Today in Crypto: Hackers Using Victims’ AT&T Email Addresses to Steal Crypto, Revolut Partners with Koinly, Kraken Fights IRS, Circle Launches Mainnet Protocol for USDC Transfers Between Ethereum & Avalanche

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Security news

• Hackers are breaking into the accounts of people who have AT&T email addresses, using that access to hack into the victims’ crypto exchange accounts and steal their crypto, TechCrunch reported. They are able to do this because they have access to a part of AT&T’s internal network, which allows them to create mail keys for any user, an anonymous source was quoted as saying. This gang can “hack into the email addresses of anyone who has an att.net, sbcglobal.net, bellsouth.net and other AT&T email addresses,” they said. AT&T spokesperson said that the company updated its security controls to prevent this activity.

Tax news

• Digital banking platform Revolut has partnered with cryptocurrency tax platform Koinly to offer discounted access to their crypto tax report service. Per an announcement, the partnership will enable Revolut customers to automatically sync their crypto transactions and obtain a comprehensive tax report that reflects their gains and losses. Jane McEvoy, Global Head of Partnerships at Koinly, said that “Revolut users can now effortlessly access Koinly directly through the Revolut app, streamlining the process of calculating their crypto taxes.”

Exchange news

• Kraken is pushing back against the US Internal Revenue Service (IRS), arguing that the tax agency’s demands for information about the company’s users amount to an “unjustified treasure hunt,” Bloomberg reported. The exchange has requested a federal court in San Francisco, USA, to intervene and ask IRS to step back.
• Bitget announced that it reached a strategic partnership with Fetch.ai, an artificial intelligence (AI) blockchain platform, and it will be pledging $10 million in backing to the Fetch.ai ecosystem. “The recent hype on AI kicked off by ChatGPT allows us to see more possibilities of this technology in improving human productivity and creativity,” the announcement said. Bitget will be providing consultations on marketing and other directions to ensure that the Fetch.ai ecosystem “can be properly positioned on the market to attract community and potential business partner attention,” it added.

Stablecoin news

• Circle, the issuer of USD Coin (USDC), launched a mainnet protocol, Cross-Chain Transfer Protocol (CCTP), that lets users transfer USDC between Ethereum and Avalanche. According to an announcement, apps that embed CCTP can enable users to “burn and mint” USDC natively, which results in the stablecoin “teleporting” from one blockchain to another. “By avoiding the complications and risks of traditional “lock and mint” approaches, CCTP brings a highly secure and capital efficient way to transact with USDC in an increasingly multi-chain environment,” it added.

Regulation news

• The Charity Commission for England and Wales published guidance on Wednesday stating that charities accepting crypto donations should keep accurate records and comply with tax and money-laundering rules. If despite the stated risks, it added, “you decide that your charity should accept donations of cryptoassets or use NFTs as a method of fundraising you should adopt a policy on accepting, refusing and using cryptoassets, including how you make decisions about converting them to traditional currency.”

Web3 news

• Web3 domain provider Unstoppable Domains announced a partnership with Binance.US to introduce .BinanceUS, “a new digital identity for the Binance.US community,” a press release said. Minted on Polygon, .BinanceUS crypto domains will allow customers to create a digital identity, which they can use to buy, sell, and send crypto within the Binance.US app. The new .BinanceUS crypto domains will be available in the coming weeks, exclusively through the Binance.US app. In addition, Unstoppable customers can now use Binance.US to send and withdraw crypto to any Unstoppable domain – including their .crypto, .nft, or .x domains – by using the withdraw function, it added.
• Aave Companies announced that the open-source social graph Lens Protocol launched the beta version of Bonsai, an optimistic L3 data hyperscaling solution for Web3 social applications. “The new solution significantly increases data throughput and reduces costs without sacrificing user sovereignty – the hallmark of decentralized social,” said the press release.
• Sydney-based telco Readii announced the launch of its Web3-enabled Internet service, which allows customers to earn cryptocurrencies as they surf the Internet. “This is made possible through Readii’s proprietary Web3-powered router […] capable of storing a customer’s private cryptographic key,” it said in an announcement. In exchange for usage of the network, Readii offers its customers a 10% revenue share of its native token RDI, which they can use to reduce the cost of their monthly internet plan, withdraw as cryptocurrency rewards, or swap with BTC and ETH, it added.