TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Facebook Coin Libra to face a congressional hearing next month. QuadrigaCX CEO used exchange’s money to fund margin trading. Firefox Zero Day vulnerability used to target Coinbase employees. Israeli court rules bitcoin is an asset subject to taxation, and the Bitcoin Cash Register tops 10K installs.
Facebook Coin Hearing to be Held by Congressional Banking Committee
The reveal of Facebook Coin Libra project has brought a myriad of reactions from a diverse bunch of politicians and influencers, most of them worrying about the excess of power and data this initiative would give the social media giant. After Rep. Maxine Waters asked about Facebook Coin Libra to be put on hold, a hearing about this subject was scheduled for July 16, 2019. Titled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” aims to find out more about Libra through the Committee on Banking, Housing and Urban Affairs.
QuadrigaCX Case Deepens: CEO Used Exchange Money To Fund Margin Trade
The QuadrigaCX case, an exchange where the CEO died leaving no trail of the funds’ private keys, is still under investigation. Ernst & Young recently released a report where they state Gerald Cotten, QuadrigaCX’s CEO, used fake accounts funded with fake money to buy cryptocurrency and then trade it to other exchanges to fund margin trading transactions. Cotten also used funds from the exchange to buy several properties, luxury vehicles and even an airplane, according to the accounting firm.
Firefox Zero Day Used to Target Coinbase Employees
A Zero Day exploit in Firefox, the popular web browser, was leveraged to attack Coinbase employees with the objective of gaining access to the inner network of the exchange and steal funds. Luckily, the Coinbase security staff detected the attack attempt and managed to pull apart malware responsible. Philip Martin, a member of the Coinbase security team, declared, “We’ve seen no evidence of exploitation targeting customers.” Coinbase also alerted other exchanges about the malware and warned them to take precautions.
Israeli Court Decides Bitcoin is an Asset Subject to Taxing
A dispute between the Israeli tax authority and the founder of a transportation startup has lead to a decision that classifies bitcoin as an asset instead of a currency, subject to taxation. The founder sold about $2,500,000 worth of bitcoin he purchased earlier, and alleged this revenue was the result of a natural fluctuation in the price of a currency. However, the court disputed this fact, claiming bitcoin is still too novel to be classified as a currency, and like any virtual currency has to be classified an asset. The man now owes $830K in taxes as a result of the court ruling.
Bitcoin Cash Register Tops 10K Installs
Bitcoin Cash register, a simple PoS app that lets any merchant start accepting Bitcoin Cash in less than a minute, reached a milestone: it has been installed on more than 10K devices, a testament to the growth this cryptocurrency is having around the world, fostering adoption among merchants. With fees less than 1% of every purchase it is difficult to find an application of this kind with more value. You can download the app and test it on Google Play.
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