Crypto Guides, Knowledge & Insights

Federal Government of Nigeria plans to add taxes for Cryptocurrency in the Finance Bill for 2022

By: Damian Okonkwo　　The Federal Government of Nigeria is currently set to add taxations for Cryptocurrency transactions and other digital assets dealings within the country in the Finance Bill for 2022 currently under construction by the ministry of finance.　　This bill will be expected to extend taxations to all sectors of the economy including capitals gains from digital assets Gaming business, lottery, Cable Undertakings and Cryptocurrency trading.　　This bill also contains an amendment to the taxable assets to now include all forms of properties including the digital assets, contrary to the old law that excluded these assets previously. Hence, the new bill states that:　　“All forms of property shall be assets for this act, whether situated in Nigeria or not, including options, debts, digital assets, and incorporeal property generally.”　　The recent development was announced after the virtual meeting of the National Economic Council (NEC) held last weeks Thursday. Here, the Senior Special Assistant to the President revealed that these developments were part of the discussions held during the NEC meeting which was presided over by Vice President Prof. Yemi Osibanjo.　　Speaking further on this, the Finance minister - Zainab Ahmed reported that the proposed bill titled Finance Bill 2022, will anchor on five fundamental policies such

2022-12-05Deep Dive

Celsius Gets Cash Infusion From Prime Trust as Scammers Target Customers

As if a lengthy bankruptcy wasnt enough, court filings suggest that scammers impersonating lawyers involved in Celsiuss Chapter 11 proceedings have added a new twist to the story.　　The attempted scams are the latest stumbling block for Celsius, which suspended withdrawals and related consumer activity in July due to “extreme market conditions.”　　“Our ultimate goal is to stabilize liquidity and restore withdrawals, [swaps], and transfers between accounts as soon as possible,” the business noted at the time in a blog post. “We have a lot of work ahead of us as we weigh numerous choices; this process will take time, and there may be delays.”　　Celsiuss attorneys said in court filings earlier this week that a number of anonymous would-be malicious actors have been contacting its creditors while posing as Kirkland s unclear whether any of those efforts were effective, at least in the hackers view.　　Prime Trust settlement moves ahead — with a twist　　But its not all bad news for Celsius. A planned settlement with Prime Trust — the crypto custodian that promised to return $17 million of the bankrupt companys assets — is moving forward.　　According to court papers acquired by Blockworks, that was just the beginning. According to an updated settlement plan,

2022-12-03Deep Dive

FTX Japan to unfreeze withdrawals of client funds

Japanese users of the defunct cryptocurrency exchange FTX may be able to withdraw their monies soon, as the Japanese subsidiary has stated that it is striving to make funds available to their customers.　　On November 8, FTX as a whole ceased its withdrawal services. According to the Thursday update, the new FTX trading management team has approved the plan to resume withdrawal services for FTX Japan.　　“We were able to confirm this week with the law firm representing the FTX group in the Chapter 11 bankruptcy proceedings that Japanese customer cash and cryptocurrency should not be included in FTX Japans estate given how these assets are held and property interests under Japanese law,” FTX Japan said in a recent statement.　　Furthermore, the Japanese subsidiary affirmed that its management communicates with the Japan Financial Services Authority (FSA) and the Kanto Financial Bureau on a regular basis on the current status of the withdrawal services and the ongoing bankruptcy processes.　　The firm has shared the first draft of the plan with the authorities, and further conversations will take place on a regular basis as critical milestones are reached.　　Actions by Japanese Authorities　　Prior to the recent announcement, an unnamed FTX Japan executive told a local radio on November

