Russian authorities have blocked a number of websites related to cryptocurrency ahead of the countrys crypto regulation taking effect. A popular exchange aggregator website has already been blocked twice and has now received a third notice.

Russias Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) has blocked popular Russian cryptocurrency exchange monitoring website Bestchange.ru for the third time. The platform informed its users via Facebook on Wednesday:

Dear subscribers, our Bestchange.ru domain has again been blocked in the Russian Federation. Unfortunately, regional prosecutors continue to sue to block Bestchange and other sites for mentioning the bitcoin cryptocurrency.

Bestchange.ru further explained that it had been investigating how to unblock its domain but testing may take some time. The free website helps users find the best offers online, including the best rates for cryptocurrencies, electronic money, and internet banking. The service, launched in 2007, is not restricted to just cryptocurrency.

According to bits.media, this is the third time Roskomnadzor has blocked Bestchange.ru. The first time was in 2017, which was canceled in 2018. The second time was in March last year when the Kuibyshevsky District Court of Omsk issued an order to block Bestchange.ru along with other cryptocurrency exchange websites. It was canceled in May of the same year. According to a court ruling, information about bitcoin was considered prohibited, as it contradicted federal laws of the Russian Federation, the publication noted.

The third time started when the Kotlas city court ordered the blocking of seven cryptocurrency websites in January. Roskomnadzor reportedly received the court decision on June 23 and immediately sent out notices about the blocking.

The publication reported on June 24 that the owners of the sites bitok.shop, lavka-flowers.ru, cryptorussia.ru, prostocoin.com, cryptowikipedia.ru, bestchange.ru and coinpost.ru received notifications that they distribute information prohibited in the Russian Federation and will be included in Roskomnadzors registry of blocked websites. In addition, news.Bitcoin.com previously reported that six crypto websites and two news sites were blocked by the Russian media watchdog.

Bestchange.ru did not shut down, however, as the management decided to appeal the court decision. The court is expected to pass the case to a higher court on Aug. 27. Nonetheless, Roskomnadzor sent out another notice on Aug. 26 about the blocking of the site.

According to the news outlet, Roskomnadzors action is not related to the crypto regulation recently signed into law by President Vladimir Putin, which will enter into force on Jan. 1 next year. The new law gives legal status to cryptocurrency but prohibits its use for payments of goods and services.

What do you think about Russia blocking crypto-related sites? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia Blocks Cryptocurrency Websites Ahead of Regulation | News Bitcoin News - Bitcoin News

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From about 18 to about 30 in just 6 weeks time, thats not bad.

Thats in cents not dollars, though, giving the cryptocurrency that goes by the name of XRP the dramatic price action feel (somewhat) of those infamous penny stocks from Blinder Robinson that traded crazily in the 80s.

The cryptos in general have had a good summer of price action, some in dollars and some in pennies but its XRP thats of interest since my card counting friend in Las Vegas had mentioned it and I wrote about it here in XRP Is The Crypto To Watch, Says Vegas Blackjack Pro.

That posted on July 16th and it was just a few days later that the thing broke above previous resistance at 21 and took off for the much higher price level. At the time I took a bit of heat from experts on Twitter for suggesting that a pro at the 21 tables might have advice about anything crypto. Now it looks like my friend was right.

Maybe he just got lucky, who knows?

Anyway, just for the record, XRP looks like this now on the daily price chart:

XRP daily price chart, 8 23 20.

After tracking mostly sideways to slightly down in price from May to July, you can see the late July breakout. XRP had been unable to rise above the Ichimoku cloud for weeks but then got there easily on some volume. It looks like the selling that comes in at above 31 is likely to be significant enough to prevent further upside, at least for now.

The XRP weekly price chart looks like this:

XRP weekly price chart, 8 23 20.

Like the other cryptocurrencies, XRP has a long way to go to make it back up to the early 2018 highs. Clearly. Whats interesting here is the increase in buying volume that is shown for this summer. The other thing is that price may be about to break above the weekly Ichimoku cloud for the first time in a couple of years. Its almost there.

The XRP monthly price chart looks like this:

XRP monthly price chart, 8 23 20.

The dramatic drop in price is clearly evident on the monthly time frame from the January, 2018 peak until the much lower present. Take a look at the moving average convergence/divergence (MACD) indicator below the price chart: the shorter-term time line is just now crossing above the longer, a positive sign on that measure. Whether it turns out to be an actual buy signal remains to be seen.

This is just a form of price chart analysis where trend is identified and the potential support and resistance levels are suggested a serious investor or trader would want to research the fundamentals and formation of a cryptocurrency like XRP or any of the cryptos before taking any action. Past performance is no guarantee of future results.

I do not hold positions in these investments.No recommendations are made one way or the other.If you're an investor, you'd want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.

