Vanessa – The Shib Daily

FBI Recovers $8M Stolen in Kansas Bank Crypto Fraud

Vanessa — Fri, 04 Apr 2025 10:02:24 +0000

The FBI has recovered $8.2 million stolen in a cryptocurrency scheme that led to the collapse of Heartland Tri-State Bank in Elkhart, Kansas, returning the funds to local shareholders nearly a year after the Kansas bank crypto fraud issue was uncovered.

The bank’s former CEO, Shan Hanes, was sentenced to 24 years in prison in 2024 after siphoning $47 million into a crypto investment scam, as previously reported by The Shib Daily.

While customer deposits were federally insured, about 30 shareholders — many of them farmers and small-business owners — lost their life savings when the bank failed.

Investigators traced the stolen funds to an offshore cryptocurrency wallet and seized them, an uncommon outcome in digital financial crimes. “To be able to give them back their money is extremely powerful,” said Emilee Thompson, a forfeiture specialist with the FBI’s Kansas City office.

The recovery marked an emotional moment for victims, who learned at a federal restitution hearing in November that most of their losses would be restored.

“There was cheering and clapping and crying,” said Special Agent Sage Hemmert, who led the case.

The Kansas bank crypto fraud case highlights the growing threat of cryptocurrency fraud, which resulted in $5.6 billion in reported losses in 2023, according to the FBI in its press release. It also signals law enforcement’s increasing ability to track illicit digital transactions, setting a precedent for future financial crime investigations.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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India Crypto Scam: Police Arrest Three in $2.4M Fraud, Mastermind Still at Large

Vanessa — Mon, 03 Mar 2025 11:20:32 +0000

Assam Police have arrested three people linked to a cryptocurrency scam involving the fraudulent RSN Crypto Currency Token, authorities said Sunday. The India crypto scam operation, carried out March 1 in the Fakirganj Police Station area, was led by officers from the South Salmara-Mankachar district.

The arrested suspects — Asadul Islam, 25, Hashanur Zaman, 28, and Kobad Ali Mollah, 28 — allegedly convinced thousands of investors to put money into an online gaming and investment scheme, promising a 2% return per deposit. Investigators say the operation was a fraud, with victims losing large amounts of money.

India Crypto Scam Mastermind Still at Large

Authorities have identified the suspected ringleader, Hekmot Ali Sarkar, who remains at large. Police are working to track him down, an official said.

The fraudsters reportedly used digital payment platforms such as PhonePe and PayTM to collect funds before converting them into U.S. Dollar Tokens (USDT) through international cryptocurrency exchanges like Binance. The money was then transferred to unidentified foreign entities, raising concerns over possible ties to cybercriminal groups.

Investigators have also found evidence that the suspects rented out bank accounts to cybercriminals across India for ₹1,000 to 2,000 per month (approx. US$1.2 million to US$2.4 million), enabling further financial fraud. Seized items from the operation include laptops, mobile phones, and SIM cards, which are now being examined for additional leads.

Is China Involved? International Links Under Investigation

Cybercrime specialists working with the Intelligence Coordination for Cybercrime (I4C) have traced the fraudulent website used in the scheme to China, pointing to a potential cross-border fraud operation. The website, hosted on an Amazon server, was allegedly used to manipulate cryptocurrency values and mislead investors.

A First Information Report (FIR) has been registered, and authorities are expanding their investigation to identify more suspects and financial networks involved. Law enforcement agencies are working with cybersecurity experts to dismantle what they believe to be a broader network of online financial fraud.

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Pudgy Penguins Targeted in Google Ads Phishing Scam on Web3 Users

Vanessa — Thu, 26 Dec 2024 15:37:08 +0000

A sophisticated phishing scam targeting Web3 users has emerged, exploiting Google Ads to deceive cryptocurrency enthusiasts. The attack, initially focused on Pudgy Penguins NFT users, reveals vulnerabilities in trusted ad networks and poses a broader threat to the crypto realm.

The scam was uncovered by ScamSniffer after a user reported being redirected to a fake Pudgy Penguins website through a Singapore news site. Security researchers traced the issue to malicious advertisements hosted on the Adloox tracking domain, distributed via Google Ads. These ads embedded harmful scripts designed to target Web3 wallet users.

URGENT SECURITY ALERT

1/6 A user reported being redirected to a fake @pudgypenguins website through a Singapore news portal. Our investigation revealed this is part of a larger malicious advertising campaign. pic.twitter.com/Izv3f87WrX
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 25, 2024

Pudgy Penguins Users Targeted

The malicious code scans browsers for Web3 wallets and redirects users to fraudulent sites like “pudqypenguin[.]com” to steal wallet credentials. Although Pudgy Penguins users are the primary targets, researchers warn the technique could easily be adapted to attack other NFT and crypto projects.

Further investigation revealed the scam exploits vulnerabilities in websites using Prebid.js, a popular header bidding library. If these sites utilize the Adloox analytics module, they risk inadvertently running malicious scripts through their ads, potentially leading to malware infections.

In response to the discovery, security researcher ZachXBT promptly alerted Adloox, resulting in the removal of the malicious JavaScript files from its content delivery network (CDN).

To protect against such attacks, experts advise Web3 users to implement ad blockers, verify website URLs, and use separate browsers for cryptocurrency-related activities. Tools like ScamSniffer can help detect and prevent phishing attempts.

As the crypto world continues to grow, users must remain vigilant against evolving threats, not just in the United States but globally. Recently, French regulators started being more combative against rising crypto scams, which a study revealed cost victims €500 million annually in the country alone. Scammers reportedly use social media, impersonation, and AI to promote fake investments. French authorities have, so far, blacklisted 5,000 platforms and blocked 350 sites.

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French Crypto Scams Surge as Regulators Crack Down on Fraud Networks

Vanessa — Thu, 26 Dec 2024 15:05:28 +0000

France’s financial watchdog, the Autorité des Marchés Financiers (AMF), is ramping up efforts to combat a surge in financial scams that have defrauded victims of at least €500 million annually (approx. $520 million). In collaboration with the Paris Public Prosecutor’s Office, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), and the Directorate General for Competition, Consumer Affairs, and Fraud Prevention (DGCCRF), the AMF is addressing the growing sophistication of French crypto scams, among others.

Financial scams have taken numerous forms, including fake loans, savings accounts, insurance services, and investments in green or crypto assets. The ACPR reported average losses of €69,000 for victims of false savings accounts and €19,000 for fraudulent loan schemes in 2024. French crypto scams have become particularly prevalent, with average losses reported at €29,000 (approx. $30,100).

A survey by BVA Xsight revealed that 3.2% of French adults have fallen victim to investment scams, nearly tripling from 1.2% in 2021. Men under 35, drawn by promises of quick wealth, are disproportionately targeted through social media and influencer endorsements.

Fraudsters have increasingly employed advanced techniques, such as impersonating authorities and financial institutions, and using AI-generated content to fake celebrity endorsements. A concerning trend is “scam on scam” operations, where victims of earlier frauds are contacted by criminals posing as officials offering recovery services — for a fee.

Since 2022, French regulators have blacklisted nearly 5,000 unauthorized entities and blocked access to 350 fraudulent websites. High-profile campaigns, such as “Scam or No Scam?” and “Scams: There’s No Rush to Lose Your Money!” aim to educate the public, particularly younger audiences, on identifying financial fraud.

Enforcement has also intensified. In 2024, the Paris Prosecutor’s Office continued international investigations into major scams and seized €268 million in criminal assets. The DGCCRF inspected 30 operators and issued orders to influencers promoting blacklisted platforms.

Authorities urge vigilance, advising the public to verify investment offers, consult regulatory registers, and guard personal data. For concerns or suspicions, they encourage direct contact with regulatory bodies to prevent falling victim to fraudulent schemes.

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Bitget Integrates Wallet and Token to Bolster Ecosystem Expansion

Vanessa — Thu, 26 Dec 2024 14:36:28 +0000

Bitget has announced the integration of its wallet with the Bitget token (BGB) to enhance user experience and expand applications across centralized and decentralized platforms. The move aligns with the exchange’s strategy to deepen the token’s utility and support the platform’s rapid growth.

BGB, the ecological token for Bitget and Bitget Wallet, has seen remarkable market performance lately. Its market capitalization has surpassed $9.32 billion, with the price reaching an all-time high of $6.82. Over the past 24 hours, trading volume surged by 271%, totaling $1.32 billion, signalling strong liquidity and investor confidence.

The integration aims to strengthen BGB’s on-chain capabilities. It will allow the token to support multi-chain gas fee payments and serve as a staking asset in mainstream lending and staking protocols. Starting in 2025, BGB will expand its use cases and become available for offline payments in retail, dining, and fuel transactions.

Bitget Wallet, which records over 60 million users across major Layer 1 and Layer 2 ecosystems, will incorporate BGB for on-chain transactions. Together, Bitget and its wallet serve more than 100 million users globally.

The exchange also confirmed the merger between its BWB and BGB tokens, using a seven-day average price from December 19 to 25, 2024, to set an exchange rate of 0.08563. Users can convert 100,000 BWB tokens into 8,563 BGB. No additional BGB tokens will be issued, ensuring the total supply remains unchanged.

