Uncategorized Archives - Page 26 of 132

FridayOct 27, 2023 10:30 am

How Blockchain Analysis Can Help Recover Stolen Crypto

In the ever-changing landscape of decentralized finance and the wider Web3 sphere, security is a top priority. With the constant emergence of new threats, it is crucial to analyze attack patterns to assess risk and reliability. Cointelegraph’s Crypto Hacks database indicates that almost $1 billion worth of crypto was stolen or lost in 2023 alone. In response to the increasing need for security, a wide range of Web3 security specialists has emerged, from smart contract auditors to decentralized identification solutions, guaranteeing the security of an ever-evolving digital landscape. Yet, a persistent menace continues: the Lazarus Group, a North Korea-affiliated hacking…

WednesdayOct 25, 2023 10:30 am

Australian Treasury Wants to Regulate Crypto Exchanges

The Australian government is pushing ahead with its efforts to oversee the crypto asset industry, specifically focusing on regulating crypto exchanges, a move that would possibly require the government to secure a license from the nation’s financial regulatory authority. The Australian Treasury unveiled a consultation paper, titled “Regulating crypto-asset platforms,” on Oct. 16, 2023, outlining a regulatory framework that aims to not only safeguard consumers but also foster innovation in the digital asset industry. The main idea behind the new framework is to control crypto exchanges and service providers rather than the actual tokens or cryptocurrencies. Furthermore, rather than creating…

MondayOct 23, 2023 9:00 am

EU Passes Resolution to Strengthen Regional Cooperation on Crypto Tax Information Sharing

The European Union's Council has enacted a directive to improve coordination between national tax agencies, specifically concerning crypto asset transactions. The Oct. 17, 2023, announcement represents a substantial change in the way the EU regulates crypto assets, indicating a proactive stance toward the economy's fast digitalization. The directive proposes extensive modifications to EU regulations on administrative cooperation in taxation. This momentous move complies with recommendations made by the council in its report on tax matters to the European Council on Dec. 7, 2021. It indicated expectations that the European Commission would present a legislative proposal in 2022 for an additional…

FridayOct 20, 2023 11:15 am

Ferrari Will Receive Crypto as Payment for US Sales

Ferrari has begun to take crypto payments for its luxury sports cars in the United States and will expand the program to Europe at the behest of its wealthy clientele. According to Enrico Galliera, Ferrari's head of marketing, cryptos have demonstrated their commitment to reducing their environmental footprint through the adoption of novel software and relying more heavily on renewable energy. He also asserted Ferrari's commitment to carbon neutrality throughout its value chain by 2030. Most corporations have maintained a cautious stance toward cryptocurrencies due to their inherent volatility, rendering them unsuitable for conventional commerce. Additionally, inconsistent regulations and the…

WednesdayOct 18, 2023 11:15 am

Hamas Reportedly Obtaining Funding Using Crypto

Iran has played a substantial role as a major financial supporter of Hamas, offering crucial resources for its terrorist activities. However, international investigators, including those in the United States, have uncovered an alternative revenue stream used by Hamas: distant online contributors that provide support through crypto. Even before the recent surprise attack by Hamas on Israel, the U.S. Department of Justice (DOJ) had been actively pursuing a criminal inquiry into the militant group's alleged use of crypto and money-laundering activities. While the details of the investigation remain sealed, the information that has been made public traces back to Hamas-linked crypto…

MondayOct 16, 2023 9:00 am

StanChart Predicts Five Times Rise in Value of Ether by 2026

Ether, the world's second-largest crypto, could potentially witness a remarkable surge in its value, soaring more than fivefold by 2027, as projected by Standard Chartered. According to StanChart's head of crypto and forex research, Geoffrey Kendrick, ether, which serves as the ethereum blockchain’s native crypto, is poised for a substantial ascent, potentially reaching a significant milestone of $8,000 by the end of 2026. Evaluating cryptocurrencies' value remains a complex task, primarily due to the absence of traditional assets backing digital tokens such as Bitcoin or ether. Unlike conventional assets, including currencies, bonds and stocks, cryptocurrencies lack established metrics for valuation.…

FridayOct 13, 2023 11:15 am

US Mulls Applying EFT Regulations to Cryptocurrency Accounts

The Consumer Financial Protection Bureau (CFPB) is currently assessing the use of the Electronic Fund Transfer Act (EFTA) within the context of crypto platforms. This move is geared towards enhancing safeguards for consumers in a market that has recently witnessed significant breaches on platforms such as FTX, Crypto.com and Axie Infinity. Under the EFTA legislation, electronic fund service providers must apprise users of their responsibilities regarding unauthorized transfers. Rohit Chopra, director of the CFPB, announced the agency's plans to delve further into the operational aspects of significant digital companies at a recent Brookings Institution meeting. The scrutiny extends to how…

WednesdayOct 11, 2023 11:15 am

Binance to Sell Off Russian Operations

Crypto exchange Binance, which has been facing a series of legal challenges in recent months, has made a surprising move by selling all assets of its Russian branch to a company that was established only days before the transaction. Binance’s troubles began in June when the U.S. Securities and Exchange Commission (SEC) initiated a lawsuit against the exchange, alleging violations of securities laws. The SEC accused Binance of engaging in unregistered sales and offers of securities and misleading potential investors about controls and surveillance over manipulative trading. The lawsuit triggered a major investigation into the company's activities, and in September,…

MondayOct 09, 2023 9:00 am

Sam Bankman-Fried’s Highly Anticipated Trial Begins

Former crypto magnate Sam Bankman-Fried finds himself facing the prospect of spending several decades behind bars as his trial commences, marking one of the most substantial financial scandals in U.S. history. The 31-year-old entrepreneur, previously at the helm of one of the world's largest crypto exchanges, stands accused of embezzling vast sums from investors. Bankman-Fried catapulted to prominence after establishing FTX in 2019. He soon emerged as a leading figurehead in the crypto space, often recognized by his unruly hair, high-profile sports endorsements, and encounters with luminaries such as comedian Larry David and NFL legend Tom Brady. Bankman-Fried played the…

FridayOct 06, 2023 9:00 am

Singapore Grants Coinbase Payment Exchange License

Crypto exchange Coinbase announced on Oct. 1, 2023, that it had secured a Major Payment Institution (MPI) license from Singapore’s monetary authority, MAS. The new approval, which comes one year after the exchange’s first in-principle approval in the country, will allow Coinbase to extend its digital payment token services to Singapore citizens and institutions. The MAS stipulates that MPI-licensed companies have the green light to provide payment services without being constrained by transaction limits of $2.2 million. Additionally, the companies are exempt from the monthly transaction limit of $4.4 million for two or more payment services, as long as they…