Hacked crypto alternate KuCoin resumes crypto deposits and withdrawals
The KuCoin cryptocurrency alternate is partly restoring deposits and withdrawals following a serious hack.
As KuCoin formally introduced on Oct. 7, the platform has accomplished the pockets safety improve for main cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT).
Following the improve, KuCoin has resumed the deposit and withdrawal service of BTC, ETH, and ERC-20-based USDT. In keeping with the announcement, USDT working on different blockchains like EOS, Tron, and Omni just isn’t but obtainable for withdrawals. KuCoin acknowledged:
“KuCoin is step by step restoring the deposit and withdrawal providers of all tokens, and the complete service of USDT may even resume quickly. Please keep tuned for the official announcement.”
KuCoin famous that BTC, ETH, and USDT have all generated new deposit addresses. Whereas the previous addresses are nonetheless obtainable, the alternate really useful customers to replace their deposit addresses.
The partial restoration of crypto withdrawals on KuCoin comes about 10 days after the alternate suffered a large hack in late September. Whereas the alternate initially estimated consumer losses to account for $150 million, main crypto analytics agency Chainalysis estimated losses at $275 million.
KuCoin World CEO Johnny Lyu beforehand informed Cointelegraph that the breach affected scorching wallets holding BTC, ETH, and ERC-20 tokens. Numerous stolen ERC-20 tokens have been subsequently frozen by main crypto initiatives. On Oct. 3, Lyu introduced that KuCoin executives have managed to seek out the suspects of the hack with “substantial proof at hand.”
KuCoin representatives didn’t instantly reply to Cointelegraph’s request to touch upon the information. This text can be up to date pending any new data.
Source: bitcoinflashnews.com
Author: By admin
Contents
75 crypto exchanges have closed down so far in 2020
As least 75 crypto exchanges have closed down due hacks, exit scams or simply disappeared for unknown reasons so far this year.
According to the Crypto Wisser Exchange Graveyard five of the exchanges, including Hotbit, FinexBox, and WCX, were labelled as scams, and four including Altsbit, and Nerae, were flagged as being hacked.
In total 31 were shut down voluntarily while 34 were labeled as ‘MIA’ for disappearing with no explanation. Dutch exchange NLexch, and Chilean Chilebit were the only two flagged as being shut down by their respective governments in 2020.
There are some macro trends which help explain why so many smaller exchanges are failing. The growth of DeFi and the rise of decentralized exchanges in 2020 has put the final nail in the coffin for many smaller operations.
Regulatory pressure has also increased since the early days of the industry and many exchanges simply haven’t been able to keep up with the requirements. Hacks and scams are also cited as growing issues for exchanges.
The latest two high profile exchanges to have a cloud over their futures are BitMEX and KuCoin.
Following the filing of criminal charges against BitMEX executives last week for banking regulation violations, crypto security firm Chainalysis has labelled the exchange as “high risk”.
The security company issued the warning to a number of its high profile clients including government agencies, banks and exchanges, informing them that any exchange with criminal charges brought against it should be considered high risk.
Some traders also seem wary of BitMEX’s future viability, with more than $500 million worth of BTC withdrawn from the exchange between September 30th and October 3rd according to Coin Metrics.
The Singapore based KuCoin exchange suffered a $200 million hack in late September, but it has scrambled to reassure users by issuing a number of security updates delving into the incident to provide transparency. The most recent announcement was updated on Oct. 6 as the company continues with audits into the various assets affected.
Crypto exchanges are not the only entities disappearing however. Acording to deadcoins.com there are also almost 2,000 altcoins and tokens that no longer exist.
Source: www.bitcoindoorway.com
Author: by admin
With a vast number of users from across the world, Bitcoin has been more popular than ever before. With so many global consumers, it is no surprise that bitcoin exchanges are growing quick.
BitMart exchange came into existence in 2017. It is one of the top 20 cryptocurrency exchanges by volume.
Do you know? Bitmart.com enrolled over 600,000 users worldwide and currently ranked 13th in the coinmarketcap.
In this article, we will provide you with a full guide on the BitMart exchange review and look at things such as its functionality, prices, pros and cons and much more. Let us look at this analysis of the BitMart Exchange in depth now.
BitMart is a crypto trading platform created by cryptocurrency enthusiasts. The BitMart Foundation has offices all over the world but is based in the Cayman Islands. The network offers spot trading, OTC trading, futures contract trading, and other digital assets services.
The trading platform has been translated into 6 languages, including Russian and English. For convenience, the official Android, iOS, and Mac OS applications have also been developed.
BitMart does not distinguish between takers and makers. Instead, they charge flat fees of 0.25% regardless of both of them. The trading fees are also decreased on the basis of the trading volume and the reserves of the BitMart native token, the BMX.
This exchange charges a withdrawal fee of 0.0005 BTC when you withdraw BTC. This fee is much smaller than the industry average. BitMart thus has a very attractive price in terms of both trading costs and withdrawal costs.
The BitMart Exchange supports over more than 50+ currencies. Some of the major ones include:
BitMart Token (BMX) is the native token for the BitMart exchange. It is an ERC20 token provided by BitMart. There is a cumulative capacity of 1 billion tokens in BMX. This ERC20 token can be used on the BitMart website to register for trading or transaction cost discounts.