With a 24-hour trading volume of nearly $5 billion, Bitget ranks as the sixth-largest global cryptocurrency exchange. The company continues to expand BGB’s applications, including its involvement in public chains and DeFi ecosystems, while bolstering its ecosystem through launch pool initiatives.

By enhancing BGB’s utility both on and off-chain, Bitget is positioning its token as a cornerstone of its expanding ecosystem, attracting a growing user base and reinforcing its standing in the crypto sector.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Suspected Mexico Crypto Bot Scam Leaves Over 3,000 Investors High and Dry

Vanessa — Mon, 18 Nov 2024 16:29:22 +0000

More than 3,000 investors in Mexico have been left without access to their funds after AMG GPT, a company promising guaranteed returns through cryptocurrency trading bots, abruptly shut down its offices in Tehuacán and Puebla. The company’s disappearance, along with abandoned offices and severed communication channels, has raised serious concerns about a potential crypto bot scam.

AMG GPT initially gained trust by offering daily payouts, which early investors reportedly received. However, the company recently began delaying withdrawals, demanding additional “verification fees” before granting access to funds.

These new requirements raised red flags, and many investors began questioning the legitimacy of the operation. AMG GPT attributed the delays to a “Shopping Festival” event, which promised generous rewards but offered no resolution to withdrawal issues as of this writing.

The company’s marketing reportedly heavily featured well-known cryptocurrency brands and figures, such as Bitcoin, Dogecoin, and Elon Musk, lending credibility to their claims. Early investors, encouraged by initial returns, recruited others, with some individuals investing as much as $1,000. Promises of doubling or tripling investments drew substantial participation, creating what appears to be a pyramid scheme where new funds were used to pay earlier investors.

Victims have reported that AMG GPT abruptly abandoned its offices and shut down all communication channels, including WhatsApp groups. Around 100 affected individuals have filed complaints with local prosecutors. Some company representatives, who have been identified, claim to be victims themselves and deny knowledge of the scheme’s true organizers.

This Mexico crypto bot scam bears similarities to a recent USDT-themed scam in North Carolina, where thousands fell victim to fraudulent investment promises. In September, US federal prosecutors charged two individuals with stealing and laundering over $230 million in cryptocurrency, using aliases like “Anne Hathaway” and “VersaceGod.”

Authorities in Mexico are now investigating the AMG GPT crypto bot scam case, while investors seek legal recourse to recover their funds. This is a developing story.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Can’t Pay Taxes? South Korea City Will Sell Your Crypto to Settle Debts

Vanessa — Mon, 18 Nov 2024 14:00:48 +0000

The city of Paju in Gyeonggi Province, South Korea, has announced plans to seize and sell the cryptocurrency holdings of 17 individuals who collectively owe 124 million Korean won (approximately $88,600) in local taxes.

Tax Enforcement Through Crypto Seizure

According to local media, city officials have sent notices to the delinquent taxpayers, warning them to settle their debts by the end of November. If payments are not made, the authorities will confiscate the virtual assets stored on cryptocurrency exchanges and sell them to recover the unpaid taxes.

This is the first time a local government in South Korea will directly liquidate crypto assets for tax collection, setting a potential precedent for future enforcement actions.

Paju officials have emphasized their commitment to tracking down crypto holdings to ensure compliance. They pointed out that some individuals deliberately converted their wealth into digital assets to avoid tax obligations. The city previously confiscated 100 million won ($72,000) in crypto from tax debtors in July 2024, further demonstrating its resolve to tackle evasion through innovative methods.

South Korea Cracks Down on Crypto Abusers

This development sheds light on the increasing use of cryptocurrency as a means to hide assets, a trend that South Korean authorities have been addressing through enhanced regulatory measures.

In October, South Korea’s Financial Services Commission announced the creation of a crypto monitoring system to combat financial crime. The system is designed to ensure transparency and compliance, particularly in light of growing concerns over tax evasion and money laundering linked to digital assets.

As South Korea continues to strengthen its regulatory framework for cryptocurrencies, Paju’s enforcement action could serve as a model for other local governments seeking to address tax evasion.

Recently, Upbit, the South Korean cryptocurrency exchange, faced significant pressure from the Financial Intelligence Unit (FIU) for alleged large-scale Know Your Customer (KYC) violations. Authorities reportedly flagged 500,000 to 600,000 cases of insufficient customer verification, raising concerns over compliance with anti-money laundering regulations. The investigation could result in heavy fines and potentially jeopardize Upbit’s license renewal.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Google Warns of AI Deepfakes, Crypto Scams, and Fraud Targeting Major Events

Vanessa — Fri, 15 Nov 2024 18:33:48 +0000

Google has issued a warning about the rise of sophisticated scams driven by artificial intelligence, including deepfake impersonations, crypto investment frauds, and deceptive app clones.

The company’s Trust & Safety (T&S) team flagged these trends in its new advisory on online fraud, highlighting how scammers are exploiting emerging technologies and major events to deceive users globally.

Scam Trends and Tactics

Among the top threats, Google identified the misuse of AI-powered deepfake technology to impersonate public figures. These impersonations have been used to promote fraudulent schemes, including fake investment opportunities and giveaways. In response, Google has updated its policies to address deepfake-generated scams across its platforms, including Ads and YouTube.

Crypto investment scams have also surged, leveraging hyper-realistic visuals to promise high returns with little risk. Organized crime entities behind these schemes often operate across borders, complicating law enforcement efforts. Google advised users to remain skeptical of investments that seem too good to be true.

Another growing threat involves app and landing page clones, which mimic trusted brands to steal personal information or deliver malware. This trend has extended to employee login portals, exposing businesses to potential data breaches and financial losses.

Scammers are also using cloaking techniques to bypass moderation systems, leading users to counterfeit product pages or scareware sites. These scams frequently exploit significant events, from elections to natural disasters, to create a sense of urgency and credibility.

Google’s Response

To combat these threats, Google has implemented policies targeting misrepresentation, phishing, and cloaking. The company has also developed tools like SynthID to watermark AI-generated content and features like “About this result” to help users verify the authenticity of search results. Additionally, Google’s sensitive events policies aim to curb scams that exploit humanitarian crises, popular shows, and major global events.

The rise in scams highlights the evolving threat landscape driven by technological advancements. Google emphasized the importance of user vigilance, urging individuals and businesses to double-check URLs, remain cautious about unsolicited offers, and use Enhanced Protection features on Chrome. As fraudsters continue to adapt their methods, public awareness and cooperation with technology platforms remain essential in tackling these challenges.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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EBA: New Rules for Crypto and Payment Firms on EU Sanctions

Vanessa — Fri, 15 Nov 2024 18:27:28 +0000

The European Banking Authority (EBA) has published comprehensive guidelines requiring payment service providers (PSPs) and crypto-asset service providers (CASPs) to enhance their compliance with EU and national sanctions.

The rules, set to take effect on Dec. 30, 2024, aim to tighten governance and risk management frameworks to prevent circumvention of restrictive measures and safeguard the EU financial system.

EBA Guidelines: Key Details

Released on Nov. 14, the guidelines mandate PSPs and CASPs to implement reliable screening systems for fund and crypto transfers to identify and mitigate risks associated with sanctions violations. Institutions are required to establish clear policies to manage operational, legal, and reputational risks arising from deficiencies in internal controls. The EBA emphasized that weaknesses in compliance could undermine the EU’s restrictive measures regimes, posing threats to financial stability.

The guidelines also address the interplay between sanctions compliance and broader governance structures, advising institutions to integrate these measures into their existing risk management frameworks. PSPs and CASPs must actively monitor transactions for suspicious activities and ensure that their systems can adapt to evolving sanctions requirements.

Legal Basis and Context

These measures follow the European Commission’s legislative package introduced in 2021 to overhaul the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework. The regulations, adopted in June 2023, include stricter reporting requirements for fund and crypto transactions and direct the EBA to provide actionable guidelines for financial institutions.

The EBA’s initiative seeks to ensure a unified application of EU law across the financial sector while minimizing risks to compliance and operational integrity. By addressing vulnerabilities in both traditional and digital finance, the EBA highlights its commitment to protecting the EU financial ecosystem from exploitation and enhancing transparency across PSPs and CASPs.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Tether Launches Hadron Platform to Simplify Asset Tokenization

Vanessa — Fri, 15 Nov 2024 18:04:29 +0000

Tether has just launched Hadron by Tether, a platform designed to simplify the tokenization of assets, including stocks, bonds, stablecoins, and loyalty points. It is designed to integrate Tether’s decade-long expertise to provide a secure, scalable, and compliant ecosystem for asset tokenization, targeting institutions, fund managers, governments, and private companies.

About the Hadron Platform

Hadron promises an intuitive interface to manage the full lifecycle of tokenized assets, emphasizing compliance through robust Know-Your-Customer (KYC), Anti-Money-Laundering (AML), and risk management tools.

The platform supports various asset types, from fiat-pegged stablecoins to more complex collateralized digital tokens. Designed for adaptability, Hadron integrates with multiple blockchain solutions, including Bitcoin Layer 2 protocols, ensuring modularity and security through advanced cryptography and multi-signature wallets.

CEO Paolo Ardoino described it as a game-changer for asset tokenization, stating, “We’re making asset tokenization easier, secure, and scalable, creating opportunities for businesses and governments while reinforcing our commitment to a transparent and inclusive financial future.”

