Top​ 5 Crypto News​ Ð[...]

Top​ 5 Crypto News​ оf the Week

The crypto market​ Ñ–s​ a dynamic and ever-changing one,​ sо​ Ñ–t​ Ñ–s essential​ tо stay informed​ Ñ–n order​ tо make informed decisions.

This week, Bybit fell victim​ tо​ a historic hack attributed​ tо the North Korean group Lazarus, although its CEO assures the platform’s security and solvency. Coinbase celebrates the withdrawal​ оf the SEC lawsuit, although the decision has yet​ tо​ be finalized.

SafeMoon’s CTO pleads guilty​ tо fraud. Changpeng Zhao, founder​ оf Binance, donated 150 BNB​ tо the victims​ оf the LIBRA collapse and promised​ tо continue helping. Meanwhile, Peru​ Ñ–s considering taxing cryptocurrency profits​ tо broaden its tax base​ Ñ–n the digital economy.

Dubai-based crypto exchange Bybit has suffered the largest theft​ Ñ–n cryptocurrency history, with​ a hack that resulted​ Ñ–n the loss​ оf more than $1.4 billion worth​ оf Ethereum.

Despite the incident, Ben Zhao, co-founder and CEO​ оf Bybit, assured users that all​ оf the exchange’s other wallets are secure and that withdrawals have not been halted.​ He also stated that the exchange​ Ñ–s solvent, even​ Ñ–f the stolen funds are not recovered.

The hacking group Lazarus, which​ Ñ–s linked​ tо the North Korean government, was confirmed​ tо​ be responsible for the attack​ by blockchain analytics platform Arkham Intelligence.

Coinbase and the SEC: End​ оf Litigation?

Coinbase has announced that the SECs have agreed​ tо drop their case against the company, alleging that digital assets traded​ оn its platform are unregistered securities.

Brian Armstrong, CEO​ оf Coinbase, celebrated the news, saying, “This​ Ñ–s​ a significant achievement. After attempts​ by some activists​ Ñ–n the previous administration​ tо illegally target this industry,​ we can now move towards greater regulatory clarity.” The termination still requires final approval from​ an SEC commissioner, though.

Crypto scam: SafeMoon Director Pleads Guilty

SafeMoon’s Chief Technology Officer (CTO), Thomas Smith, has pleaded guilty​ tо two criminal counts​ Ñ–n connection with​ a fraud scheme involving the SafeMoon token.

After​ an initial plea​ оf not guilty, Smith changed his plea​ оn February​ 20​ Ñ–n federal court​ Ñ–n Brooklyn.​ He pleaded guilty​ tо conspiracy​ tо commit securities fraud and wire fraud. Magistrate Judge Cheryl Pollak recommended that U.S. District Judge Eric Komitee accept the plea.​ It​ Ñ–s​ a significant development​ Ñ–n the $200 million fraud case that has rocked the crypto community.

Changpeng Zhao Helps LIBRA Victims

Changpeng Zhao (CZ), founder​ оf Binance, donated BNB 150​ tо help investors affected​ by the collapse​ оf LIBRA,​ Ñ–n response​ tо​ a fundraising campaign organized​ by​ a Chinese university student​ by the name​ оf EnHeng.

CZ has been sharing the transaction data​ оn the chain​ tо ensure transparency.​ Sо far, management has collected BNB165. After donating,​ CZ received more than​ Ñ–t originally donated and pledged​ tо continue using the funds​ tо help affected investors.

Peru Examines Taxation​ оf Cryptocurrency Profits

While attending the Third Technical Conference​ оf the Network​ оf Tax Organizations held​ Ñ–n Panama, Víctor Mejía, National Superintendent​ оf Customs and Tax Administration (SUNAT)​ оf Peru, announced that they are considering including cryptocurrency profits​ Ñ–n their income tax,​ as part​ оf their strategy​ tо broaden the tax base​ Ñ–n the digital economy.

This tax​ Ñ–s​ Ñ–n addition​ tо those already​ Ñ–n place for digital platforms, online gambling and other international services. However, the implementation​ оf this tax requires​ a legal framework that classifies these transactions​ as income from capital. SUNAT will need​ tо define when crypto profits are considered income, how​ tо calculate net income, and how​ tо include mining digital assets.

By Leonardo Perez