Hackers Using Victims’ AT&T Email Addresses to Steal Crypto, Revolut Partners with Koinly, Kraken Fights IRS, Circle Launches Mainnet Protocol for USDC Transfers Between Ethereum and Avalanche

Get your daily, bite-sized summary of cryptoassets and blockchain-related news – examine the stories that fly under the radar of today’s crypto news.
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Security news

• Hackers break into the accounts of people who have AT&T email addresses, using that access to hack into victims’ crypto exchange accounts and steal their crypto, TechCrunch reported. They are able to do this because they have access to part of AT&T’s internal network, which allows them to create email keys for any user, an anonymous source said. This gang can “hack into the email addresses of anyone who has an att.net, sbcglobal.net, bellsouth.net and other AT&T email addresses,” they said. An AT&T spokesperson said the company updated its security controls to prevent this activity.

Tax news

• Digital banking platform Revolut has partnered with cryptocurrency tax platform Koinly to offer discounted access to their crypto tax reporting service. Per an announcement, the partnership will enable Revolut customers to automatically sync their crypto transactions and get a comprehensive tax report reflecting gains and losses. Jane McEvoy, Global Head of Partnerships at Koinly, said that “Revolut users can now easily access Koinly directly through the Revolut app, streamlining the process of calculating crypto taxes.”

Exchange news

• Kraken pushes back against US Internal Revenue Service (IRS), alleging that the IRS’s demand for information about the company’s users constitutes an “unwarranted tax hunt,” Bloomberg reported. The exchange has asked a federal court in San Francisco, USA, to intervene and ask the IRS to back down.
• Bitten announced that they reached a strategic partnership with Fetch.ai, an artificial intelligence (AI) blockchain platform, and it will pledge $10 million in support for the Fetch.ai ecosystem. “The recent hype about AI started ChatGPT let’s see more opportunities with this technology to improve human productivity and creativity,” the announcement said. Bitget will provide consultations on marketing and other directions to ensure that the Fetch.ai ecosystem “can be properly positioned in the market to attract the attention of the community and potential business partners,” it added.

Stablecoin news

• Circlethe issuer of USD Coin (USDC), launched a mainnet protocol, Cross-Chain Transfer Protocol (CCTP), which allows users to transfer USDC between Ethereum and Avalanche. According to an announcement, apps that embed CCTP can enable users to “burn and mint” USDC natively, resulting in the stablecoin “teleporting” from one blockchain to another. “By avoiding the complications and risks of traditional ‘lock and mint’ approaches, CCTP provides a highly secure and capital-efficient way to trade USDC in an increasingly multi-chain environment,” it added.

Regulatory news

• The Charity Commission for England and Wales published guidance on Wednesday that says charities accepting crypto donations should keep accurate records and comply with tax and money laundering rules. If, despite the stated risks, it added, “you decide that your charity will accept donations of crypto-assets or use NFTs as a method of fundraising, you should adopt a policy for accepting, refusing and using crypto-assets, including how you make decisions about converting them into traditional currency.”

Web3 news

• Web3 domain provider Unstoppable domains announced a collaboration with Binance.US to introduce .BinanceUS, “a new digital identity for the Binance.US community,” a press release said. Embossed on Polygon, .BinanceUS crypto domains will allow customers to create a digital identity, which they can use to buy, sell and send crypto in the Binance.US app. The new .BinanceUS crypto domains will be available in the coming weeks exclusively through the Binance.US app. In addition, Unstoppable customers can now use Binance.US to send and withdraw crypto to any Unstoppable domain – including their .crypto, .nft or .x domains – using the withdraw feature, it added .
• Aave Companies announced that open source social graph Lens protocol launched the beta version of Bonsai, an optimistic L3 data hyperscaling solution for social Web3 applications. “The new solution significantly increases data throughput and reduces costs without sacrificing user sovereignty – the hallmark of decentralized social.” so the press release.
• Sydney-based telco Readii announced the launch of its Web3-enabled Internet service, which allows customers to earn cryptocurrencies while browsing the Internet. “This is made possible through Readii’s proprietary Web3-powered routers […] capable of storing a customer’s private cryptographic key,” it said in an announcement. In exchange for using the network, Readii offers its customers a 10% revenue share of its native token RDI, which they can use to reduce the cost of their monthly internet plan, withdraw as cryptocurrency rewards, or exchange with BTC and ETH. added.