Russian speakers were identified as the perpetrators of cybercrime.
Google advises its cloud users to use two-factor authentication.
Hackers are utilizing stolen cloud accounts to mine bitcoin. Google’s cybersecurity action team identified the mining attack in a report. Moreover, they advised how to combat threats to its cloud service — a set of remote computing capabilities that may include off-site storage of customers’ data and files.
The team highlighted other concerns in its inaugural “threat horizon” assessment, including Russian state hackers masquerading as Samsung employment recruiters and the use of strong encryption in ransomware assaults.
According to Google’s investigation, a North Korean-backed cyber outfit posed as recruiters at Samsung. And sent fraudulent job offers to workers of South Korean information security firms. Furthermore, victims were then directed to a rogue Google Drive link, which has now been disabled.
Mining is the process of regulating and verifying blockchains, which needs a lot of processing power. Moreover, Google stated that of 50 recent cloud computing attacks, over 80% were utilized to mine cryptocurrencies. According to the Google analysis, hackers often use a well-known cryptocurrency exchange or firm’s brand to fool people. Besides viruses, spam, unleashing DDoS, and hosting illegal material were other cyber-threats detected.
Google advises its cloud users to use two-factor authentication. An additional layer of protection above a generic user name and password. And sign up for the work safer security program. Furthermore, Russian speakers were identified as the perpetrators of cybercrime. Moreover, they discreetly mine cryptocurrencies, but they also actively broadcast live videos that entice viewers to contribute funds to be eligible for a giveaway.
On-chain data shows about 70% of the total Bitcoin supply is currently in profit, a level that has historically been important for bulls.
Around 30% Of Total Bitcoin Supply Is Now Underwater
As per the latest weekly report from Glassnode, the percentage of BTC supply in profit has now fallen off to just 70%.
The “percent of supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s currently in the green.
When the value of this metric increases, it means more coins have started to get into profit. This leads to holders becoming more probable to sell their coins in order to harvest their gains.
At very high values of the indicator (more than 95%), the price of Bitcoin has usually approached a top as profits are realized.
On the other hand, when the metric moves down, it means more coins are entering into the red. Below certain low levels, investors may capitulate to cut their losses. However, when more than 50% of the supply is underwater, bottoms have historically formed.
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Now, here is a chart that shows the trend in the value of the Bitcoin supply in profit over the last couple of years:
Looks like the value of the indicator has declined recently | Source: The Glassnode Week Onchain - Week 3, 2022
As you can see in the above graph, the metric has been falling down since a few months now. And so at the moment, only around 70% of the Bitcoin supply is in profit.
Related Reading | Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up
The 70% level seems to have been significant historically as bulls had to defend it twice in the past two years. The first instance was shortly after the COVID crash, between May 2020 to July 2020.
The other instance was 2021’s mini-bear period between May and July. The bulls came out on top during both the periods after a while of sideways movement.
The report notes that the medium-term outlook of the price likely depends on how the market responds to the level this time. If more of the supply enters underwater, those in the red may finally capitulate.
On the other hand, a bullish reversal can bring more Bitcoin into profit and prevent these holders from selling here.
At the time of writing, Bitcoin’s price floats around $42k, up 0.5% in the last seven days. Over the past month, the crypto has lost 8% in value.
The below chart shows the trend in the price of BTC over the last five days.
BTC's price has once again stumbled down in the past few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com
Last year, when the NFT Everydays: The First 5,000 Days by Beeple sold at Christie’s for $69.3 million, it catapulted the non-fungible token’s market into the mainstream. A large number of people have invested billions in this industry and the boom is not stopping.
Recently, NewsBTC reported an aggressive surge in the NFT trading volume this year despite the falling crypto market. A report by Dappradar showed that in the first ten days of January, NFT trading generated around $11.9 billion.
Our previous report quotes Mason Nystrom, a senior research analyst at Messari, who alleged that “The cryptomarkets are fairly correlated – the market tends to rise and fall with Bitcoin. This has made it surprisingly interesting over the recent downturn as the NFT market has continued to increase in volumes.”
