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Report Crypto Trades Over $10K to IRS or Face Jail? It’s Complicated
A new tax law appears to have massive implications for crypto users. But who it might affect, and when, is not so straightforward.
The opening days of 2024 have seen a resounding call echo across the far reaches of the cryptosphere: The IRS is coming! The IRS is coming!
The hullabaloo was triggered by a circulated portion of a 2021 federal infrastructure law that states that beginning January 1, 2024, key details pertaining to certain crypto payments over $10,000—including the name, address, and social security number of the payer—must be reported to the IRS under penalty of felony criminal charges.
Worry soon spread among crypto users unsure of whether they were now suddenly risking jail time by failing to report large on-chain transactions. Read More
Latam Insights: Solana Expands to Brazil, Tether Seeks to Expand in Venezuela
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Solana announces its expansion to Brazil, Tether seeks to expand in Venezuela, and Bitcoin Argentina advises to receive bitcoins in the upcoming asset regularization process.
The Solana Foundation, a nonprofit institution behind the organization and funding of Solana ecosystem initiatives, has reported it will expand to Brazil, opening a local group and announcing investments for over $10 million in Web3 projects.
The group is what Solana calls a “Superteam,” focused on developing apps and experiences using the Solana blockchain and its scalability. The Solana Foundation has already launched superteams in seven countries apart from Brazil, giving opportunities and paid jobs to hundreds of members. Read More
Bitcoin's Hashrate Hits Record 549 EH/s in Early 2024 Amid Rising Difficulty and Lower Hash Price
As the first week of 2024 concluded, Bitcoin’s hashrate shattered another lifetime high on Jan. 6, achieving an unprecedented 549 exahash per second (EH/s). Though the hashrate dipped post-Dec. 25, 2023, falling from 546 EH/s to a low of 510 EH/s, it rebounded amidst a declining hash price and an intervening hike in difficulty.
2024 Ushers in Record-Breaking Hashrate for Bitcoin at 549 EH/s
Bitcoin’s seven-day average hashrate achieved a new peak on Jan. 6, 2024, hitting 549 EH/s. This milestone surpassed the former record set on Dec. 25, 2023, when it reached 546 EH/s on Christmas Day. The 549 EH/s equates to 549 quintillion hashes per second (H/s) or 0.549 zettahash per second (ZH/s). One zettahash represents 1,000 EH/s or 1,000,000 petahash per second (PH/s). Read More
Mysterious Million-Dollar Bitcoin Transfer Sparks Wave of 'Dust' to Satoshi's Genesis Wallet
After the enigmatic transaction on Jan. 5, 2024, in which an unidentified bitcoin wallet transferred 26.917 bitcoin worth $1.19 million to Satoshi Nakamoto’s Genesis wallet, there has been a surge of about 34 dust transfers to the same address in the past 24 hours.
A Slew of Micro Transactions Trails Million-Dollar Mystery Gift to Genesis Wallet:
Recently, it was discovered that an unidentified sender transferred 26.917 bitcoin valued at $1.19 million to Satoshi Nakamoto’s original “1A1zP” Genesis address. The rationale behind sending the bitcoins to this specific address, holding 50 BTC originally mined by Nakamoto on Jan. 3, 2009, which are unspendable, remains a mystery.
It’s intriguing that although 50 BTC originated from Nakamoto initiating the network, the address has witnessed a total of 6,618 transactions since its inception. Individuals have transmitted minor fractions of bitcoin, frequently termed “dust,” along with messages to Nakamoto’s recognized bitcoin address for diverse motives. Read More
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There is nothing out there like Markethive. We are an Inbound Marketing (automated marketing platform) like Marketo, Paragon, and even the wannabee MLM Onpassive platform. We are like Youtube, Instagram, LinkedIn, Twitter, etc., but will be superior to these legacy Web 2 media when we release all the aspects and layout of Markethive 2.0.
We have a dynamic social media interface and growing community with a strong collaborative ethos, with SaaS and broadcasting capabilities already operational. We are not waiting for the launch to access the services; they are already there for you to use to help you facilitate your business and increase your reach and following.
Markethive is enhancing and bringing the platform into the future internet with our new technology and interfaces, but still in keeping with the human touch. Read More
The Financial Elite Come for Bitcoin
The usual financial suspects want in on the pending Bitcoin ETF, and Bitcoiners should be very, very afraid.
They are ‘great vampire squids‘ and ‘robber barons’ who want to suck the Bitcoin market dry and corner it.
While the Bitcoin industry generally celebrates the fact that these firms are entering the space with a Bitcoin ETF, the facts remain sobering – some of the most controversial financial firms in the world want to hold Bitcoin on behalf of clients.
This opens up a risk with which Bitcoiners should be familiar – counterparty risk. Yet, Bitcoiners celebrate, selling their souls for mere profits.
Bitcoiners could be in for a rude awakening before they know it. Read More
UK Cryptocurrency Exchanges Adapt to Enhanced Regulatory Standards
The United Kingdom's cryptocurrency landscape is undergoing significant changes as it aligns with the Financial Services and Markets Act. This pivotal development, marking a substantial shift in regulatory approach, aims to apply rigorous standards, akin to those in traditional financial services, to firms operating with cryptocurrencies and stablecoins.
Cryptocurrency exchanges like Coinbase, Crypto.com, and Gemini have already initiated measures in response to these new regulations. They have introduced risk assessments and finance tests for users in the UK, which include a declaration about their investor profile and a related questionnaire. These steps are critical for compliance with the requirements that demand crypto companies to inform users about the risks associated with trading cryptocurrencies and advertise their services responsibly. Notably, the failure to complete these measures will prevent users from trading with their crypto accounts.
The broader framework for these regulatory changes is set out by the UK Government, intending to balance innovation with financial stability and clear regulatory standards. Read More
Etherscan acquires Solscan to expand blockchain data services
Solscan.io, a prominent block explorer for the Solana ecosystem has joined Etherscan, a block explorer and analytics platform for decentralised smart contracts platform, Ethereum.
Etherscan noted that the merger continues its ongoing efforts to improve the accessibility of blockchain data across multiple networks.
Since its founding in 2021, Solscan has served more than three million monthly users. It offers many features that will be familiar to users of Etherscan, including detailed address, token and transaction information as well as APIs, dashboards and NFT metadata.
“The Solscan team has proven their expertise over the years by offering detailed insights and analytics. Their expertise in making blockchain data accessible and user-friendly also aligns perfectly with our mission at Etherscan,” said Matthew Tan, CEO and founder of Etherscan. Read More
X offers 80% price cut for gold check accounts amid surge in crypto scams
The platform announced that it would drop the price of gold checkmarks to $200 monthly, while a cybersecurity firm reported scammers had been taking advantage of the verification.
X (formerly Twitter) scaled back pricing for verified organizations on the social media platform as a report suggested groups had been using “gold check” accounts to push crypto scams.
According to a Jan. 3 report from Rishika Desai of cybersecurity firm CloudSEK, threat actors specifically targeted X accounts that signed up for the gold check verification, which organizations could purchase for $1,000 per month starting in March 2023. The cyber threat researcher reported that “malicious campaigns are brooding on a large scale that requires a Twitter Gold account,” targeting X users with job and crypto scams.
“The CloudSek research team identified such accounts on X (formerly Twitter), with a gold tick mark subscribed, posting links to malicious domains,” said Desai. “These domains had [...] different platforms, insisting their followers to join random channels based on crypto.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