Recent Tether Movements

The launch aligns with Tether’s recent milestones, including minting $5 billion worth of USDT amid a Bitcoin rally that saw the cryptocurrency hit $93,000, driving Tether’s market capitalization to a record $125 billion. Additionally, Tether introduced WDK, an open-source wallet development kit aimed at advancing non-custodial wallet adoption in decentralized finance (DeFi).

Hadron enters a rapidly growing market for tokenized real-world assets, valued at over $6.5 billion, according to DefiLlama. Industry leaders and regulators are closely watching Tether’s compliance-focused approach, which could serve as a blueprint for bridging traditional and decentralized finance.

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Bitfinex Bitcoin Heist Mastermind Sentenced to 5 Years for $10B Scam

Vanessa — Fri, 15 Nov 2024 17:39:56 +0000

Ilya Lichtenstein, who orchestrated the 2016 theft of over 119,000 Bitcoin from cryptocurrency exchange Bitfinex, has been sentenced to five years in prison for money laundering, the U.S. Department of Justice announced Wednesday.

The case, one of the largest cyber thefts in history, resulted in the recovery of stolen assets now worth approximately $10 billion.

Court documents revealed that Lichtenstein, 35, used advanced hacking tools to infiltrate Bitfinex’s network and authorized over 2,000 fraudulent transactions to transfer Bitcoin to his personal wallet. He and his wife, Heather Morgan, employed sophisticated techniques to launder the funds, including “chain hopping,” using mixing services, and converting funds into gold coins. Lichtenstein also erased access credentials and log files from Bitfinex’s network to cover his tracks.

The sentencing follows a seven-year investigation involving multiple U.S. agencies, including the IRS Criminal Investigation unit, FBI Cyber Division, and Homeland Security Investigations, alongside blockchain forensics firm TRM Labs.

In August 2023, Lichtenstein and Morgan pleaded guilty to money laundering charges. Morgan, known for her online persona “Razzlekhan,” is scheduled to be sentenced on November 18.

U.S. Attorney Matthew M. Graves called the case a “significant milestone” in the fight against cybercrime. The recovery of the stolen Bitcoin demonstrates how law enforcement can leverage blockchain forensics to track and retrieve stolen cryptocurrency, even years after the crime. In addition to his prison term, Lichtenstein will serve three years of supervised release.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Underbanked Americans Turning to Crypto More Than Fully Banked Households – FDIC

Vanessa — Thu, 14 Nov 2024 17:54:00 +0000

A recent FDIC survey revealed that underbanked households in the United States used cryptocurrency more frequently in 2023 than fully banked households, with 6.2% of underbanked households engaging with crypto compared to 4.8% of those with full banking access.

The survey, released on November 12, examined responses from around 60,000 households and highlighted trends in crypto usage across various demographics. The “underbanked”—households that have a bank account but also rely on nonbank services like payday loans or check cashing—make up about 14.2% of U.S. households, or roughly 19 million households.

Among them, cryptocurrency usage was notably higher among younger, highly educated, and working-age households, as well as Asian and white households.

Income disparities were also significant, with 7.3% of households earning $75,000 or more using crypto, compared to only 1.1% of those earning less than $15,000. Overall, the vast majority of households using crypto held it as an investment, while only 4.4% used it for online purchases.

The FDIC report found that just 1.2% of unbanked households—those with no checking or savings accounts—used cryptocurrency, with most unbanked households relying on cash or prepaid cards and online payment apps like PayPal or Venmo. FDIC Chairman Martin Gruenberg noted ongoing disparities in banking access among minority, lower-income, disabled, and single-parent households, emphasizing the need for targeted solutions to bridge these gaps.

The survey highlights differences in how crypto is perceived and used among various household groups. While most users hold cryptocurrency primarily as an investment, younger and higher-income households are more likely to experiment with it for both investment and transactions. Lower-income groups, by contrast, often face barriers such as limited financial literacy and resources, which impact their ability to engage with digital assets.

With rising crypto adoption among underbanked groups, regulators like the FDIC are placing greater attention on consumer protection and financial literacy. The findings point to a growing need for policies that address these shifts in financial access, especially as more Americans seek alternatives to traditional banking services.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Genius Group Goes ‘All-In’ on Bitcoin, Eyes $120M Crypto Reserve

Vanessa — Thu, 14 Nov 2024 16:34:39 +0000

Genius Group Limited has revealed its new “Bitcoin-first” strategy, with plans to commit 90% or more of its reserves to Bitcoin as its primary treasury asset.

Following a recent Board restructuring to include blockchain and Web3 experts, the education-focused AI company said it will utilize a $150 million funding facility to begin purchasing $120 million in Bitcoin, positioning it as a core reserve holding.

Genius Group also plans to integrate Bitcoin payments on its Edtech platform and launch a Web3 Wealth Renaissance education series, aimed at preparing students for a decentralized, blockchain-driven economy. Director Thomas Power emphasized the firm’s belief in Bitcoin as a “primary store of value,” inspired by similar strategies at companies like MicroStrategy.

The Singapore-based company, which benefits from a 0% capital gains tax, views this shift as a long-term strategy to enhance its balance sheet and create shareholder value. Director Ian Putter highlighted the opportunity for future capital and earnings to support the Bitcoin-first approach, setting Genius Group apart on the NYSE American.

CEO Roger Hamilton stated that the strategy aligns with the company’s ongoing fight against market manipulation. Genius Group is pursuing litigation for alleged damages of over $250 million, which Hamilton believes has significantly impacted the company’s stock price. By fully embracing blockchain and Bitcoin, he hopes to realign Genius Group’s market value with its reported 2023 revenue of $23 million and total assets of $43 million.

Genius Group will discuss its new approach in depth at a GeniusLIVE podcast featuring Hamilton, Power, and Putter on Tuesday, November 19.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Fraud Alert: Fake China Construction Bank Sites Target Hong Kong Users

Vanessa — Thu, 14 Nov 2024 14:40:38 +0000

The Hong Kong Monetary Authority (HKMA) has issued a public warning about fraudulent websites impersonating China Construction Bank (Asia) Corporation Limited, urging residents to exercise caution and report suspicious activities.

In a recent press release, the HKMA highlighted a surge in fake websites mimicking the bank’s official online platform. These fraudulent sites aim to deceive users into providing sensitive personal or financial information. The HKMA advised against engaging with any platform that requests personal details, particularly through emails, SMS, or phone calls containing suspicious hyperlinks. The authority emphasized that legitimate banks do not request passwords, One-Time Passwords, or other sensitive data via these methods.

For those who may have inadvertently interacted with these sites, the HKMA advises contacting China Construction Bank using verified contact details and reporting any suspected fraud to the Hong Kong Police Force’s Crime Wing Information Centre.

The warning comes as Hong Kong faces a growing wave of sophisticated cyber scams. Recently, the Hong Kong Police Force (HKPF) dismantled a massive fraud center in Hung Hom, where perpetrators used advanced “deepfake” technology to orchestrate romance scams via a fake cryptocurrency investment platform. That operation defrauded victims worldwide of HK$360 million (about $45.93 million USD), underscoring the scale of cross-border fraud in the region.

The HKMA’s advisory is part of broader efforts to combat online scams and enhance public awareness. The authority regularly updates a dedicated section on its website with information on phishing, fraudulent bank websites, and other cyber threats. The HKMA encourages residents to remain vigilant, verify the authenticity of communications from banks, and stay informed to mitigate the risks associated with online fraud.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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FTX’s Gary Wang Goes From Coder to Crime-Fighter with Anti-Fraud Tools

Vanessa — Thu, 14 Nov 2024 13:53:48 +0000

Gary Wang, the former coding chief for FTX, is now developing tools to help the U.S. government detect fraud in the cryptocurrency and stock markets.

Wang, who cooperated extensively with authorities and testified against former FTX CEO Sam Bankman-Fried in 2023, is due for sentencing on November 20 for his role in FTX’s collapse.

Wang’s involvement in the investigation has been praised by prosecutors, who have emphasized his willingness to work with authorities and noted his efforts to make amends. Unlike other former executives, Gary Wang has been credited with avoiding deceptive practices and refraining from misusing customer funds, according to his attorney, Ilan Graff.

Prosecutors highlighted Wang’s technical contributions, noting his “outstanding” assistance in creating fraud detection tools that could help the government monitor financial markets. His cooperation and use of his skills have distinguished him in the case, with prosecutors even recommending leniency based on his contributions.

This development follows the recent sentencing of other key FTX figures, including former Alameda Research CEO Caroline Ellison, who began her prison term in early November after also cooperating with authorities. Ellison and Wang, as well as FTX’s former engineering chief Nishad Singh, have provided key insights into FTX’s collapse.

In a November 7 sentencing submission, Wang’s legal team emphasized his cooperation as instrumental in unraveling FTX’s internal operations and his unique role in using his technical expertise to aid fraud prevention efforts.

