Russia may legalise crypto 'sooner or later' as the industry and trade minister talks about the possibility. At present, Russia holds an annual transaction of $5 billion worth.

Russia to legalise crypto 'sooner or later' as industry and trade minister talks about the possibility

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialization of crypto assets in the Central American country renowned as a hub of offshore financial services.

Panama: Lawmakers approve bill to regulate cryptos

Lawmakers in&nbsp;Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten&nbsp;Panama's reputation as a place lacking financial transparency.

The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva.

Also read |&nbsp;<a href="https://www.wionews.com/world/panama-says-three-ships-hit-by-russian-missiles-in-black-sea-since-start-of-ukraine-invasion-463051">Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion</a>

"We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies."

The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats.

Under the new legislation,&nbsp;Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country.

Watch |&nbsp;Panama: Lawmakers approve bill to regulate cryptos

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Panama&nbsp;is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&amp;B Family Office, said the crypto bill would not help it appear more transparent.

"Panama&nbsp;was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking&nbsp;Panama&nbsp;to embrace," he said.

The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against.

Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in&nbsp;Panama&nbsp;but only one in four people have bank accounts.

Also read |&nbsp;<a href="https://www.wionews.com/photos/february-23-in-history-first-mass-polio-vaccine-panama-canal-zone-and-more-365610">February 23 in history: First mass polio vaccine, Panama Canal Zone, and more</a>

The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services.

Still, K&amp;B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets.

In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued.

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Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services. The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten Panama's reputation as a place lacking financial transparency. The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva. Also read | Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion "We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies." The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats. Under the new legislation, Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country. Watch | Panama: Lawmakers approve bill to regulate cryptos Panama is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&B Family Office, said the crypto bill would not help it appear more transparent. "Panama was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking Panama to embrace," he said. The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against. Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in Panama but only one in four people have bank accounts. Also read | February 23 in history: First mass polio vaccine, Panama Canal Zone, and more The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services. Still, K&B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets. In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued. WATCH WION LIVE HERE

Panama passes bill to regulate the use and commercialisation of crypto assets

A non-fungible token (NFT) of Twitter founder&nbsp;Jack Dorsey's first tweet that was earlier sold to a crypto investor for $2.9 million was re-listed again for the auction by the current owner for $48 million.

However, much to his dismay, the NFT could only fetch $280.

Before putting up for auction, Iranian-born crypto entrepreneur Sina Estavi had pledged to donate half of the proceeds of NFT sales to the charity, just like Dorsey.

“I decided to sell this NFT (the world's first ever tweet) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly,” Estavi had posted on Twitter on April 7.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity <a href="https://twitter.com/GiveDirectly?ref_src=twsrc%5Etfw">@GiveDirectly</a> 
‌‌‌‌‌‌ 
🖇 <a href="https://t.co/cnv5rtAEBQ">https://t.co/cnv5rtAEBQ</a> <a href="https://t.co/yiaZjJt1p0">pic.twitter.com/yiaZjJt1p0</a>
— Estavi (@sinaEstavi) <a href="https://twitter.com/sinaEstavi/status/1511832413973983239?ref_src=twsrc%5Etfw">April 6, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

But Give Directly charity is now expected to receive merely $140—half of what Estavi promised.

The auction closed on Wednesday, and only seven offers were made ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6), according to CoinDesk.

Estavi, who purchased the NFT for $2.9 million in March 2021, said that he will wait patiently until a good offer is made.

“The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it,” Estavi told CoinDesk on Wednesday.

The Iranian entrepreneur has only two days to accept the bid, otherwise it will expire.

Estavi's both cryptocurrency companies—Bridge Oracle and CryptoLand—collapsed after he got arrested in Iran last year for “disrupting the economic system”.

One of his crypto ventures, CryptoLand exchange, ceased operations, leaving customers unable to access their funds, and the price of his Bridge Oracle project’s BRG token tanked.

Now out of prison, the entrepreneur has been trying to make it right with holders of those almost worthless tokens, which were issued on the Tron blockchain.

(With inputs from agencies)

A non-fungible token (NFT) of Twitter founder Jack Dorsey's first tweet that was earlier sold to a crypto investor for $2.9 million was re-listed again for the auction by the current owner for $48 million.

A non-fungible token (NFT) of Twitter founder Jack Dorsey's first tweet that was earlier sold to a crypto investor for $2.9 million was re-listed again for the auction by the current owner for $48 million. However, much to his dismay, the NFT could only fetch $280. Before putting up for auction, Iranian-born crypto entrepreneur Sina Estavi had pledged to donate half of the proceeds of NFT sales to the charity, just like Dorsey. “I decided to sell this NFT (the world's first ever tweet) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly,” Estavi had posted on Twitter on April 7. I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly ‌‌‌‌‌‌ 🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0 — Estavi (@sinaEstavi) April 6, 2022 × But Give Directly charity is now expected to receive merely $140—half of what Estavi promised. The auction closed on Wednesday, and only seven offers were made ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6), according to CoinDesk. Estavi, who purchased the NFT for $2.9 million in March 2021, said that he will wait patiently until a good offer is made. “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it,” Estavi told CoinDesk on Wednesday. The Iranian entrepreneur has only two days to accept the bid, otherwise it will expire. Estavi's both cryptocurrency companies—Bridge Oracle and CryptoLand—collapsed after he got arrested in Iran last year for “disrupting the economic system”. One of his crypto ventures, CryptoLand exchange, ceased operations, leaving customers unable to access their funds, and the price of his Bridge Oracle project’s BRG token tanked. Now out of prison, the entrepreneur has been trying to make it right with holders of those almost worthless tokens, which were issued on the Tron blockchain. (With inputs from agencies)

Crypto entrepreneur re-auctions Jack Dorsey's first tweet NFT for $48mn, gets bid for only $280

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off. 
 
According to a report in The Financial Times citing sources, Facebook`s financial arm called `Meta Financial Technologies` is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". 
 
"The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model," the report mentioned on Wednesday. 
 
"Zuck Bucks" will not be a cryptocurrency but more like in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps like `Robux` currency by popular kids` gaming platform Roblox. 
 
Roblox has built a massive business selling `Robux`, and Meta could try to emulate some of that success on its own social networks. 
 
Meta is also planning to create "social tokens" or "reputation tokens", which could be issued as rewards for meaningful contributions in Facebook groups. 
 
The company is also aiming to produce "creator coins" for influencers on its photo-sharing platform Instagram. 
 
"Insanely great. Please let this be real," posted Twitter founder Jack Dorsey on Thursday on the Meta plans to create "Zuck Bucks". 
 
Meanwhile, Meta is planning to launch a pilot for posting and sharing non-fungible tokens (NFTs) on Facebook next month. NFTs may be monetised via "fees and/or ads" in the future, according to the report. 
 
Facing regulatory hurdles, the cryptocurrency dream of Zuckerberg was officially over as the company in February announced it has sold its digital coin known as Diem for around $200 million to Silvergate, a crypto-focused bank. 
 
Originally launched as Libra and later renamed as the Diem Association, the cryptocurrency initiative faced regulatory backlash, and the US Federal Reserve was a key opponent to Diem launching. 
 
Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October 2019.

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off.

Meta is reportedly planning to launch a digital currency called `Zuck Bucks` -- named after its Founder Mark Zuckerberg -- and virtual tokens, coins and other financial services, after its pet cryptocurrency project failed to take off. According to a report in The Financial Times citing sources, Facebook`s financial arm called `Meta Financial Technologies` is exploring a virtual currency for metaverse, dubbed "Zuck Bucks". "The company is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram -- a trend that threatens its $118 bn-a-year ad-based business model," the report mentioned on Wednesday. "Zuck Bucks" will not be a cryptocurrency but more like in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps like `Robux` currency by popular kids` gaming platform Roblox. Roblox has built a massive business selling `Robux`, and Meta could try to emulate some of that success on its own social networks. Meta is also planning to create "social tokens" or "reputation tokens", which could be issued as rewards for meaningful contributions in Facebook groups. The company is also aiming to produce "creator coins" for influencers on its photo-sharing platform Instagram. "Insanely great. Please let this be real," posted Twitter founder Jack Dorsey on Thursday on the Meta plans to create "Zuck Bucks". Meanwhile, Meta is planning to launch a pilot for posting and sharing non-fungible tokens (NFTs) on Facebook next month. NFTs may be monetised via "fees and/or ads" in the future, according to the report. Facing regulatory hurdles, the cryptocurrency dream of Zuckerberg was officially over as the company in February announced it has sold its digital coin known as Diem for around $200 million to Silvergate, a crypto-focused bank. Originally launched as Libra and later renamed as the Diem Association, the cryptocurrency initiative faced regulatory backlash, and the US Federal Reserve was a key opponent to Diem launching. Facebook and 20 partner organisations formally joined the digital currency project during a meeting in Geneva in October 2019.

Meta planning 'Zuck Bucks' digital currency as crypto dream fails

The Ronin blockchain, which underpins the famous crypto game Axie Infinity, has had $625 million worth of cryptocurrency stolen.

Sky Mavis, the CEO of Ronin and Axie Infinity, announced the hack on Tuesday and halted all transactions on the Ronin bridge, which allows users to deposit and withdraw funds from the company's blockchain.

