A Cointelegraph weekly news digest (YouTube video transcript) presented by Maria Jones summarizing recent cryptocurrency developments: malware attacks targeting blockchain and exchanges, Canada approving bitcoin fund management and expanding ATMs, regulatory uncertainty in China delaying/canceling ICOs and depressing prices, Venezuelans mining crypto amid hyperinflation, and US IRS guidance treating Bitcoin and Bitcoin Cash as property for tax purposes.
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Like to know like the real Talk about the blockchain. This is Maria Jones at cointelegraph Channel with a random and the hottest news stories from across cryptocurrency over the last week, Blockchain platforms and cryptocurrencies are under attack from malware. Tripbot Trickbot the malware menace that has been plaguing the financial world over the last year has returned. It's now after blockchain and cryptocurrencies. FraudWatch Slave's Cheekbot gets into banking systems by using spam campaigns. The malware attack steals login details, personal information and authentication codes. Chikbot skillfully impersonate financial institutions to scam unsuspecting users. Cheekbot is now targeting Coinbase, which is an exchange site for cryptocurrencies. This puts them at risk of being stolen too. Welcome to Canada Canada embraces Bitcoin and has approved the first bitcoin manager in the county. While China and other countries are falling behind by trying to make ICOs and cryptocurrencies illegal, Canada has a clear vision for the future. It wants to use Bitcoin to invest back in the country. The British Columbia Security Commission approved First Black Capital's bitcoin registration. First Black Capital wants to be the fund manager and market dealer for bitcoin in Ontario and British Columbia. The government is also putting in more Bitcoin ATMs around the country. Uncertainty about cryptocurrency regulations in China is making markets uneasy. Up to 60 ICOs are delaying or cancelling sales in China as they may be banned in the country. Local media claims the government believes that 90% of ICO projects are suspected of illegal fundraising and intentional fraud. Several conferences have been postponed or cancelled, including the DACA International Blockchain Summit, Beijing and the 2017 Global Blockchain Summit. Thanks to the uncertainty, bitcoin's price has fallen around US$600 in a week. This has also affected other altcoin markets. Struggling citizens are using free electricity to mine bitcoin and feed their families. The Atlantic reports that Venezuela's annual inflation has gone up by 1,600% and is still rising. With the situation getting worse in the country, desperate citizens are turning to bitcoin and other cryptocurrencies to feed their families. Using what is practically free electricity provided by the regime, bitcoin miners can run simple operations and earn at least $500 per month. This is enough to cover their basics for now. However, the government is cracking down on bitcoin miners, claiming that they are stealing free electricity. In response, some people have changed to mining ethereum and dash instead. How the IRS will tax your Bitcoin and Bitcoin cash profits. Last month, a new Bitcoin fork called Bitcoin Cash was created. According to the irs, Bitcoin and Bitcoin cash are to be treated the same way as property. Bitcoin tax explains that if you sell other cryptocurrencies, then it's 100% taxable as capital gains. The short term rates apply if you sell in 12 months and the long term if you sell after a year. Rates between 15 to 20% apply based on your income. It's recommended US investors contact their accountants to make sure they are compliant with all federal and state taxes. For the very latest news and events from the crypto scene, check out Cointelegraph.com and subscribe to our channel. If you would like to ask me a question and share your story with us, please leave your comment right here and see you next week.
