4.3% profit respectively.

Ripple XRP XRPUSDT
XRP with moderate gains in the daily chart. Source: XRPUSDT Tradingview

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Source: https://bitcoinist.com/why-the-sec-opposes-xrp-holders-involvement-in-action-against-ripple/?utm_source=rss&utm_medium=rss&utm_campaign=why-the-sec-opposes-xrp-holders-involvement-in-action-against-ripple

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