RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, down 3.53 percent to $38,888 as of 08.30 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2921, down 3.79 percent, according to data from Coindesk.
Crypto fund founder issues dire warning
Meanwhile, Arthur Cheong, who set up DeFiance Capital in Singapore in 2020, has warned that all prominent cryptocurrency organizations are probably being targeted by North Korean hackers, Bloomberg reported.
Cheong, who himself is a recent victim of hacking, advised crypto firms to take extra care in hiring remote teams. He also urged companies to have dedicated computers for crypto transactions and revoke unnecessary token approvals.
“It is critical that this industry is highly aware that we are being targeted by a state-sponsored cybercrime organization that is extremely resourceful and sophisticated,” wrote Cheong on his Twitter page.
Russia submits a draft law for crypto taxation
State Duma of the Russian Federation (Shutterstock)
The Russian government has now submitted a bill updating the nation’s tax law related to cryptocurrencies to the State Duma, the lower house of parliament.
According to reports, this bill is aimed at regulating the taxation of sales and profits in the country’s market for digital assets.