The UK government’s Insolvency Service has shut down a crypto advisory firm for accounting negligence and the loss of investors’ money. The firm seemingly claimed to help users with investments while promoting crypto schemes that resulted in millions lost. False Crypto Expert Company Shut Down On Monday, The UK’s government …
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In the wake of a recent pump, meme coins prices have collapsed, with Dogwifhat, Floki, and Bonk down 15%, 6.9%, and 8%, respectively. However, the emerging presale meme coin Dogeverse has displayed resilience as its total raise pushes toward $11 million. Meme Coin Turmoil as Crypto Market Nosedives The crypto …
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Polygon’s native token, MATIC, finds itself at a crossroads as it grapples with price volatility amidst an impending network upgrade and challenges surrounding Total Value Locked (TVL). In the past week, MATIC has witnessed a notable downturn in price, slipping by 4.44% according to data from CoinMarketCap. Despite earlier optimism …
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The Lazarus Group, a hacker organization linked to North Korea, has been responsible for crypto hacking incidents resulting in over $300 million in losses in 2023. This accounts for approximately 17.6% of the total losses incurred throughout the year. According to a Fortune Magazine report, despite a decline in major …
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A scam tactic called ‘Approval Phishing’ is gaining prominence targeting crypto users. Traditionally, this approach involved targeting victims through the distribution of fraudulent crypto apps. However, in recent years, romance fraudsters, also known as pig butchering scammers, seem to have successfully integrated this method into their strategies. Chainalysis identified 1,013 …
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As companies continue to fall for hacks and exploits, professionals working in the cybersecurity space chipped in on what can be improved in terms of crypto security for digital asset companies and the broader crypto industry. Before September, almost $1 billion had already been lost to crypto hacks, exploits and …
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Cryptocurrency taxation is a subject of increasing importance, with governments worldwide working diligently to establish clear rules for taxing digital assets. In the United States, the United Kingdom, and Canada, crypto holders navigate complex regulatory landscapes, making it crucial to understand how crypto losses are taxed and their potential impact …
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Bitcoin (BTC) circled lower after the Sept. 21 Wall Street open as $20,000 BTC price predictions resurfaced. BTC/USD 1-hour chart. Source: TradingView Bitcoin analysis: Hype, FOMO and a “slow grind” to $28,500 Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC price action, with $27,000 …
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The decision by the FASB to allow fair-value accounting for digital assets is a huge step forward for companies like MicroStrategy. Software developer MicroStrategy Inc (NASDAQ: MSTR) is set to report its Bitcoin (BTC) holdings quarterly without recognizing impairment losses in case of crypto price declines during the reporting period. …
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Currently, no accounting standards are dedicated to crypto assets, so broader guidelines per the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Practice (GAAP) are applied to cryptocurrency accounting. Balance sheets are among the three primary financial statements that businesses need, alongside income and cash flow statements. Whereas income …
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August saw the crypto industry lose around $24 million in virtual assets due to various hacks and exploits. On August 30, Ivan Bianco, a prominent blockchain gaming-focused YouTuber known for his channel “Fraternized Crypto,” faced a devastating loss of approximately $60,000 in cryptocurrencies during a live stream. This unfortunate incident …
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The current market conditions in the crypto market have undoubtedly negatively impacted several cryptocurrency firms, with many firms experiencing losses on their balance sheet. In a recent development, crypto exchange Bitstamp seems to have suffered a similar fate following the release of its 2022 financial report. Bear Market Woes UK …
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