KW 33: Crypto platform asks hacker to become security advisor, Australian crypto users will have access to tax reporting services through Crypto.com, Reddit transforms itself into a blockchain company

NEWS

Crypto platform asks hacker to become security advisor: Cryptocurrency platform Poly Network was hit with a major attack last week which saw the hacker, or hackers, make off with more than $600 million worth of tokens. In a bizarre twist, the hacker returned most of the stolen money but is withholding more than $200 million of the funds until “everyone is ready.” Poly Network promised the hacker a $500,000 bounty for the restoration of user funds, and even invited them to become its “chief security advisor.”
cnbc.com

Australian crypto users will have access to tax reporting services through Crypto.com: Cryptocurrency exchange Crypto.com has launched a free tax reporting service for users based in Australia. Crypto.com said it had tailored its existing tax services for United States- and Canada-based crypto users to allow Australians to accurately report cryptocurrencies on their taxes. The exchange said it worked with professional tax advisers to ensure that the service was consistent with laws for filing cryptocurrency taxes in the country.
cointelegraph.com

Forum platform Reddit transforms itself into a blockchain company: Reddit has been around since 2005 and its business model, which is based on user-generated content, has only been adapted, but never seriously changed. Its revenues still mostly come from ads placed on the platform. Reddit owes its breakthrough in the mainstream to the subreddit Wallstreetbets, whose users started the so-called Gamestop rally in January 2021, as a result of which various stocks began to soar to new heights. The company gratefully embraced the financial focus, which now also includes cryptocurrencies, and positioned itself at the spearhead of the decentralized Web3.
t3n.de

Walmart is looking for a crypto specialist: Walmart is seeking to hire a cryptocurrency expert, joining a growing number of companies looking to develop strategies for digital currencies such as bitcoin. The retailer posted a job for a digital-currency and cryptocurrency product lead based at its Bentonville, Ark., headquarters. The hire would be expected to “commit to a product roadmap and drive the project execution” and serve as an expert on the job’s subject matter, according to the posting. The job posting says the person it hires will “identify customer needs and translate them into product requirements” and that he or she will work with product and design teams.
wsj.com

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Intel added new stake in Coinbase stock marketwatch.com
Ether is more popular than Bitcoin in Singapore, new study finds cointelegraph.com
Crypto market continues to recover and currencies are worth over $2000 billion faz.net
Criminals in Germany and Italy increasingly use cryptocurrencies stern.de
Peter Thiel-backed crypto broker Bitpanda triples valuation in five months to $4.1 billion cnbc.com

NUMBER OF THE WEEK

The cryptocurrency exchange Coinbase said last week that its quarterly revenue soared by more than 1,000 percent and profits skyrocketed nearly 4,900 percent from a year earlier, in its second earnings report as a publicly traded company. Revenue totaled $2.2 billion in the three months ending in June, up from $186 million a year ago. Profit was $1.6 billion, compared with $32 million a year earlier.
nytimes.com

BACKGROUND

Microsoft develops blockchain-based system to counter copyright infringement: In a new paper released by Microsoft’s research department, with the participation of researchers from Alibaba and Carnegie Mellon University, the software giant studied a blockchain-based incentive system to bolster anti-piracy campaigns. As the title of the research, “Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns,” suggests, Microsoft’s new system relies on the transparency aspect of blockchain technology. Built on the Ethereum blockchain, Argus aims to provide a trustless incentive mechanism while protecting data collected from the open anonymous population of piracy reporters.
cointelegraph.com

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Organized crime relies on digital currencies: Cryptocurrencies are mostly backed by cryptographic codes consisting of numbers and letters. They are traded decentrally and directly between users – i.e., not via financial institutions, thus avoiding state regulation. To prevent multiple copying of bitcoins, for example, they are based on the blockchain. An officer of Italy’s anti-mafia police Dia explains that the Italian mafia entered the financial world because of this technological development. Transactions with cryptocurrencies, he says, are fast and can also provide security as well as a form of anonymity. This is proving useful for illegal transactions. For example, mafia organizations such as Calabria’s ‚Ndrangheta use cryptocurrencies to trade with Latin American cartels, according to a Dia report to parliament on the first half of 2020. According to the mid-year report, in recent years, the police strengthened its units investigating on the internet. The financial police and the Carabinieri, for example, are also involved in the searches.
it-daily.net

QUOTE

„After the incident, people around the globe went on the hunt for the hacker. You can’t steal $600 million and expect to stay in the dark.“
Gurvais Grigg, Global Public Sector Chief Technology Officer of blockchain analytics firm Chainalysis, has doubts about the Poly hacker’s self-stylization as a „white hat“ – by which is meant a hacker who has „good motives“ such as pointing out vulnerabilities in a system.
handelsblatt.com

BLOCKBUG

Soccer superstar Messi is being partly paid in crypto by PSG: Lionel Messi’s financial package at French soccer club Paris Saint-Germain includes crypto tokens. Messi signed a two-year deal with PSG, with an option for a third, that will net him an annual salary of $41 million plus bonuses, and a reported $30 million signing-on fee. PSG said that Messi’s “welcome package” includes the cryptocurrency ”$PSG Fan Tokens.” A fan token is a type of non-fungible token (NFT) that is mostly built on Ethereum-based blockchain technology. Like Bitcoin and other cryptocurrencies, fan tokens are also considered a digital asset, and they trade on exchanges.
cnbc.com, nasdaq.com

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