Binance Collaborates with Tajikistan Authorities in Counterterrorism Efforts

Binance, the world’s leading cryptocurrency exchange, has been instrumental in aiding the arrest of key members of the Islamic State – Khorasan Province (ISKP), an affiliate of the global terrorist network ISIS. The operation was a joint effort between Binance, the Financial Monitoring Department under the National Bank of Tajikistan, and blockchain intelligence firm TRM Labs.

Binance’s Sanctions Investigations and Compliance teams, in collaboration with TRM Labs, have been working since December 2022 to counter threats posed by ISKP. Their efforts culminated in the arrest of several ISKP members, including the group’s ranking member, Shamil Hukumatov. These individuals were reportedly involved in planning imminent attacks.

The collaboration involved monitoring a Telegram channel frequented by ISIS members. Binance’s investigations led to the identification of a crypto wallet address used by an ISKP leader to receive donations. This intelligence was pivotal in facilitating the arrests.

A spokesperson from the Financial Monitoring Department under the National Bank of Tajikistan stated, “The National Bank of Tajikistan is committed to doing its part to further national and global security on all fronts, including counterterrorism. Over the past months, our counterterrorism efforts have been facilitated by the proactive intelligence sharing and investigative support provided by investigations experts on the Binance team.”

Tigran Gambaryan, Binance’s head of financial crime compliance, highlighted the company’s proactive approach in monitoring transactions on its exchange and tracking crypto-related discussions on platforms like Telegram. While specific details regarding the cryptocurrency used by ISKP were not disclosed, it was noted that the privacy-focused coin Monero was not involved. A separate report by TRM indicated the stablecoin Tether, often transacted on the Tron blockchain, is favored by terrorists.

In the past year, Binance’s investigations team has addressed over 47,000 law enforcement requests, responding within an average of three days, a rate they claim surpasses traditional financial institutions.

This development underscores the increasing collaboration between cryptocurrency platforms and global law enforcement agencies in combating financial crimes and ensuring a safer digital financial landscape.

Image source: Shutterstock


Tagged : / / /

Tether’s Bitcoin Mining Site in Latin America Plans to Start Operations in a Few Weeks

In response to growing speculation surrounding a recently posted photo, Paolo Ardoino, CTO of Tether and Bitfinex, took to Twitter to clarify matters. The image in question showcased a container bearing the “Tether Energy” logo, leading to a myriad of questions and theories. Some tabloids questioned the site’s authenticity, while others speculated if Ardoino had digitally superimposed the logo onto the container.

Ardoino confirmed the photo’s authenticity, revealing it as a depiction of one of the control rooms at a site nearing its completion phase in Latin America. The exact location remains undisclosed to safeguard personnel from potential harassment, especially given the heightened scrutiny Tether often finds itself under.

Tether Energy (TE) represents a new venture by Tether, aiming to establish global partnerships with local entities. The primary objective of these collaborations is to provide capital, infrastructure support, development, and expertise, all in a bid to set up renewable energy production and Bitcoin mining sites. Ardoino stressed the significance of decentralizing Bitcoin mining geographically to counteract the current concentration in specific regions.

Addressing the logo’s placement on the container, Ardoino explained that the team had anticipated the photo’s widespread media coverage and wanted to brand it for that purpose. However, he also noted that using oversized Tether logos could potentially compromise the site’s physical privacy.

Ardoino’s tweet further highlighted the site’s ongoing progress, with the team gearing up to kickstart operations in the upcoming weeks. He also shared a 3D design of the mining site, offering followers an insight into its projected appearance in the near future.

Image source: Shutterstock


Tagged : / / / /

Wintermute Seeks $1.98M YFI Loan from Yearn DAO

Wintermute Trading has approached the Yearn community with a proposal for a 12-month loan of 350 YFI, equivalent to $1.98 million, from the DAO’s treasury. The loan, if sanctioned, would carry a 0.10% interest rate, payable at the term’s conclusion.

As part of their ongoing collaboration with Yearn, Wintermute plans to allocate up to 3M CRV ($1.4M) to purchase yCRV. They will subsequently deploy these assets to the yCRV-CRV Curve pool (lp-yCRV V2) on Yearn for at least 12 months. This initiative aims to rebalance the pool, currently at a 59%/41% yCRV/CRV ratio, enhance the yCRV peg, and augment the pool’s liquidity.

