Australia is intensifying its fight against tax fraud now the Australian government is cracking down on tax defaulters especially those who trade and sell cryptocurrency.

Crypto tax crackdown in Australia

Assets at Blackrock - the world's largest asset manager - hit a record $10.5 trillion in the January-March quarter. The firm also posted a 36% jump in profit as rising global equity markets boosted its investment advisory and administration fees.

Blackrock hits a record $10.5 trillion in AUM in Q1

Russian firms are using cryptocurrency to avoid Western sanctions. Stablecoin Tether is being increasingly used for shadow trading.

Gravitas | New Russian tactic to evade sanctions: Cryptocurrency

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing&nbsp;Russia's committee which is investigating the tragic incident that took place on March 22.&nbsp;

Apart from that, Russian authorities reported on Friday (Mar 29) that they had detained three individuals for allegedly plotting another attack in the southern part of the country. This is separate from the earlier attack on Crocus City Hall in suburban Krasnogorsk that claimed nearly 144 lives. The hall was located about 12 miles west of the Kremlin.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/committed-to-working-with-pakistan-us-president-joe-biden-writes-to-pakistan-pm-for-the-first-time-705894">"Committed to working with Pakistan," US President Joe Biden writes to Pakistan PM for the first time</a>

In connection to the latest attack which was thwarted by the Russian authorities, the Federal Security Service (FSB) disclosed that they foiled "terrorist activities of three nationals from a Central Asian country," as per reports.&nbsp;

The security agency also revealed that the now-detained individuals were&nbsp;"planning to commit a terrorist act by blowing up a device in a public place in the Stavropol region."&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/be-more-attentive-kremlins-note-of-caution-to-telegram-owner-following-moscow-terror-attack-705897">Be more attentive: Kremlin's note of caution to Telegram owner following Moscow terror attack</a>

Notably, the Stavropol region is located in the southern part of Russia and is situated in the North Caucasus region and borders multiple other regions, including Dagestan and Chechnya. As per reports, images broadcast&nbsp;on Russian television depicted several men restrained on the ground by FSB officials.

The reports also added that materials for making an improvised explosive device (IED) were also discovered at the residence of one of the suspects.&nbsp;

Watch |&nbsp;<a href="https://www.wionews.com/videos/us-democrats-criticise-joe-bidens-support-to-israel-705939">US: Democrats criticise Joe Biden's support to Israel</a>

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Meanwhile,&nbsp; the attack on the concert hall, as per Russian authorities, were carried out by "radical Islamists".

So far, Russia has detained 12 individuals. This includes four alleged assailants from Tajikistan. Eight of them have been charged with terror-related offences.

Russia has also cast suspicion on Ukraine and alleged involvement in the attack without substantiating the claims up until now.&nbsp;ISIL (IS) has claimed responsibility for the attack. United States had also issued warnings prior to the assault regarding potential extremist activities targeting mass gatherings in Russia.

(With inputs from agencies)

Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing Russia's committee which is investigating the tragic incident that took place on March 22.

