Home Cryptocurrency News Cryptocurrency and Blockchain Initiatives Continue in Payments, NFTs and Media; Crypto Enforcement and Threats Also Continue Across Globe – JD Supra

Cryptocurrency and Blockchain Initiatives Continue in Payments, NFTs and Media; Crypto Enforcement and Threats Also Continue Across Globe – JD Supra

13 min read

Crypto Adoption Continues in Credit score Playing cards, OCC Approval, Restaurant Paymentsc

By: Robert A. Musiala Jr.

In response to latest experiences, a serious U.S. monetary companies agency and Gemini, one of many largest U.S. cryptocurrency exchanges, will quickly launch a bank card that provides customers cryptocurrency rewards on purchases. In response to a weblog publish, the Gemini Credit score Card will permit cardholders to “earn as much as 3% again on qualifying purchases in bitcoin or any of the greater than 30 cryptocurrencies obtainable on Gemini.”

In response to press releases issued this week, the workplace of the Comptroller of the Foreign money (OCC) has granted preliminary conditional approval to permit U.S. cryptocurrency agency Paxos to function below a nationwide belief financial institution constitution. Paxos will reportedly additionally preserve its present New York state belief constitution.

This week, a serious U.S. financial institution and two Singapore-based monetary companies corporations introduced an initiative to launch Partior, a blockchain-based fee platform to “digitize industrial financial institution cash” and “cut back present frictions and latency for cross-border funds, commerce transactions and overseas trade settlements.” In response to a press launch, “Partior can be actively partaking main banks to hitch the platform to ascertain the dimensions required to profit the business.”

In a closing notable merchandise, in response to experiences, a serious U.S. restaurant chain will quickly start accepting bitcoin as fee at most of its eating places. Choose eating places of the chain will reportedly begin accepting bitcoin as quickly as this week.

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NFT Initiatives Proceed, Promoting and Media Companies Combine Cryptocurrencies

By: Jordan R. Silversmith

Earlier this week, an NBA basketball staff introduced that they’d be auctioning a sequence of non-fungible tokens (NFTs), the primary time a U.S. skilled sports activities staff has launched official NFTs. Whereas NFTs for basketball and baseball have develop into standard, that is the primary time a U.S. sports activities franchise has provided its personal team-licensed NFTs. European sports activities groups are additionally launching NFTs: 5 extra Italian soccer groups not too long ago joined a European digital soccer collectibles platform, bringing the overall from Italy’s prime league to 11.

A serious cryptocurrency trade not too long ago introduced plans to introduce its personal NFT market the place customers can create, purchase and promote NFTs. The trade stated it might function two markets: a premium venue for prime auctions and exhibitions and a typical marketplace for anybody to mint new NFTs. The premium market will reportedly give 90% of its proceeds to artists. The characteristic is about to debut in June.

A big U.S. media company has introduced that it’s going to start accepting cryptocurrency funds from its shoppers. Whereas the company plans to just accept bitcoin, it’ll additionally settle for whichever types of foreign money its shoppers need. The company reportedly based mostly its resolution on a need to take away difficulties for shoppers that wish to use cryptocurrency as fee for promoting companies and media buys.

A Canadian medical hashish chain-of-custody compliance and information platform not too long ago introduced plans to launch a Uniswap token as a part of its digital advertising and marketing marketing campaign aimed toward decentralized finance customers. In response to a press launch, the corporate believes that the Uniswap neighborhood targets its key buyer demographic.

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Cryptocurrency Enforcement Actions Proceed in US, Turkey and South Korea

By: Joanna F. Wasick

Earlier this week, U.S. officers arrested Roman Sterlingov in connection along with his operating Bitcoin Fog, a cryptocurrency mixing service, or “tumbler,” that obscures the supply of cryptocurrencies. The prison prices embody unlicensed cash transmission and cash laundering. In response to the federal government, Bitcoin Fog, over the course of its decade-long operation, moved over 1.2 million bitcoin – valued at roughly $335 million on the time of the transactions – most of which got here from darknet marketplaces and was tied to unlawful narcotics, laptop fraud and abuse actions, and id theft. Additionally this week, the U.S. Division of Justice introduced that Eric Meiggs pled responsible to conducting a scheme involving “SIM-swapping,” i.e., acquiring victims’ mobile phone numbers and SIM playing cards by mendacity to their telephone carriers and tricking them into transferring the information and playing cards. In response to the federal government, as soon as Meiggs and his co-conspirators stole the telephone numbers and SIM playing cards they have been capable of hack into varied sufferer accounts and steal greater than $530,000 in cryptocurrencies.

Late final week, Turkish officers detained dozens of individuals as a part of an investigation into Thodex, a Turkish cryptocurrency platform accused of fraud, which froze person accounts and whose founder and CEO, Faruk Fatih Ozer, had gone into hiding initially of the controversy – allegedly taking billions of {dollars}’ value of person funds with him. Ozer has since resurfaced in Albania, and Turkey is reportedly working with Interpol to arrest him. The Thodex case comes on the heels of Turkey’s announcement, made earlier this month, that it was banning using cryptocurrencies for funds. In response to experiences, the Turkish authorities is at the moment considering new laws for the cryptocurrency business.

In South Korea, tax officers have reportedly begun an initiative aimed toward people who’ve been hiding belongings utilizing cryptocurrencies. In response to latest experiences, authorities officers not too long ago seized roughly $22 million in cryptocurrencies from trade accounts of 676 alleged tax offenders.

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Experiences Element Crypto Crime Statistics, $50M Hack, Anti-Cryptojacking Initiative

By: Keith R. Murphy

Chainalysis, a blockchain evaluation firm, not too long ago issued its “2021 Crypto Crime Report” by which it concludes that cryptocurrency thieves are counting on a surprisingly small variety of service suppliers to liquidate their stolen belongings. Amongst different statistics, the report states that 55% of all funds moved from illicit addresses are run via solely 5 fund-receiving companies, and with respect to cash laundering exercise, simply 1,867 deposit addresses acquired 75% of all cryptocurrency worth from illicit addresses.

This week, an automatic market maker platform on the Binance Good Chain revealed that its token migration occasion had been focused by a hacker, leading to a lack of roughly $50 million in bitcoin, ether and Binance coin, amongst different cryptocurrencies. That is the second hack of the market maker platform this month, in response to the report.

A serious chip producer and one of many largest multinational expertise firms not too long ago introduced a collaboration to advance endpoint detection and response to deal with superior threats, resembling cryptojacking malware, via better integration of the chip firm’s risk detection expertise. In response to a press launch, the initiative is aimed toward combating a rising shift in cybercrime from ransomware to cryptojacking.

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