Besides Dogecoin, the posts also list a variety of cryptocurrencies with animal names, inspired by dog ​​breeds such as Akita, Shiba, Poodle… On many cryptocurrency discussion groups, administrators have voiced doubts about these articles, and commented that it is lame to rank FXT Token on a par with Dogecoin or Shiba. Posts promoting cryptocurrencies by many famous people in Vietnam. Posting about cryptocurrencies but don’t understand what “moon” is The fact that a series of artists have posted articles promoting the purchase of cryptocurrencies has many unusual signs. First, all articles have the same content, no difference in punctuation. They all only last a few hours before being deleted. In the comments section, many artists seem to lack the basics of cryptography. Actor Kieu Minh Tuan does not know the term “moon”, which is often used to refer to a sharp increase in money. Previously, singer Cao Thai Son was the first artist to publicly enter the cryptocurrency market with a portfolio that included Dogecoin. He often shares about his activities on his personal page. Post by Kieu Minh Tuan on personal Facebook. “Should you buy crypto right now? Advice: Buy as an asset with idle money, no leverage or interest,” the male singer wrote in a May 11 post. In the last week, when Dogecoin rose sharply, Cao Thai Son once posted to cheer for this coin, calling for everyone to invest. However, right after Dogecoin fell deeply, this singer posted a photo with the words “back to being a singer, no more analyzing stocks, crypto”. After Cao Thai Son, Ngoc Trinh also attracted attention when she published a post criticizing a cryptocurrency exchange that did not authenticate users (KYC) and claimed that she had been scammed by the exchange. While, delay in KYC is normal in exchanges. After that, she continued to post showing off her wallet on the exchange owning many millions of dollars worth of cryptocurrency. However, Ngoc Trinh deleted these posts, posted the article “duplicating the original” of other KOLs and then deleted it again. “Not only Huobi, many exchanges allow withdrawal of small amounts without KYC. Only when a large amount of money needs to be withdrawn does the user have to do KYC. It is incorrect to deposit such a large amount of money into the exchange without first finding out, and posting a post saying that the exchange is a scam,” commented Nguyen Vinh, co-founder of a large cryptocurrency investment company in Vietnam. Artists install advertising messages for multi-level? In the list of cryptocurrencies posted by the artists, in addition to the animal coins, there is a different coin, placed in the middle of the list is FXT. Previously, FXT was used as a fiat currency used for Lio****’s project. This project acts as a forex trading platform combined with binary options. This form of binary trading has long been warned as multi-level gambling. Instead of having to play on their own, investors in Lio**** are guaranteed to pay interest daily. The total profit for the whole year of this project is up to 2.3 times the original capital. The project has been warned by many domestic experts as a scam. In early 2021, many people lost money when Lio**** stopped working, not allowing money to be withdrawn from the account. The FXT coin is said to be directly related to the Lio**** multi-level project. Photo: VTV. Reply anonymously to Zing , a technology expert, and an administrator of the largest group of digital currencies in Vietnam, thinks that putting FXT in the middle of the list in the article is how artists advertise the product. by Lio****. “I think that a celebrity like Ngoc Trinh showing off a million-dollar e-wallet may be an implicit advertising act for FXT, not Dogecoin or Shiba. Because the time shown in the photo is quite different from when it was posted. Not to mention, the fact that many Vietnamese artists and celebrities share the same post content is very suspicious, “said this expert. On the same day, May 11, many screenshots of posts by Vietnamese artists were widely shared by the FXT Token community. “To Ngoc Trinh, Kieu Minh Tuan, Kha Nhu… still participating, what are you waiting for?”, the content of the status line reposted the screenshot of the person claiming to be the leader Lio****. In this article, the artist group also put the hashtag #trust. Trust English means “trust”, but can also refer to Trust Wallet, a software wallet technology that stores cryptocurrency. Previously, in the group of users who were deceived by Lio****, there were many warnings not to send money to Trust wallet to avoid losing evidence. On cryptocurrency discussion groups, members also pointed out that FXT is a suspicious name, because this coin has been launched since the end of 2020, and the call for investment has many signs of multi-level resemblance. . “These artists may be creating the image of a new multi-level project, aiming to attract a lot of small investors to clean up a big catch,” said LN, which runs a group on crypto. Many risks when investing in “junk coin” In the world of cryptocurrencies, in addition to large-cap coins with a good technology platform behind them, there are many so-called “junk coins” (very low value, arbitrarily created coins, copy the source code of reputable systems and some are served to scam groups). They are built on the available blockchain technology, often have no applications or come up with very simple applications, very low value but very high supply. Many experts warn that low-value, animal-based cryptocurrencies that have grown several times in the past few days are also very risky investments. These coins have a common model of using a cute image of an animal, a very small price, buying and selling many times to grow quickly. “These currencies all start at very cheap prices, at a fraction of a few tens of millions of dollars. They are created, then sent 50% to a certain celebrity for image, and then sold on exchanges. They use money to buy and sell themselves on these exchanges to increase the price thousands of times, creating momentum to put on the big floor. Because the number is so small, when the coin increases to a certain level, it has grown thousands of times, creating trust for ignorant people. When it comes time to be dumped, only those people will suffer,” said Vuong Le Vinh Nhan, founder of the VNDC trading platform. The Dogecoin price rose rapidly and reached an all-time high of $0.72 before cooling off. Photo: Coinmarketcap. Before that, the most successful animal crypto story was Dogecoin. Created as a joke, Dogecoin has been growing strongly for nearly a year as Tesla CEO Elon Musk repeatedly mentioned the coin. Over the past week, the price of Dogecoin has also fluctuated by tens of percent every day. Mike Novogratz, founder and CEO of Galaxy Digital, believes that two sharks own 30% of all Dogecoin today. In addition, Dogecoin also does not have a supply limit like Bitcoin. “The rise of Dogecoin is a prime example of the theory that fools more at play,” said David Kimberley, analyst at investment app Freetrade.

