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Article translated by David McAlpine from Chinese news site https://www.ntdtv.com/gb/2022/11/15/a103575383.htmContinue reading on Coinmonks »
The Securities Commission of The Bahamas announced that it seized $3.5 billion worth of cryptocurrency assets from the now-bankrupt and collapsed crypto exchange FTX. Per a media release issued on Thursday, the Bahamian authority said the total amount taken from FTX’s Bahamian subsidiary, FTX Digital Markets, along with added funds has been moved into its own digital wallets “for safekeeping.” The Commission had previously said that it was holding some of the exchange’s assets but failed to disclose the total sum thereof. According to the regulator, the funds were valued at over $3.5 billion based on market pricing at the time of transfers and added that the transfer took place the day after FTX filed for Chapter 11 bankruptcy on November 12. Reports by American news agency CNBC indicate that the Bahamian Securities Commission said that the funds are only being held on a “temporary basis” or until they receive instruction from the Bahamas’ Supreme Court to deliver the assets to customers and creditors, or in the case of the insolvency estate to the liquidators. The Commission said that it seized the assets after receiving information from former FTX CEO, Sam Bankman-Fried, regarding cyberattacks on the systems of FTX’s Bahamian arm. According to the media release, there was a “significant risk of imminent dissipation” of the assets as long as they remained under the control of FTX Digital Markets. Apparently, there was cause for concern as the day after FTX filed for bankruptcy, it became under attack from a suspected hack that over $400 million drained from the firm’s crypto wallets. The events surrounding the suspected hack remain unclear and the matter is now being investigated by the United States Justice Department. FTX Debtors Seek the Return of Assets Held by Bahamian Regulators According to a press release, FTX Trading, and its affiliated debtors announced on Friday that it would seek the return of the crypto assets held by the Bahamas Securities Commission to their Chapter 11 estates for the benefit of creditors. The group added: The FTX Debtors have informed the Bahamas Commission that none of Mr. Bankman-Fried, Mr. Wang or the Bahamas Commission had a right to take cryptocurrency of the FTX Debtors. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Согласно последнему объявлению CoinEx в свой пятый день рождения биржа запустит специальный юбилейный рейтинг фьючерсов. По этому случаю…Continue reading on Medium »
Primero, XOR es una criptomoneda que está diseñada para mitigar los riesgos de volatilidad, las lagunas de gobierno y la ineficiencia de…Continue reading on Medium »
As trust in blockchain and all its buzzwords wane, 2023 will be a challenging period to market products tied to these techs, with businesses needing a new approach to tackle this issue head-on. [...] Read More... The post 2023 blockchain trends that lead to success appeared first on CoinGeek.
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Some eyebrows were raised when Microstrategy sold a part of its Bitcoin holdings, even though the company then bought more. A tax loophole was the reason. Sell at a loss then immediately repurchase Crypto investors can reduce their capital gains tax in 2022 by selling their crypto assets at a loss and immediately repurchasing them, thanks to a regulatory distinction that crypto assets have.  This strategy was recently used by business intelligence firm MicroStrategy, which bought 2,395 bitcoin on Wednesday, sold a portion at a loss, and bought 810 bitcoin just two days later. Crypto still an asset and not a security Unlike other securities, the Internal Revenue Service (IRS) does not consider crypto to be a security, but rather an asset, which means that certain tax laws, such as the "wash rule," do not apply to it. This allows investors to sell crypto at a net loss and buy it back instantly while still being able to claim the loss on their tax filings.  Other investors who sell securities for a net loss at the end of the tax year can deduct up to $3,000 from their capital gains tax and carry any additional losses over to the next tax year. IRS could change its policy Crypto investors will continue to have this advantage as long as the IRS maintains its current policy of treating crypto as assets rather than securities. This allows investors to sell their crypto assets at a loss and immediately repurchase them, allowing them to claim the loss on their tax filings.  However, the IRS has not made any official statements on this matter, and it is possible that they may change their policy in the future. It is worth noting that the US Securities and Exchange Commission (SEC) considers many widely-traded cryptocurrencies to be securities, which has been a source of controversy in the crypto community. Information for the writing of this article was taken from an article in 247WallSt.com Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Rango is the first cross-chain DEX/Bridge aggregator built for the dynamic crypto industry as it supports different blockchains including…Continue reading on Medium »
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