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Finnish Authorities Track Monero XMR Transactions Hacking Case

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Finnish authorities have reportedly traced transactions involving Monero (XMR), a privacy-focused digital currency, in connection with a high-profile hacking case. 

The suspect, Julius Aleksanteri Kivimäki, is accused of hacking a private mental health firm’s database and using cryptocurrencies for ransom demands.

Tracing The Untraceable: Monero’s Role In Cybercrime

Monero, known for its robust privacy features, has been at the forefront of a complex investigation involving the alleged hacking of Vastaamo, a Finnish psychotherapy service provider. 

Reports indicate that in October 2022, the hacker demanded a ransom of 40 Bitcoin, approximately 450,000 euros at the time, threatening to release records of over 33,000 patients. 

When the demands were not met, the hacker purportedly targeted individual patients.

See Also: Uphold Crypto Exchange Relist Dogecoin, Shiba Inu, Cardano, Other Altcoins

The Finnish National Bureau of Investigation has revealed that the criminal received payments in Bitcoin, which were then sent to a non-compliant exchange, swapped for Monero, and transferred to a specific Monero wallet. 

This process was repeated, converting the funds back to Bitcoin and moving them across various wallets. 

The intricate use of Monero in this case underscores the challenges authorities face in tracking transactions involving privacy-centric cryptocurrencies.

Monero’s Privacy Features And Regulatory Scrutiny

Monero’s official website boasts of its “untraceable” nature, a claim backed by privacy-enhancing technologies like Ring Confidential Transactions (RingCT), ring signatures, and stealth addresses. 

These features effectively conceal transaction details, making it challenging to trace the movement of funds. 

RingCT, for instance, mixes transactions to obscure the source of funds, while ring signatures hide the sender’s identity among a group of possible senders. 

Stealth addresses further complicate tracking by generating unique addresses for each transaction.

This level of anonymity has not only attracted users seeking privacy but also regulatory attention. 

See Also: Price Analysis: The Price of Monero (XMR) Rises More Than 3% In 24 hours

In 2019, Eric Woerth, head of the French National Assembly’s Finance Committee, proposed banning anonymous cryptocurrencies, including Monero, citing their potential for bypassing identification procedures. 

Similarly, in 2020, the U.S. Internal Revenue Service offered a substantial bounty for breaking the privacy of coins like Monero, reflecting growing concerns over their use in illicit activities.



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Polygon PoS Considering Merger with AggLayer, Here’s Implication

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  • Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). 
  • The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM.

Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). This will mark phase 1 of its zkPoS evolution. 

If the proposal is accepted by the community, the expectation is that the pool of unified liquidity for chains connected to the AggLayer would grow by $2 billion.

Polygon Foundation Lauds PoS Capabilities

There are two main consensus mechanisms in the blockchain ecosystem; the Proof-of-Stake and the Proof-of-Work. 

Many cryptocurrencies including the firstborn digital currency Bitcoin (BTC) utilize the PoW. It wasn’t until 2022 that Ethereum (ETH) went through a transition to the PoS consensus algorithm through The Merge.

Polygon Foundation believes strongly that PoS is one of the most used blockchains in the world. The algorithm boasts more than 400 million unique addresses and thousands of applications. 

Polygon PoS prides itself in handling more transactions than the entire Ethereum Layer 2 protocols put together. 

With these ‘success stories’, Polygon highlighted that the potential effects of the merger can not be overstated for AggLayer.

The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM. 

This particular zkVM will permit AggLayer to prove the execution of Rust code with the performance benefits of the Polygon Plonky3 proving system.

Polygon PoS connection to the AggLayer will be established via the Plonky3-secured pessimistic proof, a novel zero-knowledge Proof written in Rust. 

Noteworthy, the pessimistic proof is flexible enough to accommodate both zk and non-zk chains. Additionally, the pessimistic proof is preferred because of how it treats all chains suspiciously.

Polygon PoS to Utilize AggLayer Pessimistic Proof

Ordinarily, the AggLayer unifies liquidity across all connected chains via a single bridge. As the only bridge contract for chains connected to the AggLayer, the unified bridge allows users to send and receive native, but never-wrapped tokens. 

However, the presence of a single bridge becomes a challenge for all the tokens on the bridge as it entices malicious actors.

The pessimistic proof steps in to tackle this setback by providing two guarantees. First, each chain has updated its state truthfully and secondly, no chain is withdrawing more tokens than have been deposited to it. 

Not meeting these conditions means that the proof cannot be verified and the chain cannot settle to Ethereum.

Meanwhile, at a high level, proof of consensus would validate PoS and it will reach its new state faithfully. 

Also, this proof of consensus would allow Polygon PoS to prove finality to the AggLayer. The pessimistic proof would ensure any withdrawals from PoS do not exceed the deposits made into it.

Noteworthy, no validator, alterations to consensus mechanisms, or network client is required to utilize this upgrade. 

In the long run and with the community’s approval, this upgrade would marry the Polygon chain with the final form of Ethereum scaling.