The Gary Wang case reflects a broader shift in the handling of high-profile financial fraud cases, where cooperation and technical expertise can influence sentencing outcomes. Prosecutors view his proactive approach as a valuable asset in strengthening fraud detection. As sentencing approaches, Wang’s contributions may set a precedent for how former insiders can aid in preventing future financial crimes through direct collaboration with authorities.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Daren Li Admits to Laundering $73M in US Crypto Scam

Vanessa — Wed, 13 Nov 2024 19:25:06 +0000

Daren Li, a dual citizen of China and St. Kitts and Nevis, has pleaded guilty to a charge of conspiracy to commit money laundering for his role in a scheme that laundered over $73 million in proceeds from cryptocurrency investment scams targeting U.S. victims.

According to court documents, Li, 41, admitted to conspiring with others to move victim funds through a network of shell companies and international bank accounts. Using encrypted messaging to coordinate with co-conspirators, Li orchestrated the setup of U.S. bank accounts on behalf of shell companies to facilitate the transfer and conversion of illicit funds into cryptocurrency, specifically Tether (USDT). These funds were then funneled into crypto wallets controlled by Li and his associates.

Li was arrested in April at Hartsfield-Jackson Atlanta International Airport. “Although Li committed this offense from outside the United States, he was not beyond the reach of the Justice Department,” said Nicole M. Argentieri, Principal Deputy Assistant Attorney General.

U.S. Attorney Martin Estrada for the Central District of California warned investors to exercise caution, stating, “Investors should be diligent and on guard against anyone offering quick riches via new, exotic investments.”

The U.S. Secret Service’s Global Investigative Operations Center is leading the investigation, with assistance from multiple international and federal agencies. Daren Li is scheduled for sentencing on March 3, 2025, and faces a potential maximum sentence of 20 years in prison.

The case comes amid heightened scrutiny of cryptocurrency-related fraud. In another recent development, a New York court denied former Celsius Network CEO Alex Mashinsky’s motion to dismiss fraud charges related to alleged price manipulation and investor deception, reflecting a broader crackdown on crypto scams and financial misconduct.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Revolut Expands Crypto Exchange Access to 30 European Countries

Vanessa — Wed, 13 Nov 2024 16:27:05 +0000

London-based fintech firm Revolut has expanded its standalone crypto exchange, Revolut X, to 30 new countries in the European Economic Area (EEA). The company announced the expansion on November 13, positioning Revolut X as a “competitive platform” for crypto traders within the continent.

Launched in May, Revolut X represents an “important milestone” for the company’s crypto ambitions, according to Leonid Bashlykov, head of crypto exchange product. The expansion follows its efforts to prevent $13.5 million in potentially fraudulent crypto transfers from June to September, with additional checks in place for anti-money laundering compliance. Revolut’s approach—combining traditional banking services with crypto offerings—sets it apart from both conventional banks and crypto-only exchanges.

The move aligns with the company’s recent UK banking license granted by the Prudential Regulation Authority (PRA), allowing for incremental growth in its services. This license, which is part of its broader regulatory strategy, came after it secured a European banking license in Lithuania in 2021. With this approval, Revolut strengthens its position in its largest market, the UK, where it serves around 10 million of its 45 million global users.

Revolut’s interest in building a crypto exchange began in 2021, when the firm started recruiting to design and develop a comprehensive trading platform for digital assets across Europe. It has also revealed plans to launch its own stablecoin soon.

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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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South Korea Crypto Scam: 215 Arrested in $232M Fraud Involving Popular YouTuber

Vanessa — Wed, 13 Nov 2024 16:23:03 +0000

A massive South Korea crypto scam has led to the arrest of 215 people in a $232 million scheme, where a popular YouTuber with 620,000 followers allegedly lured thousands into investing in near-worthless tokens.

The Gyeonggi Southern Provincial Police Agency reported that the scheme, active from late 2021 to March 2023, targeted over 15,000 victims—primarily middle-aged and elderly individuals—by promising returns of up to 20 times their investments.

According to Yonhap, victims were allegedly encouraged to sell property or take out loans to fund purchases of 28 different tokens, six of which were created by the group, while the remaining tokens had minimal trading volume and were deemed of little value.

Among those detained, 12 remain in custody, including the YouTuber identified only as Mr. A, who allegedly led the fraudulent operation through a fake investment consulting firm. Police said the YouTuber initially fled South Korea, traveling through Hong Kong and Singapore before reaching Australia, but has since been detained.

This large-scale arrest comes as South Korea intensifies efforts to curb digital asset crime. In October, Deputy Prime Minister and Finance Minister Choi Sang-mok announced plans for a virtual asset transaction monitoring system to enhance transaction integrity, especially in light of concerns over stablecoins like Tether.

The government aims to mandate reporting of cross-border stablecoin transactions to combat illegal foreign exchange activities, corporate tax evasion, and money laundering linked to digital assets.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Celsius CEO Fails to Dismiss Fraud Charges in New York Court

Vanessa — Tue, 12 Nov 2024 19:52:28 +0000

A federal judge in New York has denied former Celsius Network CEO Alex Mashinsky’s motion to dismiss two fraud charges, allowing allegations of price manipulation involving the company’s CEL token to proceed.

In a ruling dated November 8, 2024, Judge John G. Koeltl of the U.S. District Court for the Southern District of New York rejected Mashinsky’s arguments that the charges were redundant and legally flawed.

Mashinsky contended that his alleged conduct could not simultaneously violate both the Commodity Exchange Act and the Securities Exchange Act. However, Judge Koeltl stated that each charge could independently apply under the law.

The court also addressed whether Celsius’s deposit program, which offered “rewards” to investors who deposited Bitcoin, qualified as a commodity contract. Judge Koeltl deferred this question for further examination during the trial.

Mashinsky faces charges of wire fraud and market manipulation linked to Celsius’s collapse in 2022. Once a prominent crypto lender, Celsius froze customer withdrawals and filed for bankruptcy last year, revealing a substantial deficit. Prosecutors allege that Mashinsky misled investors and manipulated the value of the CEL token, falsely presenting it as safe.

If convicted on all seven criminal charges, Mashinsky could face up to 115 years in prison. His trial commenced in September. This case follows the recent conviction of FTX founder Sam Bankman-Fried, who received a 25-year sentence for similar fraud and market manipulation charges.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Japan’s Bitbank Launches Global Arm for Crypto, Blockchain Projects

Vanessa — Tue, 12 Nov 2024 18:17:57 +0000

Japanese crypto exchange Bitbank has launched a global investment subsidiary, Bitbank Ventures, to fund projects in the cryptocurrency and blockchain sectors, both domestically and internationally.

The new firm aims to bridge innovative technologies and investment opportunities to strengthen Japan’s crypto industry and drive global adoption of digital assets.

Based in Tokyo’s Shinagawa district, Bitbank Ventures will focus on emerging blockchain projects and new technologies such as artificial intelligence (AI) and digital assets. Bitbank sees significant investor interest in projects combining crypto and AI, especially under current market conditions, and plans to keep pace with these advancements. CEO Noriyuki Hirosue stated that Bitbank Ventures seeks to develop a more open internet value-transfer system through investments in crypto-backed projects.

Jun Kuwahara, Bitbank’s Head of Business Development, commented on the strategic move, emphasizing the importance of staying connected to the latest crypto technologies to create mid-term business opportunities. He noted that while Bitbank has previously invested in various crypto projects, the launch of Bitbank Ventures marks a new chapter focused on cultivating crypto startups and fostering global partnerships.

The timing of this launch aligns with Japan’s shifting regulatory landscape. In recent weeks, Japan’s Financial Services Agency (FSA) has announced its intent to review cryptocurrency regulations, potentially leading to lower tax rates and increased domestic investment in tokens.

The FSA is also reportedly working on a framework to streamline asset management for gaming companies using cryptoassets, as existing regulations have hindered blockchain adoption in Japan’s gaming sector. These planned reforms could remove significant obstacles, encouraging broader integration of crypto and blockchain technologies in Japanese industries.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Tether Launches WDK for Non-Custodial Wallet Access by Humans and AI

Vanessa — Tue, 12 Nov 2024 13:22:52 +0000

Tether has launched an open-source Wallet Development Kit (WDK) designed to help developers integrate non-custodial wallets for USDt and Bitcoin into various platforms, offering users more control over their assets.

The new toolkit, announced on November 11, aims to make decentralized financial systems accessible across apps, websites, and devices, supporting both personal and emerging AI-driven technologies.

The WDK provides a modular, adaptable structure that simplifies wallet integration for businesses and developers, allowing customization for industries from gaming to finance. Key features include non-custodial functionality that eliminates reliance on third-party custody, enabling users to retain full control over their assets.

Tether CEO, Paolo Ardoino, said the WDK reflects the company’s goal of building resilient and programmable financial systems that prioritize user autonomy.

“With WDK by Tether we can build programmable, open, and resilient monetary systems that connect people, machines, robots, families, communities, AI agents, societies, and even planets, to remain in control of our own financial destiny,” said Ardoino in a press statement.

Tether recently celebrated its first decade since introducing the stablecoin concept to the world. To mark this milestone and its vision for the future, the company will soon release a documentary titled Stability and Freedom in Chaos, showcasing its role in countries like Brazil, Argentina, and Turkey. In these regions, USDt has become a vital tool, helping millions combat inflation and foster financial freedom on a global scale.

Watch the trailer:

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Foreign Gang Arrested in Phuket Crypto Robbery Worth $250K

Vanessa — Mon, 11 Nov 2024 19:22:12 +0000

Thai authorities arrested four foreign nationals in connection with a Phuket crypto robbery, allegedly forcing a Ukrainian tourist to transfer $250,000 in cryptocurrency after luring him to a meeting.