Sky Mavis claims it's collaborating with law authorities to recover 173,600 Ethereum (now valued at over $600 million) and 25.5 million USDC (a cryptocurrency tied to the US dollar) from the perpetrator, who removed the funds off the network on March 23rd. 
 
<a href="https://www.wionews.com/business-economy/india-30-tax-on-profits-from-cryptocurrency-assets-from-april-1-466277">Also read | India: 30% tax on profits from cryptocurrency assets from April 1</a>

The hack targeted Sky Mavis' Ronin network, which acts as a middleman between Axie Infinity and other cryptocurrency blockchains such as Ethereum.&nbsp;

Users could deposit Ethereum or USDC into Ronin, then buy non-fungible tokens or in-game currency, or sell their in-game assets and withdraw the funds.

According to Sky Mavis, an attacker compromised the network nodes that validate transactions to and from the Ronin blockchain by using pirated private security keys.

As a result, the attacker was able to withdraw substantial amounts of Ethereum and USDC in a stealthy manner.

Another user attempted to withdraw 5,000 Ethereum using the bridge today, nearly a week after the transfer was found.&nbsp;

Watch | Will India's crypto tax rules scare away investors?

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Second biggest Crypto hack ever

Based on the value of Bitcoin at the time of the attack—approximately $540 million—this is the second-largest hack ever. 
 
According to Elliptic, only a $600 million attack on blockchain-based platform Poly Network in August was larger; that money was eventually recovered when a slew of crypto exchanges and blockchain firms began tracing and identifying clues on the blockchain.&nbsp;

(With inputs from agencies)

The Ronin blockchain, which underpins the famous crypto game Axie Infinity, has had $625 million worth of cryptocurrency stolen. Sky Mavis, the CEO of Ronin and Axie Infinity, announced the hack on Tuesday and halted all transactions on the Ronin bridge, which allows users to deposit and withdraw funds from the company's blockchain.

The Ronin blockchain, which underpins the famous crypto game Axie Infinity, has had $625 million worth of cryptocurrency stolen. Sky Mavis, the CEO of Ronin and Axie Infinity, announced the hack on Tuesday and halted all transactions on the Ronin bridge, which allows users to deposit and withdraw funds from the company's blockchain. Sky Mavis claims it's collaborating with law authorities to recover 173,600 Ethereum (now valued at over $600 million) and 25.5 million USDC (a cryptocurrency tied to the US dollar) from the perpetrator, who removed the funds off the network on March 23rd. Also read | India: 30% tax on profits from cryptocurrency assets from April 1 The hack targeted Sky Mavis' Ronin network, which acts as a middleman between Axie Infinity and other cryptocurrency blockchains such as Ethereum. Users could deposit Ethereum or USDC into Ronin, then buy non-fungible tokens or in-game currency, or sell their in-game assets and withdraw the funds. According to Sky Mavis, an attacker compromised the network nodes that validate transactions to and from the Ronin blockchain by using pirated private security keys. As a result, the attacker was able to withdraw substantial amounts of Ethereum and USDC in a stealthy manner. Another user attempted to withdraw 5,000 Ethereum using the bridge today, nearly a week after the transfer was found. Watch | Will India's crypto tax rules scare away investors? Second biggest Crypto hack ever Based on the value of Bitcoin at the time of the attack—approximately $540 million—this is the second-largest hack ever. According to Elliptic, only a $600 million attack on blockchain-based platform Poly Network in August was larger; that money was eventually recovered when a slew of crypto exchanges and blockchain firms began tracing and identifying clues on the blockchain. (With inputs from agencies)

$625 million in Ether stolen in one of the biggest crypto heists

The Indian government could get Rs 10 billion per year from 1% tax on crypto trading. But one Indian MP has warned that imposing such a tax on every crypto transaction will kill the nascent asset class. This tax provision is mentioned in Finance Bill 2022, passed by Lok Sabha, the lower house of India’s parliament.

Will India's crypto tax rules scare away investors?

Tens of thousands of people are being targeted by cryptocurrency scammers that have a new target, which is dating apps. WION tells you more in this report.

Crypto Romance Scams: Don't fall for dating app swindlers

For months, cryptocurrency enthusiasts poured hundreds of millions of dollars into a project called Wonderland, which claimed to provide a system of exchange for the murky world of decentralized finance.

To take part in the project, the investors — who called themselves Frog Nation — entrusted their money to Wonderland’s treasury manager, a crypto developer whom they knew only by the profile name of 0xSifu.

In late January, 0xSifu was revealed to be an alias for Michael Patryn, who had served 18 months in federal prison for fraud. The price of the Wonderland token, $TIME, crashed overnight as Frog Nation’s panicked denizens debated shutting down the project.

“I was like, ‘Oh, man, this is going to get ugly,’” said Brad Nickel, a Wonderland investor in Florida who runs the crypto podcast “Mission: DeFi.” “Immediately, that was a total loss of confidence.”

From its inception, the crypto industry has been built on anonymity. Bitcoin was conceived more than a decade ago by a mysterious figure who went by the pseudonym Satoshi Nakamoto. For years, thieves and drug dealers have used cryptocurrencies to do business in the shadows.

The ability to operate anonymously is a central tenet of crypto technology. All cryptocurrency transactions are recorded on decentralized ledger systems called blockchains, which let users transact namelessly, without registering a bank account or interacting with traditional financial gatekeepers.

Now as crypto transforms into an increasingly mainstream industry, even the ostensibly legitimate actors — startup founders, engineers and investors — insist on anonymity. A growing number of crypto entrepreneurs, many of whom control hundreds of millions of dollars in investor funds, conduct business via mysterious internet avatars scrubbed of identifying information. Some venture capital firms are backing founders without ever learning their real names.

But the near collapse of Wonderland is forcing a reckoning over whether this culture of anonymity undermines accountability and enables fraud. Last month, BuzzFeed News set off a fresh round of debate by identifying two of the pseudonymous founders of Bored Ape Yacht Club, a $2.5 billion collection of non-fungible tokens, the unique digital collectibles known as NFTs.

“This pseudonymous stuff is so dangerous,” said Brian Nguyen, a crypto entrepreneur who used a pseudonym last year before making his identity public. “They could be a good actor today, but they could turn bad in two or three years.”

Nguyen once lost more than $400,000 in a common crypto scam called a rug pull, in which an anonymous developer launches a project, solicits funds from investors and then disappears with the money. Victims of rug pulls are often left with little recourse against nameless thieves.

Still, some of the industry’s most powerful companies have accepted that crypto engineers and startup founders often prefer to operate anonymously. Crypto evangelists argue that this creates a more egalitarian marketplace, in which entrepreneurs are judged on their technical expertise rather than their academic or family backgrounds. The blockchain provides a public record of transactions, allowing savvy observers to gauge the qualifications of a nameless entrepreneur without consulting a résumé.

Amy Wu, who leads the venture arm of the cryptocurrency exchange FTX, said she sometimes collaborated with anonymous investors she met online. One rose to fame running an Elon Musk parody Twitter account that now has nearly 2 million followers.

“I don’t know who he is. I don’t know what company he worked at,” Wu said. “And I don’t need to. I know that he’s an expert in the industry.”

Last year, FTX recruited an influencer with the Twitter pseudonym SolanaLegend to advise corporate clients interested in NFTs. An FTX employee introduced The New York Times to SolanaLegend, who in an interview declined to provide his real name, saying he stays anonymous to protect his safety and privacy. While he divulged his true identity during an initial call with his FTX supervisors, he said, his company email address features his pseudonym, which he chose as a joke.

At work, he makes one exception to the secrecy. On calls with clients, he often uses his actual first name to introduce himself, concerned that traditional business executives may be uncomfortable working with someone known simply as Legend.

Over the last year, the venture capital firm Paradigm has also hired engineers and researchers who operate anonymously; they appear on the company’s staff page under pseudonyms. The most recent hire was a crypto engineer who goes by Transmissions11 and attends high school “in his spare time,” according to his company bio. (Jim Prosser, a Paradigm spokesman, said the employees’ bosses knew their identities.)

In interviews, anonymous crypto entrepreneurs and engineers offered a variety of reasons for concealing their names. Some feared that a regulatory crackdown could put them in the cross hairs of law enforcement. Others said they disliked the attention or worried that their growing wealth could make them targets for thieves and hackers.

The nameless entrepreneurs often take extreme steps to keep their identities private, using voice-altering software on calls or requiring business partners to sign nondisclosure agreements.

Some venture firms are willing to invest in them anyway. Last year, 0xMaki, a developer who helped run the prominent crypto project SushiSwap, raised $60 million from a group of venture investors, including Wu, without disclosing his real name to them. (The deal fell through after members of SushiSwap — a so-called decentralized autonomous organization, or DAO, in which individual investors hold significant sway — raised concerns about the funding.)

Last summer, the anonymous founder of Alchemix, another major crypto project, raised $4.9 million from a group of venture firms led by CMS Holdings. Dan Matuszewski, a founder of CMS, said he never asked the project’s leader, who uses the pseudonym Scoopy Trooples, to reveal his identity.

“A lot of these guys have reputations from over the years,” Matuszewski said. “It doesn’t seem like it makes a ton of sense for them to run off and abscond with the funds.”

