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Former Uber Exec in Hot Water After Paying $100K in BTC to Hackers

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It looks like a former Uber exec is in a spot of trouble. Joseph Sullivan – the former Chief Security Officer at Uber – has been charged with paying more than $100,000 in bitcoin to hide a data breach of the company that occurred in 2016 rather than coming forward and explaining what had happened to the right authorities.

Questions Regarding an Uber Exec’s Behavior

The attack may have compromised millions of users and drivers. Sullivan has been charged with obstruction of justice and attempting to cover the situation up. He is believed to have hidden the information from the Federal Trade Commission (FTC) by paying off alleged white hackers who did not actually do the hack or compromise the data. Rather, this payment was issued to make it seem as though the hackers were looking to fix security bugs.

A spokesman for the transportation service released the following statement:

We continue to cooperate fully with the Department of Justice’s investigation. Our decision in 2017 to disclose the incident was not only the right thing to do, but it embodies the principles by which we are running our business today: transparency, integrity and accountability.

While the hack may have occurred in 2016, Uber itself did not report the incident until November during the following year. Sullivan’s spokesperson Bradford Williams also took some time to speak to the press about the circumstances involved in the data breach. He states:

There is no merit to the charges against Mr. Sullivan, who is a respected cybersecurity expert and former assistant U.S. attorney. This case centers on a data security investigation at Uber by a large, cross-functional team made up of some of the world’s foremost security experts, Mr. Sullivan included. If not for Mr. Sullivan and his team’s efforts, it’s likely that the individuals responsible for this incident never would have been identified at all… From the outset, Mr. Sullivan and his team collaborated closely with legal, communications and other relevant teams at Uber, in accordance with the company’s written policies. Those policies made clear that Uber’s legal department and not Mr. Sullivan or his group was responsible for deciding whether, and to whom, the matter should be disclosed.

Keeping Things Hush Hush

Sullivan was in control of Uber’s security between April 2015 and November of 2017, right around when the company was first announcing the data breach. In the middle of his term, two hackers contacted him and demanded large sums of money in exchange for silence regarding customers’ and drivers’ private information. Data regarding approximately 57 million separate Uber drivers might have been downloaded by the malicious actors, including license numbers.

It was in December of 2016 when a $100,000 BTC payment was made to the hackers. He also worked to have them sign non-disclosure agreements which falsely stated that they did not possess any Uber-based information.

Tags: , , Source: https://www.livebitcoinnews.com/former-uber-exec-in-hot-water-after-paying-100k-in-btc-to-hackers/

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Tezos, IOTA, Crypto.com Coin Price Analysis: 04 December

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Bitcoin’s recent surge that saw it climb to a new ATH on a few exchanges had a profound effect on the rest of the crypto-market. At press time BTC was being traded at $19,403 with a trading volume of $17.5 billion.

Source: CoinStats

Thanks to BTC’s high correlation with the rest of the market, many altcoins surged, including the likes of IOTA and Tezos. Crypto.com Coin, on the contrary, seemed to follow its own bearish trajectory on the charts.

Tezos [XTZ]

Source: XTZ/USD on TradingView

Tezos, once one of the market’s top-12 cryptocurrencies, has fallen a long way on the charts since mid-August. In fact, at the time of writing, Tezos was ranked 19th on CoinMarketCap’s ladder. However, despite its bearishness over the last few months, the last few weeks have seen signs of bullish revival. The same was true over the previous week as XTZ surged by almost 8% on the charts after Bitcoin’s latest ATH.

It should be noted, however, that this hike paled in comparison to the one it noted the week before that. At the time, Tezos was observed to have climbed by almost 30%.

While there were some bullish signs, the larger trend remained bearish, something suggested by XTZ’s technical indicators too. While the Parabolic SAR’s dotted markers were well above the price candles, the Relative Strength Index was mediating between the oversold and overbought zones.

Tezos was in the news recently after it announced the Edo upgrade, swiftly on the heels of the Delphi upgrade.

IOTA

Source: IOTA/USD on TradingView

IOTA was one of the altcoins to register the sharpest of movements after Bitcoin started breaching resistance levels in late-November. In fact, thanks to the same, IOTA’s value shot up the charts, even briefly overtaking the highs last set in August 2020. While corrections had ensued at press time, IOTA’s price charts still recorded a hike of over 14% over the last 7 days.

The scale of the movement was evidenced by IOTA’s technical indicators as while the Bollinger Bands were expanding to make room for incoming price volatility, the Awesome Oscillator highlighted mostly bullish momentum in the market.

IOTA recently teamed up with Austra’s Christina Doppler Laboratory to foster research in distributed ledger technologies.

Crypto.com Coin [CRO]

Source: CRO/USD on TradingView

Crypto.com’s CRO has had quite a dramatic year. Having climbed and consolidated on the charts until the end of September, October saw CRO fall steeply down a cliff with the scale of its depreciation taking many by surprise. Oddly enough, CRO’s fall also coincided with the rest of the market’s cryptocurrencies strengthening their positions. What is even more interesting is that Bitcoin’s bearish run as over the past week or so, CRO was still down by almost 20%.

On the contrary, CRO’s indicators still flashed green. While the MACD line was hovering over the Signal line under the histogram, the Chaikin Money Flow was well above zero and near 0.20, a sign of growing capital inflows. At the time of writing, it was difficult to predict whether these indicators’ signals would amount to a trend reversal or not.

Source: https://eng.ambcrypto.com/tezos-iota-crypto-com-coin-price-analysis-04-december

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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