Phuket’s Kamala Police, with support from Tourist Police, apprehended the suspects — Armenian national Arman, 21; Ukrainian nationals Alfred, 18, and Ruslan, 22; and Russian national Mraz, 21 — at a hotel in Phang Nga Province on November 11. The arrests followed a warrant issued by the Phuket Provincial Court for armed robbery, unlawful detention, and coercion.

The incident reportedly took place on November 8 when the victim, a 23-year-old Ukrainian named Viacheslav, was invited by a friend, Alfred, to a room. Once inside, he was ambushed by two masked men who attacked him, put him in a chokehold, and restrained him with ropes and cable ties. The perpetrators allegedly threatened to break his fingers unless he transferred $500,000 in cryptocurrency. Following negotiations, they lowered their demand to $250,000.

After the transfer, the suspects tied Viacheslav to a bed, warning him not to report the incident before fleeing with additional belongings from the room. Viacheslav later managed to escape, obtained photographic evidence from the hotel reception, and reported the incident to the police.

The suspects in the Phuket crypto robbery are now in custody at the Kamala Police Station, where they face multiple charges, including armed robbery, unlawful detention, and coercion. Thai authorities continue their investigation, with officials emphasizing their commitment to protecting tourists and ensuring that those involved in organized crime face strict penalties.

This case shares a troubling pattern with a similar incident involving a Toronto-based cryptocurrency CEO. Dean Skurka, CEO of WonderFi Technologies, endured a kidnapping ordeal in Toronto, where he was reportedly abducted during rush hour and held for a $1 million ransom. Toronto police reported that suspects forced Skurka into a vehicle, later releasing him unharmed after the ransom was paid.

This incident, alongside the Phuket robbery, highlights the growing security threats faced by high-profile individuals in the crypto industry, where significant wealth in digital assets can make them targets for organized criminal activity.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Apple CEO Tim Cook Holds Bitcoin, Won’t Follow the Crypto Path

Vanessa — Mon, 11 Nov 2024 18:04:28 +0000

Apple CEO Tim Cook revealed that he has personally held Bitcoin for around three years, but he stressed that his private interest in cryptocurrency won’t influence Apple’s corporate strategy.

Cook clarified in an interview with DealBook’s Andrew Sorkin that while he finds Bitcoin and NFTs intriguing, Apple has no plans to integrate crypto into its products, or use its $200 billion cash reserve to invest in digital assets. This cautious stance sets Apple apart from other tech giants like Tesla, which made waves by actively embracing cryptocurrency.

Tim Cook of Apple reveals that he has personally invested in cryptocurrency. “I think it’s reasonable to own it as part of a diversified portfolio,” he said at the #DealBook Online Summit. https://t.co/xpahdlKfOe pic.twitter.com/CQpQgShu0x
— DealBook (@dealbook) November 9, 2021

In early 2021, Tesla shook up the industry by purchasing $1.5 billion in Bitcoin, marking one of the first major investments in crypto by a publicly traded company. The automaker, led by Elon Musk, briefly allowed Bitcoin payments for its electric vehicles, positioning itself as a leader in the corporate adoption of digital assets.

Tesla’s move catalyzed a shift among some companies considering crypto as an alternative asset, sparking market speculation and driving Bitcoin prices to new heights. Although Tesla later suspended Bitcoin payments due to environmental concerns, it still holds a significant amount of Bitcoin on its balance sheet, signaling Musk’s belief in its long-term value.

MicroStrategy, another prominent player in corporate crypto adoption, has taken an even bolder approach. The software firm, led by CEO Michael Saylor, has invested billions in Bitcoin, making it a cornerstone of its corporate strategy.

MicroStrategy now holds over 150,000 Bitcoin, with Saylor citing inflation protection and long-term growth as key reasons for the company’s substantial commitment. Unlike Apple, which views crypto as outside its mission, MicroStrategy has effectively aligned its business model with Bitcoin, positioning itself as a major advocate for digital currency adoption in the corporate world.

In contrast, Cook emphasized that Apple’s shareholders buy its stock for its technology and innovation rather than for crypto exposure. He pointed out that while Apple allows crypto wallet apps on its App Store, it is prioritizing other initiatives that align more closely with its core vision.

Cook’s personal interest in Bitcoin underscores a growing acceptance of digital assets, but Apple’s reluctance to adopt crypto for now highlights its focus on stability and established financial practices, distinguishing it from more speculative players like Tesla and MicroStrategy.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Bitcoin Fog Operator Faces 12 Years for $400M Darknet Laundering Scheme

Vanessa — Mon, 11 Nov 2024 16:59:07 +0000

Roman Sterlingov, a dual Russian-Swedish national, was sentenced to 12 years and six months in prison on Monday for operating Bitcoin Fog, the darknet’s longest-running bitcoin money laundering service.

According to court documents, Sterlingov, 36, ran Bitcoin Fog from 2011 to 2021, using the cryptocurrency “mixer” to obscure the origins of more than 1.2 million bitcoin transactions valued at roughly $400 million. The bulk of this cryptocurrency flowed from darknet marketplaces and was tied to illicit activities, including drug trafficking, identity theft, and child sexual abuse material.

Multiple Charges vs Bitcoin Fog Operator

Sterlingov was found guilty in March 2024 on multiple charges, including money laundering conspiracy, operating an unlicensed money transmitting business, and money transmission without a license. In addition to prison time, he was ordered to pay a forfeiture judgment of $395,563,025.39 and surrender seized assets, including 1,345 bitcoin worth over $103 million.

“Roman Sterlingov ran the longest-running bitcoin money laundering service on the darknet, and today he paid the price,” stated Deputy Attorney General Lisa Monaco. “He provided a refuge for criminals to store hundreds of millions in illicit proceeds. Today’s sentence underscores the Department’s commitment to dismantling the criminal networks enabling these actors.”

IRS-Criminal Investigation Chief Guy Ficco highlighted the success of the investigation, saying: “Today’s significant prison term and hundreds of millions in financial sanctions against the defendant emphasizes the seriousness of this conviction and should serve as a stark notice that this type of criminal activity will not be tolerated.”

FBI Warning to Cybercriminals

Assistant Director in Charge David Sundberg of the FBI emphasized that the prosecution and sentencing of Roman Sterlingov send a clear warning to cybercriminals. He noted that the FBI is prepared to use all available resources and partnerships to disrupt the cybercriminal ecosystem, targeting individuals who provide essential services that enable illegal activities.

The case was investigated by IRS-CI’s Cyber Crime Unit and the FBI’s Washington Field Office, with international assistance from law enforcement agencies across Japan, Sweden, Denmark, Romania, the UK, and Europol.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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1inch Launches ‘Take Crypto SeriousLee’ With Bruce Lee Family

Vanessa — Mon, 11 Nov 2024 15:56:43 +0000

Decentralized exchange aggregator 1inch has announced a long-term partnership with the Bruce Lee Family Company, aiming to popularize decentralized finance (DeFi) and Web3 technologies among a broader audience.

The collaboration launches with a video ad campaign with the slogan “Take Crypto SeriousLee,” spotlighting Bruce Lee’s legacy to underscore the value of DeFi as the future of finance. 1inch seeks to reshape perceptions of crypto as a serious financial innovation rather than a mere speculative trend.

In 2019, after two sleepless nights coding at ETHGlobal New York, @deacix and @k06a unleashed the unstoppable force of 1inch onto the blockchain—like Bruce Lee’s legendary 1-inch punch

Today destiny comes full circle as we join forces with @brucelee #TakeCryptoSeriousLEE pic.twitter.com/OfXlD0CvGY
— 1inch (@1inch) October 28, 2024

The connection between the company and Bruce Lee’s philosophy has been central to the company since its inception, with the brand’s name inspired by Lee’s famous “one-inch punch.” According to 1inch co-founder Sergej Kunz, the partnership is a meaningful alignment of Lee’s values—such as resilience, integrity, and precision—with 1inch’s mission to provide users with a positive crypto trading experience.

“Our project was named after Bruce Lee’s iconic punch. And 1inch has always stuck to Bruce Lee’s values, including integrity, resilience and a serious approach to every endeavor he pursued,” Kunz said in a statement.

Shannon Lee, Bruce Lee’s daughter, expressed enthusiasm about the collaboration, emphasizing shared values of innovation, speed, and creativity in bringing the “Take Crypto SeriousLee” campaign to life. “It has been delightful bringing the ‘Take Crypto SeriousLee’ campaign to fruition and I look forward to our continued partnership,” said Lee.

The partnership builds on the Bruce Lee Estate’s prior forays into Web3, including an NFT project on Shibuya and digital collectibles with Ethernity.

The campaign looks to mirror Bruce Lee’s influence on martial arts in the 1970s by introducing DeFi and Web3 concepts to new users worldwide, making the transformative potential of these technologies accessible to a larger public.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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BlockFi Lending License Revoked Over Unsafe Practices

Vanessa — Fri, 08 Nov 2024 20:26:39 +0000

The California Department of Financial Protection and Innovation (DFPI) announced on Thursday that it has revoked the lending license of crypto lender BlockFi Lending LLC due to multiple regulatory violations.