But for many people, it can be difficult to evaluate the credentials of an unknown developer operating under a pseudonym. The anonymous founders of a crypto collective called AnubisDAO raised nearly $60 million in a few hours last year; less than a day later, the funds disappeared in the second-largest rug pull of 2021, according to blockchain-tracking firm Chainalysis.

“No one is ultimately auditing,” said Jordi Alexander, chief investment officer at the crypto trading firm Selini Capital. “You have anonymous people on the internet now. Sometimes they end up being scammers.”

These days, crypto entrepreneurs who use their real names sometimes advertise their startups as “fully doxxed,” meaning their backgrounds are public. And founders are finding it harder to keep their identities secret. BuzzFeed analyzed publicly available business records to establish the identities of the Bored Apes founders, Greg Solano and Wylie Aronow. (Neither responded to requests for comment.)

Wonderland was established in September by Daniele Sestagalli, a crypto entrepreneur who managed the project with Patryn, using whimsical imagery from “Alice’s Adventures in Wonderland” to entice investors. In a January blog post, Sestagalli said he had known since December that Patryn was an ex-fraudster but decided not to take action because he believed in “second chances.” (Sestagalli did not respond to requests for comment.)

His investors were not as forgiving. Like SushiSwap, Wonderland is run as a DAO. After a vote in January, Patryn was forced to resign from the project. (He did not respond to emails.) A second referendum calling for Wonderland to shut down was narrowly defeated.

Patryn’s identity may have remained secret if not for the work of an influential crypto sleuth, who tweeted screenshots of a text conversation he had with Sestagalli. In those messages, the Wonderland founder appeared to acknowledge 0xSifu’s real name.

Last month, the sleuth was at it again, tweeting evidence that an anonymous leader of another crypto project had once been fined by the Securities and Exchange Commission.

The sleuth’s name? Unknown. He uses a pseudonym.

For months, cryptocurrency enthusiasts poured hundreds of millions of dollars into a project called Wonderland, which claimed to provide a system of exchange for the murky world of decentralized finance.

For months, cryptocurrency enthusiasts poured hundreds of millions of dollars into a project called Wonderland, which claimed to provide a system of exchange for the murky world of decentralized finance. To take part in the project, the investors — who called themselves Frog Nation — entrusted their money to Wonderland’s treasury manager, a crypto developer whom they knew only by the profile name of 0xSifu. In late January, 0xSifu was revealed to be an alias for Michael Patryn, who had served 18 months in federal prison for fraud. The price of the Wonderland token, $TIME, crashed overnight as Frog Nation’s panicked denizens debated shutting down the project. “I was like, ‘Oh, man, this is going to get ugly,’” said Brad Nickel, a Wonderland investor in Florida who runs the crypto podcast “Mission: DeFi.” “Immediately, that was a total loss of confidence.” From its inception, the crypto industry has been built on anonymity. Bitcoin was conceived more than a decade ago by a mysterious figure who went by the pseudonym Satoshi Nakamoto. For years, thieves and drug dealers have used cryptocurrencies to do business in the shadows. The ability to operate anonymously is a central tenet of crypto technology. All cryptocurrency transactions are recorded on decentralized ledger systems called blockchains, which let users transact namelessly, without registering a bank account or interacting with traditional financial gatekeepers. Now as crypto transforms into an increasingly mainstream industry, even the ostensibly legitimate actors — startup founders, engineers and investors — insist on anonymity. A growing number of crypto entrepreneurs, many of whom control hundreds of millions of dollars in investor funds, conduct business via mysterious internet avatars scrubbed of identifying information. Some venture capital firms are backing founders without ever learning their real names. But the near collapse of Wonderland is forcing a reckoning over whether this culture of anonymity undermines accountability and enables fraud. Last month, BuzzFeed News set off a fresh round of debate by identifying two of the pseudonymous founders of Bored Ape Yacht Club, a $2.5 billion collection of non-fungible tokens, the unique digital collectibles known as NFTs. “This pseudonymous stuff is so dangerous,” said Brian Nguyen, a crypto entrepreneur who used a pseudonym last year before making his identity public. “They could be a good actor today, but they could turn bad in two or three years.” Nguyen once lost more than $400,000 in a common crypto scam called a rug pull, in which an anonymous developer launches a project, solicits funds from investors and then disappears with the money. Victims of rug pulls are often left with little recourse against nameless thieves. Still, some of the industry’s most powerful companies have accepted that crypto engineers and startup founders often prefer to operate anonymously. Crypto evangelists argue that this creates a more egalitarian marketplace, in which entrepreneurs are judged on their technical expertise rather than their academic or family backgrounds. The blockchain provides a public record of transactions, allowing savvy observers to gauge the qualifications of a nameless entrepreneur without consulting a résumé. Amy Wu, who leads the venture arm of the cryptocurrency exchange FTX, said she sometimes collaborated with anonymous investors she met online. One rose to fame running an Elon Musk parody Twitter account that now has nearly 2 million followers. “I don’t know who he is. I don’t know what company he worked at,” Wu said. “And I don’t need to. I know that he’s an expert in the industry.” Last year, FTX recruited an influencer with the Twitter pseudonym SolanaLegend to advise corporate clients interested in NFTs. An FTX employee introduced The New York Times to SolanaLegend, who in an interview declined to provide his real name, saying he stays anonymous to protect his safety and privacy. While he divulged his true identity during an initial call with his FTX supervisors, he said, his company email address features his pseudonym, which he chose as a joke. At work, he makes one exception to the secrecy. On calls with clients, he often uses his actual first name to introduce himself, concerned that traditional business executives may be uncomfortable working with someone known simply as Legend. Over the last year, the venture capital firm Paradigm has also hired engineers and researchers who operate anonymously; they appear on the company’s staff page under pseudonyms. The most recent hire was a crypto engineer who goes by Transmissions11 and attends high school “in his spare time,” according to his company bio. (Jim Prosser, a Paradigm spokesman, said the employees’ bosses knew their identities.) In interviews, anonymous crypto entrepreneurs and engineers offered a variety of reasons for concealing their names. Some feared that a regulatory crackdown could put them in the cross hairs of law enforcement. Others said they disliked the attention or worried that their growing wealth could make them targets for thieves and hackers. The nameless entrepreneurs often take extreme steps to keep their identities private, using voice-altering software on calls or requiring business partners to sign nondisclosure agreements. Some venture firms are willing to invest in them anyway. Last year, 0xMaki, a developer who helped run the prominent crypto project SushiSwap, raised $60 million from a group of venture investors, including Wu, without disclosing his real name to them. (The deal fell through after members of SushiSwap — a so-called decentralized autonomous organization, or DAO, in which individual investors hold significant sway — raised concerns about the funding.) Last summer, the anonymous founder of Alchemix, another major crypto project, raised $4.9 million from a group of venture firms led by CMS Holdings. Dan Matuszewski, a founder of CMS, said he never asked the project’s leader, who uses the pseudonym Scoopy Trooples, to reveal his identity. “A lot of these guys have reputations from over the years,” Matuszewski said. “It doesn’t seem like it makes a ton of sense for them to run off and abscond with the funds.” But for many people, it can be difficult to evaluate the credentials of an unknown developer operating under a pseudonym. The anonymous founders of a crypto collective called AnubisDAO raised nearly $60 million in a few hours last year; less than a day later, the funds disappeared in the second-largest rug pull of 2021, according to blockchain-tracking firm Chainalysis. “No one is ultimately auditing,” said Jordi Alexander, chief investment officer at the crypto trading firm Selini Capital. “You have anonymous people on the internet now. Sometimes they end up being scammers.” These days, crypto entrepreneurs who use their real names sometimes advertise their startups as “fully doxxed,” meaning their backgrounds are public. And founders are finding it harder to keep their identities secret. BuzzFeed analyzed publicly available business records to establish the identities of the Bored Apes founders, Greg Solano and Wylie Aronow. (Neither responded to requests for comment.) Wonderland was established in September by Daniele Sestagalli, a crypto entrepreneur who managed the project with Patryn, using whimsical imagery from “Alice’s Adventures in Wonderland” to entice investors. In a January blog post, Sestagalli said he had known since December that Patryn was an ex-fraudster but decided not to take action because he believed in “second chances.” (Sestagalli did not respond to requests for comment.) His investors were not as forgiving. Like SushiSwap, Wonderland is run as a DAO. After a vote in January, Patryn was forced to resign from the project. (He did not respond to emails.) A second referendum calling for Wonderland to shut down was narrowly defeated. Patryn’s identity may have remained secret if not for the work of an influential crypto sleuth, who tweeted screenshots of a text conversation he had with Sestagalli. In those messages, the Wonderland founder appeared to acknowledge 0xSifu’s real name. Last month, the sleuth was at it again, tweeting evidence that an anonymous leader of another crypto project had once been fined by the Securities and Exchange Commission. The sleuth’s name? Unknown. He uses a pseudonym.

Millions for crypto startups, no real names necessary 

Russia is said to be linked to a majority of ransomware and cyber attacks across the world, according to new report which claims that 74 per cent of revenue made through such attacks last year went to Russian-linked hackers.

According to a new report from cryptocurrency tracking and analytics firm, Chainalysis, more than $400 million worth of crypto-currency payments went to groups “highly likely to be affiliated with Russia” in 2021.

Analysts also claimed that “a huge amount of crypto-currency-based money laundering” goes through Russian crypto-companies.

