Blockchain
Blox Survey Indicates Few Crypto Investors Accurately Disclose Assets to Tax Authorities
Blox.io, an industry-leading platform for crypto accounting, management and tracking, has released new research on the challenges faced by crypto holders and CPAs when accurately reporting to regulators. The report, titled “The Crypto CPA Insights Report,” is one of the first in-depth looks at the nascent crypto accounting industry, compiling insights from CPAs on the current hurdles that both individuals and businesses face when tracking and managing digital assets. As the Internal Revenue Service (IRS) begins to crack down, the Blox report suggests that only 5% of CPAs believe their clients – both businesses and individuals – are able to accurately or completely disclose assets and transactions for tax reporting.
However, this lack of disclosure may or may not be wilful, as 98% of the CPAs surveyed stated that missing or inaccurate data was the number one crypto accounting mistake. In addition, almost all stated that a lack of understanding of crypto tax rules was a key challenge, and that more government regulation and guidance was needed to direct prudent clients trying to do the right thing.
Sharon Yip, Founder of Crypto Tax Advisors, said: “If a business created 1,000 transactions per day, to 100 different wallet addresses, for 30 different departments, organizing and searching for those transactions is a needle in a haystack scenario. Relying on exchanges is also a dangerous game. Some only track a few months of transactions, while some shut down completely, leaving investors with no historical records of their transactions. This makes calculating profit and loss almost impossible, and could even lead to legal repercussions.”
CPA respondents also pointed to the lack of access to automated crypto accounting software and limited knowledge about the available crypto software solutions as a key challenge when helping their clients (89%).
Alon Muroch, CEO of Blox, said: “This is an entirely new industry and most investors and CPAs are still learning the ropes. One of the biggest problems is the lack of infrastructure. The more mainstream crypto transactions become, the more smart tracking and management tools become imperative. Human error can have serious implications. It comes as no surprise that most CPAs identified technology as a key component for the future of crypto accounting.”
The report shows 93% of crypto CPAs believe there will be smarter solutions and software in the not-too-distant future, while 81% specifically pointed to the need for increased automation for accurate record keeping and to establish best practices.
Education and policy were also revealed as two key areas for future growth, with 96% of respondents believing that more official rules and guidelines are around the corner, and 72% identifying the need for further education on crypto accounting, best practices, and technological solutions.
SOURCE Blox.io
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Blockchain
North Korean hackers target crypto firms with ‘Durian’ malware, Kaspersky confirms
North Korean hackers have once again targeted cryptocurrency firms, this time using a sophisticated malware known as Durian, according to cybersecurity experts at Kaspersky. This latest revelation underscores the ongoing threat posed by cybercriminals to the cryptocurrency industry and highlights the need for robust security measures to protect against such attacks.
Durian, named after the pungent tropical fruit, is a highly advanced malware strain believed to have been developed by the Lazarus Group, a notorious hacking collective with ties to North Korea. The malware is designed to infiltrate the networks of cryptocurrency exchanges and steal sensitive information, including user credentials, private keys, and other valuable data.
Kaspersky researchers have identified multiple instances of Durian being deployed in targeted attacks against cryptocurrency firms in recent months. The malware is typically spread via phishing emails containing malicious attachments or links to fake websites designed to trick victims into downloading and installing the malware on their systems.
Once installed, Durian operates covertly, using a variety of techniques to evade detection and maintain persistence within the victim’s network. It can intercept and exfiltrate sensitive data, log keystrokes, and even take screenshots of the victim’s desktop, allowing hackers to gain unauthorized access to cryptocurrency wallets and other valuable assets.
The use of Durian by North Korean hackers represents a significant escalation in cyber threats against the cryptocurrency industry. The Lazarus Group, believed to be behind the malware, has a long history of targeting cryptocurrency exchanges and financial institutions with sophisticated cyberattacks aimed at stealing funds and sensitive information.
To mitigate the risk of falling victim to such attacks, cryptocurrency firms are advised to implement robust cybersecurity measures, including multi-factor authentication, encryption, network segmentation, and regular security audits. Additionally, users should exercise caution when opening email attachments or clicking on links, especially if they appear suspicious or unsolicited.
By remaining vigilant and implementing proactive security measures, cryptocurrency firms can better protect themselves and their customers against the growing threat posed by cybercriminals and state-sponsored hackers.
Source: crypto.news
The post North Korean hackers target crypto firms with ‘Durian’ malware, Kaspersky confirms appeared first on HIPTHER Alerts.
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