Has crypto capitulated?

New wallet-hacking malware spreads through YouTube.

UK Government is looking for opinions on DeFi taxation.

GM. vEmpions — Your crypto triple shot espresso is here

😮 Has crypto capitulated?

📵 New wallet-hacking malware spreads through YouTube

🧾 UK Government is looking for opinions on DeFi taxation

Has crypto capitulated?

Analytics platform CryptoQuant believes that the indicators say yes.

The feared “crypto miner capitulation event” which was supposed to signal the bottom, has supposedly already happened if you choose to believe the analysts.

CryptoQuant

“The event” refers to a time when mining becomes unsustainable or when the profitability is significantly limited, which would force miners to effectively give up trying and sell the coins they’ve earned via mining.

But just a handful of miners selling some of their earnings is nothing inherently bad — they still have to pay for expenses and constantly upgrade their hardware, and unlike your favorite bootleg monkey NFT collection, the floor of a trillion-dollar market is hardly going to be affected by this.

However, if the profitability for the miners is limited, this can become a destructive vicious cycle of major selloffs and panic, and if you decide to look at the historical events of capitulation, you might get worried.

New wallet-hacking malware spreads through YouTube

Cyble, a cybersecurity firm, reports a freshly developed crypto-stealing malware. Named PennyWise after a clown character in the movie “IT”. It is spreading on YouTube, trying to trick people into downloading software that steals data from 30 known crypto wallets and browser extensions.

[Cold wallets such as Armory Wallet, Electric, Bytecoin and Jaxx as well as many many others could be potentially affected]

The criminals upload videos with fake tutorials tricking users into downloading the malicious software and disabling their antivirus programs, which enabled the virus to drain their wallets.

The most interesting part: Cyble, a cybersecurity firm was also able to find out that the virus stops if it finds that the affected computer is located in Russia, Ukraine, Belarus or Kazakhstan. Mother Russia cares for its people…

UK Government is looking for opinions on DeFi taxation

DeFi is on the rise, and the U.K. government wants in on the action.

The government is asking for public input on the taxation of crypto-asset loans and staking in the context of decentralized finance (DeFi).

DeFi is an umbrella term that refers to financial applications that are built on top of blockchain technology.

This could include anything from lending to borrowing and staking platforms. In particular, the government is interested in gathering information on the taxation of crypto-asset loans and staking.

Her Majesty’s Revenue and Customs (HMRC) call for evidence paper, described its intention to study whether administrative hassles and costs may be reduced for taxpayers who participate in the emerging industry, as well as whether the tax treatment might be more aligned with the transactions’ fundamental economics.

So if you have any thoughts on how the U.K. government should tax DeFi, now is your chance to speak up!

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