The Turkish central bank forbids payments with Bitcoin and other cryptocurrencies. Trading in digital currencies and paying with them are associated with “significant risks” and may lead to “irreparable” damage, the institute said. Cryptocurrencies are not subject to any regulation or supervision by a central bank and the rates are subject to high fluctuations. In addition, the central bank is concerned that cyber currencies will prevent the Turkish lira continues to come under pressure . It has lost a lot of its value in recent years, and inflation is high in the country. Crypto fans also see digital assets such as Bitcoin or Ethereum as a hedge against currency weakness and inflation.

Accepted as a means of payment by more and more companies

The new regulation, which is to apply from April 30th, prohibits payment processors from making transfers in cryptocurrencies. Direct and indirect payments are affected, wrote the central bank in its official gazette. In contrast, the ban does not seem to apply to the possession of digital currencies. Recently, more and more businesses in Turkey had accepted cryptocurrencies as a means of payment, just a few days ago, for example, the car dealer Royal Motors, which sells Rolls-Royce and Lotus vehicles in the country. Worldwide, Apple, Amazon and the online travel company Expedia have been ready for a while. Also the electric car manufacturer Tesla accepts cryptocurrencies when paying . A Bitcoin was around three percent cheaper to $ 61,490. The course had chased from one record to the next in the past few months – many experts are warning of a bubble. Shares in companies that deal with cryptocurrencies also came under pressure.