The study is part of Chainalysis’ 2022 Crypto Crime Report focused on several dozen companies with a presence in Moscow city.

The report states that there are three key characteristics that reveal the Russian hand behind such cyberattacks.

Firstly, their ransomware code is written to prevent it from damaging files if it detects the victim's computers are located in Russia or a Commonwealth of Independent States (CIS) country- an intergovernmental organisation of Russian-speaking, former Soviet countries.

Secondly, the gang operates in Russian on Russian-speaking forums.

And thirdly, the gang is linked to Evil Corp - an alleged cyber-crime group wanted by the US.

“A huge amount of cryptocurrency-based money laundering, not just of ransomware funds but of funds associated with other forms of cybercrime as well, goes through services with substantial operations in Russia,” Chainalysis says in a&nbsp;blog post.

According to a Bloomberg report, the Federation Tower, located in the heart of Moscow City, houses several prominent businesses headquarters and a thriving cybercrime collective.

For years Russia has denied that it was harbouring hackers.

Russian President Vladimir Putin told reporters at his 2021 summit with US President Joe Biden that his own intelligence shows "Russia is not listed in this ranking of countries that see the most significant number of cyber-attacks from their territory."

(With inputs from agencies)

Russia is said to be linked to a majority of ransomware and cyber attacks across the world, according to new report which claims that 74 per cent of revenue made through such attacks last year went to Russian-linked hackers.

Russia is said to be linked to a majority of ransomware and cyber attacks across the world, according to new report which claims that 74 per cent of revenue made through such attacks last year went to Russian-linked hackers. According to a new report from cryptocurrency tracking and analytics firm, Chainalysis, more than $400 million worth of crypto-currency payments went to groups “highly likely to be affiliated with Russia” in 2021. Analysts also claimed that “a huge amount of crypto-currency-based money laundering” goes through Russian crypto-companies. The study is part of Chainalysis’ 2022 Crypto Crime Report focused on several dozen companies with a presence in Moscow city. The report states that there are three key characteristics that reveal the Russian hand behind such cyberattacks. Firstly, their ransomware code is written to prevent it from damaging files if it detects the victim's computers are located in Russia or a Commonwealth of Independent States (CIS) country- an intergovernmental organisation of Russian-speaking, former Soviet countries. Secondly, the gang operates in Russian on Russian-speaking forums. And thirdly, the gang is linked to Evil Corp - an alleged cyber-crime group wanted by the US. “A huge amount of cryptocurrency-based money laundering, not just of ransomware funds but of funds associated with other forms of cybercrime as well, goes through services with substantial operations in Russia,” Chainalysis says in a blog post. According to a Bloomberg report, the Federation Tower, located in the heart of Moscow City, houses several prominent businesses headquarters and a thriving cybercrime collective. For years Russia has denied that it was harbouring hackers. Russian President Vladimir Putin told reporters at his 2021 summit with US President Joe Biden that his own intelligence shows "Russia is not listed in this ranking of countries that see the most significant number of cyber-attacks from their territory." (With inputs from agencies)

Russia responsible for 74% of ransomware attacks in world, hackers bagged $400mn in crypto: Report

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.&nbsp;

"We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said.

"All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India."

India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century.

Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question.

India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations.

She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing.

RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government.

"Whatever points we have we discuss with the government," he added.

CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency.

(With inputs from agencies)

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India. "We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said. "All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India." India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century. Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question. India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing. RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government. "Whatever points we have we discuss with the government," he added. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency. (With inputs from agencies)

Reserve Bank of India deputy governor equates crypto with Ponzi schemes

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform.&nbsp;

However, a Binance spokesperson said that Forbes’s editorial independence would remain “sacrosanct” after the deal.&nbsp;

Once the deal closes, Forbes would become a publicly-traded company on the New York Stock Exchange.

Speaking about the same, Forbes said that the funds will help it execute its plan to merge with Magnum Opus Acquisition, which is a publicly-traded special purpose acquisition company.&nbsp;

The news comes in less than two years after Binance sued the company for defamation.

<a href="https://www.wionews.com/world/highly-confident-elon-musk-says-spacex-starship-to-reach-earths-orbit-this-year-452437">Also read |&nbsp;'Highly confident': Elon Musk says SpaceX Starship to reach Earth's orbit this year</a>

In November 2020, Binance sued Forbes and two of its writers after a story that claimed Binance “conceived of an elaborate corporate structure designed to intentionally deceive regulators”.

It stated that the story is “false, misleading and highly defamatory.”&nbsp;

The lawsuit was dropped by Binance in February last year.

As per both the companies, this deal would help in bringing a wider understanding of the subject of cryptocurrencies and blockchain.&nbsp;

Binance chief executive and founder, Changpeng Zhao, in a report by The Guardian, said, "As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’s digital initiatives as they evolve into a next-level investment insights platform.”

(With inputs from agencies)

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform.

Cryptocurrency exchange Binance is making a $200 million investment in Forbes. This has raised questions about the future independence of the magazine and digital platform. However, a Binance spokesperson said that Forbes’s editorial independence would remain “sacrosanct” after the deal. Once the deal closes, Forbes would become a publicly-traded company on the New York Stock Exchange. Speaking about the same, Forbes said that the funds will help it execute its plan to merge with Magnum Opus Acquisition, which is a publicly-traded special purpose acquisition company. The news comes in less than two years after Binance sued the company for defamation. Also read | 'Highly confident': Elon Musk says SpaceX Starship to reach Earth's orbit this year In November 2020, Binance sued Forbes and two of its writers after a story that claimed Binance “conceived of an elaborate corporate structure designed to intentionally deceive regulators”. It stated that the story is “false, misleading and highly defamatory.” The lawsuit was dropped by Binance in February last year. As per both the companies, this deal would help in bringing a wider understanding of the subject of cryptocurrencies and blockchain. Binance chief executive and founder, Changpeng Zhao, in a report by The Guardian, said, "As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’s digital initiatives as they evolve into a next-level investment insights platform.” (With inputs from agencies)

Crypto exchange Binance takes $200 million stakes in Forbes

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency.&nbsp;

“The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. Before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognised as an analogue of currencies, and not digital financial assets,” said Russia paper Kommersant as reported by CNBC.

If true, this will be a marked departure from stance taken Russia's central bank which called for blanket ban on cryptocurrencies as late as last month.&nbsp;

If the law reported in Russian media is passed, reports say that only owning cryptocurrencies will be legalised in the country and not other activities.

Cryptocurrencies have had legal status in Russia since 2020. But payments using cryptocurrencies have not yet been authorised. Authorities in the country have in past expressed fears that cryptocurrencies may be used to fund illegal activities. Kommersant says that if a law is passed, it may come into force in latter half of 2022 or first half of 2023

However, the report suggests that transactions made using cryptocurrencies that amount to more than 600,000 rubles (about $8,000) may get declared illegal.

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency. “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia.

Reports in local Russian media said on Wednesday that Russia may become latest country to recognise and regulate cryptocurrency. “The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia. Before February 18, they will prepare a draft law on the circulation of digital currencies in the Russian Federation, in which cryptocurrencies are recognised as an analogue of currencies, and not digital financial assets,” said Russia paper Kommersant as reported by CNBC. If true, this will be a marked departure from stance taken Russia's central bank which called for blanket ban on cryptocurrencies as late as last month. If the law reported in Russian media is passed, reports say that only owning cryptocurrencies will be legalised in the country and not other activities. Cryptocurrencies have had legal status in Russia since 2020. But payments using cryptocurrencies have not yet been authorised. Authorities in the country have in past expressed fears that cryptocurrencies may be used to fund illegal activities. Kommersant says that if a law is passed, it may come into force in latter half of 2022 or first half of 2023 However, the report suggests that transactions made using cryptocurrencies that amount to more than 600,000 rubles (about $8,000) may get declared illegal.

Russia may recognise cryptocurrency, likely to pass a law: Report

India’s finance minister (FM) Nirmala Sitharaman while announcing the Union Budget 2022 proposed to levy 30 per cent tax on income from crypto and digital assets.

The proposal came months after several reports claimed that India is intending to ban cryptocurrencies in the country

In her Budget speech on February 1, Sitharaman said, “There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset (VDA) shall be taxed at the rate of 30 per cent.”

After presenting the budget, Sitharaman, at a press conference, said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies.

Ashish Singhal, Co-chair Blockchain and Crypto Assets Council (BACC), Founder and CEO, CoinSwitch&nbsp;in an exclusive interview with&nbsp;Reema Sharma of Zee Media&nbsp;shared his views on tax on VDA and the future of cryptos in the country.

FM Nirmala Sitharaman has categorically said that the term is 'Crypto' and not 'Crypto-currency' as being discussed in the common parlance. What is your view on it?

The industry also wants crypto to be classified as an asset class. The world is moving towards a decentralized future. Tech revolution and&nbsp;crypto-assets&nbsp;play a functional role in building the disruptive decentralized world, aka Web3.0. Regulation of crypto assets is of paramount importance as Indian citizens need to have access to crypto-assets in a safe and secure manner. Crypto is better used as an asset instead of currency, considering India already has faster payment systems like UPI.

In her Budget speech, the FM has said that income from virtual digital assets (VDA) will be taxed at 30%. How does the crypto biz interpret it?

