Market overview: January 20 – 24, 2020

It’s finally Friday, and here is our weekly digest from the team. We’ve collected the hottest cryptocurrency and blockchain news. Check them out.

Teen charged for $50m cryptocurrency theft

According to Infosecurity Magazine, Samy Bensaci from Montreal, Canada was accused of a $50 million SIM-swapping scam. Among his victims were two renowned Canadian Blockchain experts: Don Tapscott, head of the Blockchain Research Institute, and his son Alex, a cryptocurrency investor and advisor.

Eighteen-year-old hacker is accused of being part of a crime ring that stole millions of dollars in cryptocurrencies. They gained unauthorized access to the mobile phones of cryptocurrency holders in America and Canada.

Bensaci is prohibited from accessing any device capable of accessing the Internet. He is also banned from HODLing or exchanging any crypto.

Binance invests in blockchain startup Numbers

One of the largest cryptocurrency platforms Binance announced its support for Taiwanese startup Numbers. The financial terms of the deal were not disclosed.

Numbers plans to build a transparent and traceable data sharing, verification, and management system. Its app assures data traceability and allows its customers to own and monetize their personal data.

Numbers’ co-CEO Bofu Chen commented on this collaboration with Binance: “The investment from Binance will help us explore more use scenarios and accelerate technological and business development. We are also working to open the libraries we built for the developer community in 2020 so that more developers can leverage our work and use the Binance Chain with more ease.”

South Korea plans to implement 20% tax on cryptocurrency trading 

The Korea Times published a report, saying South Korea’s Ministry of Economy and Finance is considering imposing a tax on crypto income. The ministry has not finalized its plan, but it is noted that it is drafting a tax regime for profits made from trading cryptocurrencies. 

Quote of the week

Changpeng Zhao, the co-founder of Binance:

“Many hardcore crypto [organizations] advocate storing your keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is *SAFUer for most people. The numbers speak for themselves. Need to work on wallets.”

*SAFU is a term used to denote ” Safe ” in the cryptocurrency industry.

That’s all for now. Stay tuned for more blog posts, and have a wonderful weekend!