A purported evidence has indicated that "Ukrainian nationalists" orchestrated the attack on the Moscow concert hall, and funded the perpetrators through cryptocurrency payments originating from Ukraine, media reports said citing Russia's committee which is investigating the tragic incident that took place on March 22. Apart from that, Russian authorities reported on Friday (Mar 29) that they had detained three individuals for allegedly plotting another attack in the southern part of the country. This is separate from the earlier attack on Crocus City Hall in suburban Krasnogorsk that claimed nearly 144 lives. The hall was located about 12 miles west of the Kremlin. Also Read | "Committed to working with Pakistan," US President Joe Biden writes to Pakistan PM for the first time In connection to the latest attack which was thwarted by the Russian authorities, the Federal Security Service (FSB) disclosed that they foiled "terrorist activities of three nationals from a Central Asian country," as per reports. The security agency also revealed that the now-detained individuals were "planning to commit a terrorist act by blowing up a device in a public place in the Stavropol region." Also Read | Be more attentive: Kremlin's note of caution to Telegram owner following Moscow terror attack Notably, the Stavropol region is located in the southern part of Russia and is situated in the North Caucasus region and borders multiple other regions, including Dagestan and Chechnya. As per reports, images broadcast on Russian television depicted several men restrained on the ground by FSB officials. The reports also added that materials for making an improvised explosive device (IED) were also discovered at the residence of one of the suspects. Watch | US: Democrats criticise Joe Biden's support to Israel × Meanwhile, the attack on the concert hall, as per Russian authorities, were carried out by "radical Islamists". So far, Russia has detained 12 individuals. This includes four alleged assailants from Tajikistan. Eight of them have been charged with terror-related offences. Russia has also cast suspicion on Ukraine and alleged involvement in the attack without substantiating the claims up until now. ISIL (IS) has claimed responsibility for the attack. United States had also issued warnings prior to the assault regarding potential extremist activities targeting mass gatherings in Russia. (With inputs from agencies) Disclaimer: A number of claims and counterclaims are being made on the Ukraine-Russia conflict on the ground and online. While WION takes utmost care to accurately report this developing news story, we cannot independently verify the authenticity of all statements, photos and videos.

Russia says it has proof ‘Ukrainian nationalists’ made cryptocurrency payments for Moscow concert hall attack

FTX co-founder and disgraced crypto billionaire Sam Bankman-fried will be sentenced today. Last year, he was convicted of defrauding his customers, investors, and lenders. Watch in for more details!

Former crypto billionaire faces up to 110 years in jail

FTX co-founder and disgraced crypto billionaire Sam Bankman freed will be sentenced today. Watch in for more details!

Sam Bankman Fried convicted of defrauding customers, investors & lenders

The bitcoin rally continued on friday as it reached a record-high of $70,000 before falling to the $68,000-levels amid volatile trading. The latest surge is an indication of the crypto mania that has gripped the investor communitty, especially in the US.

Demand for US Bitcoin etfs boost Bitcoin prices

On Tech It Out, we keep you informed about online scams that can jeopardise your finances and privacy. We give you details on a cryptocurrency fraud scheme that's impacting victims globally. Watch the report for tips to protect yourself from the scam.

Explained: Pig butchering scam

A trial unfolding this week in the UK centers on the biggest open question in the cryptocurrency world: who invented Bitcoin? Watch in for more details!

UK court's trial to uncover mystery around 'who invented Bitcoin'

Bitcoin has surged to a two-year high, surpassing the $68,000 mark and nearing its previous all-time peak set in November 2021. While, global stock indexes are also hitting record levels, some analysts caution against excessive exuberance, noting the volatility inherent in the crypto market. Take a look at this next report for more.

Bitcoin hits 2-year high

Bitcoin's recent rally has sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies. Watch in for more details!

Chinese state-run media warns against cryptocurrency trading

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.<o:p></o:p>

As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. <o:p></o:p>

The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital.<o:p></o:p>

NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. <o:p></o:p>

The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. <o:p></o:p>

Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. <o:p></o:p>

Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. <o:p></o:p>

However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. <o:p></o:p>

NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. <o:p></o:p>

NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. <o:p></o:p>

Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. <o:p></o:p>

Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported. As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital. NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. (With inputs from Reuters)

Crypto exchange Gemini agrees to return $1.1 billion to customers in regulatory settlement

The value Bitcoin rose above $1 trillion for the first time since late 2021, on Wednesday. This year alone, bitcoin is up more than 21%. What's behind the Cryptocoin's resurgence and will it be able to sustain this pace? Find out here.

Gravitas: Bitcoin skyrockets to $1 trillion after two years | Is it a good investment?

