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Top Stories, Price Movements, Quotes and FUD of the week

Top Stories This Week CEO of Defunct Mt. Gox Exchanges Faces Ten Year Jail Sentence Over Embezzlement Mark Karpeles, the former CEO of now-defunct Japanese Bitcoin exchange Mt. Gox, could be facing a ten-year jail sentence over charges of embezzlement. Karpeles, who headed the exchange during the major hack in 2014 that resulted in the loss of 850,000 BTC ($2.87 billion at press time), has denied any wrongdoing. Prosecutors in a Tokyo court this week have claimed that Karpeles had stolen around $3 million worth of funds from the exchange,…

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Bitcoin Tax Confusion Has Accountants Turning to Specialized Software

Every time you convert Bitcoin to anything, be it goods or services, other cryptocurrencies, or even tax payments, it might be a taxable event, depending on your local regulations. It’s not something a lot of cryptonaughts think about when carrying out their daily lives, but potential penalties can be steep for tax evasion. Node40 is a company that originally started out hosting Dash Masternodes for a fee – and they still do this – but then realized that their background as coders could potentially help people in the US blockchain…

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Cryptojacking Overtakes Ransomware as Top Malware in Some Countries

Cryptojacking, the unauthorized use of another’s hardware to mine cryptocurrency, has become the biggest cyber threat in many parts of the world, Bloomberg reported Dec. 14. According to research from cyber security research firm Kaspersky Lab, cryptojacking overtook ransomware as the biggest cybersecurity threat particularly in the Middle East, Turkey, and Africa. In Afghanistan and Ethiopia over one out of four detected malware are cryptocurrency miners, according to Kaspersky’s data. As cited by the Bloomberg, Kaspersky’s research “shows crypto mining attacks have risen almost fourfold in the region, from 3.5…

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Blockchain Incubator Binance Labs Releases First ‘Batch’ of Blockchain Projects

Binance Labs, the venture wing of the largest cryptocurrency exchange Binance, has released its first “batch” of blockchain projects from its Incubation Program, according to a press release shared with Cointelegraph on Dec. 14. Binance Labs is an initiative that seeks to help early-stage blockchain and digital assets projects and entrepreneurs through direct investments and technical assistance. The Binance Labs Incubation Program is an onsite program that was launched in August 2018. Following a try-out tour with over 500 applicants, Binance Labs selected only eight projects, each of which received…

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US Coinbase Customers Can Make Instant, Free Crypto-To-Cash Transfers to PayPal

Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers. This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge. “These withdrawals are not only fast; they’re free and incur no fees,” project manager Allen Osgood wrote on Coinbase’s blog. “Now, moving your cryptocurrency to cash is easier and more affordable than ever.” Facilitating an ‘Open Financial System’ Before, you needed an ACH (automated clearing house) or…

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Ethereum-Based Chat Platform Lays Off 25% of Staff Due to Crypto Market Decline

Ethereum (ETH)-based chat platform Status is laying off 25 percent of its staff due to the recent cryptocurrency market decline, according to a post published Dec. 11. Founded in 2017 in Switzerland, Status is an open source Ethereum-based mobile app that enables its users to chat, transact, and access decentralized applications (DApps). In the announcement, the startup’s co-founder Jarrad Hope said that Status is “much larger than we can sustain” in the environment of the declining market, wherein the company was not prepared for scenarios of ETH dropping over 80…

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