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The hackers that hit Twitter last week and hijacked dozens of high-profile accounts to promote a fake bitcoin giveaway have moved some of the BTC they received from the scam to peer-to-peer (P2P) trading platforms and cryptocurrency gambling websites.

Russia has dropped plans to criminalize bitcoin transactions, setting aside plans to issue fines of up to $7,000 or seven years in jail for buying cryptocurrencies with cash.

The South Korean government has finalized its plans to charge a 20% tax on cryptocurrency-related gains. The country’s Ministry of Economy and Finance amended its tax code this week to reveal an annual income of more than 2.5 million won, worth about $2,000, from crypto trading is subject to a 20% tax.

Top stories in the Crypto Roundup today:

  • Twitter's Hackers Tried to Launder Collected BTC Via Gambling and P2P Platforms
  • Russia Drops Plans to Criminalize Bitcoin Transactions
  • South Korea Finalizes Plans to Charge 20% Tax on Income From Crypto Transactions

At the time of writing, bitcoin (BTC) is trading at $9,314.84 (0.01%) with a daily Top Tier volume of $2.21 bn. As for ether (ETH), it is trading at $242.70 (0.45%) with a daily Top Tier volume of $727.77 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,203.20 (-0.84%).

 
24 hours chart of the price of BTC
 

Twitter's Hackers Tried to Launder Collected BTC Via Gambling and P2P Platforms

 

The hackers that hit Twitter last week and hijacked dozens of high-profile accounts to promote a fake bitcoin giveaway have moved some of the BTC they received from users to peer-to-peer (P2P) trading platforms and cryptocurrency gambling websites in a bid to launder the funds.

According to blockchain forensics firm CipherTrace, 0.2 BTC were moved to a P2P exchange via a “peel chain,” a chain of transactions that sees the amount of BTC being moved from wallet to wallet, with each movement including outputs to other wallets that “peel” off from the larger amount. At the end of the chain the funds move back to a single address, but often hackers use peel chains more than once to throw off blockchain sleuths.

This tactic, according to CipherTrace, is favored by North Korean hackers, as the firm believes Chinese nationals linked to Pyongyang laundered over $100 million worth of crypto using peel chains.

Using peel chains, the Twitter hackers reportedly moved funds to P2P marketplaces, gambling platforms, and even a Singapore-based regulated exchange, CipherTrace added. Each peel chain contained between 0.1 and 0.15 BTC, but the regulated trading platform received more than 1 BTC from the hackers.

CipherTrace also identified a transaction to an old Binance cold wallet, which was believed to have been made to mock investigators following the coins on the blockchain.

 
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Russia Drops Plans to Criminalize Bitcoin Transactions

 

Russian news outlet Ria Novosti reports that Russian government has dropped plans to criminalize bitcoin transactions, changing the Digital Financial Assets Bill (DFA) to set aside an idea that would penalize BTC investors with fines up to $7,000 or seven years in jail.

The bill would also punish firms that operate or issue virtual currencies without approval from the Russian central bank with fines up to $28,000. For violating “the rules for transactions with cryptocurrencies,” firms could have been fined up to $13,900, and individuals up to $2,800.

Anatoly Aksakov, head of the parliament’s financial markets committee, commented that the revised bill removed mentions of these fines, saying:

“They’ve removed everything, there’s only a link that the regulation of digital currency will be determined in another law.”

The DFA’s current version, if approved, is expected to enter into force on January 1, 2021. Its current version merely goes into the definition of digital financial assets and establishes requirements for blockchain-based operations.

 
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South Korea Finalizes Plans to Charge 20% Tax on Income From Crypto Transactions

 

The South Korean government has finalized its plans to charge a 20% tax on cryptocurrency-related gains. The country’s Ministry of Economy and Finance amended its tax code this week to reveal an annual income of more than 2.5 million won, worth about $2,000, from crypto trading is subject to a 20% tax.

Income below the 25 million won mark will not be charged any taxes. The revised tax code still has to be approved in the country’s parliament, and would come into effect on October 1, 2021.

South Korea, The Block reports, has been planning to levy taxes on cryptocurrency-related income for over six months now. Crypto gains are classified as “other income” for tax purposes in the country.

 
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