Bitcoin, the enigmatic cryptocurrency, has captivated the world with its wild price swings and promises of revolutionizing finance. But with recent developments like exchange-traded funds and the looming block reward halving, the question arises: can bitcoin truly reach new heights, or is it destined for another tumble?

Decoded: Pros and cons of investing in Crypto

Will 2024 be the year of crypto? Just 3 days into 2024, crypto currencies are beginning to soar. Bitcoin has surpassed $45,000 for the first time in 2 years. Molly Gambhir reports.

Gravitas | 2024 to be the year of crypto currency?

In a big set back for crypto firms in the united states, the US Securities and exchange commission has denied a petition by Coinbase, which sought new rules for the digital asset sector. The crypto exchange is all set to challenge this decision in court.

Crypto thefts reach $2 billion in 2023

Crypto hacks reach $2 billion in 2023 | Regulating Crypto: Need of the hour | World DNA

Bitcoin has once again seized the spotlight, experiencing an almost threefold surge in value throughout 2023. Yet, the persisting criticism revolves around its perceived lack of utility. Bitcoin is merely a store of value. While environmentalists vehemently oppose bitcoin due to its energy-intensive nature, a new perspective is emerging from economists who believe the cryptocurrency's substantial market cap could serve a groundbreaking purpose: supporting climate initiatives. Can bitcoin potentially go from climate culprit to carbon champion? Take a look at this report to find out...

Analysing bitcoin and it's carbon footprint | It's bit on environment

An Indian-American ex-employee of American football team Jacksonville Jaguars has been accused of stealing more than $22 million from the team's bank accounts to fund his luxurious lifestyle.&nbsp;The accused, Amit Patel, worked as the team's financial planning and analysis manager from 2018 to 2023.

According to&nbsp;court documents filed in the US District Court in Jacksonville, Florida, Patel exploited the organisation's virtual credit card (VCC) programme and used the money to buy a Tesla Model 3 sedan, a Nissan pickup truck, a $95,000 watch&nbsp;and pay for his chartered flights.&nbsp;

Prior to Patel's termination from the job, he oversaw the company's monthly financial statements and department budgets.&nbsp;The VCC programme allowed certain authorised employees such as Patel to&nbsp;“request VCC's for business-related purchases or expenses".&nbsp;

Apart from funding his lifestyle, Patel has been alleged to have used the money to place bets with online gambling websites, buy cryptocurrency, and NFTs, as well as purchase a condominium&nbsp;in&nbsp;Ponte Vedra Beach, Florida.&nbsp;

He has been charged with one count of wire fraud and one count of illegal monetary transactions.&nbsp;

<a href="https://www.wionews.com/videos/millennials-in-south-korea-in-financial-crunch-556-youth-have-no-liquid-assets-667250">Watch |&nbsp;Millennials in South Korea in financial crunch, 55.6% youth have no liquid assets</a>

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&nbsp;

<h2>Jaguars release a statement</h2>

The football club released a statement after Patel&nbsp;was charged saying he was fired in February earlier this year and that he did not have any access to confidential football strategy, personnel and other information.&nbsp;

"We can confirm that in February 2023, the team terminated the employment of the individual named in the filing," the Jaguars were quoted as saying by Athletic.

<a href="https://www.wionews.com/india-news/indian-government-launches-probe-into-alleged-cash-for-kidney-scam-in-apollo-hospital-666992">Also read | Indian government launches probe into alleged 'cash-for-kidney' scam in Apollo Hospital</a>

“As was made clear in the charges, this individual was a former manager of financial planning and analysis who took advantage of his trusted position to covertly and intentionally commit significant fraudulent financial activity at the team’s expense for personal benefit."

Patel's attorney on Tuesday (Dec 5) filed a waiver of indictment in which Patel waived prosecution by indictment and consented that “the proceeding may be by information rather than indictment".&nbsp;

(With inputs from agencies)

An Indian-American ex-employee of American football team Jacksonville Jaguars has been accused of stealing more than $22 million from the team's bank accounts to fund his luxurious lifestyle.