Continued here:
The Cryptocurrency XRP Is Having A Good 6 Weeks - Forbes

Its no longer news that the worlds most valuable crypto has become a trending financial instrument. Just recently, the founders of a leading American crypto exchange, Tyler and Cameron Winklevoss, gave an in-depth analysis on how Bitcoin could be worth over $500,000, within a couple of years.

If global central banks start to diversify their foreign fiat holdings into crypto, say 10%, then 45x gets revised upward towards 55x or $600,000 USD per bitcoin.

Tyler and Cameron Winklevoss went on to discuss major fundamental factors such as the likely return of higher Inflation. Cash stored in banks, according to them, will get run over.

READ: Bitcoin robbers are cashing in as they transfer $7 million worth of BTCs

Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or bitcoin will outrun the scourge. And money stored in bitcoin will run the fastest, overtaking gold.

The Gemini Exchange founders further illustrated the advantages bitcoin had by saying:

Bitcoin has a significant first-mover advantage not only because its the first crypto as we know it, but because it was the first one with a gold-like store of value properties.

READ: FG meets group to access AfCFTAs $650 billion market

As such, it enjoys tremendous network effects (not dissimilar to those experienced by social networks like Facebook and Twitter) due to its vibrant community of users, developers, miners, exchanges, custodians, etc.

Nothing demonstrates this better than the fact that Bitcoin is an open-source project that can be copied or forked by anyone in the world at any moment. And yet despite being forked many times over the years, it remains the dominant crypto (store of value or otherwise) both in terms of market capitalization and liquidity. This race is Bitcoins to lose.

The Winklevoss brothers also spoke about the exponential growth in the worlds flagship Gemini Exchange market, by concluding with:

Bitcoin has already made significant ground on gold going from whitepaper to over $200 billion in market capitalization in under a decade.

READ: Crypto: Celo gains over 50% within a day, as Coinbase announces its listing

Today, the market capitalization of above-ground gold is conservatively worth $9 trillion.

If we are right about using a gold framework to value bitcoin, and bitcoin continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45.

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YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27000 - Nairametrics

Accounting and consulting group Mazars, says that cryptocurrency traders should prepare for stricter taxes in South Africa in the near future.

Over the last five years, South Africa has emerged as one of the worlds most notable cryptocurrency adopters, and an estimated 13% of its internet users owning or using cryptocurrencies.

With the South African Bitcoin/ZAR weekly trading volume to name just one currently standing close to R30 million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.

This is according to Wiehann Olivier, partner at the audit division of Mazars in South Africa, who says that there are various techniques SARS could apply for the direct taxing of cryptocurrencies.

To start, the fact that cryptocurrencies were created to allow for anonymous, frictionless and trusted peer-to-peer transaction to be conducted over the internet (including cross-border transactions) means that it can be used as a means of tax avoidance in a number of different ways.

As Olivier explains, investors can store their cryptocurrencies in paper or hardware wallets instead of relying on a custodian such as an exchange to safeguard their assets, which makes it impossible to confiscate these cryptocurrencies and extremely difficult to track their movements.

There is also the option to rely on a series of smoke and mirrors. Different types of cryptocurrencies can be exchanged for one another and passed through a series of wallets and public key addresses to attempt to confuse the trading activities and to evade taxes.

He noted that SARS is currently relying on the honesty of South African taxpayers to include their realised gains on cryptocurrencies as part of their taxable income.

SARS has not yet released any specific legislation around the taxation of cryptocurrencies, besides that taxpayers need to include any realised gains from the trading of crypto currencies in their taxable income. However, we believe that SARS will publish new regulations in the coming years to have a more specific focus on these digital assets.

One of these interventions may include introducing regulations that require all South African cryptocurrency exchanges to share information with SARS, making it more difficult to apply the above-mentioned method of avoidance.

With that said, it will require SARS to gear itself to ensure that it can collect on what it is owed, said Olivier.

There is also the possibility that offshore cryptocurrency exchanges and banks might have the same agreement with SARS as foreign institutional investors have, whereby they share individuals and companies trading and asset holding data with revenue services from various countries. This would again make it more difficult to avoid paying tax by moving assets out of South Africa.

Notably, Olivier is of the opinion that businesses should already begin to prepare for tighter regulation of their digital assets. Trading companies should consider acquiring the services of firms that can supply confirmation and reporting around its clients digital currency audits, well before new regulations are introduced.

With the introduction of stricter tax legislation a virtual certainty within the next few years, Olivier adds that preparing for these interventions well ahead of time may be beneficial for cryptocurrency exchanges, traders and investors.

The regulation of digital assets in South Africa could even bring exciting business opportunities for many entrepreneurs and business, Olivier said.

