Weekly Update #36
Mark Collins & Demetrius TSEAS
regulation:
Report issued by UNODC, casino discovery, ()junket and cryptocurrencyCryptocurrency (or cryptocurrency) is a digital asset. Emerges as an important ML work in East and Southeast Asia: On January 15, the United Nations Office on Drugs and Crime (UNODC) released a report. report Title: ‘Casinos, Money Laundering, Underground Banking and Transnational Organized Crime in East and Southeast Asia: A Hidden, Accelerating Threat’. The report finds that illicit online casinos and e-junkets, along with illegal or poorly regulated cryptocurrency exchanges, have proliferated in recent years and have emerged as a significant part of the underground banking and money laundering infrastructure in East and Southeast Asia, facilitating transnational organized crime. I emphasize. region. “It is clear that the gap between organized crime and enforcement authorities is widening rapidly. If a region fails addressIn the context of cryptocurrency, an address is encrypted information. this criminalA criminal is an individual or group of people who have been convicted. The consequences will be felt in Southeast Asia and elsewhere as criminals seek to reinvest their profits and transform their operations,” said Benedikt Hofmann, UNODC Deputy Regional Representative. “We believe this report will serve as a useful reference for deeper engagement between Southeast Asian countries, UNODC and international partners,” Hofmann said. “At this point we are only scratching the surface.”
Venezuela shuts down controversial Petro cryptocurrency after 5 years: January 15, Venezuela Known as terminated This is the controversial Petro cryptocurrency. Announced in December 2017, Petro was a central bank digital currency created by Venezuela using… blockchainBlockchain is a shared digital ledger or… Read More The technology is believed to be backed by the country’s oil and mineral reserves. This was intended to replenish Venezuela’s plummeting bolivar currency as a means of circumventing U.S. sanctions. In August 2018, the government announced that the sovereign bolivar would be linked to the Petrocoin.
The EBA issues guidance to help cryptocurrency asset service providers effectively manage their exposure to ML/FT risks.: January 16 European Banking Authority (EBA) We have expanded our guidelines Describes money laundering (ML) and terrorist financing (TF) risks for crypto asset service providers (CASPs). The new guidance highlights ML/TF risk factors and mitigation measures for CASPs to consider, marking a significant step forward in the fight against financial crime in the EU. A segment on factors CASPs should consider when assessing ML/TF risk, including transfers between self-hosted addresses, decentralized platforms, transfers to unauthorized CASPs, use of anonymity-enhanced (privacy) coins, links, etc. Specific instructions are provided. By expanding the scope of the ML/TF Risk Factors Directive, the EBA harmonizes the approach that CASPs across the EU should adopt when implementing a risk-based approach to AML/CFT as part of their business. The expanded guidance will apply from December 30, 2024.
OKX Obtains VASP License from Dubai VARA: January 16, OKX presentation Dubai subsidiary OKX Middle East Fintech FZE has been granted a VASP license by Virtual Assets. regulatory authoritiesThe name of the regulatory body with which the VASP is registered…See more (VARA) Dubai. The license is non-operational and requires certain conditions to be met and operational approval status to be maintained. Once operational, the VASP license will enable OKX Middle East to expand and provide a place in its suite of approved and fully regulated virtual asset activities. serviceGeneral services including non-profits, forums, news sheets…See more Spot pairs are available to institutional and qualified retail clients through the OKX app and OKX.com exchange.
Binance Thailand is now open to all eligible users.: January 16, Binance presentation Gulf Binance, which has secured a license to operate as a digital exchange and broker in Thailand, will begin full operations of its digital asset exchange and brokerage platform, Binance TH by Gulf Binance, to all eligible users.
Donald Trump has stated that if re-elected, he will not allow the creation of a CBDC.: Former President Donald Trump during a campaign speech in New Hampshire on January 16. decided “To protect Americans from government tyranny, if re-elected, I will never allow the creation of a central bank digital currency.” He warned that CBDCs would be a “dangerous threat to freedom” and would give the federal government “absolute control over your money.” On the other side is the Bank of International Settlements. issued a paper This suggests that 15 retail CBDCs and 9 wholesale CBDCs could be in public circulation by June 2023.
The U.S. Treasury and IRS announced that businesses will not be required to report receipts of more than $10,000 in digital currency in cash until regulations are issued.: Following the revision of the ‘Social Infrastructure Investment and Jobs Act’ on January 16, the Ministry of Finance and the National Tax Service presentation U.S. businesses will not be required to report receipts of digital assets over $10,000 in the same way they are required to report receipts of cash until the Treasury Department and IRS issue regulations. However, this announcement does not affect the pre-Infrastructure Investment and Employment Act provisions regarding cash received in the course of a business or business. Form 8300, Report of Cash Payments of $10,000 or More Received from a Trade or BusinessWithin 15 days of receiving cash.