2022-12-03Deep Dive

For Fiat-To-Crypto transactions, Stripe is incorporated by Solana Market Maker

Orca, one of the most important automated market makers (AMMs) in the Solana ecosystem, has introduced a new merger as the ecosystem works to rebound from the tremors left by the FTX liquidity earthquake. 　　The AMMs partnership with Stripe, which again will enable its new fiat-to-crypto on-ramp, was announced today. By doing this, both users who are currently a part of the current ecosystem and those who are not will have easier access to decentralized finance (DeFi). With the recently created link, it is now possible to make purchases and execute business using both fiat money and cryptocurrencies.　　　　Users can now use fiat money to buy the standard native SPL tokens that are built into the network. The blockchain is home to these currencies. The USD Coin and the SOL are two examples of these tokens. The Orca connection is one of Stripes first blockchain-based interfaces, and it comes as the firms presence in the crypto sector is expanding quickly.　　This occurs as the whole cryptomarket starts to bounce back following the demise of the once-major cryptocurrency exchange FTX. As a consequence of the professions inherent instability, Solana was only one of many local workers whose livelihood were severely damaged. 　　The disastrous

2022-12-02Deep Dive

Binance freezes $3M from Ankr exploit

Binance CEO Changpeng Zhao revealed on December 2 that the exchange froze approximately $3 million of Ankrs hacked funds.　　Hacker exploits Ankr Protocols code　　A hacker used a bug in the Ankr Protocols code to create six quadrillions of aBNBc tokens, some of which were converted into $5 million USDC.　　Peckshield, a blockchain security firm, discovered an unlimited mint bug in the aBNBc token contract, allowing for the arbitrary minting of tokens.　　Beosin, another blockchain security firm, tweeted that the attack was most likely the result of a private key compromise because the deployer changed the implementation contract address prior to the attack. The attacker then invoked the mintApprovedTo function, allowing anyone to mint tokens.　　Attacker nets $5 million　　According to Lookonchain, the exploiter minted 20 trillion tokens and dumped them on Pancakeswap.　　According to PeckShield, the exploiter bridged the stolen funds to Ethereum using celer and deBridgeGate, as well as transferring some of these funds using Tornado Cash. According to the company, the exploiter transferred 900 BNB ($253,000) to Tornado Cash and bridged 3000 ETH and $500,000 USDC to Ethereum.　　Ankr confirms exploit　　Ankr confirmed on December 2 that its aBNB token had been compromised.　　The decentralized web3 infrastructure provider says it is in contact with exchanges to halt

2022-12-02Deep Dive

The revised privacy policy of Uniswap is criticized by decentralists.

A blog post that was written back in November and posted online to introduce an amended privacy policy for the company received responses in recent days from a few outspoken members of the community. They have noted in their remarks that it is unusual for a decentralized firm to acquire and maintain user data. They have mentioned this, after all. 　　Being honest and upfront is absolutely crucial. They said they didnt want any of their clients to be taken by surprise at any time.　　　　The exchange gathers information from readily viewable blockchains, data about user devices, including details about browsers and platforms, and data about customers interplay with the exchanges telecom operators, among other kinds of knowledge, according to this privacy policy, which was most launched recently on November 17th.　　No personally identifying information, such as either first or last name, full address, birthdate, email account, or Transmission control protocol / internet address, is included in any of this data, according to Uniswap. The aforementioned information is not present in this paper, according to Uniswap. 　　Notwithstanding this, some individuals of the cryptocurrency world have voiced worries that the advances go against the guiding principles of the sector, which are focused on preserving

2022-12-02Deep Dive

Former FTX CEO Sam Bankman-Fried: 'I Didn’t Knowingly Commingle Funds'

Customers were left with unresolved questions and missing monies after Sam Bankman-FTX Frieds enterprise collapsed.　　However, Bankman-highly Frieds anticipated Wednesday interview with The New York Times Andrew Ross Sorkin did not answer many of those issues, nor did it give the mea culpa that many had hoped for from the 30-year-old former crypto billionaire.　　Bankman-Fried contended that FTXs demise was the product of an unforeseen market fall and that he had not willfully committed any crimes. Against the advice of his lawyers, he joined the debate electronically from his home in the Bahamas.　　“I never attempted to conduct fraud,” Bankman-Fried stated.　　Bankman-FTX.com Frieds and FTX US exchanges were once worth $40 billion combined, but the businesses filed for Chapter 11 bankruptcy earlier this month after a WikiFX investigation revealed balance sheet discrepancies in FTXs trading arm, Alameda Research. Preliminary judicial hearings suggest that billions of dollars in FTX customer cash are still missing.　　Bankman-Fried admitted to feeling uncomfortable when the WikiFX piece was published on Nov. 2, but he “didnt think it was existential for FTX.”　　According to one explanation, Bankman-Fried unlawfully transferred those monies between the FTX exchange and Alameda, where they were lost in a series of disastrous trades. When Sorkin repeatedly asked Bankman-Fried