Read: Major trading scheme under investigation in South Africa

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Stricter cryptocurrency taxes are on the way in South Africa - BusinessTech

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This could be the year investors in blockchain technology have beenwaiting for. It remains to be seen whether the hype over this new storage and security medium has died away enough that people can finally see it as more than just a delivery system for cryptocurrency.

If you've thought about investing in bitcoin or blockchain technology yourself, but want a simple explanation of just what it is that makes it tick, check out TheMega Blockchain Mastery Bundle. It's a truly comprehensive way to learn about blockchain and its possibilities in the new economyand beyond.

This massive e-learning course spans more than 55 hours of training and lectures, so you can tell right away it's much more than just a primer on blockchain. It gets the basic principles of this revolutionary digital accounting system out of the way quickly, highlighting how transactions are not only easier to access on a decentralized network, but infinitely more secure.

You'll glimpse the inner workings of blockchain security, as well as how to implement it yourself as you dive into the possibilities of accessing cryptocurrency, and even potentially making your own. There's plenty of attention given to popular new protocols like the EOS blockchain and its own native cryptocurrency, and how you can leverage your knowledge of it for smart investing. You'll even get a tutorial on how to start coding your own protocols with JavaScript.

Whether you just want a working knowledge of this exciting new way of storing information or are determined to jump ahead of the trends, this is a great resource. PCMag readers can get lifetime access to The Mega Blockchain Mastery Bundle for $39 (97 percent off the MSRP), including updates to keep you abreast of changes in the technology.

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Want to Invest in Bitcoin? Learn the Basics of Cryptocurrency, Blockchain on the Cheap - PCMag.com

Global cryptocurrency exchange PayBito is expanding its portfolio of crypto assets by planning to add more prominent altcoins to the platform to offer diversification of trading options for the users.

Leading cryptocurrency exchange PayBito has revealed its plans to add more prominent crypto assets and altcoins to its coin portfolio by the end of 2020. The platform is globally recognized for its extensive coin listing, which comprises major cryptocurrencies from around the world. Its been a while since the crypto exchange has been on expansion mode. It was fast to launch the trading platform in India, which got its ban on crypto trading lifted a few months ago. PayBito is the only among cryptocurrency exchanges in India to offer such adiverse portfolio of crypto assets.

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PayBitokeeps novelty as a constant within the platform through the inclusion of new assets or advanced features to offer the best trading experience to the users. Expansion of the coin listing is our strategic move to diversify the trading options, especially in emerging markets like India and enable the users to profit more from the trading activities, commentedRaj Chowdhury, Managing Director of PayBito.

At the beginning of the year, PayBitoadded several prominent crypto assetsto the platform, to diversify the trading options for its global users. This time the exchange also wants to focus on the emerging assets that have shown promising growth in the industry. Overall the expansion of the crypto portfolio will offer varied trading prospects to PayBitos global user base.

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PayBito follows a rigorous protocol for its coin listing process. The exchange has a panel of experienced and knowledgeable professionals who assess each crypto asset thoroughly before adding it to the trading platform to ensure that the users have safe and fulfilling trading experience. At present, their coin portfolio comprises of Bitcoin (BTC), HCX, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS, Basic Attention Token (BAT), Ethereum Classic (ECH), Bitcoin SV, Ripple (XRP) and many more.

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Leading Cryptocurrency Exchange PayBito to Add More Altcoins to the Platform - AiThority

The United States government is trying to seize 280 cryptocurrency accounts related to theft cases involving hackers linked to North Korea, according to a U.S. Department of Justice release published on Aug. 27.

The Justice Department alleges that North Korean hackers stole cryptocurrencies worth at least $298.5 million from South Korean cryptocurrency exchanges in 2018 and 2019, as well as an exchange focused on the Algorand blockchain based in the United States.

The Wall Street Journal reported that this is the first time a U.S.-based exchange is known to be hacked by North Korea. And though cryptocurrencies in theory are not supposed to be under government control, its unclear to many whether or not the U.S. really has the legal standing to seize these accounts.

Investigators from the FBI, the IRS and the U.S. Department of Homeland Security were able to track the stolen funds through unique qualities of the blockchain system. All transactions for each specific cryptocurrency are logged on a public ledger, although the identities behind the transactions are unique pseudonyms composed of letters and numbers.

Often, an individual controls many unique identities to the point where an individual could theoretically use a unique address for every transaction in which they engage.

According to the U.S. Justice Department, North Korean hackers leveraged these unique identities, as well as explicit attempts to pass themselves off as Russian and Canadian nationals when making cryptocurrency exchange accounts.

The U.S. blamed lax oversight and insufficient Know Your Customer protocols at various virtual currency exchanges, which among other services can turn alternative coins like the stolen South Korean Proton Tokens into more mainstream currencies like Bitcoin. Mainstream currencies can then be converted into real-world cash.