BlockFi agreed to the revocation of its California Financing Law (CFL) license and to cease unsafe practices as part of a settlement with the DFPI. The action follows an examination by the regulator and a prior license suspension in November 2022.

BlockFi Violations

The DFPI found that BlockFi violated the CFL by failing to assess borrowers’ ability to repay loans, charging interest before loan proceeds were disbursed, and not providing consumers with credit counseling. It also reportedly neglected to report payment performance to credit bureaus, and inaccurately disclosed annual percentage rates (APRs) in loan documents.

“While we encourage innovation in our financial marketplace, companies must comply with laws and protect consumers in accordance with those laws to continue doing business in California,” DFPI Commissioner Clothilde V. Hewlett said in a statement.

Bankruptcy Filing

BlockFi filed for bankruptcy in 2022, shortly after the collapse of cryptocurrency exchange FTX Trading Co. The company’s bankruptcy plan administrator recently announced that it has recovered sufficient assets to make all customers whole.

Under the settlement agreement, the DFPI imposed a $175,000 fine on BlockFi for its violations but waived the payment to prioritize consumer recovery, given that the company is in bankruptcy and no longer operating.

In February 2022, the DFPI had entered into a consent order with BlockFi to resolve allegations that the company offered and sold unqualified, non-exempt securities.

The DFPI emphasized that all financial services providers operating in California are expected to comply with state financial laws. Consumers can submit complaints to the DFPI online at or call toll-free at (866) 275-2677 for assistance.

The announcement comes amid increased regulatory scrutiny of cryptocurrency lenders and follows a series of enforcement actions against other firms in the sector.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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North Korean Hackers Target Crypto Firms with Hidden Risk Malware

Vanessa — Fri, 08 Nov 2024 18:28:05 +0000

Cybersecurity firm SentinelLabs has identified a new malware campaign called Hidden Risk, launched by North Korean hackers BlueNoroff, targeting cryptocurrency businesses.

The campaign, first observed in October but possibly active since July, uses phishing emails with fabricated crypto news headlines to infiltrate organizations in the crypto industry, SentinelLabs said in a report released on Thursday.

Phishing emails contain links to PDFs on topics such as “Hidden Risk Behind New Surge of Bitcoin Price” and “Altcoin Season 2.0—The Hidden Gems to Watch,” aiming to lure victims into downloading malware.

North Korean hackers BlueNoroff reportedly impersonated real individuals from unrelated industries, forwarding messages purportedly from well-known crypto social media influencers. In one instance, the attackers replicated a legitimate research paper titled “Bitcoin ETF: Opportunities and Risks” by a University of Texas academic, originally hosted by the International Journal of Science and Research Archive (IJSRA).

Unlike previous operations by BlueNoroff, the Hidden Risk campaign uses simpler phishing emails without personal or context-specific details. The sender domain used, kalpadvisory[.]com, is associated with spam activity in Indian stock market forums, according to SentinelLabs.

“While North Korean cyber actors have previously engaged in extensive target grooming on social media, this campaign adopts a more direct phishing strategy,” said SentinelLabs.

Researchers suggest that increased scrutiny of North Korean cyber activities may have made social media tactics less effective due to heightened awareness among targets in sectors like decentralized finance (DeFi) and exchange-traded funds (ETFs). However, state-backed actors are likely to deploy multiple strategies concurrently.

The campaign demonstrates the hackers’ ability to obtain valid Apple “identified developer” accounts, achieve malware notarization by Apple, and bypass macOS security measures such as Gatekeeper, SentinelLabs noted. The firm urged macOS users, particularly within organizations, to enhance their security measures and remain vigilant to potential threats.

The findings come after the U.S. Federal Bureau of Investigation warned that North Korean hackers are using sophisticated social engineering campaigns against cryptocurrency operations.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Kansas Bank CEO’s Crypto Fraud Leads to Full Repayment for Victims

Vanessa — Tue, 05 Nov 2024 19:00:36 +0000

In a landmark ruling in Kansas, victims of a major Kansas bank fraud received a promise of full financial recovery.

The drama unfolded in a federal courtroom on Monday, where individuals impacted by former bank CEO Shan Hanes’ deceptive scheme heard the news of their forthcoming restitution. Hanes had embezzled $47 million from Heartland Tri-State Bank, driving it into insolvency and affecting many, including close family and neighbors.

“Hanes’ greed knew no bounds. He trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions,” said U.S. Attorney Kate E. Brubacher, in a press release in August.

The funds, recovered from a crypto account in the Cayman Islands, will now rectify the $8.3 million loss suffered by 30 shareholders, overriding the Federal Deposit Insurance Corp’s (FDIC) claim for reimbursement.

This decision by Federal Judge John W. Broomes prioritizes the devastated shareholders over the FDIC, highlighting the court’s recognition of the profound personal financial damages caused by Hanes’ actions.

“The U.S. Attorney’s Office – District of Kansas thanks the FBI for its diligent investigations that led to the discovery and recovery of over $8 million in stolen funds. Through Hanes’ conviction and prison sentence, the Department of Justice obtained justice for the victims, and now with this court order, those victims will receive some financial relief,” said U.S. Attorney Brubacher in the latest statement.

This Kansas bank scam case highlights the vulnerabilities linked to unregulated crypto ventures and the devastating impact of financial fraud on community institutions and their stakeholders. It serves as a reminder of the critical need for stringent oversight in the banking and cryptocurrency sectors to prevent similar fraudulent activities.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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South Korea Youth Choose Crypto Over Traditional Jobs

Vanessa — Tue, 05 Nov 2024 18:12:46 +0000

In South Korea, a seismic shift in employment trends is emerging as younger generations increasingly abandon traditional job paths in favor of cryptocurrency trading.

This trend is detailed in a recent analysis by the Electronic Times, which shows a marked uptick in job seekers aged 40-59, while interest among those aged 20-39 has waned.

The rise in older job seekers is attributed to the need for supplemental income amid ongoing economic stagnation. In contrast, younger individuals are gravitating towards financial investments in assets like cryptocurrencies. This investment trend is supported by data from various recruitment platforms, which indicate a significant shift in the demographics of job applicants.

For instance, between 2021 and 2024, the proportion of job seekers in their 40s and 50s on Job Korea’s Albamon platform reportedly doubled from 14% to 30%. Conversely, there was an observed decline in the 20-39 age group, with a decrease of 1% in job seekers over the same period.

Market experts suggest that this change is driven by a combination of prolonged economic downturns and the allure of potentially lucrative returns from digital asset investments. The increase in digital literacy among those nearing retirement is also expected to continue boosting the short-term, part-time job market for older adults.

As the structure of the population changes, the job market in South Korea is adapting, with more individuals over 40 looking for flexible employment options. This shift poses new challenges and opportunities for economic policy and employment strategies in a rapidly evolving digital economy.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Mt. Gox Stirs Crypto Market with $2B BTC Transfer

Vanessa — Tue, 05 Nov 2024 16:46:45 +0000

Mt. Gox, the now-defunct cryptocurrency exchange, has reportedly moved over $2 billion worth of Bitcoin into new wallets, stirring market speculation about its intentions.

According to blockchain analytics firm Arkham Intelligence, on November 4, Mt. Gox transferred 30,371 BTC to an unknown address and about 2,000 BTC to another. All these while still retaining approximately 44,378 BTC, valued around $3.04 billion.

This flurry of activity was noted just days after another analytics firm, SpotOnChain, reported that Mt. Gox had moved a total of 32,871 BTC in the past week, including some amounts to major crypto exchanges OKX and B2C2. Such large-scale transfers have historically influenced Bitcoin market dynamics, raising concerns about potential impacts on Bitcoin’s price stability.

Mt. Gox transferred another 32,371 $BTC ($2.19B) to 3 new wallets in the last 2 hours.

Over the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX.

Currently, there remain 12,006 $BTC… pic.twitter.com/L3ZQZLpnDR
— Spot On Chain (@spotonchain) November 5, 2024

The ongoing asset movements align with Mt. Gox’s efforts to reimburse creditors following the 2014 hack, which resulted in significant losses of Bitcoin. Although the exchange has extended its repayment deadline to October 2025, these recent transfers are a part of its strategy to ensure all creditors are compensated.

This situation underscores the long-term consequences of cryptocurrency exchange failures and the complex recovery processes that follow. Mt. Gox announced in late June that it will begin repaying its creditors in Bitcoin and Bitcoin Cash (BCH) starting July. The impending repayments are expected to distribute 142,000 BTC, 143,000 BCH, and ¥69 billion (approximately $432 million) to creditors.

“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges,” said Nobuaki Kobayashi, its Rehabilitation Trustee, back in June.

While these recent transfers might be part of Mt. Gox’s preparation for repaying creditors, the sheer size of the transactions has sparked speculation. Some analysts believe that Mt. Gox might be using this process to strategically influence the Bitcoin market, potentially causing price fluctuations. Others suggest the exchange might be diversifying its holdings or simply preparing for a more efficient distribution process.

The situation, however, underscores the lasting consequences of cryptocurrency exchange failures and the complex recovery processes that often follow. The Mt. Gox story serves as a reminder of the fragility of the crypto market and the importance of robust security measures, particularly for exchanges holding large amounts of digital assets.

