Day: March 18, 2021

XRP Whale Transfers 745 Million Coins, total value stand at around $330 million

XRP Whale Transfers 745 Million Coins, total value stand at around $330 million

XRP price jumped more than 10% in the last 24 hours after a rise in demand from retail investors. Anonymous XRP transactions are also on the rise amid price growth as an unknown user moved 745 million coins to an unidentified crypto wallet.

According to the latest data published by the blockchain tracking and analytics firm, Whale Alert, an unknown whale transferred $330 million worth of XRP tokens on 15 March at 20:34 UTC. As of writing, the cryptocurrency is trading around $0.47 with a market cap of more than $21 billion.

XRP is the 7th largest cryptocurrency in the world. The digital asset is up more than 100% since the start of 2021. The cryptocurrency has erased all losses caused by the SEC’s lawsuit against Ripple and its executives in December 2020.
Despite the recent delisting announcements by digital exchanges around the world, the institutional interest in the 7th largest cryptocurrency has increased substantially during the last few months. According to a report published by CPA Australia, the central bank of France is actively considering XRP Ledger as a potential platform for the launch of a central bank digital currency.

XRP and Ripple
Ripple, the San Francisco-based blockchain firm, announced earlier this month that the company is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs). The SEC termed XRP as a security in December last year and filed a lawsuit against Ripple Labs and its two executives including CEO, Brad Garlinghouse. The crypto market reacted negatively to the news and digital currencies lost nearly $50 billion in market cap following the SEC’s announcement. Around 6,000 XRP holders have attempted to insert themselves as third-party defendants in the lawsuit.

Anonymous cryptocurrency transactions have been on the rise for the last few weeks. On 16 February 2021, an anonymous crypto user moved nearly 220 million XRP from digital exchange Coinbase to an unknown wallet.

Source – Finance Magnates 

Are you new to crypto and cant figure out what it is all about?

Are you new to crypto and cant figure out what it is all about?

Cryptocurrencies have become increasingly popular over the past several years; according to Investopedia.com. there are over 4000 coins as of January 2021 and the number is constantly growing. 

Bitcoin took on global prominence in 2009 when it first came into use but today a lot of people still do not understand what it is, how it works and how it can be used to make a profit.

Bitcoin was founded in 2008 under mysterious circumstances and it has taken us on a roller coaster ride of epic proportions and created many “new rich” in the process.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

The first step to becoming a successful cryptocurrency investor is to gain a fundamental understanding of the terminology used in the cryptocurrency market (crypto space), this becomes relevant when carrying out your research on various coins and block chain technologies; In conducting your research you can use various sources such as YouTube videos or reading news articles on the subject.

We recommend you invest in projects that solve world problems and have long-term futures. For example, VeChain (VET) project which enables manufacturers and other participants to track the movement and provenance of products in a supply chain.

Once you have decided on the coins to invest in, you will need a digital wallet to store them in. A good knowledge of the various types of digital wallets you wish to store your investments (digital coins) will help you decide on the best wallet to use (refer to the terminology page for the various types of wallets).

There are three ways to make money from cryptocurrencies, the first is by holding (HODL) them in storage (digital wallet) and let the coins appreciate over time, the second is to trade your coins on an exchange. For a short list of reputable digital wallets & exchanges click here… 

Finally, you can invest with cryptocurrency traders who trade with your investment on exchanges and offer you a daily return on investment.

Ken Uwotu

Ken Uwotu

Ken Uwotu is a Cryptocurrency Strategist with a background in Business Information Technology (BIT) and cryptocurrency markets. He specialises in market strategies and technical analysis. He is well known for his entertaining and informative analysis of the cryptocurrency market.

South Korean Authorities Liquidate Tax Dodgers’ Cryptocurrency Holdings After Evidence

South Korean Authorities Liquidate Tax Dodgers’ Cryptocurrency Holdings Afyer Evidence

South Korea’s tax authorities said they have evidence that 2,416 South Korean people have hidden their income by buying cryptoassets including bitcoin (BTC), ethereum (ETH) and more in efforts to avoid having to pay tax on their earnings – and have moved to seize and liquidate their crypto.

Per reports from Yonhap and Asia Kyungjae, as well as Maeil Kyungjae, the National Tax Service (NTS) has been combing through data it has obtained from domestic crypto exchanges, and claims it has gathered enough evidence to serve up bumper tax bills for offenders.

In some cases, the NTS said that it has frozen and seized wallets belonging to suspected offenders, “collecting cash” – meaning that the tax authority has either liquidated (or forced the owners to liquidate) the crypto holdings on the exchange platforms where they were found.