Interpol publishes analysis of key challenges threats and damages in the Metaverse. On January 18, Interpol new white paper titled: “Metaverse, a law enforcement perspective: use cases, crime, forensics, investigations and governance”. This article provides an in-depth analysis of the metaverse from a law enforcement perspective. Interpol points out that Metaverse holds opportunities for law enforcement, namely advanced simulation, virtual crime scene preservation, and immersive training. However, the document also identifies current and potential metacrimes, such as grooming.:One:radicalization:2:, cyber-physical attacks on critical infrastructure, 3D virtual/cultural property theft, personal virtual space trespassing, and avatar robbery. Some of the challenges currently facing researchers include: lack of standardization and interoperability; The fact that virtual worlds span multiple jurisdictions; There is the added complexity of the metaverse being accessed across multiple devices and systems. Police may be faced with a virtual crime scene with no physical evidence to collect. This means that there can only be digital interactions involving virtual assets such as cryptocurrencies and non-fungible tokens (NFTs), which highlights the need to define what constitutes crime and harm in the metaverse. , from a regulatory and law enforcement perspective.
Cryptocurrency News:
BTC’s hashrate decreased by 34% due to cold weather. Unusually cold temperatures in Texas resulted in a 34% drop in temperatures. BitcoinThe term “Bitcoin” refers to the Bitcoin network,…See more From January 11 to January 15, the network hash rate fell and some miners scaled back operations due to the strain on the state’s energy grid. In Texas, which hosts about 29% of the US Bitcoin hashrate, the crackdown on BTC miners has led to mining companies relocating from China to Texas. But some work has been scaled back to support the state’s power grid during extreme weather conditions. Cointelegraph
TUSD lost 1:1 parity and regained parity two days later.: It’s January 18th, of trust tokens TrueUSD stablecoinStablecoins can also be privately issued cryptocurrencies or algorithms. (TUSD) Known as Lost The 1:1 parity with the US dollar has fallen to $0.9715. As of the time of writing this report (January 20th), it appears that parity has gradually been restored to $0.9887. This coincided with a massive sell-off of Binance assets. Binance’s TUSD/USDT pair recorded total sales of approximately $435.4 million in TUSD, representing a net outflow of $66.1 million due to uncertainty over reserves and instability related to the hacking incident targeting Poloniex. .
For the first time in Argentina, a landlord and tenant have signed a BTC rental agreement.: On January 15th, the first landlord and tenant signed a contract. According to reports Rosaria, Argentina’s third most populous city, has signed a BTC lease agreement. The monthly payment under the signed contract is $100 in Bitcoin. Both landlords and tenants are considered experienced cryptocurrency users and transfer funds monthly via: Peawind Local encryption platform.
Trezor reported a phishing violation. hardware walletA wallet is a device (a hardware device, program, or service). The manufacturer reported a security breach on January 17 that exposed the contact information of approximately 66,000 users due to unauthorized access to a third-party support portal. Although their funds were not compromised, users who interacted with Trezor support after December 2021 may be at risk of phishing. At least 41 users received phishing emails and eight had their details compromised on a third-party vendor’s trial discussion platform. safe
The ETF gained $4 billion in BTC in just six trading days. The recently approved Bitcoin exchange-traded fund (ETF) currently holds a total of 95,000 Bitcoins, bringing its assets close to $4 billion after just six days of trading. Inflows into these ETFs exceeded outflows from the Grayscale Bitcoin Trust, reducing GBTC’s assets under management by $2.8 billion. Bloomberg analyst
Hacks and Exploits:
socket: Socket’s Bungee bridge previously suffered $3.3 million in losses following an attack on accepted addresses on the Ethereum-based SocketGateway contract. The vulnerability occurred when a new path was added to the bridging contract three days prior to the exploit. The stolen funds included ETH, MATIC, WBTC, WETH and DAI, totaling approximately $3.3 million. CoinDesk
:One:Cybergrooming is when someone (often an adult) befriends a child online and builds an emotional connection with the intent of future sexual abuse, sexual exploitation, and human trafficking. Perpetrators often assume a fake identity of their teen and approach their victims on child-friendly websites. This leaves children vulnerable and unaware that they have been approached for cyber-grooming purposes. source: https://www.csa.gov.gh/cyber_grooming.php Cyber is easy in virtual reality. groomer Use an avatar to disguise your identity and age. It is a new form of sexual harassment.
:2:Radicalization is defined as the action or process of causing someone’s political or religious beliefs to become more radical (=extreme). source: https://dictionary.cambridge.org/us/dictionary/english/radicalization