Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More

A new class action alleges that Plaid, which Visa recently bought for over $5 billion, had unparalleled access to the financial information of millions of users. June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year. The plaintiffs allege that Plaid violated privacy and data protections by accumulating and monetizing financial transactions of millions of users. The complaint alleges that the company accumulated this data by “data plumbing” popular services like Venmo, Stripe, Square’s Cash…

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Price Analysis 6/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, CRO, ADA

Bitcoin’s price dropped below the ascending triangle trendline, suggesting further bearish price action for BTC and altcoins. The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger  the eventual breakout from it will be.  Daily cryptocurrency market performance. Source: Coin360 Researchers responsible for the recently published Crypto Research Report have projected a long-term target…

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Switzerland Won’t Amend Tax Law in Regard to Blockchain in Near Future

Switzerland does not need to amend its current tax legislation to cover blockchain-based arrangements, the Federal Council believes. Switzerland’s existing tax law is applicable to developments in the blockchain industry, the Swiss Federal Council said. According to the federal authority, Switzerland does not need to amend its existing tax legislation in regard to blockchain and distributed ledger technology, or DLT. No legislative action is necessary regarding blockchain industry In a June 19 meeting, the Federal Council has addressed a report on the need to amend Switzerland’s tax law in response…

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Hackathons Benefit From Blockchain Voting, Rewards and Transparency

TAIKAI has announced that it will use the Telos network to facilitate a secure and auditable voting mechanism to evaluate and reward stakeholders in hackathon events. Hackathon management platform TAIKAI announced June 29 that it would be using Telos network to provide a fully transparent and auditable blockchain voting system, and as a token reward mechanism. Telos is built on EOSIO technology, and TAIKAI had previously been using EOSIO for this functionality. It was even the subject of a feature on the EOS blog earlier this month. Hacking isn’t always…

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‘Sophisticated’ Hacker Plunders $450,000 From Defi Protocol Balancer

Decentralized finance (Defi) protocol ​Balancer was on Sunday hacked for more than $450,000 worth of cryptocurrency. In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees – or so-called deflationary tokens. Pools with Sta and Stonk tokens were affected by this exploit, Balancer, an automated market marker protocol, said on June 29. The hacker made off with around 601 ether, 11 wrapped bitcoin (WBTC), 22,600 chainlink (LINK), and 61,000 synthetix (SNX) – altogether totaling more than $451,000. According to an analysis by Dex aggregator 1inch.exchange,…

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International Authorities Work Together to Take Down Crypto-Funded Child Porn Ring

The Spanish authorities arrested several individuals related to ongoing investigations against crypto-driven child porn sites in the dark web. The Spanish Civil Guard has taken down a dark web child porn ring that used cryptocurrency transactions to pay for content. Multiple individuals across the country were ultimately arrested. According to the Spanish Civil Guard, the “Jekyll” operation captured three people involved in the “Welcome 2 Video” platform, thanks in part to additional support from U.S. authorities. Bitcoin and “anonymous tokens” Users would send Bitcoin and “other tokens or anonymous money…

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Investing in Blockchain Gaming: Why VCs Are Betting Big

“Blockchain integration essentially enables community ownership of the entire gaming ecosystem, which in turn allows game publishers to uniquely monetize their model, create richer and deeper experiences, and extend the lifetime value of the assets that they are creating.” How healthy is the gaming industry? Fortnite thoughtfully provided a concise answer to that question on June 16th. In advance of the much-anticipated unveiling of The Device, a live event on the game platform, slots were full half an hour early as eager gamers logged in to witness Epic’s latest twist…

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Compound’s COMP Token Takes DeFi by Storm, Now Has to Hold Top Spot

Compound’s COMP token has been wildly successful in the initial period since launching. What’s behind it, and is it sustainable? When Compound launched its governance token, COMP, on June 16, few in the crypto space could have predicted how rapidly it would rise to the top. As Cointelegraph reported at the time, it only took a single day of trading for COMP to become the leader of the decentralized finance rankings. It was a historic moment for any fans of DeFi, marking the first time that Maker (MKR) had been…

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Hacker Steals Balancer’s COMP Allowance in Second Attack Within 24 Hours

Balancer hacked twice within 24 hours, though this time the sum is relatively small. We recently reported that the Balancer DeFit protocol suffered a $500,000 attack. Less than 24 hours later, a second attack claimed about $2,300 worth of Compound tokens (COMP). Hao, an engineer at DeBank, tweeted that an attacker was able to fool the Balancer system into thinking he was owed a significant portion of the COMP tokens stored in the decentralized exchange’s pool. The attack involved flash loans from both dYdX and Uniswap. The hacker loaned more…

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The US Plan to Monitor Illegal Crypto Activities More Sufficiently

U.S. agencies sought millions of dollars in new funding to bolster national and international cryptocurrency investigations. The COVID-19 pandemic has crushed businesses, crippling life all across the world. It is costing darknet drug traffickers millions as well because their methods of moving drugs and funds have been compromised during the lockdown, according to a blog post by Chainalysis. “Darknet market revenue has fallen much more than we’d expect following Bitcoin’s recent major price drop,” Chainalysis reported, noting that supply problems for Mexican drug cartels and dealers in China’s Hubei province…

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