Illustration. Source: Internet According to the US Federal Revenue Service (IRS), virtual currency needs to be taxed as an asset. When using virtual currency to trade, it also means that this type of asset is being sold. On the other hand, if the user is paid in bitcoins then that amount is valued as a taxable revenue. Almost every cryptocurrency transaction is taxable and requires registration. Despite the fact that bitcoin and other cryptocurrencies are virtual, they have a sizable impact on taxes in practice. Tax debtors will incur both interest and penalties, possibly even criminal prosecution in some cases. How does the IRS control the virtual currency tax? According to Mark Luscombe – a federal tax analyst at Wolters Kluwer Tax & Accounting, any business transactions over $ 600, whether issued to a non-employee or paid to an employee are required to be reported to the IRS. Additionally, at each individual income tax return, any federal taxpayer must honestly answer the question: “At any time in 2020, have received, sold, sent, or exchanged Or is there a financial gain in any virtual currency? “. Together with the US Department of Justice, the tax authorities are taking measures to ensure that people comply with regulations on taxes. The IRS has launched a “virtual currency tax compliance” campaign aimed at reaching and inspecting taxpayers extensively. In addition, the IRS sent documents to 10,000 people to remind citizens of their crypto-related tax obligations, urge them to check and revise their previous declarations if they owe taxes, interest or penalties. . States of the United States have tax electronic money transactions are not ? Cryptocurrency transactions in the US can be taxed. Most states do not have specific crypto legislation, meaning the majority of states will comply with the federal lead in income tax regulations. Any money people make from crypto investments or income payments will count towards the total personal income. Most states use the AGI (an individual’s gross income adjusted for allowable discounts) that federally regulates do. Cryptocurrency transactions continue to be taxed in 2021 By 2021, crypto dealers must report all of their business profits and losses. The tax on virtual currency will depend on the difference between a person’s virtual investment and earnings. If your virtual currency investment increases in value by the time the asset is sold, your earnings will be taxed as regular income. If the investment period is longer than one year, it is subject to capital gains tax. In addition, there is a loss on the sale, the loss of fixed capital can be offset by the gains that are incurred in other investments. The difference when using virtual money to pay Using bitcoin to pay also means that users are selling this property. Trading in bitcoin is likely to receive profit or loss in return. The IRS notes that Bitcoin’s rate is not anchored to any other currency, but entirely dependent on market supply and demand. Bitcoin is currently one of the purest free-market assets because it is freely traded in huge volumes globally without any control. Unlike credit cards, the cost of sending Bitcoin is completely voluntary by the sender (not the receiver). The higher the fee for sending Bitcoin, the more pre-processed the transaction is by the network. The fee for paying in Bitcoin is much cheaper than paying by credit card or wire transfer. The cost of sending money through Bitcoin is independent of the number of deposits, making Bitcoin very attractive to those who want to send money in bulk.

From Till Bücker, tagesschau.de On Wednesday, the largest US trading platform for cryptocurrencies will venture onto the trading floor. Proponents of Bitcoin and Co. see this as a further step towards broader acceptance of digital currencies as an asset class. According to the company’s own information, 114.9 million shares are to be listed under the symbol “COIN” on the New York technology exchange Nasdaq via a direct placement without the support of investment banks and pricing procedures. This makes Coinbase the first crypto company to be listed on a major American stock exchange. Experts also describe the stock market debut as a groundbreaking event for the regulation of digital currencies.

43 million users

The company from San Francisco was recently valued by investors at almost 68 billion dollars. According to the business magazine “Forbes”, Coinbase could achieve an overall valuation of more than 100 billion dollars in the transaction – making it one of the largest IPOs in recent years. In October 2018, the company was valued at just eight billion dollars in a financing round. In 2012, Coinbase boss Brian Armstrong and Fred Ersham, who is no longer operational as a director, founded the platform to enable easy and fair trading in cryptocurrencies – apparently with success. According to the company, around 43 million investors in over 100 countries use Coinbase to invest. 2.8 million at least once a month.

Brian Armstrong is the boss and founder of Coinbase. At least Coinbase is benefiting from the transactions: for 2020, the company reported revenues of around $ 1.3 billion, which was more than double the previous year. The bottom line was a profit of $ 322 million. In 2019, Coinbase had earned a minus of 30 million. The soaring is closely related to the Hype about cryptocurrencies. Bitcoin and Ether in particular have only known one direction since autumn, with minor exceptions: up. Both currencies recently reached a new record high. At the end of September, a Bitcoin had cost $ 10,000. Today, investors have to pay more than $ 60,000 for the oldest and largest cyber currency.

How does trading on crypto exchanges work?

Anyone who wants to trade cryptocurrencies – for example, shares in Bitcoin – has several options. Usually there is different from the stock market no middleman like a bank or broker. Investors can therefore buy and sell mainly via crypto exchanges. In addition to Coinbase, this also includes, for example, the Stuttgart Stock Exchange with its BISON app and the BSDEX (Stuttgart Stock Exchange Digital Exchange) as well as FTX, Binance, Bitstamp, Bitso or Kraken, which are also planning an IPO in the coming year. Investors set up an account at the crypto exchanges and can trade with relatively low transaction costs, store their coins and exchange them for traditional currencies. With traditional exchanges, on the other hand, brokers are always interposed to process the transactions. What is an advantage in terms of transparency is, on the other hand, also a risk. “It can happen that stock exchanges are exposed to hacker attacks and the money disappears,” said Leon Berghoff from the crypto trading company Sixtant. According to a report by the server service provider “Atlas VPN”, there were more than 120 hacker attacks on cryptocurrencies in 2020 alone. A lack of government regulation could also become a problem.

