Secret Bitcoin mining ring busted in Borneo

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• Crypto industry exposed as major source of tax evasion

  TL;DR Breakdown Members of the US Congress have written a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging the implementation of tax regulations for the cryptocurrency industry. Earlier in May, the Biden administration proposed a 30% Digital Asset Mining Energy (DAME) tax on bitcoin miners. Congressmen Sherman and Lynch’s letter highlights the pressing need to regulate the industry and enforce tax compliance. Members of the United States Congress, Brad Sherman, and Stephen Lynch have written a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging the implementation of tax regulations for the cryptocurrency industry. Sherman and Lynch expressed concerns about the widespread tax evasion within the crypto sector, referring to it as a significant contributor to the country’s tax gap. In their letter, the congressmen referenced an audit report from September 2020, conducted by the Treasury Inspector General for Tax Administration (TIGTA), which highlighted the IRS’s failure to identify taxpayers involved in cryptocurrency transactions due to a lack of reporting. They emphasized that despite the passage of the Bipartisan Infrastructure Bill in November…

  Article 2023年6月11日

• Celsius and Core Scientific settle mining dispute with $45 million deal

  TL;DR Breakdown Celsius and Core Scientific have settled their long-standing mining dispute with a $45 million deal, which includes the acquisition of the Cedarvale mining site in Texas by Celsius. The settlement resolves months of legal battles and financial complications, including bankruptcy issues for both companies. The deal awaits court approval and is expected to significantly impact the future operations of both companies, potentially aiding in their respective restructuring and recovery efforts. Description In a significant turn of events, Celsius and Core Scientific have reached a $45 million settlement to resolve their long-standing mining dispute. The deal, described as “fair, equitable, and carefully negotiated,” puts an end to the protracted litigation between the two companies. The settlement also includes the acquisition of Cedarvale, an 85-acre mining site in … Read more In a significant turn of events, Celsius and Core Scientific have reached a $45 million settlement to resolve their long-standing mining dispute. The deal, described as “fair, equitable, and carefully negotiated,” puts an end to the protracted litigation between the two companies. The settlement also includes the acquisition of…

  Article 2023年9月16日

• U.S. banks lose over $1 billion – How’d that happen?

  TL;DR Breakdown U.S. banks spent over $1 billion on severance costs in H1 2023 due to overexpansion during COVID-19. Goldman Sachs, Morgan Stanley, and Citigroup were among the hardest hit, spending millions on staff reductions. Industry leaders are divided over whether more layoffs will be needed as the year progresses. Description A recent financial shock has rocked Wall Street as U.S. banks have tallied up over $1 billion in severance costs in the first half of 2023. This financial hit signals the high price of rectifying aggressive overexpansion during the COVID-19 pandemic. The billion-dollar payout Among the banking giants bearing the brunt of these costs are … Read more A recent financial shock has rocked Wall Street as U.S. banks have tallied up over $1 billion in severance costs in the first half of 2023. This financial hit signals the high price of rectifying aggressive overexpansion during the COVID-19 pandemic. The billion-dollar payout Among the banking giants bearing the brunt of these costs are Goldman Sachs, Morgan Stanley, and Citigroup. Goldman Sachs, which has felt the sting of a slowdown…

  Article 2023年7月21日

• Crypto scammers exploit celebrity images, NatWest reveals

  TL;DR Breakdown NatWest’s Celebrity Scam Super League reveals celebrities whose images have been exploited in crypto scams, with Peter Jones and Sir David Attenborough topping the list. Scam ads primarily originate on social media platforms, including Facebook and Twitter, and customers have fallen victim to fake investment articles and advertisements. NatWest warns consumers to be cautious of fake celebrity investment adverts online and calls for a collaborative effort with social media companies to eliminate these fraudulent practices. NatWest, a prominent British bank, has released its annual Celebrity Scam Super League table, revealing the celebrities whose images are unknowingly used by fraudsters to steal millions of pounds from unsuspecting individuals. Peter Jones, known for his role in Dragon’s Den, is topping the list, closely followed by renowned naturalist Sir David Attenborough. Surprisingly, Holly Willoughby and Philip Schofield, who jointly topped the table last year, have dropped out of the top rankings for the first time. Social media: The breeding ground for scam ads The majority of scam advertisements targeting consumers originate from social media platforms. Facebook and Twitter, among others, have…

  Article 2023年6月4日

• Bandit Stealer: The new malware menace in the cryptocurrency space

  TL;DR Breakdown Bandit Stealer is new malware targeting web browsers and crypto wallets. It spreads via phishing emails and fake installers, collecting personal and financial data. The rise of such malware underlines a thriving underground info-stealer market, raising cybersecurity concerns. In a world increasingly dependent on digital transactions and cryptocurrencies, a new form of malware called “Bandit Stealer” has reared its head, threatening web browsers and cryptocurrency wallets. Trend Micro, a leading cybersecurity firm, has raised the alarm over this stealthy, info-stealing malware developed using the Go programming language. This language choice suggests potential cross-platform compatibility, expanding the malware’s potential reach in the future. A calculated malware approach Bandit Stealer’s sophisticated programming allows it to function undetected on Windows systems by manipulating a legitimate Windows command-line utility program, “runas.exe.,” according to Trend Micro’s report. This maneuver enables Bandit Stealer to execute itself with administrative access, bypassing built-in security measures. However, Microsoft’s stringent access control mitigations have successfully thwarted unauthorized execution thus far, requiring proper credentials for administrator-level operations. The malware operates with guile and precision. Bandit Stealer initiates a series…

  Article 2023年5月31日