BITCOIN

Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry. Miners Criticize Kazakhstan Government’s ‘Unbalanced’ Tax Rules Crypto mining businesses, authorized to operate in Kazakhstan, have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are required to pay for the power they use. In an open letter to President Kassym-Jomart Tokayev, eight companies involved in the minting of digital currencies called for a revision of the applicable tax rules. Warning authorities that Kazakhstan’s mining sector is now “in extremely dire straits,” they also revealed: Today, all the largest representatives of the industry have suspended their activities and p

The U.S. Securities and Exchange Commission (SEC) announced charges against an accounting firm that worked for failed cryptocurrency exchange FTX. The company, Prager Metis, has been accused of facilitating clients in breaking federal securities laws and also auditor independence violations. FTX Accountant Prager Metis Charged With Auditor Rules Violations The U.S. securities regulator has charged accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs, LLP with violating auditor independence rules while also aiding and abetting clients’ violations of America’s securities laws. In its complaint, filed in the U.S. District Court for the Southern District of Florida, the SEC claims that between December 2017 and October 2020 Prager included indemnification provisions in engagement letters for more than 200 audits, reviews, and exams. It alleges: Prager was not independent from its clients for those engagements, as required under the f

As of October 1, 2023, $39.50 billion is nestled within decentralized finance (defi) platforms. Let’s dive into the top five categories, spotlighting the diverse array of defi protocols, the count of these applications, and the wealth they encompass. A Look at 5 Defi Categories Commanding Billions in Crypto Assets Defillama.com , a decentralized finance (defi) industry aggregator, showcases an array of defi protocols, their underlying blockchains, and their held values. It features around 35 unique categories of applications. Dominating the scene are liquid staking derivatives applications, with 119 of them controlling $23.05 billion. Liquid staking derivatives represent tokens that are backed by staked assets in blockchain networks, allowing users to remain liquid while their assets are staked. In essence, they let you earn staking rewards without locking up your assets, by converting them into tradable tokens. Lending, the runner-up in the defi realm, encompasses protocols ena

Bitcoin Ordinal inscriptions have tapered off markedly since September 24, 2023, following a historic peak on September 15. This deceleration emerges as inscriptions nestled within the Bitcoin blockchain verge on the notable 35 million milestone. A Look at Bitcoin’s Recent Inscription Decline as 35 Million Milestone Looms The flurry of Ordinal inscriptions on the Bitcoin network saw a significant dip after the exhilarating climax of 440,760 inscriptions recorded in a single day on September 15. At present, the distributed ledger boasts 34,961,312 inscriptions , yet since September 24, the rate of minting has slowed a great deal. For example, on September 30, 2023, a total of 28,400 inscriptions were chronicled onchain, while the preceding day witnessed the addition of 44,746 inscriptions. The day before that saw the inscription count scarcely nudging past the 100,000 threshold. From September 2 through the 24th, the daily inscriptions remained above the 175,000 mark. Yet, as Au

The recently hacked Nigerian gift card and crypto exchange platform Patricia said on Sept. 29 that it had raised money to refund users. Some users have reportedly grown impatient with the crypto exchange and are weighing their legal options. Unilateral Conversion of Users’ Funds The Nigeria crypto exchange platform Patricia has reportedly raised an undisclosed amount of capital to fund its reimbursement plan for users affected by the May hacking. The crypto exchange’s reported capital raise came just a few weeks after it unilaterally converted user funds to a stablecoin token known as patricia token. Patricians! It’s time to have your say! Join us this Friday, September 29, 2023, from 1-2 p.m. for an exclusive town hall session where we spill the tea on our Patricia Relaunch, the Patricia Token, and why we need YOU on board! pic.twitter.com/WXv0SYK4fg — Patricia (@PatriciaSwitch) September 26, 2023 As reported by Bitcoin.com News in late May, Patricia lost digital assets w