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Bitcoin Mining Stocks Rise 10% After Trump Promises To Back US Miners

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Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country.

Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.

Trump also reportedly told the industry executives that he promised to support the sector should he be elected as president in November.

Bitcoin mining stock traders seemingly liked Trump’s industry promises.

TeraWulf (WULF) and Hut 8 Mining (HUT) were the biggest movers among the top 10 largest Bitcoin miners by market cap, increasing 10.5% and 10.07% respectively on June 12, according to Google Finance.

Core Scientific (CORZ), Iris Energy (IREN) and Cipher Mining (CIFR) rounded out the top five with increases of 9.87%, 9.72% and 8.94%.

Industry heavyweights CleanSpark (CLSK) and Riot Platforms (RIOT) also rallied 8.15% and 6.5% but the largest Bitcoin miner by market cap, Marathon Digital (MARA), only increased 2.4% on the day.

China-based Bitcoin miner Canaan (CAN) was the only Bitcoin miner among the top 20 by market cap to record a fall in share price on June 12.

The strong day boosted the Bitcoin mining industry’s market cap to $26.4 billion, according to Companies Market Cap.

The mining stock price rallies came on a day where Bitcoin only managed to rise 1.4% to $68,365 over the last 24 hours.

CleanSpark and TeraWulf have been two of the best performers in 2024, up 58.55% and 66.96% year-to-date.

But not all Bitcoin miners have managed to continue share price growth this year.

Marathon Digital, is down 11.43% year-to-date, while Riot Platforms has tumbled nearly 31% in 2024.

Trump and several industry executives discussed how Bitcoin mining could strengthen the electrical grid and create more jobs in a meeting held at his Mar-a-lago resort on June 11.

Among the attendees were Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and Amanda Fabiano, a board director at TeraWulf.

All of those industry executives reported positive experiences with Trump on the night.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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Understanding the Importance of Reporting Crypto Casino Income for Taxes

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Cryptocurrency has become increasingly popular as an investment and means of exchange. Crypto tokens have created entirely new platforms, like crypto casinos and sportsbooks. Still, many people need to pay more attention to reporting their digital asset income for tax purposes. It doesn’t matter whether you’re buying, selling, or trading cryptocurrencies; it’s essential to understand your tax obligations. You must learn how to accurately report your digital asset income to the authorities. Correctly reporting cryptocurrency taxes will help you stay compliant and avoid potential penalties. One tax mistake could cost you a bundle in fees.

 

Understanding Taxable Events

One of the first steps in reporting cryptocurrency taxes is understanding what counts as a taxable event. Taxable events generally include selling or exchanging cryptocurrencies for fiat currency. The dollar and euro are two examples of iat currencies. Other taxable transactions include exchanging one bitcoin for another and accepting cryptocurrencies as payment for products or services. Don’t forget that creating cryptocurrency through mining or staking is a taxed activity. Each of these transactions could result in unpleasant liabilities. To avoid such obligations, keep detailed records of all your cryptocurrency transactions throughout the year.

 

Keeping Accurate Records

Keeping detailed records of your cryptocurrency transactions is critical for appropriately reporting taxes. Accurate documentation requires recording the date, time, and value of each transaction. Other relevant information should include the transaction type and cryptocurrency involved. You should also keep account of any fees or commissions paid, as well as any gains or losses resulting from each transaction. Using a bitcoin monitoring tool or program can help speed up the process and ensuring you have all of the necessary information when it comes time to file your taxes.

 

Calculating Gains and Losses

Once you have precise records of your bitcoin transactions, you must compute your gains and losses for tax reporting purposes. To estimate losses and gains, calculate your capital by subtracting the purchase price of each cryptocurrency you acquire from the revenues of each sale or exchange. Remember that the standards for determining earnings and losses may differ among tax countries. As a result, it is critical that you become acquainted with the specific tax rules governing your country or region.

 

Reporting Cryptocurrency Income

When it comes time to report your cryptocurrency income on your tax return, you must include information about losses and gains in the appropriate section or schedule. In many countries, you’ll need to report your cryptocurrency income as part of your annual income. Some regions require you to file a separate schedule or form specifically for cryptocurrency transactions. Consult with a tax professional if you need help reporting your cryptocurrency income correctly.

 

Filing Taxes Electronically

Many tax authorities now provide electronic filing alternatives, making reporting bitcoin taxes easier. By filing your taxes electronically, you can limit the possibility of errors. Additionally, you may ensure that your tax return is processed fast.

If you need assistance reporting your cryptocurrency earnings, seeking professional advice is usually a smart option. A knowledgeable tax professional accountant can assist you in understanding your tax obligations and optimizing credits. A professional will ensure that you comply with all applicable tax rules and regulations. While it may incur an additional cost, the peace of mind you’ll gain will be well worth it in the end.

Reporting cryptocurrency taxes can be a complicated task. However, it is critical to comply with tax rules and regulations. Understanding taxable events and maintaining proper records is just one way to stay on top of cryptocurrency tax issues. With careful planning and attention to detail, you may confidently and safely navigate the world of cryptocurrency taxation.



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