The DeFi sector recently grappled with challenges, notably a bug in certain Vyper versions, leading to a significant liquidity reduction for CRV. This caused concerns within the Aave community due to CRV’s price drop. Wintermute Trading, having been involved in OTC trades across DeFi, now seeks to deploy some CRV tokens on platforms like Yearn.

Established in 2017 by three Optiver veterans, Wintermute Trading is a leading crypto-native algorithmic trading firm. They’ve traded over $3T since their inception, expanding their footprint across 80+ exchanges.

The borrowed YFI will be strictly used for trading. Wintermute also intends to deploy yCRV tokens to the yCRV-CRV pool on Yearn for a minimum of 12 months. A 3/4 multisig will be set up, ensuring transactions require at least one signature from a Yearn contributor.

At the 12-month term’s end, Wintermute commits to returning the full 350 YFI loan amount with the 0.10% interest to the DAO’s treasury. If the Yearn DAO greenlights the proposal, the 350 YFI will be transferred to Wintermute’s specified address, followed by the establishment of a 3/4 multisig.

The Yearn community now faces a pivotal decision: to approve or decline Wintermute’s proposal.

Image source: Shutterstock


Tagged : / / / /

Cryptocurrency Exchange Upbit’s Operator Dunamu Announces Q2 2023 Net Profit of KRW 108 Billion

The most recent quarterly report suggests that Dunamu, the company that is responsible for operating the cryptocurrency exchange Upbit, had a net profit of KRW 108 billion during the second quarter of 2023 (April-June), when the period in question was measured. The report includes this data in its comprehensive analysis. In stark comparison to the KRW 37.8 billion net loss announced in the second quarter of the prior year, the current figures show a profit of KRW 5.2 billion.

For this quarter, the company registered a revenue of KRW 186.6 billion, marking a 47.9% decline from the KRW 358.1 billion reported in Q2 2022. Despite this, the quarter’s net profit showcased a positive direction. After adjustments, the operating profit stood at KRW 86.6 billion, reflecting a 68.9% decrease from earlier figures.

Dunamu’s research indicates that “A global liquidity squeeze and extended economic slump have affected investor confidence,” resulting in decreased sales.This is because of the global liquidity crunch and the prolonged economic downturn. In addition, the company said that a rise in the value of virtual assets in comparison to 2022 contributed to the development in net profit. This was stated in reference to the growth in net profit.

Since 2022, Dunamu has been required to submit its business reports on a semi-annual basis since the company falls into the group of companies that are required to carry out external audits because it has more than 500 shareholders for each security. This obligation has been placed on Dunamu due to the fact that it belongs to the category of organisations that are required to carry out external audits.

Image source: Shutterstock


Tagged : / / /

BIGG to Acquire Web3 Company TerraZero in $20M Deal

According to GlobeNewswire, BIGG Digital Assets Inc. (BIGG) has formalized its intent to acquire all outstanding shares of TerraZero Technologies Inc. not already under its umbrella. The transaction, with an estimated valuation of approximately $20 million, is set to be facilitated through an issuance of around 62 million common shares of BIGG.

TerraZero is not just another name in the Web3/Metaverse arena. With a clientele that reads like a who’s who of the industry, including stalwarts such as Miller Lite, PwC, and Warner Records, this acquisition is a testament to BIGG’s vision to diversify and deepen its footprint in the rapidly evolving metaverse landscape. This move is not just about expansion; it’s a strategic alignment that promises to offer BIGG’s shareholders a diversified portfolio with enhanced reach into the metaverse business.

Diving deeper into the financials, TerraZero’s performance in the first half of 2023 has been nothing short of impressive. The company reported a robust revenue of around $1.5M, marking a significant 161% growth year-over-year. But TerraZero isn’t resting on its laurels. The company has charted out an ambitious roadmap that focuses on the development and launch of its Intraverse technology ecosystem by Q1 2024.

The Intraverse platform, as envisioned by TerraZero, is poised to redefine the realms of immersive e-commerce and the upcoming 3D Internet. Beyond its core functionalities, the platform is gearing up to seamlessly integrate features such as credit card payments. Furthermore, in a move that underscores the synergy between the two companies, the platform will soon incorporate KYC, AML, and data analytics capabilities from Blockchain Intelligence Group. This integration, coupled with Netcoins’ fiat to crypto exchange features, promises to elevate the platform’s offerings.