An Indian-American ex-employee of American football team Jacksonville Jaguars has been accused of stealing more than $22 million from the team's bank accounts to fund his luxurious lifestyle. The accused, Amit Patel, worked as the team's financial planning and analysis manager from 2018 to 2023. According to court documents filed in the US District Court in Jacksonville, Florida, Patel exploited the organisation's virtual credit card (VCC) programme and used the money to buy a Tesla Model 3 sedan, a Nissan pickup truck, a $95,000 watch and pay for his chartered flights. Prior to Patel's termination from the job, he oversaw the company's monthly financial statements and department budgets. The VCC programme allowed certain authorised employees such as Patel to “request VCC's for business-related purchases or expenses". Apart from funding his lifestyle, Patel has been alleged to have used the money to place bets with online gambling websites, buy cryptocurrency, and NFTs, as well as purchase a condominium in Ponte Vedra Beach, Florida. He has been charged with one count of wire fraud and one count of illegal monetary transactions. Watch | Millennials in South Korea in financial crunch, 55.6% youth have no liquid assets × Jaguars release a statement The football club released a statement after Patel was charged saying he was fired in February earlier this year and that he did not have any access to confidential football strategy, personnel and other information. "We can confirm that in February 2023, the team terminated the employment of the individual named in the filing," the Jaguars were quoted as saying by Athletic. Also read | Indian government launches probe into alleged 'cash-for-kidney' scam in Apollo Hospital “As was made clear in the charges, this individual was a former manager of financial planning and analysis who took advantage of his trusted position to covertly and intentionally commit significant fraudulent financial activity at the team’s expense for personal benefit." Patel's attorney on Tuesday (Dec 5) filed a waiver of indictment in which Patel waived prosecution by indictment and consented that “the proceeding may be by information rather than indictment". (With inputs from agencies)

Indian-origin man dupes NFL team Jacksonville Jaguars of $22 million

Football icon Cristiano Ronaldo faces a new challenge, this time not on the field but in the courtroom, over his involvement with cryptocurrency giant Binance. The lawsuit alleges misleading promotion of NFTs, potentially violating SEC guidelines.

Gravitas: Cristiano Ronaldo faces $1B class-action lawsuit as investors report losses

We look at the most recent news on how regulators are coming for rule-breaking founders and bringing down the crypto kings. The world of cryptos can be exhilarating, especially for the few who have taken the world by storm. But now, a Bloomberg report shows, governments are becoming more empowered to crack down on improper behaviour by digital-asset influencers. That is reflected by the growing number of crypto founders facing civil and criminal fines globally.

Regulators chase rule-breaking founders

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money? It appears there's a fat chance. European Central Bank President Christine Lagarde has admitted that her own son lost "almost all" of his money due to investment in cryptocurrency. And she did try to advice him before he lost the big bucks.

"He ignored me royally, which is his privilege," Lagarde told a town hall with students in Frankfurt. "And he lost almost all the money that he had invested."

"It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. "So when I then had another talk with him about it, he reluctantly accepted that I was right."

Lagarde has two sons who are in their mid-30s. The ECB chief did not say which one lost the money.

Also Read | <a href="https://www.wionews.com/business-economy/barclays-unveils-ambitious-125-billion-restructuring-plan-contemplating-2000-job-cuts-662384">Barclays unveils ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts</a>

She has for long spoken against cryptocurrency saying they are speculative and worthless and worse, a tool often used by criminal to fund their unlawful activities.

The ECB has suggested that there should be global regulation of assets held in cryptocurrencies in order to protect customers who don't know about the risk and also to close a loophole that lets terrorists channel funding or money launderers to launder cash.

Also Read | <a href="https://www.wionews.com/world/is-britains-king-charles-iii-profiting-from-deaths-of-thousands-of-people-662175">Is Britain's King Charles III profiting from deaths of thousands of people?</a>

There are worries that currencies issued privately may potentially displace currencies issued by governments. The ECB has launched a digital euro project but there will be a few years before any digital money is issued.

