Stablecoin issuer Circle was widely criticized for allowing Drift Protocol hackers to steal $230 million in USDC tokens over the course of eight hours without acting to freeze the stolen funds. Now, it is being sued. Law firm Gibbs Mura on Tuesday filed a $230 million suit against Circle for “knowingly permitting the attackers, reportedly tied to North Korea’s government,…
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Buying Coffee With Bitcoin Is a Tax Burden: Cato
A daily cup of coffee could bring 100 pages of tax forms
With the proliferation of crypto spending debit cards, it’s easy enough to buy a cup of coffee with your bitcoins. The problem is that the purchase comes with a huge tax headache. Crypto sales of any kind, including using bitcoins for purchases, are treated as capital gains for tax purposes. So if you buy that cup of coffee every day,…
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Bitcoin Quantum Theft Freeze Proposal Draws Alternatives
BitMEX suggest canary in a coal mine approach
A controversial proposal to freeze older, dormant bitcoins to prevent them from being stolen by quantum computing attacks is generating a great deal of pushback, with several prominent sources suggesting alternatives. About 1.7 billion dormant bitcoins are locked using old encryption protocols that make them exceptionally vulnerable to theft by quantum computers, which will be powerful enough to break bitcoin’s…
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Virginia Will No Longer Sell Off Abandoned Crypto
Escheated tokens will be held in-kind for owners
Did you know that many states will seize your crypto if you leave it untouched for too long? It’s called escheat, and the same thing can happen to bank account balances and unspent gift card balances left untouched long enough to be considered abandoned. It’s not exactly expropriation, as the states generally hold escheated funds for consumers to claim. But…