We see this as a positive development overall. What it does is that it removes all ambiguity. And signals that the government recognizes this industry. Now there are more nuances to this. Which is: could we look at taxing this at par with other assets like securities. These nuances need to be worked out. The industry is hopeful that the government will work with the industry on some of these finer aspects.

The tax on VDA will be levied from 2023. How does it affect crypto investors this year?

We are still studying the fine print and would advise crypto investors to consult their CA’s.

FM has said the Reserve Bank of India is soon going to introduce a Digital Rupee. How can we understand Digital Rupee in light of Crypto and vice-versa?

We definitely see this as a positive step. Leads to a clear demarcation between the currency (legal tender) and other crypto assets. It addresses concerns about the stability of the monetary system while allowing cryptos and other digital assets to innovate.

India’s finance minister (FM) Nirmala Sitharaman while announcing the Union Budget 2022 proposed to levy 30 per cent tax on income from crypto and digital assets.

India’s finance minister (FM) Nirmala Sitharaman while announcing the Union Budget 2022 proposed to levy 30 per cent tax on income from crypto and digital assets. The proposal came months after several reports claimed that India is intending to ban cryptocurrencies in the country In her Budget speech on February 1, Sitharaman said, “There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, I propose to provide that any income from transfer of any virtual digital asset (VDA) shall be taxed at the rate of 30 per cent.” After presenting the budget, Sitharaman, at a press conference, said consultation is underway with stakeholders on digital assets, adding that there is no clarity yet on how the Government of India will regulate cryptocurrencies. Ashish Singhal, Co-chair Blockchain and Crypto Assets Council (BACC), Founder and CEO, CoinSwitch in an exclusive interview with Reema Sharma of Zee Media shared his views on tax on VDA and the future of cryptos in the country. FM Nirmala Sitharaman has categorically said that the term is 'Crypto' and not 'Crypto-currency' as being discussed in the common parlance. What is your view on it? The industry also wants crypto to be classified as an asset class. The world is moving towards a decentralized future. Tech revolution and crypto-assets play a functional role in building the disruptive decentralized world, aka Web3.0. Regulation of crypto assets is of paramount importance as Indian citizens need to have access to crypto-assets in a safe and secure manner. Crypto is better used as an asset instead of currency, considering India already has faster payment systems like UPI. In her Budget speech, the FM has said that income from virtual digital assets (VDA) will be taxed at 30%. How does the crypto biz interpret it? We see this as a positive development overall. What it does is that it removes all ambiguity. And signals that the government recognizes this industry. Now there are more nuances to this. Which is: could we look at taxing this at par with other assets like securities. These nuances need to be worked out. The industry is hopeful that the government will work with the industry on some of these finer aspects. The tax on VDA will be levied from 2023. How does it affect crypto investors this year? We are still studying the fine print and would advise crypto investors to consult their CA’s. FM has said the Reserve Bank of India is soon going to introduce a Digital Rupee. How can we understand Digital Rupee in light of Crypto and vice-versa? We definitely see this as a positive step. Leads to a clear demarcation between the currency (legal tender) and other crypto assets. It addresses concerns about the stability of the monetary system while allowing cryptos and other digital assets to innovate.

How will tax on virtual digital assets impact Crypto investors in India? CoinSwitch CEO answers

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector.

Wormhole, a site that allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was "exploited" for 120,000 units of a version of the second-largest cryptocurrency, ether.

Wormhole did not immediately respond to a Reuters request for comment.

London-based blockchain analysis firm Elliptic said that attackers were able to fraudulently create the wETH tokens, almost 94,000 of which were later transferred to the ethereum blockchain, which powers transactions for ether.

Wormhole said in another tweet early on Thursday that it had fixed the vulnerability in its system but was still working to get the network back up.

So-called DeFi platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks.

Cash has poured into DeFi sites, mirroring the explosion of interest in cryptocurrencies as a whole. Many investors, facing historically low or sub-zero interest rates, are drawn to DeFi by the promise of high returns on savings.

Yet with their breakneck growth, DeFi platforms have emerged as a major hacking risk, with bugs in code and design flaws allowing criminals to target DeFi sites and deep pools of liquidity, and also to launder the proceeds of crime, while leaving few traces.

Fraud and theft at DeFi platforms surpassed $10 billion last year, research showed on Thursday, laying bare the risks in the fast-growing but mostly unregulated area of cryptocurrencies.

In August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network.

Hacks have long plagued crypto platforms. In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector.

Hackers have stolen cryptocurrency worth more than $320 million from a decentralised finance platform, the fourth-largest crypto heist on record and the latest to shake the fast-growing DeFi sector. Wormhole, a site that allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was "exploited" for 120,000 units of a version of the second-largest cryptocurrency, ether. Wormhole did not immediately respond to a Reuters request for comment. London-based blockchain analysis firm Elliptic said that attackers were able to fraudulently create the wETH tokens, almost 94,000 of which were later transferred to the ethereum blockchain, which powers transactions for ether. Wormhole said in another tweet early on Thursday that it had fixed the vulnerability in its system but was still working to get the network back up. So-called DeFi platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks. Cash has poured into DeFi sites, mirroring the explosion of interest in cryptocurrencies as a whole. Many investors, facing historically low or sub-zero interest rates, are drawn to DeFi by the promise of high returns on savings. Yet with their breakneck growth, DeFi platforms have emerged as a major hacking risk, with bugs in code and design flaws allowing criminals to target DeFi sites and deep pools of liquidity, and also to launder the proceeds of crime, while leaving few traces. Fraud and theft at DeFi platforms surpassed $10 billion last year, research showed on Thursday, laying bare the risks in the fast-growing but mostly unregulated area of cryptocurrencies. In August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network. Hacks have long plagued crypto platforms. In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Crypto platform Wormhole hit by $320 million hack

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday.

Overall, cybercriminals have laundered more than $33 billion worth of crypto since 2017, Chainalysis estimated, with most of the total over time moving to centralized exchanges.

The firm said the sharp rise in money laundering activity in 2021 was not surprising, given the significant growth of both legitimate and illegal crypto activity last year.

Money laundering refers to that process of disguising the origin of illegally obtained money by transferring it to legitimate businesses.

About 17% of the $8.6 billion laundered went to decentralized finance applications, Chainalysis said, referring to the sector which facilitates crypto-denominated financial transactions outside of traditional banks.

That was up from 2% in 2020.

Mining pools, high-risk exchanges, and mixers also saw substantial increases in value received from illicit addresses, the report said. Mixers typically combine potentially identifiable or tainted cryptocurrency funds with others, so as to conceal the trail to the fund's original source.

Wallet addresses associated with theft sent just under half of their stolen funds, or more than $750 million worth of crypto in total, to decentralized finance platforms, according to the Chainalysis report.

Chainalysis also clarified that the $8.6 billion laundered last year represents funds derived from crypto-native crime such as darknet market sales or ransomware attacks in which profits are in crypto instead of fiat currencies.

"It's more difficult to measure how much fiat currency derived from off-line crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered," Chainalysis said in the report.

"However, we know anecdotally this is happening."

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday.

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday. Overall, cybercriminals have laundered more than $33 billion worth of crypto since 2017, Chainalysis estimated, with most of the total over time moving to centralized exchanges. The firm said the sharp rise in money laundering activity in 2021 was not surprising, given the significant growth of both legitimate and illegal crypto activity last year. Money laundering refers to that process of disguising the origin of illegally obtained money by transferring it to legitimate businesses. About 17% of the $8.6 billion laundered went to decentralized finance applications, Chainalysis said, referring to the sector which facilitates crypto-denominated financial transactions outside of traditional banks. That was up from 2% in 2020. Mining pools, high-risk exchanges, and mixers also saw substantial increases in value received from illicit addresses, the report said. Mixers typically combine potentially identifiable or tainted cryptocurrency funds with others, so as to conceal the trail to the fund's original source. Wallet addresses associated with theft sent just under half of their stolen funds, or more than $750 million worth of crypto in total, to decentralized finance platforms, according to the Chainalysis report. Chainalysis also clarified that the $8.6 billion laundered last year represents funds derived from crypto-native crime such as darknet market sales or ransomware attacks in which profits are in crypto instead of fiat currencies. "It's more difficult to measure how much fiat currency derived from off-line crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered," Chainalysis said in the report. "However, we know anecdotally this is happening."

Crypto money laundering rises 30% in 2021: Report

Bitcoin tumbles below $40,000 mark on Monday falling to its lowest level for the first time in over three months. However, after the dip, it recovered some ground and rose to $41,198.&nbsp;

Speaking about the dropped value, Naeem Aslam, chief market analyst at Avatrade said, "The main culprit behind the slump in crypto prices is the Fed's decision to withdraw massive liquidity, which has been pumped into markets since the onset of the coronavirus pandemic."

<a href="https://www.wionews.com/world/russia-ukraine-conflict-nato-chief-warns-moscow-of-severe-costs-if-kiev-attacked-443693">Also read |&nbsp;Russia-Ukraine conflict: NATO chief warns Moscow of 'severe costs' if Kiev attacked</a>

Earlier in May last year, Bitcoin had hit a similar low as its value dropped below $40,000. This happened after China banned financial and payment institutions from providing cryptocurrency services.

