In the spectrum of cyber-security, the recent report from Immunefi, a bug bounty and security services platform, has raised notable concerns. The Crypto Losses in Q2 2023 Report indicates a concerning 65% year-on-year increase in single incidents, from 49 in Q2 2022 to 81 in Q2 2023. This surge exposes the underlying risks associated with crypto investments. A considerable increase in ‘rug pulls’, in the words of Immunefi’s CEO, Mitchell Amador, indicates that malicious activities are on the rise. The report lays out individual instances across different blockchain platforms, with Binance or “BNB Chain” reporting the highest number of incidents. Despite a daunting increase in attacks, the total losses interestingly dipped by 60.4% to $265.5 million compared to the same period last year.
Now, let’s sail across to Canada, where a unique blend of the traditional swindle with cryptocurrency has the police warning the public against scams. In this new scam wave, fraudsters impersonate Calgary officers or claim to be arrested family members requiring immediate bitcoin payment for lawyer fees. Likely induced by the anonymity offered by cryptocurrency transactions, this scenario emphasizes the need to foster public education in the crypto space.
Cryptocurrency taxation is another contentious issue, brewing across different jurisdictions. Israel’s parliament gave a preliminary nod to a bill granting foreign residents exemptions from capital gains taxes on digital currencies sales. While this demonstrates a forward-thinking approach similar to other European nations, the International Monetary Fund warns of potential tax evasion due to crypto assets’ “pseudonymous” nature, underlining the implementation challenge for tax authorities worldwide.
Moving to regulation, the South Korean Financial Services Commission (FSC) recently delineated instructions for its employees to report their crypto holdings. This new regulation could set a precedent for other institutions dealing with digital assets. Meanwhile, in the realm of stablecoins, Circle, the USDC issuer, shares its intention to issue a stablecoin in Japan following the initiation of specific stablecoins legislation in the country. An exciting prospect which further solidifies stablecoins’ role in the global financial ecosystem.
To round up, the investment news, CryptoQuant, a data analytics platform, has secured $6.5 million in a Series A funding led by Atinum Investment. The funding, targeted towards recruitment on home turf and internationally, underlines the increasing demand for data analytics in the crypto markets.
Source: Cryptonews
