Home Bitcoin News Bitcoin Scam NFT Initiatives Launch, Congress Writes to CFTC on Crypto, SEC Costs ICO Fraud Scheme, GAO Addresses Crypto ATMs, Experiences Handle Crypto Threats | BakerHostetler

NFT Initiatives Launch, Congress Writes to CFTC on Crypto, SEC Costs ICO Fraud Scheme, GAO Addresses Crypto ATMs, Experiences Handle Crypto Threats | BakerHostetler

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From Music to Marketplaces: NFT Use Circumstances Proceed to Increase

By Lauren Bass

In accordance with current studies, a Philadelphia rapper has introduced that the ultimate installment of his mixtape collection will drop as a non-fungible token (NFT). Particulars relating to the discharge – together with the selection of market and the worth for the digital album – have but to be confirmed.

In additional NFT information, a U.S. clothes retailer has reportedly teamed with a well-liked artist to create a bespoke NFT collection, launching this week on the Tezos blockchain. Individually, a nonprofit information company has reportedly introduced plans to launch a proprietary market on which it plans to promote NFTs of images pulled from the collective’s 175-year-old archives. In accordance with studies, the NFTs might be minted on the Polygon blockchain and can include detailed metadata describing the historical past of every {photograph}.

With a watch on an official opening in 2023, a New York restaurant has reportedly begun promoting memberships to its personal eating membership by an unique NFT providing. In accordance with studies, the NFTs – which vary in value from 2.5 ETH (approx. $8,000) to 4.25 ETH (approx. $14,000) – grant potential patrons numerous ranges of eatery entry, starting from the restaurant’s predominant eating room and out of doors terrace to its personal 14-seat omakase room. Meals, nonetheless, is offered individually.

In a closing growth, this week a brand new decentralized NFT market launched. In accordance with studies, in simply in the future {the marketplace} hosted greater than $100 million in NFT buying and selling quantity and has had greater than 75,000 Ethereum addresses declare the airdrop of its governance token.

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Congress Writes CFTC on Crypto, Companies Make DeFi and Crypto Spinoff Strikes

By Joanna F. Wasick

This week, a bipartisan group of congresspeople wrote to the chairman of the Commodity Futures Buying and selling Fee (CFTC) requesting steering and readability on how digital property might be thought of and controlled by the CFTC, which has traditionally thought of sure digital property, together with bitcoin and ether, to be commodities. Particularly, the letter asks for a response to eight questions associated to the dimensions and scope of the digital asset market, what misconduct the CFTC has noticed within the digital asset market, whether or not there are gaps within the CFTC’s authority to adequately shield prospects and markets, and the way the CFTC has collaborated with different federal regulators relating to digital property. The letter additionally asks how the CFTC has been working with stakeholders within the digital asset and decentralized finance (DeFi) areas to securely and responsibly help innovation and growth.

In accordance with current studies, a serious shopper credit score reporting company is now bringing credit standing knowledge on-chain by a partnership with Spring Labs and its ky0x Digital Passport id system. The Digital Passport reportedly permits customers to supply details about themselves in an effort to entry permissioned good contract purposes, whereas preserving the privateness of their off-chain id. In accordance with the CEO of Spring Labs, the transfer is the “first constructing block” to bringing repute on-chain, which can help a extra environment friendly DeFi lending setting.

In a big step towards providing crypto derivatives to retail and institutional U.S. prospects, a serious U.S. cryptocurrency trade lately introduced its acquisition of FairX, a CFTC-regulated derivatives trade, or designated contract market. The trade plans to first supply derivatives by FairX’s present associate ecosystem after which leverage FairX’s infrastructure to supply crypto derivatives to all of its U.S. customers.