Bloomberg Intelligence’s Mike McGlone claimed that $40,000 is an important technical support level. He further predicted that bitcoin will eventually experience a surge in its value as the world is becoming digital and the coin becomes the benchmark collateral.

Despite bitcoin's volatility and limitations as a means of payment, it is seen as a store of value to rivals. Also, it is expected to one day surpass gold as a haven investment in the face of high inflation for example.&nbsp;

(With inputs from agencies)

Bitcoin tumbles below $40,000 mark on Monday falling to its lowest level for the first time in over three months. However, after the dip, it recovered some ground and rose to $41,198.

Bitcoin tumbles below $40,000 mark on Monday falling to its lowest level for the first time in over three months. However, after the dip, it recovered some ground and rose to $41,198. Speaking about the dropped value, Naeem Aslam, chief market analyst at Avatrade said, "The main culprit behind the slump in crypto prices is the Fed's decision to withdraw massive liquidity, which has been pumped into markets since the onset of the coronavirus pandemic." Also read | Russia-Ukraine conflict: NATO chief warns Moscow of 'severe costs' if Kiev attacked Earlier in May last year, Bitcoin had hit a similar low as its value dropped below $40,000. This happened after China banned financial and payment institutions from providing cryptocurrency services. Bloomberg Intelligence’s Mike McGlone claimed that $40,000 is an important technical support level. He further predicted that bitcoin will eventually experience a surge in its value as the world is becoming digital and the coin becomes the benchmark collateral. Despite bitcoin's volatility and limitations as a means of payment, it is seen as a store of value to rivals. Also, it is expected to one day surpass gold as a haven investment in the face of high inflation for example. (With inputs from agencies)

For the first time in three months, Bitcoin tumbles below $40,000

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron.

Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word.

According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27.

However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform.

Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens.

CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added.

The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively.

The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01.

(With inputs from agencies)

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent.

A relatively lesser-known cryptocurrency had been witnessing a massive surge in the crypto market. In two days, the value of the digital token shot up by a massive 900 per cent. The unprecedented rise in value is due to the fact that the crypto shares the same name with the new Covid variant—Omicron. Omicron crypto shot up by 900 per cent in just two days after the WHO christened the new COVID-19 variant after a Greek word. According to data byCoinMarketCap, the crypto was trading at $692.45 on November 29, from $64.94 on November 27. However, its value has been halved since then. On Thursday, till 4.30 pm (IST), Omicron, which was launched at the start of November, was trading at $293.09, with a fully diluted market cap of $324.73 million, as per the platform. Omicron operates on the Ethereum layer two network Arbitrum. The token is backed by several other cryptocurrencies including the USD Coin (USDC) stablecoin and liquidity provider tokens. CoinMarketCap cautioned investors against getting blown by the rapid rise of the Omicron crypto coin, saying though it has outperformed popular coins like Bitcoin and Ethereum, this does not mean it's a worthwhile investment. "Little is known about this decentralised finance project, and robust data surrounding the project is proving hard to come by," it added. The sudden rise of Omicron crypto bore parallels to the ‘Squid Game’ crypto, named after the hit Netflix show series, that initially skyrocketed for a few days, after which it crashed massively. The Squid coin surged to a high of over $2,800 and then immediately crashed to $0.01. (With inputs from agencies)

After WHO names new Covid variant, Omicron crypto’s value skyrockets by 900 per cent, then nose-dives

A couple of Indian Premier League (IPL) franchises are not happy with the Board of Control for Cricket in India (BCCI) over its decision to ban any sponsorship deals with cryptocurrency exchanges. The board doesn't want the franchises to strike a commercial deal with the exchanges till the time the Indian government brings a regulation in place for the sector.

As per a report in the Economic Times, two franchises revealed they had been approached by major cryptocurrency exchanges over sponsorship deals ahead of IPL 2022. However, the negotiations had to be stalled after BCCI's diktat over crypto. The board has asked all teams and the media right holders to avoid signing any sponsorship deals with crypto exchanges.

“It’s a major opportunity loss. The kind of money they were offering for the main sponsorship was 1.5 times of what the current sponsor is paying. They wanted to build their brand with our association and were ready to pay for that,” an executive of one of the IPL franchises, who were offered a deal by a crypto exchange company, was quoted as saying by Economic Times.

While the franchises often have the freedom to sort out their sponsorship deals on their own, BCCI doesn't want to hurry on the decision with the central government in the process of finalising a crypto bill to regulate the sector. A BCCI insider said the matter was political in nature.

“While the members of the IPL governing council may not have an issue with cryptocurrency exchanges advertising, it’s a matter of optics. BCCI secretary Jay Shah is the son of the union home minister, and the central government is in the process of bringing a crypto bill in the upcoming winter session of parliament. Till there is some clarity, he may not be seen allowing crypto ads,” said the BCCI source.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/who-will-keep-whom-list-of-players-likely-to-be-retained-by-csk-kkr-dc-and-mi-ahead-of-ipl-mega-auction-432050">List of players likely to be retained by CSK, KKR, DC and MI ahead of IPL mega auction</a>

What has not gone down well with the two franchises is the fact that major crypto players were handed sponsorship deals by the International Cricket Council (ICC) during the recently-concluded T20 World Cup 2021. Crypto exchanges like ConSwitch and CoinDCX reportedly spent over Rs 50 crore in sponsorship deals, as per Economic Times.

&nbsp;

A couple of Indian Premier League (IPL) franchises are not happy with the Board of Control for Cricket in India (BCCI) over its decision to ban any sponsorship deals with cryptocurrency exchanges.

A couple of Indian Premier League (IPL) franchises are not happy with the Board of Control for Cricket in India (BCCI) over its decision to ban any sponsorship deals with cryptocurrency exchanges. The board doesn't want the franchises to strike a commercial deal with the exchanges till the time the Indian government brings a regulation in place for the sector. As per a report in the Economic Times, two franchises revealed they had been approached by major cryptocurrency exchanges over sponsorship deals ahead of IPL 2022. However, the negotiations had to be stalled after BCCI's diktat over crypto. The board has asked all teams and the media right holders to avoid signing any sponsorship deals with crypto exchanges. “It’s a major opportunity loss. The kind of money they were offering for the main sponsorship was 1.5 times of what the current sponsor is paying. They wanted to build their brand with our association and were ready to pay for that,” an executive of one of the IPL franchises, who were offered a deal by a crypto exchange company, was quoted as saying by Economic Times. While the franchises often have the freedom to sort out their sponsorship deals on their own, BCCI doesn't want to hurry on the decision with the central government in the process of finalising a crypto bill to regulate the sector. A BCCI insider said the matter was political in nature. “While the members of the IPL governing council may not have an issue with cryptocurrency exchanges advertising, it’s a matter of optics. BCCI secretary Jay Shah is the son of the union home minister, and the central government is in the process of bringing a crypto bill in the upcoming winter session of parliament. Till there is some clarity, he may not be seen allowing crypto ads,” said the BCCI source. Also Read: List of players likely to be retained by CSK, KKR, DC and MI ahead of IPL mega auction What has not gone down well with the two franchises is the fact that major crypto players were handed sponsorship deals by the International Cricket Council (ICC) during the recently-concluded T20 World Cup 2021. Crypto exchanges like ConSwitch and CoinDCX reportedly spent over Rs 50 crore in sponsorship deals, as per Economic Times.

IPL franchises miffed after BCCI bans deals with cryptocurrency exchanges

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report&nbsp;citing officials familiar with the development.

The Narendra Modi-led government has tabled the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” for the upcoming winter session of Parliament.

The bill, once passed in the parliament, will “prohibit all private cryptocurrencies in India,” with “certain exceptions to promote the underlying technology of cryptocurrency and its uses”. The session is scheduled to start on November 29.

According to the Hindustan Times (HT), which cited two officials close to the development, the investors would be given a buffer time to liquidate their investments, but a tax would be levied on the disinvestment under the capital gains tax rule.

The capital gains tax is imposed on the profit from an investment when a sale of the capital asset takes place. In India, gain or profit from selling the investment is treated as an income, and hence a tax is levied.&nbsp;

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The official, who did not wish to be named, told HT that investors will have ample time to exit if they wish from the time the bill is introduced in the Parliament and then passed by the two houses. Additionally, a three-month buffer is likely to be allowed, beginning from the date a potential ban is enacted.

Meanwhile, ever since it was announced that the government would be banning all private cryptocurrencies, panic selling has erupted in the Indian exchanges.

All major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 per cent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent till Wednesday.

(With inputs from agencies)&nbsp;

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report citing officials familiar with the development.