At first, the hackers tried to launder their stolen funds further by exchanging them for other cryptocurrencies a tactic known as chain hopping, according to the justice department filing.

Chain hopping is a tactic frequently used by individuals who are laundering the proceeds of virtual currency thefts, as the practice moves transactions from one currencys public ledger to another, obscuring the transaction trail.

Kim Grauer, head of research at a blockchain analysis company called Chainalysis, said that she has seen these tactics before.

Our research shows that, in the past, the DPRK-linked Lazarus hacking group moved most of their stolen funds to exchanges with low Know Your Customer (KYC) requirements, she said. However, more recently in 2019, they began using mixers in an attempt to obfuscate the flow of funds on the blockchain.

But the hackers primary goal was eventually transforming their stolen funds into bitcoins, according to a flowchart in the justice department filing. That way, hackers could use Over The Counter (OTC) traders who have less strict oversight compared to more automated exchanges to turn the bitcoins into U.S. dollars.

Three Chinese OTC accounts received the stolen funds, the filing stated. In March, the U.S. placed criminal charges on two Chinese nationals, Tian Yinyin and Li Jiadong also known as snowsjohn and khaleesi and sanctioned them. The two allegedly laundered $100 million worth of cryptocurrency for North Korea, turning it into real-world cash value items like gift cards and actual U.S. dollars.

In spite of the actors use of VPN services to mask their location during this theft, law enforcement was able to trace logins to an IP address within North Korea, the filing stated. It is rare for this kind of activity to be traced back to DPRK territory itself, partially because North Korea has thousands of hackers deployed abroad to avoid being identified or blamed.

As part of our commitment to safeguarding national security, this office has been at the forefront of targeting North Koreas criminal attacks on the financial system, acting U.S. attorney Michael R. Sherwin said in a Justice Department press release issued alongside the filing.

This complaint reveals the incredible skill of our Cryptocurrency Strike Force in tracing and seizing virtual currency, which criminals previously thought to be impossible, Sherwin said.

Edited by Kelly Kasulis

The United States government is trying to seize 280 cryptocurrency accounts related to theft cases involving hackers linked to North Korea, according to a U.S. Department of Justice release published on Aug. 27.

The Justice Department alleges that North Korean hackers stole cryptocurrencies worth at least $298.5 million from South Korean cryptocurrency exchanges in 2018 and 2019, as well as an exchange focused on the Algorand blockchain based in the United States.

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US tries to seize 280 cryptocurrency accounts linked to North Korean hacks - NK News

Cryptocurrency Mining Hardware Industry Analysis 2020

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The Global Cryptocurrency Mining HardwareMarket Can Be Segmented As

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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like Asia, United States, Europe.

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Cryptocurrency Mining Hardware Market with Competitive Analysis, New Business Developments and Top Companies: Halong Mining, Advanced Micro Devices,...

The U.S. Securities and Exchange Commission has found two Maryland-based companies guilty of a Ponzi program that allegedly defrauded investors $ 27 million.

In the midst of an ongoing pandemic, crypto fraud has increased around the world. The U.S. Securities Exchange Commission announced that the fraudsters collected more than $ 27 million from nearly 1,200 investors. The Ponzi program is said to be scamming people by promising to exchange their money on cryptocurrency exchanges. According to the SEC, illegitimate companies involved in fraudulent activities are 1st Million LLC and The Smart Partners LLC, fake companies set up to run a crypto pyramid scheme.

According to SEC reports, African-based company owners promised investors, many of them African immigrants, that their funds will be used for crypto trading and other foreign exchange transactions. The SEC also reported that companies frequently refer to public trust and target African immigrants, promising 6% to 42% risk-free returns to investors when buying and selling investor funds on crypto exchanges. The SEC claimed that Dennis Jali, owner of 1st Million LLC and The Smart Partners LLC, who claimed to be an expert trader, falsely presented himself as a millionaire, rented office space to hold face-to-face meetings, and pretended to be a legitimate company.

Crypto Fraud Continues To Increase In The Midst Of The Global Pandemic.Cryptocurrency scams have increased significantly around the world amid the ongoing global epidemic. Earlier this year, the US Federal Bureau of Investigation issued a warning stating that fraudsters may want to trigger an increase in cryptocurrency fraud. Many countries reported an increase in ransomware attacks, pyramids, and various other cryptocurrency scams.

Various types of scams involving crypto such as fake giveaways, sextortion, fake exchanges, fake ICOs, Bitcoin recovery, video fraud, pyramid schemes have become frequent and the list continues. Also, before, several famous peoples accounts on Twitter were hacked to request Bitcoin from their followers.

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Sec Warned! There Is An Increase In Cryptocurrency Fraud - Somag News