Readii launches the first Web3 Internet service
Sydney-based telecommunications company Readii has announced the launch of its Web3-enabled internet service, which allows customers to earn cryptocurrencies while surfing the internet. “This is made possible through Readii’s proprietary Web3 router […] capable of storing a customer’s private cryptographic key,” it said in an announcement. In exchange for using the network, Readii offers its customers a 10% revenue share of its native RDI token, which they can use to lower the cost of their monthly internet plan, cash out as a reward in cryptocurrency or exchange for Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD).
Hackers Are Hacking AT&T Email Accounts to Steal Cryptocurrency
Hackers are breaking into the accounts of people who have AT&T (NYSE:T) email addresses, using that access to break into victims’ cryptocurrency exchange accounts and steal their cryptocurrency, TechCrunch reported. They are able to do this because they have access to a part of AT&T’s internal network, which allows them to create email keys for any user, an anonymous source said. This gang can “hack the email addresses of anyone who has an att.net, sbcglobal.net, bellsouth.net, and other AT&T email addresses” they said. AT&T spokesman said the company has updated its security controls to prevent this activity.
Revolut enables its customers to fulfill their crypto tax reporting obligations
Digital banking platform Revolut has partnered with cryptocurrency tax platform Koinly to offer discounted access to its cryptocurrency tax reporting service. According to an announcement, the partnership will allow Revolut customers to automatically sync their crypto transactions and get a comprehensive tax report that reflects their profit and loss. Jane McEvoy, Global Head of Partnerships at Koinly, said “Revolut users can now effortlessly access Koinly directly from the Revolut app, simplifying the process of calculating their crypto taxes.”
Bahamas Unveils Digital Assets Bill
The securities regulator in the Bahamas released a new bill, titled the Digital Assets and Registered Exchanges (DARE) Bill 2023, an update to the original DARE Act of 2020, in response to the FTX scandal. Among other things, it expands the definition of what a digital asset business is and introduces a number of new reporting requirements for such businesses. Regarding the issuance of new tokens, the regulator will, in accordance with the new law, maintain “a register of initial token offerings containing specific information,” the Commission’s official consultation document said.
FTX confirms plans to restart its Japanese exchange
According to a filing as of April 26, FTX Japan is one of the few licensed operators in Japan, holding two of the most coveted licenses in the country. The filing noted that these licenses often take two or more years to obtain, which is one of the reasons it is attracting interest from investors. At the same time, FTX wants the court to approve a Key Employee Incentive Plan (KEIP) for seven critical employees for its Japanese subsidiary. “KEIP Participants have the institutional knowledge, specialist skills, and critical relationships with regulators and Company officials that are necessary to maximize the Company’s going concern value or to restart the Debtors’ exchange.” These employees include the Director of Operations, Director of Product, Director of Finance, Head of Operations, Director of Compliance and Risk, Data Scientist, and Front End Engineer.
Kraken blasts IRS summonses as ‘treasure hunt’
Kraken is opposing the US Internal Revenue Service (IRS), arguing that the tax agency’s demands for information about the company’s users amount to an “unwarranted treasure hunt,” Bloomberg reported. The exchange asked a federal court in San Francisco, USA, to step in and ask the IRS to back off.
Bitrue says technical glitch affected XRP orders causing mass liquidations
Bitrue said it experienced a technical glitch that affected XRP orders on its system on April 26. Several members of the crypto community pointed out that the glitch led to an instantaneous drop of the cryptocurrency to $0. Several users who held long positions in the assets were liquidated. Meanwhile, users of the exchange further noted that traders could not profit as no buy orders were executed. According to the platform, the losses of users whose positions were liquidated would be annulled, and their margin value would be refunded to their accounts. Meanwhile, the incidence had minimal impact on the price of XRP (COIN:XRPUSD) as the broader market experienced strong volatility.