The Indian government will give time to the investors to exit from the unregulated cryptocurrency market if the law banning their trade is enacted, according to a newspaper report citing officials familiar with the development. The Narendra Modi-led government has tabled the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” for the upcoming winter session of Parliament. The bill, once passed in the parliament, will “prohibit all private cryptocurrencies in India,” with “certain exceptions to promote the underlying technology of cryptocurrency and its uses”. The session is scheduled to start on November 29. According to the Hindustan Times (HT), which cited two officials close to the development, the investors would be given a buffer time to liquidate their investments, but a tax would be levied on the disinvestment under the capital gains tax rule. The capital gains tax is imposed on the profit from an investment when a sale of the capital asset takes place. In India, gain or profit from selling the investment is treated as an income, and hence a tax is levied. Also read | India to ban private cryptocurrencies, bill to be tabled in parliament The official, who did not wish to be named, told HT that investors will have ample time to exit if they wish from the time the bill is introduced in the Parliament and then passed by the two houses. Additionally, a three-month buffer is likely to be allowed, beginning from the date a potential ban is enacted. Meanwhile, ever since it was announced that the government would be banning all private cryptocurrencies, panic selling has erupted in the Indian exchanges. All major cryptocurrencies saw a fall of around 15 per cent or more, with Bitcoin down over 17 per cent, Ethereum falling by close to 15 per cent, and Tether down by almost 18 per cent till Wednesday. (With inputs from agencies)

Indian crypto investors may get exit time if govt bans trade, but with a rider: Report

As excitement for cryptocurrency adoption and fears about inflation lend support to the asset class, Bitcoin and ether made record peaks in Asia trade on Tuesday.

World Business Watch: Bitcoin, Ethereum hit new record high, other cryptocurrencies also surge

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions&nbsp;in the US, is planning to accept cryptocurrency as fee for its new executive education programme.

The premier business school will be accepting cryptocurrencies&nbsp;as a payment method for its online blockchain and digital assets programme.

Tuition for the “Economics of Blockchain and Digital Assets” programme can be paid in Bitcoin, Ether and USDC,&nbsp;according to the brochure. The six-week programme was developed in partnership with Prysm Group, a blockchain economic consulting firm.

The Philadelphia-based school, which is scheduled to open in January and is expected to attract thousands of students each year, offers the online course at $3,800.

The Wharton School is the latest to join the list of universities accepting cryptocurrencies. In May, the University of Pennsylvania received the largest cryptocurrency gift in its history, $5 million from an anonymous donor.&nbsp;

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In 2014, the Massachusetts Institute of Technology famously gave out Bitcoin to its students in 2014. Other colleges have begun letting students use crypto to pay tuition.&nbsp;

A report in Bloomberg quoted Guido Molinari, the managing partner at Prysm Group, as saying, “It's a program about blockchain and digital assets, we felt that we should talk the talk and walk the walk.”

Wharton School has announced that it will use Coinbase Global Inc. to accept digital-asset payments. Coinbase Global Inc. is the largest cryptocurrency exchange in the US. The school is working with Prysm Group in order to develop the programme.

According to the programme’s brochure, PwC expects blockchain to boost global GDP by $1.8 trillion by 2030, indicating that the applications of this technology are only beginning to reveal themselves. In addition, Deloitte found that 83% of businesses are discussing or working on cryptocurrencies in the context of solutions or strategies.

Also read |&nbsp;<a href="https://www.wionews.com/technology/elon-musks-tesla-halts-bitcoin-purchases-amid-concerns-of-increasing-carbon-emissions-384647">Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions</a>

The Wharton School has many notable alums who are actively involved in the cryptocurrency ecosystem..

Tesla CEO Elon Musk graduated from the school in 1997 and has been a strong force in driving price swings of meme coins like Dogecoin. He has also pushed his companies Tesla and SpaceX to buy Bitcoin for their corporate treasuries.

Another graduate from the school is Arthur Hayes, who started the BitMex exchange for Bitcoin exchanges.

Notably, the school doesn’t have any other plans to accept crypto.

(With inputs from agencies)

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions in the US, is planning to accept cryptocurrency as fee for its new executive education programme.

The Wharton School at the University of Pennsylvania, one of the Ivy League institutions in the US, is planning to accept cryptocurrency as fee for its new executive education programme. The premier business school will be accepting cryptocurrencies as a payment method for its online blockchain and digital assets programme. Tuition for the “Economics of Blockchain and Digital Assets” programme can be paid in Bitcoin, Ether and USDC, according to the brochure. The six-week programme was developed in partnership with Prysm Group, a blockchain economic consulting firm. The Philadelphia-based school, which is scheduled to open in January and is expected to attract thousands of students each year, offers the online course at $3,800. The Wharton School is the latest to join the list of universities accepting cryptocurrencies. In May, the University of Pennsylvania received the largest cryptocurrency gift in its history, $5 million from an anonymous donor. Also read | El Salvador legalises Bitcoin as other nations plan similar moves In 2014, the Massachusetts Institute of Technology famously gave out Bitcoin to its students in 2014. Other colleges have begun letting students use crypto to pay tuition. A report in Bloomberg quoted Guido Molinari, the managing partner at Prysm Group, as saying, “It's a program about blockchain and digital assets, we felt that we should talk the talk and walk the walk.” Wharton School has announced that it will use Coinbase Global Inc. to accept digital-asset payments. Coinbase Global Inc. is the largest cryptocurrency exchange in the US. The school is working with Prysm Group in order to develop the programme. According to the programme’s brochure, PwC expects blockchain to boost global GDP by $1.8 trillion by 2030, indicating that the applications of this technology are only beginning to reveal themselves. In addition, Deloitte found that 83% of businesses are discussing or working on cryptocurrencies in the context of solutions or strategies. Also read | Elon Musk's Tesla halts bitcoin purchases amid concerns of increasing carbon emissions The Wharton School has many notable alums who are actively involved in the cryptocurrency ecosystem.. Tesla CEO Elon Musk graduated from the school in 1997 and has been a strong force in driving price swings of meme coins like Dogecoin. He has also pushed his companies Tesla and SpaceX to buy Bitcoin for their corporate treasuries. Another graduate from the school is Arthur Hayes, who started the BitMex exchange for Bitcoin exchanges. Notably, the school doesn’t have any other plans to accept crypto. (With inputs from agencies)

US Ivy League Wharton School to accept cryptocurrency payment for its online course

According to Europol, around 150 suspects have been arrested including several high-profile targets set to be involved in buying or selling illegal goods online, this is one of the largest-ever stings on the dark web.

Europol: Drugs, guns and Crypto seized by officials, police arrests 150 people globally

Football star Lionel&nbsp;Messi's signing on fee at Paris St Germain includes some of the French club's cryptocurrency fan tokens, in the latest big name endorsement of new digital assets.

ALSO READ:&nbsp;<a href="https://www.wionews.com/sports/photos/football-here-is-how-much-lionel-messi-will-be-%20making-at-paris-saint-germain-check-out-the-mind-blowing-figures-404840" hreflang="en">Football: Here is how much Lionel Messi will be making at PSG - Check out the mind-blowing figures</a>

The Argentine, 34, left Spanish side Barcelona and signed a two-year contract with Qatari-owned Paris St Germain (PSG), with an option for a third year, on Tuesday.

Confirming an exclusive Reuters report, PSG said on Thursday the tokens were included in his "welcome package," which media reports have estimated at 25-30 million euros ($29-35 million). The club did not disclose the proportion of tokens in the package, but said the amount was "significant".

Fan tokens are a type of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs. Among clubs to launch tokens this year are English Premier League champions Manchester City and Italy's AC Milan.&nbsp;Messi's former club Barcelona launched one last year.

The tokens are increasingly seen by clubs as a source of new revenue and Socios.com, which provide the tokens for PSG and other top clubs, says tokens have generated nearly $200 million for its partner clubs in 2021, with PSG already seeing revenue from the&nbsp;Messi&nbsp;deal.

Like bitcoin and other digital currencies, fan tokens can be traded on exchanges. They also share in common with other cryptocurrencies a tendency for wild price swings, leading some regulators to issue warnings to investors about digital assets.

Still, several high profile business and entertainment figures have backed crypto assets, with Tesla boss Elon Musk, Twitter founder Jack Dorsey and rapper Jay-Z among those to have shown support for bitcoin.

PSG said there had been high volume of trading in its fan tokens after reports that&nbsp;Messi&nbsp;was set to join the club.

Trading volumes exceeded $1.2 billion in the days preceding the arrival of the six-times winner of the Ballon d'Or world's best soccer player award, it said.

"We have been able to engage with a new global audience, creating a significant digital revenue stream," said Marc Armstrong, PSG's chief partnerships officer.

NEW TREND

The price of PSG's fan token rallied this week on rumours of the&nbsp;Messi&nbsp;deal, with new sales generating around 30 million euros and PSG taking an unspecified majority of that amount - at least 15 million euros, a source with knowledge of the matter said. PSG declined to comment.

Fan tokens' price moves can have little connection to on-field performance or results.

PSG's token, which has a market capitalisation of about $52 million, soared over 130% in just five days amid speculation over&nbsp;Messi's arrival to an all-time high of over $60 on Tuesday. They were last down 10% at about $40, according to the CoinMarketCap website.

Alexandre Dreyfus, the CEO of Socios.com, said PSG was benefitting from its token and other clubs could imitate its deal with&nbsp;Messi.

"I believe this could be the start of a new trend as fan tokens and Socios.com play an increasingly prominent role across sport at the very highest level," he said.

PSG have hoovered up domestic titles since their deep-pocketed owners, Qatar Sports Investment, took over in 2011. But they have never won Europe's prestigious and lucrative Champions League.&nbsp;Messi&nbsp;has won it four times, most recently in 2015.

The arrival of Barcelona's record scorer, with 672 goals, will boost PSG's ambitions and is expected to increase revenues from commercial deals and merchandise sales.