In October, the ECB began "preparatory phase" for digital euro but it added that it would need two more years before it decide if it will roll it out or not.

"I have, as you can tell, a very low opinion of cryptos," Lagarde said. "People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses."

(With inputs from agencies)

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money?

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money? It appears there's a fat chance. European Central Bank President Christine Lagarde has admitted that her own son lost "almost all" of his money due to investment in cryptocurrency. And she did try to advice him before he lost the big bucks. "He ignored me royally, which is his privilege," Lagarde told a town hall with students in Frankfurt. "And he lost almost all the money that he had invested." "It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. "So when I then had another talk with him about it, he reluctantly accepted that I was right." Lagarde has two sons who are in their mid-30s. The ECB chief did not say which one lost the money. Also Read | Barclays unveils ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts She has for long spoken against cryptocurrency saying they are speculative and worthless and worse, a tool often used by criminal to fund their unlawful activities. The ECB has suggested that there should be global regulation of assets held in cryptocurrencies in order to protect customers who don't know about the risk and also to close a loophole that lets terrorists channel funding or money launderers to launder cash. Also Read | Is Britain's King Charles III profiting from deaths of thousands of people? There are worries that currencies issued privately may potentially displace currencies issued by governments. The ECB has launched a digital euro project but there will be a few years before any digital money is issued. In October, the ECB began "preparatory phase" for digital euro but it added that it would need two more years before it decide if it will roll it out or not. "I have, as you can tell, a very low opinion of cryptos," Lagarde said. "People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses." (With inputs from agencies)

'He ignored me royally': ECB chief admits her son lost cash invested in crypto

The Crypto industry has been plagued by bad headlines almost every other day for over a year. this is the reason why the world & global regulators are eying the digital industry with distrust. After FTX's Sam Bankman-Fried, Binance's founder Changpeng Zhao is the latest high-profile name charged by regulators.

Binance founder plead guilty to anti-money laundering offence | World Business Watch

Ukrainian authorities have uncovered what appears to be the country's first instance of a cryptocurrency-based bribe. Investigators suspect a lawmaker of trying to bribe the head of a government reconstruction agency.

Ukraine suspects lawmaker of first-ever cryptocurrency bribe

A financial battleground emerges on Wall Street as industry juggernauts vie for regulatory approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs). Blackrock, Fidelity, and Ark Invest headline the race, seeking to revolutionize crypto investments and revive a market battered by last year's meltdowns.

Major players revive Crypto market | World Business Watch

Shipping giant Maersk is all set to cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. The decision comes after the company reported a steep drop in profit and revenue in the July-september quarter.

Sam Bankman-Fried found guilty on all seven criminal fraud counts

Worldcoin and the cryptocurrency project that was set up by open Sam Altman aims to establish a global ID network that is similar to India's Aadhaar biometric ID system.

Worldcoin: Sam Altman's crypto venture, to replicate India's Aadhaar | World News | WION

A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.

Unveiling the FTX Crypto trial

The transformative potential of cryptocurrency goes beyond financial investments. This digital currency has attracted the interest of terrorist groups, who are now employing it as a means to finance their illicit activities. This report provides in-depth insights into this alarming phenomenon.

Crypto's role in terrorist financing

Bitcoin is soaring to almost $35,000 - it marked the highest point for the world's largest cryptocurrency, more than double the price seen at the start of 2022.

Bitcoin's big bounce, price highest since May 2022

Ferrari will now accept cryptocurrencies as payment for its luxury cars. Not even Elon Musk's Tesla offers that option. Which cryptocurrencies exactly will Ferrari accept? Is Ferrari making a sustainable decision or will it turn out to be a blunder?

Ferrari fuelling cryptocurrency revolution? | You can now buy a Ferrari with Bitcoin

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