BMX tokens can also be used to earn trading fee dividends via the BitMart Mission X Group Listing Market. The advantages of keeping BMX tokens are as follows:
There is also a native mobile application offered by BitMart. Thus you can start trading crypto at BitMart on the go through your smartphone.
Indicate email address or phone number. Now set a password for the account.
Click on the Registration button.
Next, you should wait for the confirmation code, enter the data in a special field, thereby activating the account.
Once the verification is complete, the user can start with trading
On the login page, type in your registered email id and click on the “Forgot Password” Option. Once you confirm that you wish to reset your password, you will receive an email with a link. Click on the link and you should be able to set a new password.
Login to your account, Go to the ‘Balance’ tab.
Now a list of cryptocurrencies available for deposit will open.
Then click on “Deposit” in the line with the currency to be deposited.
Indicate the amount to be deposited and the address to send to.
Go to BitMart homepage. Click “Buy Coins” to enter the interface.
Choose the coin you would like to buy. Click “NEXT”.
Enter the amount you would like to buy. Click “Buy Now”.
Enter your email address. Then click “Continue”.
Confirm your purchase. Then click “Buy Now”.
You can check order status by clicking “Track My Transaction” Option
Go to BitMart homepage. Click “Sell Coins” to enter the interface.
Choose the coin you would like to sell. Click “NEXT”.
Enter the amount you would like to sell. Click “Sell Now”.
Enter your email address. Then click “Continue”.
BitMart is a governed crypto exchange that also accepts fiat currencies, and has a reasonable fee schedule for its trading services.
The platform of the Bitmart exchange is intuitive to use. BitMart is a young and promising exchange that provides the traders with advanced functionality for the most convenient trading.
BitMart also offers its platform as a mobile application. So if you have an iPhone, an iPad or an Android-phone, you can start trading crypto at BitMart.
Bitmart provides its services to users in over 180 countries, including the US and the UK.
BitMart does not distinguish between takers and makers. Instead, they charge flat fees of 0.25% regardless of both of them.
To increase the level of account security, two-step user authentication and a pin code for trading operations were added to the trading platform.
BitMart Ratings
Summary
BitMart is a crypto trading platform created by cryptocurrency enthusiasts. The BitMart Foundation has offices all over the world but is based in the Cayman Islands.
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The post BitMart Exchange Review 2020 appeared first on Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide.
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Source: www.your-cryptocurrency-news.com
Author: Reviewed By David
Crypto Exchanges May Be Under More Scrutiny By The IRS
A recently conducted audit by Treasury Inspector General For Tax Administration (TIGTA) has found that the IRS is struggling to identify taxpayers with virtual currency transactions due to poor third-party information reporting. As the number of crypto tax non-reporting cases are increasing, the administration has asked the IRS to reduce this information gap by enforcing more stricter rules on crypto exchanges.
Third-party information reporting is a smart mechanism used by the IRS to ensure tax compliance. This is the reason why you receive tax forms such as Wage and Tax Statement (Form W-2), Proceeds from Broker and Barter Exchange Transactions (Form 1099-B), Interest Income (Form 1099-INT), etc. at year-end. Issuers such as your employer or the bank send these forms to both you and the IRS. When you file your tax return, the IRS system matches what’s been reported to them by the issuers with what you have reported on your tax forms. If there’s a mismatch, the IRS automatically sends you a tax notice inquiring about the discrepancy.
This information reporting regime is very effective. As the audit report points out, the IRS estimates that tax compliance is approximately 95% when there is substantial information reporting. This percentage goes up to 99% when information reporting is combined with withholding (ex:- W-2). However, tax compliance drops to a staggering 45% where there is little to no information reporting or withholdings, which is the crypto world.
Unfortunately, US crypto tax compliance is so poor due to poor information reporting by the crypto exchanges. Tax rules around information reporting related to crypto are murky and written way before the invention of cryptocurrency. Therefore, exchanges are interpreting rules in different ways and issue different forms. Some prominent crypto exchanges issue Form 1099-Ks when users have more than 200 transactions and $20,000 in volume.
Some exchanges file other various series 1099 forms such as 1099-B and 1099-MISC. TIGTA audit report points out that these forms are not consistent nor effective because they don’t tell the IRS that the amounts being reported are virtual currency related. It urges the IRS to modify the information reporting system in a way so that the IRS knows information being reported are virtual currency related.
The TIGTA believes that exchanges should issue Form 1099-Bs similar to brokerages. Although this is a well-proven idea in the stock & securities world, this is practically impossible to do in the crypto world. Form 1099-B requires exchanges to report the cost basis of each sale. In many cases, crypto exchanges won’t have access to cost basis information if the user is transferring funds from another exchange or their private wallet. Moreover, users could transfer funds out of exchange to another location and the exchange won’t know if it’s a disposition or a transfer. These factors coupled with other unique intricacies associated with cryptocurrencies make it nearly impossible to generate accurate and complete Form 1099-B at the exchange level.
Overall, the TIGTA report and the recently issued GAO report show that even the IRS is getting pushed to enforce much stricter rules on both crypto taxpayers and the exchanges. In an environment like this, crypto users should do everything they can to be as compliant as possible to avoid any trouble.
Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.
Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Source: www.forbes.com
Author: Shehan Chandrasekera
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