The story of Mt. Gox, while a grim reminder of the risks associated with cryptocurrency, also highlights the resilience of the industry. The exchange’s commitment to repaying its creditors, however long it takes, demonstrates the potential for recovery and accountability within the crypto space. As the exchange moves forward with its repayment plan, the crypto community will be watching closely, anticipating the impact on the market and the lessons learned from the Mt. Gox saga.

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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Whale larpas Triggers Market Shift with $4M Election Bets Sell-Off

Vanessa — Tue, 05 Nov 2024 15:04:46 +0000

A significant sell-off by a Polymarket whale known as “larpas” has sparked notable shifts in betting odds related to the upcoming U.S. presidential elections. In a high-stakes move, “larpas” offloaded nearly $4 million in bets on former President Donald Trump’s victory, impacting the market dynamics profoundly.

Data from Arkham Intelligence revealed that “larpas” began divesting these positions around 4 p.m. UTC, with the bulk of the bets predicting a Trump win. This activity led to a decrease in Trump’s odds from 60.6% to 56.2% on Polymarket, though they slightly recovered to 58% after the transactions.

Giant-Cassocked Rebirth (GCR on X), another notable figure in the cryptocurrency sphere, coincidentally advised against holding election-related positions just minutes before “larpas” initiated the sell-off. GCR referenced the tight margin of the 2000 U.S. election, hinting at the unpredictability of electoral outcomes and the risks involved in such bets.

The timing of these transactions and GCR’s prior insight raise questions about market manipulation strategies that may be at play, using significant financial power to influence election betting markets.

Experts are calling for more stringent monitoring of prediction market activities, especially with substantial sums at stake and the ability to sway public perception. As the 2024 elections come to a conclusion, the role of cryptocurrency continues to be a critical area of focus, prompting discussions about regulation and its ethical implications in trading.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Alibaba Lays Off Dozens From Metaverse Unit Amid AI Pivot

Vanessa — Mon, 04 Nov 2024 17:41:52 +0000

Alibaba Group has reportedly scaled back its metaverse operations and reduced staff numbers significantly within its metaverse division, Yuanjing. This shift is part of a broader realignment toward artificial intelligence (AI), signaling a cooling interest in the metaverse among major tech players.

Launched in 2021, Yuanjing aimed to capitalize on the burgeoning interest in the metaverse, a digital realm that many predicted would be the next iteration of the internet. Despite initial investments and efforts to secure a foothold in the virtual landscape, the division is now facing significant layoffs as the Chinese multinational company reallocates resources to more promising technology areas, particularly AI.

This strategic pivot follows a pattern observed across the tech industry, where companies are shifting their focus from metaverse projects, which have not delivered on their hype, to AI, which is seeing rapid advancements and applications.

The layoffs at Alibaba’s Yuanjing unit have affected operations in both Shanghai and Hangzhou, impacting several hundred employees involved in various metaverse initiatives.

The downsizing comes at a time when other tech giants, like Meta Platforms and Baidu, have also scaled back their metaverse-related endeavors to prioritize AI development. These changes underscore the shifting priorities within the tech sector as companies seek to invest in technologies with clearer paths to commercial viability and regulatory acceptance.

The company has yet to issue an official statement on the movements. The mass layoffs come just before Alibaba is set to announce its September Quarter 2024 results before the U.S. markets open on November 15.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Alibaba Lays Off Dozens From Metaverse Unit Amid AI Pivot first appeared on The Shib Daily.

Wiz Khalifa X Account Hack Tied to WIZ Coin Scam

Vanessa — Mon, 04 Nov 2024 17:08:15 +0000

The X social media account of American rapper Wiz Khalifa was hacked, leading to the promotion of a dubious meme coin WIZ and resulting in dramatic market fluctuations.

The scam, revealed by blockchain sleuth ZachXBT, initially propelled the coin’s value to a peak of $3.4 million. However, the value plummeted to less than $28,000 after early investors began offloading their holdings. Currently, the token’s market cap stands at approximately $8,400.

This incident follows a similar pattern to the recent hack of Truth Terminal creator Andy Ayrey’s account, which promoted another fraudulent cryptocurrency. These events highlight the vulnerabilities associated with celebrity-backed cryptocurrency promotions and the rapid swings in investor fortune they can cause.

Analysis from Solscan revealed that primary wallets involved in the WIZ token scam bought over 155 million tokens at launch, turning a substantial profit by exploiting the initial price surge. This kind of market manipulation has led to significant losses among smaller investors, drawn in by the apparent endorsement from high-profile figures like Khalifa.

Rapper 50Cent’s social media account and website experienced a similar fate in June this year. The X accounts of Lara and Tiffany Trump were also hacked and used to promote fake crypto products in September.

Wiz Khalifa has not issued an official statement as of this writing. His X account remains silent, leaving it unclear whether the rapper has regained control of his account.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Wiz Khalifa X Account Hack Tied to WIZ Coin Scam first appeared on The Shib Daily.

Kraken Unveils Crypto Derivatives for Australian Wholesale Clients

Vanessa — Mon, 04 Nov 2024 16:44:12 +0000

Kraken has announced the launch of a new service tailored for Australian wholesale clients, offering crypto-based derivatives through a licensed broker. This initiative reflects Kraken’s ongoing expansion in Australia and its commitment to adhere to the stringent regulatory standards expected within the financial sector.

The service will enable wholesale clients to engage with a variety of crypto-based derivatives without needing to hold the actual cryptocurrencies. This is particularly significant as it utilizes Kraken’s Australian financial services license to offer these products, highlighting the platform’s compliance with local regulations.

Jonathon Miller, Kraken’s General Manager for Australia and Rest of World, emphasized the company’s mission to stay ahead of market demand while ensuring high security and compliance standards. “Our new premium product meets our clients’ trading needs and helps them to advance in their crypto journey,” Miller said.

The service promises over 200 tradable assets and support for multiple collaterals—including fiat, stablecoin, and crypto—held within one of the most secure crypto custodial solutions available.

Kraken’s move comes at a time when the appetite for regulated crypto products is growing, not just in Australia but globally. Institutions and sophisticated investors are increasingly seeking out platforms that offer both a broad range of products and adherence to regulatory standards. Kraken’s service expansion in July, which introduced enhanced custodial services to Australian institutional clients, further integrates with its broader product suite.

The timing of Kraken’s announcement is also notable in light of recent regulatory developments. A U.S. federal court recently ruled favorably for Kraken in a case that determined the tokens offered on its platform are not securities. This decision is pivotal as it not only supports its operational framework but also sets a precedent that could influence how crypto assets are classified and regulated worldwide.

As the crypto market continues to mature, the demand for diversified financial products that comply with local and international regulations will likely increase. Kraken’s new derivatives offering for Australian wholesale clients is an example of how crypto exchanges are evolving to meet these needs.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Kraken Unveils Crypto Derivatives for Australian Wholesale Clients first appeared on The Shib Daily.

Zopp0 Crypto Manipulation Scam Exposed; Influencers Backed Dubious Projects

Vanessa — Mon, 04 Nov 2024 14:42:06 +0000

The cryptocurrency community reels from recent revelations as on-chain analyst ZachXBT exposes a series of manipulative schemes orchestrated by a figure known only as Zopp0.

This figure allegedly masterminded multiple failed crypto projects — SCALE, NTD, TPU, and OPSEC — leveraging popular influencers to artificially inflate their value before abandoning the projects, causing significant investor losses.

Details emerge of the Zopp0 operations where leaked messages show concerted efforts to use influencers like CryptoGodJohn, CryptoKazi, and Luke Belmar to promote these dubious projects without genuine technical backing.

This tactic, coupled with strategic negative publicity against competitors, illustrates a dark side of the crypto influence sphere.

The fallout includes a dramatic drop in project values, with some plummeting over 90% in mere days. The influencers involved have faced criticism for their role in endorsing these high-risk investments. Meanwhile, Zopp0’s strategic anonymity and disinterest in project sustainability suggest a calculated disregard for investor welfare.

ZachXBT’s investigation highlights the dangerous impact of influencer marketing in crypto, pushing for transparency and accountability. This scandal has prompted calls for stricter regulations and a more critical evaluation of influencer endorsements in the cryptocurrency industry, aiming to safeguard the community from similar predatory practices in the future.

Just recently, YouTube influencer James Stephen “Jimmy” Donaldson, popularly known as MrBeast, was found to have profited as much as $23 million from questionable crypto transactions.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Zopp0 Crypto Manipulation Scam Exposed; Influencers Backed Dubious Projects first appeared on The Shib Daily.

Crypto Surpasses Real Estate as Top Investment Choice in Turkey – Study

Vanessa — Fri, 01 Nov 2024 19:21:09 +0000

Cryptocurrency is now the third most preferred investment vehicle in Turkey, following gold and foreign currency.

This finding comes from the latest Cryptocurrency Awareness and Perception Survey by Turkish crypto exchange Paribu and research firm FutureBright Group.

The annual survey, now in its fifth year, highlights significant shifts in investment preferences and growing confidence in digital assets among Turkish investors. This year, the share of Turkish citizens actively trading cryptocurrency rose from 25.1% to 27%, reflecting an increased interest in crypto despite economic volatility and regulatory ambiguity.