Football star Lionel Messi's signing on fee at Paris St Germain includes some of the French club's cryptocurrency fan tokens, in the latest big name endorsement of new digital assets.

Football star Lionel Messi's signing on fee at Paris St Germain includes some of the French club's cryptocurrency fan tokens, in the latest big name endorsement of new digital assets. ALSO READ: Football: Here is how much Lionel Messi will be making at PSG - Check out the mind-blowing figures The Argentine, 34, left Spanish side Barcelona and signed a two-year contract with Qatari-owned Paris St Germain (PSG), with an option for a third year, on Tuesday. Confirming an exclusive Reuters report, PSG said on Thursday the tokens were included in his "welcome package," which media reports have estimated at 25-30 million euros ($29-35 million). The club did not disclose the proportion of tokens in the package, but said the amount was "significant". Fan tokens are a type of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs. Among clubs to launch tokens this year are English Premier League champions Manchester City and Italy's AC Milan. Messi's former club Barcelona launched one last year. The tokens are increasingly seen by clubs as a source of new revenue and Socios.com, which provide the tokens for PSG and other top clubs, says tokens have generated nearly $200 million for its partner clubs in 2021, with PSG already seeing revenue from the Messi deal. Like bitcoin and other digital currencies, fan tokens can be traded on exchanges. They also share in common with other cryptocurrencies a tendency for wild price swings, leading some regulators to issue warnings to investors about digital assets. Still, several high profile business and entertainment figures have backed crypto assets, with Tesla boss Elon Musk, Twitter founder Jack Dorsey and rapper Jay-Z among those to have shown support for bitcoin. PSG said there had been high volume of trading in its fan tokens after reports that Messi was set to join the club. Trading volumes exceeded $1.2 billion in the days preceding the arrival of the six-times winner of the Ballon d'Or world's best soccer player award, it said. "We have been able to engage with a new global audience, creating a significant digital revenue stream," said Marc Armstrong, PSG's chief partnerships officer. NEW TREND The price of PSG's fan token rallied this week on rumours of the Messi deal, with new sales generating around 30 million euros and PSG taking an unspecified majority of that amount - at least 15 million euros, a source with knowledge of the matter said. PSG declined to comment. Fan tokens' price moves can have little connection to on-field performance or results. PSG's token, which has a market capitalisation of about $52 million, soared over 130% in just five days amid speculation over Messi's arrival to an all-time high of over $60 on Tuesday. They were last down 10% at about $40, according to the CoinMarketCap website. Alexandre Dreyfus, the CEO of Socios.com, said PSG was benefitting from its token and other clubs could imitate its deal with Messi. "I believe this could be the start of a new trend as fan tokens and Socios.com play an increasingly prominent role across sport at the very highest level," he said. PSG have hoovered up domestic titles since their deep-pocketed owners, Qatar Sports Investment, took over in 2011. But they have never won Europe's prestigious and lucrative Champions League. Messi has won it four times, most recently in 2015. The arrival of Barcelona's record scorer, with 672 goals, will boost PSG's ambitions and is expected to increase revenues from commercial deals and merchandise sales.

Football - Lionel Messi joins crypto craze as gets part of PSG fee in fan tokens

Major payments platform Visa announced that it will allow the use of cryptocurrency USD Coin to settle transactions on its network in a move to promote digital currencies and bitcoin.

World Business Watch: Visa to open payment option on Crypto platforms

To support its banned nuclear and ballistic missile programmes, North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months, a confidential UN report said.&nbsp;

Compiled by a panel of experts monitoring sanctions on Pyongyang, the report said, the country's "total theft of virtual assets from 2019 to November 2020 is valued at approximately $316.4 million", citing a UN member state.&nbsp;

Financial institutions and exchanges were hacked to generate revenue for Pyongyang's nuclear and missile development, said the report.&nbsp;

The vast majority of the proceeds came from two thefts late last year.&nbsp;

The North is known to operate an army of thousands of well-trained hackers, who have attacked firms, institutions and researchers in South Korea and elsewhere.&nbsp;

It has also been accused of exploiting its cyber capabilities for financial gain.&nbsp;

The North is under multiple sets of international sanctions over its banned nuclear weapons and ballistic missile programmes, which have made rapid progress under leader Kim Jong Un.&nbsp;

A summit between Kim and then-US president Donald Trump in Hanoi in February 2019 broke down over sanctions relief and what Pyongyang would be willing to give up in return.&nbsp;

Nuclear talks have been stalled ever since, while the North showed off several new missiles at military parades in October and last month, when Kim pledged to strengthen his nuclear arsenal.&nbsp;

The UN panel said it was investigating a September 2020 hack against a cryptocurrency exchange that resulted in $281 million worth of cryptocurrencies being stolen.&nbsp;

A second cyberattack siphoned off $23 million a month later.&nbsp;

"Preliminary analysis, based on the attack vectors and subsequent efforts to launder the illicit proceeds strongly suggests links to the DPRK," the report said, using the initials for the North's official name.

To support its banned nuclear and ballistic missile programmes, North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months, a confidential UN report said.

To support its banned nuclear and ballistic missile programmes, North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months, a confidential UN report said. Compiled by a panel of experts monitoring sanctions on Pyongyang, the report said, the country's "total theft of virtual assets from 2019 to November 2020 is valued at approximately $316.4 million", citing a UN member state. Financial institutions and exchanges were hacked to generate revenue for Pyongyang's nuclear and missile development, said the report. The vast majority of the proceeds came from two thefts late last year. The North is known to operate an army of thousands of well-trained hackers, who have attacked firms, institutions and researchers in South Korea and elsewhere. It has also been accused of exploiting its cyber capabilities for financial gain. The North is under multiple sets of international sanctions over its banned nuclear weapons and ballistic missile programmes, which have made rapid progress under leader Kim Jong Un. A summit between Kim and then-US president Donald Trump in Hanoi in February 2019 broke down over sanctions relief and what Pyongyang would be willing to give up in return. Nuclear talks have been stalled ever since, while the North showed off several new missiles at military parades in October and last month, when Kim pledged to strengthen his nuclear arsenal. The UN panel said it was investigating a September 2020 hack against a cryptocurrency exchange that resulted in $281 million worth of cryptocurrencies being stolen. A second cyberattack siphoned off $23 million a month later. "Preliminary analysis, based on the attack vectors and subsequent efforts to launder the illicit proceeds strongly suggests links to the DPRK," the report said, using the initials for the North's official name.

UN: North Korea stole $300m in crypto through cyberattacks to fund nukes

Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year.

Total crypto fund inflows top $5 billion this year

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets.

The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors.

However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies.

Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors.

The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment.

"We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June.

Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away.

"We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC.

Gaven Cheong, a partner at law firm Simmons &amp; Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager.

"Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started."

Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly.

Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities.

"My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong.

Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday.

"The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies.

"As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream.

A year after Hong Kong launched a pioneering scheme allowing fund managers to invest in cryptocurrency assets, barely any players have been approved, highlighting the difficulties the industry faces in its bid to become mainstream. Market watchdogs globally are debating how and whether they should regulate the cryptocurrency industry and have mostly focussed on protecting investors from the scams based on digital assets. The licences introduced by Hong Kong's Securities and Futures Commission (SFC) late last year were among the first of their kind globally and grant fund managers of so-called virtual assets and related intermediaries permission to sell products to investors. However, a year later, industry players say very few fund managers have been approved to invest in crypto-currencies. Reuters could only identify one: Hong Kong-based Diginex, which operates a cryptocurrency "fund of funds". Lawyers and consultants are unable to identify any other applications that have been approved, though dozens of smaller funds looked into applying hoping that approval would help attract investors. The SFC does not publicly announce information about licence approvals and declined Reuters' request for comment. "We believe it is vital to be regulated to build trust with our clients but also in the industry," said Richard Byworth, CEO of Diginex, which won approval in June. Larger investors, who might otherwise have been able to clear the licensing hurdles, have tended to stay away. "We have seen lot more interest from smaller funds or crypto-dedicated funds," said Henri Arslanian, Hong Kong-based global crypto leader at PwC. Gaven Cheong, a partner at law firm Simmons & Simmons, who advised on their application, said the regulator essentially expected licensees to set up as a full-blown traditional fund manager. "Last year there was a lot of excitement but since then we haven't seen much activity," he said. "Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started." Several market participants said the rigours of the Hong Kong regime had, in fact, forced some funds to domicile in offshore jurisdictions to skirt SFC requirements for funds based in the city that sell to local investors directly. Advisers say the industry's relative infancy is also a factor, with crypto funds still developing systems for custody, audit, cybersecurity and other operational necessities. "My take is it is more an operational and infrastructure issue than the regulator being obstructive," said Rocky Mui, a partner at Clifford Chance in Hong Kong. Last year's "crypto winter" also chilled applications. One bitcoin, worth nearly $20,000 in December 2017, fell to below $4,000 by December 2018. It traded around $9,400 on Tuesday. "The volatility and poor returns in 2018 scared large institutions away from allocating to crypto funds, causing those who survived to shelve their licensing plans," said Jehan Chu, a partner at Kenetic Capital, which takes equity stakes in blockchain companies. "As institutional investors step into the market, crypto funds will dust off their licensing applications and take a fully regulated approach," he said.

Hong Kong's new crypto funds struggle to clear licensing hurdles

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Crypto in Cuba is Unregulated

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