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SEC Costs ICO Fraud Scheme, GAO Recommends Crypto ATM Regulation

By Veronica Reynolds

Final week, the U.S. Securities and Trade Fee (SEC) introduced fees towards an Australian man and two corporations he based and used to make “materially false and deceptive statements in reference to an unregistered supply and sale of digital asset securities.” In accordance with the SEC’s criticism, the person claimed to have raised $40.7 million by the 2 entities by way of an preliminary coin providing (ICO) in 2018, telling the traders that their funds could be used to develop blockchain know-how. In actuality, the person diverted $5.8 million of the ICO proceeds to put money into South African gold-mining entities. As well as, the SEC alleges the person didn’t correctly register the token providing and sale as required by relevant securities legal guidelines, and he offered tokens to “ICO swimming pools” with out conducting diligence to find out whether or not the traders have been accredited.

A examine launched this week by the U.S. Authorities Accountability Workplace (GAO) reported that cryptocurrency ATMs are more and more utilized in human trafficking resulting from their perceived anonymity, issue in tracing cryptocurrency transactions, under-regulation of the kiosks, and since cryptocurrencies supply a further technique of fee in a bootleg market the place conventional debit and bank card fee strategies are tough to implement. The report recommends that the Inner Income Service and Monetary Crimes Enforcement Community overview cash providers’ enterprise registration necessities that pertain to cryptocurrency ATMs and “contemplate new necessities for kiosk operators to commonly replace legislation enforcement on the bodily addresses of their kiosks.”

In accordance with a current weblog publish by the U.S. Federal Commerce Fee, scammers are additionally utilizing cryptocurrency ATMs to perpetuate fraud. The scheme operates by a scammer deploying social engineering methods designed to mislead victims into withdrawing cash from their monetary accounts, touring to a cryptocurrency ATM and exchanging the money for cryptocurrency. Then the scammer will ship the sufferer a QR code with the scammer’s cryptocurrency tackle embedded in it and direct the sufferer to scan the code and irrevocably switch their newly bought cryptocurrency to the scammer’s cryptocurrency pockets.

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New Experiences Present Information on 2021 Cryptocurrency Felony Actions

By Robert A. Musiala Jr.

Latest studies by blockchain analytics agency Chainalysis present particulars on cryptocurrency crime statistics in 2021. In accordance with one report, “Cryptocurrency-based crime hit a brand new all-time excessive in 2021, with illicit addresses receiving $14 billion over the course of the 12 months, up from $7.8 billion in 2020.” The report additional notes that among the many cryptocurrencies tracked by Chainalysis, “complete transaction quantity grew to $15.8 trillion in 2021, up 567% from 2020’s totals.” The report finds that “with the expansion of reliable cryptocurrency utilization far outpacing the expansion of felony utilization, illicit exercise’s share of cryptocurrency transaction quantity has by no means been decrease,” and that “[t]ransactions involving illicit addresses represented simply 0.15% of cryptocurrency transaction quantity in 2021 regardless of the uncooked worth of illicit transaction quantity reaching its highest degree ever.”

A second Chainalysis report centered on North Korean cybercriminals finds that “North Korean cybercriminals had a banner 12 months in 2021, launching at the very least seven assaults on cryptocurrency platforms that extracted almost $400 million price of digital property final 12 months.” The report notes that 2021 assaults “focused primarily funding companies and centralized exchanges, and made use of phishing lures, code exploits, malware, and superior social engineering to siphon funds out of those organizations’ internet-connected ‘scorching’ wallets into DPRK-controlled addresses.”

One other lately launched report from safety agency CertiK, titled “The State of DeFi Safety 2021,” supplies particulars on “the large development of decentralized finance (DeFi), high ways utilized by hackers … the important significance of auditing primarily based on hack occasions … [and] the industry-wide safety modifications that might be wanted for blockchain to shift into the mainstream in 2022 and past.” Amongst different issues, the report finds that “[c]ryptocurrency losses resulting from hacks, exploits, and scams in 2021 reached an all-time excessive of $1.3 billion – a 2500% improve from 2020.”

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