Bitget invests $10 million in AI-focused exchange
Bitget announced that it has reached a strategic partnership with Fetch.ai, an artificial intelligence (AI) blockchain platform, and will pledge $10 million in support of the Fetch.ai ecosystem. “The recent AI hype released by ChatGPT allows us to see more possibilities for this technology to improve human productivity and creativity,” the announcement said. Bitget will provide advice on marketing and other directions to ensure the Fetch.ai ecosystem “can be properly positioned in the market to attract the attention of the community and potential business partners,” he added.
Cogni presents soulbound NFTs with KYC information
Neobank Cogni has announced that it is releasing soulbound non-fungible tokens containing Know Your Customer (KYC) information for holders of its crypto wallet. According to Cointelegraph, the Polygon-based NFT will transfer customers’ “Web2” KYC verification done by the bank upon account opening to a Web3 environment. Cogni, which is covered by the US Federal Deposit Insurance Corporation through a traditional New York bank, launched its non-custodial multi-chain crypto wallet in January. Cogni Founder and CEO Archie Ravishankar said: “The reason the crypto-curious haven’t really been able to jump on the decentralization bandwagon is, of course, the user experience. The second is trust in the ecosystem.”
UK charities offer guidance on accepting cryptocurrency donations
The England and Wales Charities Commission published guidance on wednesday stating that charities accepting crypto donations must keep accurate records and comply with tax and money laundering rules. If, despite the stated risks, he added, “you decide that your charity should accept donations of cryptoassets or use NFTs as a fundraising method, you should adopt a cryptocurrency acceptance, refusal and use policy, including how you take decisions about converting them into traditional currency”.
French crypto traders declare $442 million in profits
French taxpayers declared around $442 million in cryptocurrency trading profits in the most recent fiscal year, according to the country’s tax body. The figure was “substantial” but was “10 times lower than estimates of gains made in 2021”. “In other words, the majority of cryptocurrency holders still seem to be evading taxes,” added Le Figaro newspaper. According to French law, the tax, launched in 2019, has a “flat rate” of 30% on profits from cryptocurrency trading.
Lens Protocol launches blockchain solution for social networks
Aave Companies announced that the open source Social Graph Lens Protocol has released the beta version of Bonsai, an optimistic L3 data hyperscaling solution for Web3 social applications. “The new solution significantly increases data throughput and reduces costs without sacrificing user sovereignty – the hallmark of decentralized social,”, the press release said.
Santa Cruz Launches Blockchain Digital Wallet Pilot Program
In a meeting of the Council of Supervisors of the Municipality of Santa Cruz held on April 25, the members unanimously decided to move forward with the implementation of the use of digital wallets, for the purposes of government services and official documentation. As per the final consensus of the meeting, the white-label digital wallet provided by HUMBL will launch a 3-stage pilot program starting in July 2023. The beta testers during the pilot period will be mobile users looking to access government services such as registration bicycle and RV parking registration. Following a successful pilot, the county plans to provide a formal report and rollout plan by September 2023.
Former OKX CEO joins Sensorium advisory board
Sensorium, a leading developer of metaverse pushing boundaries in the web3 space, revealed that Jay Hao, former CEO of OKX – one of the world’s largest cryptocurrency exchanges – has joined the Advisory Board. Upon joining the Sensorium Advisory Board, Hao shared his enthusiasm for contributing to Sensorium’s mission to provide world-class decentralized products: “I am excited to be part of Sensorium’s journey to provide world-class decentralized products. Sensorium’s vision perfectly aligns with my belief in blockchain technology and its potential to revolutionize the way brands interact with their audiences.”
Giddy crypto wallet raises $6.9 million
Crypto wallet startup Giddy has raised $6.9 million in new funding, bringing total investment in the company to more than $15 million to date. Investors in this round led by Pelion Venture Partners, included Peak Capital Partners, Clarke Capital, Geremy Mustard. “Crypto, at its core, is about taking back control of your finances and embracing financial freedom, but that cannot happen as long as the mainstream continues to rely on centralized, custodial and trust-based platforms,” Giddy’s statement said.