2022-12-01Deep Dive

For security reasons, Grayscale refuses to give on-chain backup data.

The business claimed that Coinbases custody service houses all of the bitcoins that support its financial products, but it withheld the wallet addresses.Grayscale went on to state that although “fear induced by others is not a good enough justification to break complicated security systems that have kept our clients monies secure for years,” the prior point in particular “would be a letdown to some.” 　　Grayscale has chosen to undertake this action in reaction to the increasing pressure being put on the cryptocurrency market to adopt proof of reserves following FTXs prolonged liquidity issues and eventual collapse.　　　　Grayscale said that its decision to withhold its wallet addresses was motivated by safety concerns, although other Twitter users disagreed with this assertion. Even though intruders have access to and are more interested in Satoshi Nakamotos addresses, according to one user, “Satoshis Bitcoin remains secure.” 　　Alesia Haas, the CFO of Coinbase, and Aaron Schnarch, the CEO of Coinbase Custodial, co-signed a letter that Grayscale circulated. Each item has its “own on-chain addresses,” and the cryptocurrency permanently pertains “to the applicable Grayscale product,” according to a statement that outlined Grayscales ownership based on its trading offerings and reiterated that the assets “are secure.”　　The Grayscale Bitcoin Trust

2022-12-01Deep Dive

Integrating with the OKC (OKX Chain) Ecosystems is Candy Club

Candy Club has been collaborating with Ethereum layer 1s, Polygon, Binance Smart Chain, and Tron projects since its outset at Token2049 Singapore to maximize the potentiality and market growth for their tokens despite the adverse preferences.　　The ability for any ERC20, BEP20, or TRC20 token to be used as an in-game tokens in all Candy Club games intensifies the projects token utility, improves token demand in the crypto winter, and re-engages previously dormant communities in a rising market credit goes to a technical and cost-free convergence with Candy Club.　　　　“Candy Clubs chain agnostic token utility driver offers all projects an equal and fair access to elevating their token demand. We are proud to see Candy Club integrate with OKC to offer our ecosystem and community not only increased use cases tokens within our ecosystem, but also through a fun and social way to use them” Nicholas Soong, Director of OKC Ecosystem Development, Asia Pacific　　25 token projects have taken the approach of integrating with Candy Clubs social cryptocurrency gaming platform in the five weeks since their launch. Through a fork of each projects native ERC20 or BEP20 token, their communities now have access to more than 600 live casino, slot machine, and sports

2022-12-01Deep Dive

After launch delays, Cardano Stablecoin closes its doors.

The source code for the project will still be available to anyone who wants to build with it, and Ardana Labs will hold any remaining cash and treasury balances in its control “until another competent dev team in the community steps forward to continue our work.”　　The announcement of the news was abrupt, which caused many people to be surprised. As a result, many individuals were surprised by the choice. On the other hand, it appears that problems have existed for a considerable amount of time previous to this. 　　In order to acquire money for its business operations, Ardana has been conducting what is frequently referred to as an initial stake pool offering (ISPO) since the Fourth of July. The incentives for staking are given to the developers themselves, as opposed to the users donating ADA to them. This is in contrast to conventional fund-raising strategies, which distribute the ADA to the developers　　.　　The fact that users are awarded DANA tokens, which are fundamental to the operation of the platform, as a reward for delegating creates an incentive for them to continue doing this action. Unfortunately, issues have arisen for ISPO issuers as a result of the simultaneous decline in price of

2022-11-30Deep Dive

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