Today’s top headlines in the crypto roundup: Facebook executive accidentally shares the GlobalCoin whitepaper details, 'severe price crash' sees Poloniex incur mass margin loan defaults and government enforcement agencies are cracking down on cryptocurrency tax evasion.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,949.7 (+2.27%) and $248.13 (+1.73%), respectively. Litecoin (LTC) has fared the best out of the top ten cryptoassets and is trading at $113.95 up 9.97% in the past 24 hours with a total volume of $1.13 billion. The MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,926.60 (+2.27%).

Facebook Exec Mistakenly Shares Key GlobalCoin Details

Per reports from German magazine WirtschaftsWoche, Facebook’s head of financial services and payment partnerships for northern Europe, Laura McCracken, let slip key details of the social media giant’s not-yet-launched cryptocurrency.

McCracken revealed the Globalcoin will be published on June 18. The cryptocurrency itself, she went on to detail, will be pegged to a basket of currencies rather than a single one like the U.S. dollar. TechCrunch revealed last night it had received a request for a June 18 news embargo from a communication manager for Facebook’s hundred-plus strong blockchain team.

Poloniex Reports Margin Lending Defaults

Circle-owned cryptocurrency exchange Poloniex announced that “on May 26, a sudden, severe price crash in the Clams (CLAM) market caused a number of margin loans to default, resulting in a roughly 1800 [bitcoin] BTC generalized loss in the Poloniex BTC margin lending pool.” In today’s rates, 1800 BTC equals over $13 million.

On Poloniex, it is possible for margin traders living outside the U.S. to collateralize their loans with any cryptocurrency available for lending, even if it’s a cryptocurrency with low liquidity. In their announcement, Poloniex told readers that, in an effort to “protect lenders,” they had decided to remove margin trading for four cryptocurrencies particularly illiquid cryptoassets: BitShares (BTS), Factom (FCT), MaidSafeCoin (MAID), and, of course, CLAM.

Government Agencies Crack Down on Cryptocurrency Tax Evasion

The Australia Taxation Office (ATO) is investigating 12 tax avoidance schemes as a part of a broader international investigation by the Joint Chiefs of Global Tax Enforcement (J5). The J5 is exploring firms that have used cryptocurrencies to assist entities evading taxes.

The J5 was established a year ago by leaders of tax enforcement authorities from the U.S., Canada, Australia, the Netherlands, and the U.K. in the wake of the Panama Papers and Paradise Papers document leaks. Hans van der Vlist, General Director FIOD stated:

“Two weeks ago we took offline an important online mixer for cryptocurrencies. We are now analysing the seized information. We expect good leads for investigations in J5 countries."

State of the Crypto by Top Tier Exchange Volume

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