The survey collected responses from diverse investors and showed that 56% of participants still consider gold their primary investment choice due to its historical stability and perceived safety. Foreign currency ranked second, preferred by 33% of respondents, while cryptocurrency claimed third place, edging out real estate.

Source: Paribu

Notably, cryptocurrency moved ahead of real estate as a preferred investment for the first time, with the latter dropping from 30% in 2023 to 26% in 2024. Analysts attribute this shift to various factors, including Turkey’s economic challenges, fluctuating real estate prices, and a young, digitally savvy population more receptive to alternative investments like cryptocurrency.

The survey also recorded an increased interest in stocks and mutual funds, with preference rising from 13% to 18% over the past year, though these still lag behind real estate and cryptocurrency.

Paribu’s survey findings underline Turkey’s status as a rapidly growing crypto market, largely driven by the population’s interest in hedging against inflation and currency depreciation. While the Turkish government has introduced regulatory measures to manage the risks associated with digital currencies, the crypto market continues to gain traction as a mainstream investment choice.

As the landscape evolves, Paribu and other local exchanges are actively educating the public about the risks and benefits of cryptocurrency. Turkey’s growing crypto ecosystem is set to expand further, with more investors likely to integrate digital assets into their traditional investment strategies.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Bitfarms Adds 10,000 Miners in US Stronghold Hosting Deal

Vanessa — Fri, 01 Nov 2024 17:21:19 +0000

Bitfarms, the global cryptocurrency mining company, announced a new hosting agreement with Stronghold Digital Mining Hosting to deploy an additional 10,000 miners at the latter’s Scrubgrass site in Pennsylvania.

The expansion is part of its strategy to increase its U.S. footprint and is anticipated to begin in December 2024.

The 10,000 miners were initially intended for Bitfarms’ Yguazu site in Paraguay but will now operate alongside 10,000 other miners Bitfarms is deploying under its initial agreement with Stronghold. This deployment will achieve an efficiency of approximately 20.5 watts per terahash (w/TH), enhancing Bitfarms’ fleet-wide performance.

Bitfarms Chief Executive Officer Ben Gagnon emphasized the value of the partnership: “Optimizing our assets with these rapid upgrades at Stronghold’s Pennsylvania sites will provide significant near-term value for Bitfarms.”

The Scrubgrass site’s existing power generation capabilities allow Bitfarms to minimize capital expenditures and leverage a diversified energy strategy.

Bitfarms also deposited $7.8 million with Stronghold to cover estimated power costs for three months, which is fully refundable at the end of the agreement’s initial term on December 31, 2025. The contract will automatically renew for successive one-year terms unless either party opts out in writing.

The company operates 12 Bitcoin data centers, primarily powered by hydroelectric energy, with locations in the U.S., Canada, Paraguay, and Argentina. Through partnerships like the one with Stronghold, Bitfarms is advancing its commitment to cost-efficient, sustainable crypto mining and exploring growth in the U.S. market.

In April this year, U.S. President Joe Biden proposed a 30% tax on electricity used by crypto miners in a bid to encourage miners to adopt more eco-friendly practices. This issue remains unresolved as of this writing after the proposal received backlash from the crypto community who argued that it could impact industry competitiveness and later drive the industry offshore.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Bitfarms Adds 10,000 Miners in US Stronghold Hosting Deal first appeared on The Shib Daily.

M2 Thwarts $13.7 Million Crypto Heist, Recovers Funds in Minutes

Vanessa — Fri, 01 Nov 2024 15:21:05 +0000

Dubai-based cryptocurrency platform M2 reported a cybersecurity breach early Thursday, which involved a $13.7 million loss but was quickly mitigated within 16 minutes of detection.

The incident occurred at 3:16 AM (GMT+4) and was addressed by the platform’s security team by 3:32 AM. In a statement, M2 confirmed that the situation has been fully resolved, customer funds restored, and enhanced security protocols implemented.

M2 assured users that it has taken full responsibility for the incident and is working with legal and regulatory authorities to ensure thorough follow-up on the matter.

“This incident underscores our commitment to protecting customer assets and maintaining a secure platform. We are dedicated to upholding the highest standards of security and compliance,” M2 stated, adding that all services are now operational with strengthened controls in place.

The breach at M2 comes nearly four months after a major attack on WazirX, the Indian cryptocurrency exchange, where hackers stole over $230 million, marking it the second-largest cryptocurrency theft of 2024. According to a Crystal Intelligence report, the crypto sector has faced substantial challenges with nearly $19 billion lost across 785 reported hacking incidents from 2010 to June 2024.

As cryptocurrency adoption grows, hacks and scams have emerged as significant barriers. In February 2024, PlayDapp was hit with the year’s largest security breach, losing $290 million, while the JPEX investment scam in Hong Kong saw $194.3 million in crypto vanish in the same period.

Analysts note that while decentralized finance (DeFi) platforms have suffered heavily in recent years, centralized exchanges remain the primary targets in terms of total value stolen. The USA led with 34 incidents totaling $984 million, followed by Hong Kong with 15 incidents at nearly $1.2 billion. South Korea saw 13 incidents worth over $380 million, the UK 12 incidents at $618 million, and Singapore 10 incidents totaling $134 million.

Source: Crystal Intelligence

As M2 and other exchanges reinforce cybersecurity, industry experts stress that stronger security measures and regulatory collaboration will be key to preventing further attacks and fostering greater trust in digital assets.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions

The post M2 Thwarts $13.7 Million Crypto Heist, Recovers Funds in Minutes first appeared on The Shib Daily.

Asia Crypto Developers Now Outpace US – Report

Vanessa — Thu, 31 Oct 2024 17:53:52 +0000

Asia crypto developers have now overtaken North America as the leading hub for cryptocurrency and blockchain development talent.

According to the fifth annual Electric Capital Developer Report, the share of Asia crypto developers worldwide increased to 32% in 2024, from 13% in 2015. This shift positions Asia at the forefront of the crypto development sector, surpassing North America, which saw its share decrease to 24% from 44% over the same period.

Maria Shen, a general partner at Electric Capital, emphasized the importance of this shift in a recent X post: “Asia is now #1 for crypto devs. The US is losing market share. Crypto impacts every state in the US – crypto should be non-partisan.”

Despite the decline, the United States still maintains the highest number of individual crypto developers globally, with 18.8% of all developers based there. India follows with 11.8%, and the United Kingdom ranks third with 4.2%. However, the U.S. has experienced a 51% drop in its share of developers since 2015, even as the industry continues to grow.

Source: Electric Capital

The report’s findings are based on an analysis of over 200 million crypto-related GitHub commits across 350,000 repositories, supplemented by geographical data from over 110,000 developer wallets with self-reported locations. This comprehensive data collection highlights the geographical distribution of crypto developers, which is a crucial indicator of regions likely to drive future blockchain innovation and mass adoption.

Source: Electric Capital

Interest in cryptocurrencies has surged in Asia, particularly in South Korea, where the number of crypto investors rose by over 21% in the second half of 2024. This surge has significantly boosted the operational profits of the top 21 local centralized exchanges (CEXs), which collectively saw a year-on-year increase of 106% in profits, exceeding $4.2 billion.

The decentralization of developer talent suggests a shifting paradigm in the global blockchain ecosystem, with Asia crypto developers poised to lead future enhancements in the sector. The US, while still a major player, will need to adapt to this changing landscape to maintain its competitive edge in the burgeoning field of digital currencies and blockchain technology.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions

The post Asia Crypto Developers Now Outpace US – Report first appeared on The Shib Daily.

MrBeast Profited $23M From Questionable Crypto Schemes – Report

Vanessa — Thu, 31 Oct 2024 15:29:43 +0000

YouTube influencer James Stephen “Jimmy” Donaldson, popularly known as MrBeast, continues to be at the center of allegations involving profitable but questionable cryptocurrency transactions.

A report by blockchain analyst and advisory firm Loock.io alleges that MrBeast, who has 320 million subscribers on YouTube alone, used his substantial social media influence to engage in insider trading and promotional schemes. These allegedly netted him some $23 million in questionable profits.

Analysts from Loock.io, supported by blockchain expert SomaXBT, traced nearly 50 wallets linked to Donaldson. The data suggested a coordinated effort to promote certain crypto tokens before selling them off at peak prices—a practice commonly referred to as “pump and dump.”

The investigation also highlights his involvement with SuperVerse, formerly known as SuperFarm, where MrBeast is said to have turned a $100,000 investment into approximately $7.5 million.

The report further alleges that MrBeast, alongside other social media figures like KSI, exploited legal loopholes allowing them to sell their tokens ahead of public trading restrictions, potentially at the cost of general investors. KSI, whose real name is Olajide Olayinka Williams Olatunji, went under fire in early 2024 after being caught using pump-and-dump strategies on his crypto account on X. Another YouTuber, Logan Paul, also allegedly used his massive online influence to promote the CryptoZoo scam.

The Shib Daily previously wrote how such influencer-backed tokens often crash, leaving investors with painful losses. This raises ethical questions about influencers using their platforms in volatile markets like crypto. Calls for clearer regulations have intensified to protect investors from such predatory practices.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post MrBeast Profited $23M From Questionable Crypto Schemes – Report first appeared on The Shib Daily.

Vanessa – The Shib Daily

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