Aug. 7th: Hacker Released Hundreds of Binance KYC Photos

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Aug. 7th: Hacker Released Hundreds of Binance KYC Photos

Hello everyone and welcome to This Week in Crypto, this is your daily roundup for Wednesday, August 7, 2019. Binance CEO CZ plans to open a new office in London, focusing on Europe, a hacker has released hundreds of KYC photos, reportedly from Binance, and MERJ Stock Exchange is the first to list a tokenized security.

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Today in Crypto – August 7, 2019

Binance CEO CZ plans to open a new office in London, focusing on the European market. Binance is among the latest blockchain companies to make a commitment to the U.K. in the face of Britain’s imminent departure from the European Union, which some say will do long-lasting damage to the country’s economy. 

Binance has also reportedly been in talks to get involved in Facebook’s Libra project, by listing the coin when it’s live or running a node on the blockchain. CZ told CoinDesk “As an exchange, we should stay neutral. So we don’t really comment on coins; we don’t like or dislike coins. We just provide liquidity. It’s most likely Libra will get a large number of users, no matter how much people hate it.” 

Hacker Releases Binance KYC Photos

A hacker under the pseudonym “Bnatov Platon” has released hundreds of KYC photos on Telegram. The hacker claims to have hacked an insider involved with the 7,000 bitcoin hack on Binance last May. It is possible that identifying user information may have been leaked during the hack. Binance alleges the customer data was obtained from an unnamed third-party company it has contracted to conduct its KYC processing since February 2018.

The hacker demanded 300 bitcoin (approximately $3 million at the time) and started releasing photos this Monday on an open file sharing site, after unsuccessfully striking a deal with Binance. Binance claims that the KYC leak is false, yet they are offering a 25 bitcoin reward for information that leads to an arrest.

MERJ Lists Tokenized Security

MERJ stock exchange has just listed a tokenized security for trading, becoming the first in the world to do so. The exchange said it will follow the listing by offering 16 percent of the tokenized shares in a public offering later in 2019. The exchange is also in discussion with several companies over potentially listing their tokenized shares on its platform. MERJ is currently using the Ethereum blockchain to record the share register ownership.

IRS Bill Moves To U.S. House Of Reps

A tax bill aimed at refining the IRS treatment of cryptocurrencies has moved to the U.S. House of Representatives. The Virtual Value Tax Fix Act has been reintroduced by North Carolina’s Rep. Ted Budd on July 25. The bill would effectively end the double taxation on cryptocurrency transactions by amending the 1986 Internal Revenue Code.

The North Carolina Rep says tax concerns and transaction record-keeping act as a deterrent to adoption. If passed, the act would free cryptocurrency transactions from double taxation and record-keeping immediately.

This has been your daily roundup from This Week in Crypto for Wednesday, August 7, 2019. Be sure to support the podcast by subscribing on your favorite podcast app including Google Home and Alexa devices. Also join us on Telegram to let us know your thoughts at t.me/weekincrypto. Thanks for listening, we’ll see you next time.

 

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