ETHEREUM Outranked TRON in China After The Fork!!!
In this series, we have picked four hottest pieces of news happening in the crypto market. After a $340 million vulnerability was discovered on its network, the MakerDAO blockchain project has suddenly sprung into action to fix the loophole. Second up, just like the United States’ IRS, the Danish tax man is now poised to fish out crypto tax evaders within its shores by all means. Next, Ethereum’s Istanbul upgrade has succeeded in boosting the network’s ranking in blockchain-friendly China, and finally, last but not least, After unceremoniously kicking out Micree Zhan, Jihan has now become Bitmain’s CEO.
The Market Today
The bears have taken over the crypto markets once again. Bitcoin is currently priced $7,232 decreasing 1.49% from Tuesday. Similarly, ETH and XRP are down by 1.65% and 0.78% respectively.
The Maker Foundation responded to Micah Zoltu’s accusation
In a bid to permanently fix the gaping hole found in its network by highly reputed software developer, Micah Zoltu, the Maker Foundation has announced a series of governance polls. As reported by Cointelegraph, one of the polls launched by the Maker Foundation interim risk team tries to find out from the community whether the governance security module (GSM) should be upgraded from 0 seconds to 24 hours – a measure that could give the network more time to scrutinize each contract and decide whether it’s fraudulent or not. It will be recalled that Zoltu declared on December 9, 2019, that any hacker that has up to $20 million in his disposal could easily hack the MakerDAO network and steal up to $340 million worth of Ether (ETH) locked in the system. Zoltu said:
“Maker DAO v2 was supposed to launch with safeguards against a hostile MKR holder stealing all collateral and potentially robbing a good chunk of Uniswap, Compound, and other systems integrated with Maker in the process. Instead, they decided not to.”
Though implementing GSM could also present a bad actor who has sufficient funds, with more time to vote up their own malicious contracts programmed to steal the collateral on the network, the Maker Foundation interim risk team has nonetheless added a poll on the matter and it remains to be seen how the MakerDAO ecosystem will respond to this.
Denmark requires traders to provide all their cryptocurrency transactions
Second up, at a time when hodlers are seriously buying the dip in preparation for the next moon season, the future doesn’t look quite bright for Danish crypto investors as the taxman has declared war against them. As reported by Cointelegraph, Denmark’s tax agency, Skattestyrelsen (Skat), has started sending letters to crypto investors in the region, requesting for full details concerning their bitcoin (BTC) and altcoins transactions. Sadly, Skat has mandated crypto traders to provide the entire profit and loss details of their transactions for fiscal years 2016 to 2018, in accordance with FIFO (First In First Out) principles. To further make things difficult, the taxman has made it clear that the exact rates used for each transaction, the reason behind the acquisition of the cryptoassets and the documentation regarding the creation of a crypto wallet must be provided. Robin Singh, founder of crypto tax firm, Koinly said:
“Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all pas reports as well. Filing tax on crypto trades is a difficult task as crypto traders usually hold several exchange accounts and wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.”
It’s worth noting that Skat has been hunting down crypto tax evaders since 2018 when it said it was trying to fish out about 2,700 people that owed taxes on Bitcoin profits. Elsewhere, the U.S. IRS is also not giving up the chase on crypto tax evaders, as it had previously sent out letters to 10,000 crypto investors in the country, in an effort to clarify their tax filing requirement and order them to remit their taxes. With bitcoin (BTC), altcoins and the underlying blockchain technology growing in popularity with each passing day, it is expected that more tax authorities will begin to demand their own share of the cake and it remains to be seen whether the taxmen will win this battle in the long run.
Ethereum ranks second in CCID rankings after the hard fork
After successfully conducting its Istanbul update, the Ethereum smart contracts blockchain network is now ranked second in China. According to Cointelegraph, China’s state-run tech platform, the Center for Information and Industry Development (CCID) has released its 15th DLT assessment, ranking a total of 35 blockchain networks. In the latest rankings, EOS remains the number blockchain network in China, while Ethereum has been moved from third to second, trading places with Justin Sun’s TRON (TRX). Notably, the Bitcoin blockchain is ranked ninth, while Ripple filed to even make the top ten, sitting at 18th. Ethereum’s promotion is attributable to the recent Istanbul upgrade which co-founder Vitalik Buterin claims will give the network the power to execute 3,000 transactions per second and bring more functionality to Ethereum.
Wu Jihan resurfaces as Bitmain CEO
Last but not least, cryptocurrency big whale, Jihan Wu is now the CEO of Bitmain, after the controversial ousting of Micree Zhan from the firm. Reportedly, Wu attended a public conference in China on Saturday, stating that Mcree Zhan Ketuan has stepped down from his leadership role at the firm. It will be recalled that Zhan was sacked as a legal representative of Bitmain without his consent and has since been voicing out his discontent. He said:
“Bitmain is our child. I will fight for her till the end with legal weapons. I won’t allow those who want to plot against Bitmain to succeed. If someone wants a war, we will give them one.”
During the summit in China, Wu announced new sales initiatives aimed at attracting new customers to the firm.
That’s everything you need to catch up today guys! Do you think the MakerDAO community will implement GSM? What do you think of Skat’s push to fish out Bitcoin tax offenders? What do you think of Ethereum’s latest ranking in China? Are you in support of Zhan’s ousting in Bitmain?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.