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
Coinbase valuation soars to $68 billion ahead of highly anticipated crypto listing
Cryptocurrency exchange Coinbase has reached an implied $68 billion valuation ahead of its highly anticipated direct listing on the Nasdaq. The latest valuation is based on a volume-weighted average share price Coinbase cited in a revised S-1 filing released Wednesday. The company reported private shares trading at $343.58 apiece for the first quarter of 2021 ended March 15, which increases the company's valuation 13-fold. According to PitchBook data, the company was last valued at $8 billion in October 2018. The revised regulatory filing also shows that the company has more than 196 million shares outstanding for the first quarter of 2021, resulting in the latest valuation figure.cnbc.com
Bitcoin tops $1 trillion in value again as the cryptocurrency's price jumps
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course's graph on February 09, 2021 in Paris, France. Bitcoin's value surpassed $1 trillion on Tuesday as the price of the cryptocurrency jumped. The digital coin's price rose on Tuesday and its market capitalization went above $1 trillion in mid-morning trade Singapore time, according to CoinDesk. It is only the second time that bitcoin's value has surpassed a $1 trillion after hitting that milestone for the first time on Feb. 19. Bitcoin's market capitalization held above $1 trillion for a few days, before falling below that mark.cnbc.com
Coinbase and Roblox take a page from Google, keeping marketing costs way down ahead of public debuts
Cryptocurrency exchange Coinbase and gaming app Roblox are both getting set to go public through a direct listing of their shares. Both companies spend less than 10% of their net revenue on sales and marketing. With limited marketing, Coinbase emerged as the most popular crypto exchange for consumers. Their skimpy marketing spend is a rarity. To be exact, Coinbase spent 4.4% of its revenue on sales and marketing costs in 2020, while for Roblox it came to 6.3%.cnbc.com
Coinbase files for direct listing after revenue more than doubles in 2020
Cryptocurrency exchange Coinbase on Thursday filed to become a public company and revealed that its revenue more than doubled last year. According to the filing, Coinbase had net revenue of $1.14 billion in 2020, up from $483 million the previous year. Additionally, Coinbase reported about $136 million in other revenue, which includes direct sales of crypto assets and interest income, pushing its total revenue for the year above $1.2 billion. Trading in bitcoin and ethereum made up 56% of users' trading volume, Coinbase said. "Our net revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform.cnbc.com
Bitcoin is cratering again, showing why people should be cautious before investing in cryptocurrency
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course's graph on February 09, 2021 in Paris, France. "People should only invest really what they're willing to lose," said Daniel Polotsky, CEO of CoinFlip, one of the largest bitcoin ATM companies in the U.S. "And, most of the people that do that lose money." People should only invest really what they're willing to lose. Daniel Polotsky CEO, CoinFlipcnbc.com
Bitcoin surpasses $50,000 for first time as major companies jump into crypto
Bitcoin's price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies. The world's largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. Bitcoin has gotten a boost from news of large firms like Tesla and Mastercard showing support for crypto. Tesla's use of corporate cash to buy bitcoin sparked speculation over whether other major companies would follow suit. Bitcoin skyrocketed to nearly $20,000 in late 2017 before losing more than 80% of its value the following year.cnbc.com
Bitcoin's wild ride renews worries about its massive carbon footprint
Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist's Bitcoin Energy Consumption Index, an online tool created by data scientist Alex de Vries. Bitcoin's energy needs are "enormously large," Michel Rauchs, research affiliate at the Cambridge Centre for Alternative Finance, told CNBC. Hoskinson says the cardano cryptocurrency network consumes only 6 GWh of power, a tiny fraction of bitcoin's energy consumption. "You will just use more and more machines but the total electricity consumption won't go down based off of that." She said bitcoin miners were "incentivized to use renewables" because it's getting cheaper to produce it.cnbc.com
Thinking of buying bitcoin? What experts say about big crypto concerns: 'You have to be mentally prepared'
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France. That's why some, like investor Mark Cuban, liken bitcoin to gambling and advise investing only as much money as you can afford to lose. "You have to at least be mentally prepared and financially prepared that [a crash] could happen again. By design, there is a limited supply of bitcoin, so bitcoin bull Pompliano believes as demand increases, the price will as well.) Currently, most mainstream bitcoin transactions are done by converting bitcoin to fiat currency, like the U.S. dollar.cnbc.com
Bitcoin soars above $35,000, hitting new high
In this photo illustration, visual representations of the digital cryptocurrency, Bitcoin are arranged on January 4, 2021 in Katwijk, Netherlands. Bitcoin soared on Wednesday to touch a fresh all-time high, as the cryptocurrency continued trading wildly. The price of bitcoin rallied above $35,000 Tuesday night, hitting an intraday high of $35,821, according to data from Coin Metrics. Bitcoin's latest all-time high comes just days after it slumped more than 10% to $29,316. The precious metal also saw sizable gains in 2020, with spot gold rising about 25% for the year.cnbc.com
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.
Cryptocurrency entrepreneur finally gets his $4.5 million meal with Buffett
In a Facebook post, Sun, founder of the Tron cryptocurrency platform, said he and several of his guests had an "Amazing dinner w/ Warren Buffett finally!" Cryptocurrency entrepreneur Justin Sun finally got his $4.5 million charity auction dinner with Warren Buffett last month. Sun also posted photos of gifts he presented to Buffett including one bitcoin, "safely stored" in a Samsung Galaxy Fold. Thks Warren Buffett for taking us to Happy Hollow Club! Sun's $4.5 million bid was the winner in the 2019 auction of a meal with Buffett.cnbc.com
Bitcoin logs best January performance in 7 years as value surges by nearly $40 billion
Bitcoin logged its best performance for the month of January since 2013 driven by safe-haven buying as global equity markets remain shaky following the outbreak of the coronavirus from China. The cryptocurrency was up over 29% in January as the market capitalization or value of all bitcoin in circulation rose by $39.7 billion. The percentage gain was the best since January 2013 when bitcoin was up 54% for the month. The coronavirus, which originated from Wuhan, China, has spread to other areas of the world. "The ongoing upward trajectory of the price of bitcoin correlates to the spread of the coronavirus," Green said in a note on Monday.cnbc.com
Bitcoin plummets to lowest level since June as cryptocurrencies come under fire from Congress
A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app. Bitcoin nosedived Wednesday as Congress members highlighted the downsides of cryptocurrency on Capitol Hill. The world's largest digital currency fell as much as 9% to a low of $7,435.26 Wednesday. While some analysts say Facebook's involvement put crypto on the map, it has also brought new scrutiny to the fledgling technology. Rep. Brad Sherman, D-Calif., was among those from both political parties Wednesday who highlighted libra's potential use by drug dealers, tax evaders and terrorists.cnbc.com
Warren Buffett's charity lunch with cryptocurrency entrepreneur postponed
Cryptocurrency entrepreneur Justin Sun has postponed his $4.57 million charity lunch with Warren Buffett due to ill health, according to a tweet from Sun's TRON Foundation. Buffett, the billionaire chairman of Berkshire Hathaway who once called bitcoin "probably rat poison squared," was due to have lunch with Sun on Wednesday, after Sun won a charity auction with a record $4.57 million bid. Sun had said that he hoped the lunch would "bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology." "TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones," said a tweet from the foundation on Monday evening in the United States. At Berkshire's annual meeting last month, he likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel.cnbc.com
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?