However, the rapid rise of the NFT space has not moved the officials of the Internal Revenue Service (IRS) to shed some light on the taxation parameters for the assets.
Even taxation experts are confused on the matter and can only speculate about the possible outcomes. As a large share of NFT traffic comes from the younger generations, are users prepared for tax filing season? The IRS is gazing at future penalties.
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The IRS Gears Up
In November 2021, the $1.2 trillion infrastructure bill was signed into law by President Joe Biden as a key part of his economic agenda, proposing large investments in the country’s infrastructure. The funding is to come from a few sources involving tax changes.
Watching over the cryptocurrency industry’s boom, the infrastructure bill directly targets its investors, but they fail to educate digital assets users on all the information they need to report. The unawareness could result in possible felony convictions for tax evasion.
However, the law updates the definition of the terms “broker” and “digital assets”, and clarifies that users with regular transactions or any crypto transaction over $10,000 must report that data to the IRS. In this case, taxation works for digital assets in a similar way it does for capital gains relative to stock and bond trades.
However, non-fungible tokens are not close to being as clearly defined by the law as other digital assets, so there is a lot of room left for interpretation. That’s a dangerous game for investors, but the IRS investigators seem eager for cases to surge soon and are ready to crackdown on the market. They might see billions of dollars coming from the NFT gains tax bills.
Are NFT Investors Evading Taxes?
The murky confusion originates because it is not clear whether NFTs are taxable as art collectibles or not. It is fundamental to be aware of this because most crypto assets and stocks have a long-term capital-gains rate up to 20%, but for art collectibles, it’s 28%. And if NFTs are to be considered as ordinary income, the rate could go as high as 37%.
Michael Desmond, the former chief counsel at the IRS who is now a partner at Gibson, Dunn & Crutcher, commented for Bloomberg that the rising NFT trading traffic might force the IRS to clarify the rules, “but it may begin auditing people first.”
The best-case scenario is gearing up and going through large amounts of paperwork, like the NFT investor Adam Hollander did, spending 50 hours checking months’ worth of transactions. He stated that “It’s an absolute nightmare,” and added that “There are people who aren’t going to be willing to do what I’m doing.”
And that nightmare really is the best-case scenario compared to tax evasion penalties.
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Mercedes joins together with ART2PEOPLE for a new NFT project.
The NFT project is to be on the legendary G-class a.k.a G-Wagon.
The team comprises 5 different NFT artists for the project.
The Non Fungible Token (NFT) industry is flourishing like anything, with the passing of each day. Accordingly, every day there enters a new project, and the one for the latest entry is none other than the globally renowned automobile manufacturer, Mercedes Benz. In spite of this, Mercedes Benz officially declared the news upon a tweet on January 17, 2022.
G-Wagon NFT Project
Upon the tweet, Mercedes mentioned that it has partnered up with the NFT and digital world creation and studio platform, the ART2PEOPLE for it’s NFT project. Besides, the NFt project will be solely based on the legendary off-roader till date, the Mercedes Benz G-class, a.k.a , the G-Wagon. The G- Wagon is indeed the flagship SUV from the stables of Mercedes.
Obviously these days, the G-Wagon has translated itself into more of a prestige and pride oriented vehicle for the rich representing their status symbol rather than for it’s true off-roading capabilities. However, Mercedes is determined to make its rounds throughout the NFT industry with the G-Wagon as the first project.
For the project, the ART2PEOPLE will be compromising a team of five different NFT artists from different sectors. They are Roger Kilimanjaro, Charlotte Taylor, Baugasm, Anthony Authie, and Antoni Tudisco. These five NFT artists are specialized in different sectors like graphic design, fashion, music, real estate, architecture, creative marketing and much more. Furthermore, the NFT project is nearing it’s dead line and will be launched on the Nifty Gateway, NFT marketplace. The launch will take place on January 23, 2022 and the expectations are immense from the proud G-wagon owners and fans all over the world.