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South Korea Claims $28M Tax From Bithumb But Finds No ‘Illegal Activity’

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South Korea’s National Tax Service (NTS) has requested $ 30 billion won ($ 28 million) in taxes from major cryptocurrency exchange Bithumb in a move which has gained positive feedback from the community.

Bithumb ‘Will Not Object’ To Tax Bill

Local media reported on June 8 that Bithumb, which posted revenues of 427 billion won ($ 397 million) in 2017, will pay the bill following an audit from South Korea’s Internal Revenue Service (IRS).

As a result of the audit, which occurred in April, the IRS also confirmed that investigators had not found “any illegal activities such as tax evasion.”  Read more...

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Research Paper Finds Transaction Patterns Can Degrade Zcash Privacy

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Research Paper Finds Transaction Patterns Can Degrade Zcash Privacy

Just recently researchers from the University College London published a paper about the patterns found in “shielded” and “unshielded” Zcash transactions. The study explains when users switch between these types of addresses anonymity is degraded. The team concludes that while Zcash transactions can be private, it’s also possible to diminish privacy if certain usage patterns are chosen by the Zcash user.

Also Read: Israel Tax Authority Hunts for Bitcoin Traders on Social Media    Read more...

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Thomson Reuters Survey Finds Increasing Interest in Cryptocurrency Trading

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Thomson Reuters Survey

Cryptocurrency trading by financial firms could increase in 2018, according to a new Thomson Reuters survey, with approximately 20 percent indicating they are considering trading cryptocurrency over the next 3–12 months. The survey was conducted among more than 400 clients across all of Thomson Reuters trading solutions, including Eikon and REDI, as well as its FX platforms.

“Cryptocurrency is still a relatively small part of the trading market, but this survey makes clear this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago,” said Neill Penney, co-head of Trading at Thomson Reuters, in a statement. “The most important thing for our clients is seamless access to news and data around cryptocurrencies to facilitate informed trading decisions.”  Read more...

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82% Of Institutional Investors ‘Believe Bitcoin Has Bottomed,’ Fundstrat Survey Finds

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Fundstrat Global Advisors cofounder Tom Lee has revealed traditional finance strongly favors cryptocurrency after a personal survey convinced him “big money” will soon enter the market.

Lee: Results Are ‘Leading Indicator’ For Crypto Capital Influx

Uploading the results of a questionnaire he delivered to invitees of a small gathering April 23, Lee, who is famous for his positive Bitcoin price outlook, said the “small group” of institutional investors “believe BTC has bottomed.”

tom lee Bitcoin price Fundstrat

Attending were a crypto and traditional macro hedge funds, players Lee described as “long-only.”

“We see this as a leading indicator for inflows of big money into Crypto,” he commented.  Read more...

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Study Finds $3B Worth of Faked Cryptocurrency Volumes and Wash Trades

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Study Finds $ 3B Worth of Faked Cryptocurrency Volumes and Wash Trades

On March 10 a cryptocurrency trader and researcher published a report on how he believes $ 3 billion worth of cryptocurrency trade volumes, primarily from a couple of exchanges, are concocted. The author of the study, Sylvain Ribes, alleges that the exchange Okcoin has been fabricating up to 93 percent of its trade volumes.

Also read: Thailand Dodges Extreme Cryptocurrency Regulations

Massive Discrepancies Between Exchanges

Sylvain Ribes has published a study that reveals some interesting information about trade volumes stemming from exchanges like Okcoin (Okex) and Huobi, which may be falsifying their trade volumes. Ribes calculated his data from order books across all major exchanges to “measure how badly market selling $ 50k USD worth of each cryptocurrency would crash the price.”  Read more...

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New Report Finds Staggering 725% Increase in Malicious Mining Software

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The number of websites sneaking in malware to mine cryptocurrencies such as Monero has grown by over 700% in recent months. Have you been affected?

Exponential Increase in Web Miners

This unprecedented rise seen recently in the cryptocurrency market has not come with its fair share of problems and controversy. It makes sense that in an emerging market that people will try to take advantage of newly emerging markets to turn a profit.

Whether this is with or without malicious intent, emerging markets always experience similar scenarios. In the case of cryptocurrencies, this has partially taken form in a vast amount of scams and malicious hacks and breaches.  Read more...

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ICO’s Lose 10% of Funds to Criminals, New Ernst & Young Report Finds

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“More than 10%” of ICO funds fall into the hands of hackers and not investors, according to new research by Ernst & Young.

ICO Risks – From Phishing To FOMO

In a report published this week, in collaboration with Group IB, the professional services giant reviewed 372 ICOs and warned about what it views as the ICO market’s “big risks.”

These include phishing, failure of organizers to meet stated goals and even so-called ‘FOMO’ (‘fear of missing out’) inflating demand.

Blockchain  Read more...

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