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Frank Richard Ahlgren III, a Bitcoin investor since 2011, has been sentenced to two years in prison in the United States for tax evasion. This, after not declaring capital gains obtained from the sale of BTC worth USD 3.7 million. This case marks the first criminal case in the country related exclusively to cryptocurrencies.
Between 2017 and 2019, Ahlgren sold his bitcoins for $4.35 million, but hid these figures from his accountant and in his tax returns. Generating a tax loss of more than USD 1 million, according to the Department of Justice.
In addition to his prison sentence, Ahlgren must serve one year of supervised release and pay $1,095,031 in restitution. “He lied to his accountant and attempted to conceal his transactions through methods designed to evade taxes,” said Stuart M. Goldberg, acting assistant attorney general at the Justice Department.
Galaxy Digital appoints Tony Paquette as new CFO
Cryptocurrency-focused financial services company Galaxy Digital announced that Tony Paquette will take on the role of CFO. With more than 25 years of experience in financial services and fintech, Paquette has held prominent roles at Point72, SoFi, JPMorgan Chase and Bank of America.
During his time at Point72, a hedge fund with more than $30 billion in assets under management, he led key areas such as finance, treasury and broker relations.
According to Mike Novogratz, founder of Galaxy Digital, the addition of Paquette strengthens the firm’s ability to expand globally in a period of accelerated growth.
In addition to his professional accomplishments, Paquette serves on several boards of directors, including Scholars of Finance and the Concussion Legacy Foundation, and advises financial technology startups. Consolidating its influence in the industry.
Iran faces energy crisis: cryptocurrency Mining under the microscope
Iran has experienced massive blackouts in Tehran and nearby provinces during October and November, compounded by a surge in cryptocurrency mining. With an electricity cost of just $0.002 per kilowatt-hour, the lowest in the world, the country has become a magnet for miners, who take advantage of government subsidies.
According to Mostafa Rajabi Mashhadi, CEO of state electricity company Tavanir, unauthorized mining operations with 230,000 devices consume as much energy as the entire province of Markazi, a major industrial center. This uncontrolled use has generated “abnormal demand” on the electrical grid, contributing to outages.
Market alert: User loses USD 2.5 million in BTC and NFTs after phishing attack
A new case of phishing attack has raised alarm in the cryptocurrency community. On December 13, a user known as “Anchor Drops” on
hey @ledger tonight I lost 10 BTC and ~1.5m of NFTs stored on my ledger Nano S
The ledger was purchased directly from you. The seed phrase was stored in a secure location, never entered anywhere online. I never signed any malicious transactions. Everything is in my physical…
— Anchor Drops (@anchor_drops) December 13, 2024
The incident has been linked to a malicious transaction dating back to February 2022, identified as part of a phishing attack. According to research by blockchain security experts, the user would have inadvertently signed an approval that allowed a malicious actor to access the funds years later.
“The hacker remained inactive for years before emptying the wallet,” explained Hakan Unal, scientist at the Cyvers platform. Clarifying that the incident is not related to failures in Ledger’s technology.
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