Cryptocurrency traders looking for the latest news are in luck as we cover the biggest stories in our breakdown for Friday!
Let’s dive into the latest crypto news below!
Cryptocurrency News for Friday: Wormhole Hack
The biggest news that cryptocurrency investors need to know about today is the Wormhole hack. This resulted in some $320 million worth of crypto being stolen by hackers. That includes $251 million of Ethereum (CCC:ETH-USD), $47 million of Solana (CCC:SOL-USD), as well as $4 million of stablecoin USD Coin (CCC:USDC-USD).
So what is Wormhole and why should cryptocurrency traders be concerned with this news? Wormhole is a bridge that allows users to transfer their crypto between blockchains. In this case, the hackers took advantage of a vulnerability in the Solana blockchain to steal the cryptos, reports CNBC.
Cryptocurrency News for Friday: TurboTax+Coinbase
In other news, TurboTax users preparing for their 2021 tax returns can bypass a bank account and have the funds sent to a cryptocurrency account instead. The Intuit (NASDAQ:INTU)-owned tax filing company is teaming up with Coinbase (NASDAQ:COIN) to make this possible.
TurboTax is adopting the direct deposit option as it sees a rising interest in cryptocurrency. The company notes that the crypto deposit feature is available for both state and federal tax returns.
Cryptocurrency News for Friday: Crypto Tax
Speaking of taxes, a bipartisan group of U.S. House representatives has reintroduced the Virtual Currency Tax Fairness Act. This is a proposed piece of legislation that would stop crypto traders from having to pay taxes on transactions of $200 or less. The idea is that this wouldn’t require traders to have to keep track of and report small cryptocurrency transactions.
Cryptocurrency investors looking for more news today are in the right place!
We’ve got all the latest crypto news that traders will want to know about for Friday! A few examples include the latest details on Algorand (CCC:ALGO-USD), Shiba Inu (CCC:SHIB-USD), and NFTs. You can find all of this info at the following links!
More Friday Crypto News
- Algorand Could Be a Premier Altcoin This Year
- Shiba Inu Has One Long-Shot Chance of Being Useful After All
- What are NFTs? An Investor’s Guide to Investing in Non-Fungible Tokens
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.