Investors should look carefully

“There are now over 200 crypto exchanges worldwide. Some of them are well done, but others are not”, says Philipp Sandner, head of the Blockchain Center at the Frankfurt School of Finance & Management, in an interview tagesschau.de. Regulation in this country offers the best protection against a total loss of the investment. For example, Coinbase, the Stuttgart Stock Exchange, bitcoin.de or the Berlin crypto bank Bitwala have applied for approval from the Federal Financial Supervisory Authority (BaFin).

Expert Sandner advises paying attention to licenses. “These four companies should get the licenses pretty sure. With all the others, investors should stay away from it if they are not entirely sure,” said Sandner. Many foreign exchanges have not applied for a BaFin license and deliberately circumvented regulation due to high costs.

Security through a good reputation

In addition, a certain reputation is also helpful. “Once a company has built up a good reputation like the Stuttgart Stock Exchange, it will do everything possible not to damage it,” says Sandner. That is an additional protective mechanism. The reputation also contributes to success at Coinbase. The group has always complied with the rules and is therefore even allowed to advertise. In addition, hackers have never got through. “You can compare it a little with airlines. As soon as an airplane had problems, the whole country suddenly no longer wants to fly with it – and vice versa,” said the crypto expert. Investors should first be careful with unknown and non-established crypto exchanges. The IT measures on many platforms have meanwhile become more professional. In general, however, cybercrime can never be ruled out.

A global customer survey conducted by Statista shows that Vietnam has the second highest cryptocurrency usage rate in the world, after Nigeria.

With millions of dollars traded every month, cryptocurrency exchanges are a good prey for cybercriminals. Fraudulent acts on electronic transactions include developer and investor information collection; attack with malware, phishing, malicious code, fake notification, navigate to fake website, DDoS … and steal electronic wallet security key.

A notorious cybercrime gang that targets cryptocurrencies is Lazarus and its members. Since 2019, Kaspersky researchers’ investigations show that Lazarus is behind the recent attacks in Singapore.

BlueNoroff, “family member” Lazarus specializing in the financial attack, is also said to be carrying out cryptocurrency-related attacks in Southeast Asia under the name SnatchCrypto.

The gang targeted banks, and was also accused of being involved in the theft of $ 81 million by Bangladeshi banks. Kaspersky researchers have been tracking SnatchCrypto since the end of 2019 and found that the guys behind the campaign have resumed operations with a similar strategy.

Chris Connell, Managing Director of Kaspersky Asia Pacific said: “In the near future there will be more new crypto investors across Southeast Asia as the bargains from different cryptocurrencies are undeniable, and Vietnam is one of the countries that are at the forefront of this transformation.

The development of cryptocurrencies is an integral part of digital transformation in the region and in Vietnam, so we encourage individuals who access these financial technologies to have a basic knowledge of security measures to keep our cryptocurrency safe ”.

Experts at Kaspersky share some basic ways to protect yourself against cybercriminals on cryptocurrency exchanges:

– Transaction research: Before investing, learn about cryptocurrency exchanges. These platforms provide the means for buying and selling virtual currency units, but there are over 500 transactions to choose from. Do research, read feedback and talk to experienced investors before going any further.

– Know how to keep your virtual currency: After purchasing cryptocurrency, you need to keep it. There are different types of wallets, each with different benefits, technical requirements and security. When trading, you should research your storage options before you invest.

– Diversification of investment: Diversification is the key to any smart investing strategy, and so is when you invest in cryptocurrencies. Don’t put all your capital into Bitcoin just because it’s the only name you know. There are thousands of options, and it’s best to divide your investments by a few different currencies.

– Prepare for instability: Cryptocurrency is a volatile market, be prepared for volatility. You will see amazing fluctuations in prices. If your investment ability or mental health cannot tolerate volatility, then cryptocurrencies may not be a wise investment.

Cryptocurrency is booming, but it’s still in its infancy. Investing in something new always presents challenges, so be prepared. If you are planning to invest, do your research carefully and invest carefully.

– Always give security: Transacting using your home network is safer than using a public network, but you need the right security. For starters, it’s a good idea to change the default router password because the root password is usually the same for all routers of the same model, making your WiFi vulnerable to attack.

In any case, it is best to do all electronic transactions over an encrypted VPN channel, which will add an extra layer of security.

When choosing a VPN service, pay attention to the connection speed (depending on the number and quality of the server group of the provider).