Coinbase lays off 18 percent of workforce as CEO braces for ‘crypto winter’
Placeholder while article actions loadCryptocurrency exchange Coinbase announced it would cut 18 percent of its workforce Tuesday as fears of a recession mount and crypto values plummet, shedding sometimes thousands of dollars per share by the day. Choose your plan ArrowRight The cuts will affect roughly 1,100 workers, leaving the firm with a staff of roughly 5,000. Coinbase’s stock fell 5.4 percent in morning trading, and crypto shares continued to see volatility: Bitcoin lost 4.9 percent to trade near $22,000. The leading cryptocurrency has lost more than two-third of its value in the past seven months. Coinbase will also cover four months of health insurance for U.S. employees and four months of mental health care for international employees, Armstrong said.washingtonpost.com
Cryptocurrency scams on the rise. Michiganders have lost thousands.
Cryptocurrency scams jumped from the seventh riskiest scam in 2020 to second riskiest in 2021, according to the 2021 Better Business Bureau Scam Tracker Risk Report. More than 66% of people who reported falling victim to a cryptocurrency scam also reported losing money. In Michigan, 31 scams have been reported to the BBB Scam Tracker from Jan. 2020 to March 2022. Although cryptocurrency scams have increased in prevalence they only made up 1.9% of the scams reported to BBB Scam Tracker nationally. The median dollar loss from a cryptocurrency scam was $1,200, much higher than the overall median dollar loss of $169.mlive.com
Canton child, 6 men part of international group using bribes, phone hacking to steal millions in Bitcoin
A juvenile in Canton Township and six other men have been identified as members of “The Community,” an international group that hacks into people’s cellphones -- often bribing or tricking mobile phone companies -- to steal millions of dollars in Bitcoin and other cryptocurrency, officials said.
Court Authorizes Service of John Doe Summons Seeking Identities of U.S. Taxpayers Who Have Used Cryptocurrency
The IRS is seeking the records of Americans who engaged in business with or through Kraken, a digital currency exchanger headquartered in San Francisco, California. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”Cryptocurrency, as generally defined, is a digital representation of value. On April 1, 2021, a federal court in the District of Massachusetts granted an order authorizing the IRS to serve a similar John Doe summons on Circle, a digital currency exchange headquartered in Boston. Today’s order from the Northern District of California grants the IRS permission to serve what is known as a “John Doe” summons on Kraken. The United States’ petition does not allege that Kraken has engaged in any wrongdoing in connection with its digital currency exchange business.justice.gov
Swiss region to take cryptocurrency for tax payments in 2021
GENEVA A Swiss region that has billed itself as a hub for high-tech finance said Thursday that it plans to accept cryptocurrencies Bitcoin and Ether for tax payments starting next year. Switzerland's Zug canton joins its eponymous main city and several Swiss towns in agreeing to take tax payments in cryptocurrency. Taxpayers who want to pay in cryptocurrency would notify tax authorities, who in return would send a digitized QR code that allows for such payments. Other places have explored accepting cryptocurrencies for tax payments. A former treasurer in the U.S. state of Ohio launched OhioCrypto.com in 2018 for business tax payments.
Can You Survive Only on Cryptocurrency?
With news that Facebook is joining the cryptocurrency game, the question is: Can you survive on it? Cryptocurrency, such as Bitcoin or Ethereum, is a digital currency that uses encryption to make transactions secure. Luke Mones, the host of Inside Edition's digital show, The Breakdown, attempted to only use cryptocurrency in New York City for 48 hours to see if it could be done. One business that did take cryptocurrency was Midoma, a salon in Midtown. Why Leaving Money to Your Pets Isn't CrazyThe Breakdown: What Happened to the Venomous Sand Spider Stolen From Philadelphia's Insectarium?