The NTS claimed it had found undeclared crypto worth over USD 32m on the nation’s top exchanges, including an unnamed doctor in the country’s most affluent regions, Seoul’s Gangnam District, who it claimed had hidden USD 3.5m worth of earnings in crypto.


And the NTS said that in the case of 222 of the individuals, it already had enough evidence to conduct “further probes” into their financial activity. Others are likely to face tax bills for their undeclared earnings, in addition to fines.

A spokesperson for the tax service stated that its findings were part of a wider “crackdown” on tax evasion, adding that it was now on the lookout for “highly sophisticated” methods in suspected tax irregularity cases.

The NTS also gave the example of a suspect it said sold a property in an exclusive part of the wealthy Gyeonggi Province for just under USD 4.3m, but sought to conceal the full price from the NTS by claiming it was sold for significantly less – and allegedly dodging a USD 1m capital gains tax bill.

Source – Crypto News 

US Judge Denies Request to Add XRP Holders as Intervenors in SEC’s Lawsuit Against Ripple

US Judge Denies Request to Add XRP Holders as Intervenors in SEC's Lawsuit Against Ripple

A U.S. judge has denied the request to add XRP token holders as intervenors in the Securities and Exchange Commission (SEC)’s ongoing case against Ripple. In a ruling made one day after the motion was filed, the judge, Analisa Torres denied the token holders’ request “without prejudice to renewal.”

Protecting Interests of XRP holders
In their motion filed on March 14, 2021, XRP holders said their desire to be included in the SEC’s proceedings against Ripple was on the grounds that this would enable them to protect their interests. They added that “disposing of the action may as a practical matter impair or impede their ability to protect its interests.” Also, the motion suggests that “existing parties do not adequately represent the interests of XRP holders.”

Nevertheless, in their motion, XRP holders claim that if accepted as intervenors, they will not “unduly delay or prejudice the adjudication of the original parties’ rights.” Furthermore, the holders said:

If granted leave to intervene, XRP Holders will significantly contribute to the full development of the underlying factual issues in the case and to the just and equitable adjudication of the legal question presented.

Yet barely 24 hours later, the court had dismissed the motion and the case is now set to proceed without the inclusion of XRP holders as intervenors.

New Front in SEC’s fight against Ripple
Meanwhile, the court’s rejection of this request came shortly after reports suggested that two Ripple executives had approached the same court seeking to quash the SEC subpoenas. As part of its strategy against Ripple executives, the U.S. regulator had asked six banks to release the “personal finance information” of directors at Ripple.

However, in their submission, the executives claimed the subpoenas were a “wholly inappropriate overreach” and an “invasion of privacy.” At the time of writing, the court has not ruled on this submission.

Source – Bitcoin News 

Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison, Fined $200K

Japanese Court Convicts Bitcoin Tax Evader- Trader Gets a Year in Prison Plus Fine for $200K

Japanese authorities aren’t hesitating in hunting down anyone considered a crypto tax evader. A court in Ishikawa has sentenced one of them, a 56-year-old man that will spend one year in prison, plus pay a $200,000 fine.

Sentenced Man Didn’t Disclose His BTC Trading Activity of the Period 2017-2018
According to Chunichi, a judge at the Kanazawa District Court imposed a fine of over 22 million yen ($200,000) and gave a one-year-long sentence to Hideji Matsuda, an office worker in Ishikawa, for violating the Income Tax Law.

The judge concluded that the man didn’t file accurate tax declarations knowingly on his bitcoin (BTC) trading activity. Per court documents, Matsuda didn’t declare the period 2017-2018.

Moreover, the court stated that the office worker falsified data on his tax submissions because he claimed to had just earned 1.2 million yen ($11,000) in profits. In reality, he received a total income of 74 million yen ($678,000) and he didn’t pay any tax whatsoever.

When his lawyers on the hearings interviewed Matsuda, he claimed that he didn’t have clarity on calculating the profits of incomes earned from cryptos. However, prosecutors stated otherwise. In fact, they believe the 56-years-old man was “selfish and self-centered.”

Matsuda’s lawyers already pledged for pardon, as they stated the man submitted petitions to amend the issue and file the tax documents properly.

However, the judge rejected such a proposal and proceeded with the sentence. At the end of the trial, Matsuda just commented on the sentence: “there is no doubt.”

An Unprecedented Case in Japan
This legal case is the first-of-its-kind in Japan, making Matsuda the first person in the land of the rising sun to be sentenced for being a bitcoin tax evader. The legal proceedings started in 2020.

In the Asian country, crypto-related activities such as mining, trading, and lending profits are subject to taxes as high as 55%.