In terms of the specifics of the acquisition, once the dust settles, TerraZero is slated to operate as a wholly-owned subsidiary of BIGG. The share exchange dynamics have been worked out to an approximate rate of 1.69 BIGG Shares for each TerraZero share. This pegs the offer’s value at roughly $0.54 per TerraZero Share, a figure derived from the average trading price of BIGG Shares on the CSE as of August 22, 2023.

Post-acquisition, the shareholder landscape will undergo a significant shift. Existing BIGG and TerraZero shareholders will find themselves holding about 80% and 20% stakes in BIGG, respectively. Adding to the post-deal developments, TerraZero’s CEO, Dan Reitzik, is set for a 12-month tenure as a non-voting observer on BIGG’s board.

In conclusion, this acquisition, backed by endorsements from both BIGG’s and TerraZero’s boards, promises to be a game-changer in the crypto and metaverse sectors, setting the stage for exciting developments in the near future.

Image source: Shutterstock


Tagged : / / / / / /

Bitcoin Mining Giant Hut 8 Set to Merge with USBTC

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), one of North America’s leading digital asset and bitcoin mining pioneers, has announced further developments regarding its proposed all-stock merger with U.S. Data Mining Group, Inc., also known as US Bitcoin Corp (USBTC). The resulting entity from this merger will be christened “Hut 8 Corp.” and will be based in the U.S.

The primary objective of this merger is to establish Hut 8 Corp. as a major publicly traded Bitcoin miner with a focus on economical mining, diversified revenue avenues, and adherence to top-tier environmental, social, and governance (ESG) practices.

In line with this development, Hut 8 Corp. has made amendments to its Form S-4 Registration Statement, which has been filed with the U.S. Securities and Exchange Commission (SEC). Jaime Leverton, CEO of Hut 8, commented on the progress, stating, “We look forward to securing SEC clearance for New Hut’s registration statement in the very near term while we work to complete this merger of equals.” Leverton further emphasized the potential of the merged entity, highlighting its anticipated strengths in both Bitcoin and fiat revenues, stemming from a robust infrastructure across North America.

However, the completion of this transaction is contingent upon several factors, including regulatory approvals, shareholder and court consents, and other standard closing conditions.

Hut 8’s legacy in the industry is notable, with a portfolio that includes five high-performance computing data centers spread across British Columbia and Ontario. These centers offer a range of services from cloud computing to AI and machine learning solutions. Additionally, Hut 8 operates two Bitcoin mining sites located in Southern Alberta and boasts one of the highest inventories of self-mined Bitcoin among publicly-traded companies worldwide.

While this press release provides a positive outlook on the merger, it also contains forward-looking statements. These are based on current expectations and projections about future events but are subject to various risks and uncertainties. Factors such as regulatory approvals, market demand, and geopolitical events, among others, could influence the final outcome of this merger.

For a detailed understanding and further information about the merger, interested parties are advised to refer to the Form S-4 Registration Statement and other relevant documents filed with the SEC.

Image source: Shutterstock


Tagged : / / / / /

Chairman McHenry Sharply Criticizes U.S. Treasury and IRS Over Digital Asset Reporting Proposals

Chairman of the House Financial Services Committee, Patrick McHenry, has publicly voiced his concerns over the Notice of Proposed Rulemaking on digital asset reporting requirements issued by the U.S. Department of the Treasury and the Internal Revenue Service (IRS). The proposed regulations, which were announced on August 25, 2023, are part of the Infrastructure Investment and Jobs Act.

Chairman McHenry stated, “The notice of proposed rulemaking on digital asset reporting requirements is another front in the Biden Administration’s ongoing attack on the digital asset ecosystem.” He emphasized that following the passage of the Infrastructure Investment and Jobs Act, lawmakers from both parties had clearly expressed that any proposed rule should be “narrow, tailored, and clear.”

While McHenry acknowledged the delayed effective date and exemptions for other activities in the proposed rule, which he said mirrored his bipartisan bill, the “Keep Innovation in America Act,” he also pointed out its shortcomings. “However, it fails on numerous other counts. Any additional rulemakings related to the other sections from the law must adhere to Congressional intent,” he added.

The Chairman further urged the Biden Administration to cease its efforts to undermine the digital asset ecosystem in the U.S. and collaborate with Congress to establish clear regulations for the industry. He expressed his commitment to advancing his bipartisan solution, the “Keep Innovation in America Act,” to rectify these reporting requirements, safeguard the privacy of market participants, and ensure the digital asset ecosystem thrives in the U.S.

Chairman McHenry is the lead sponsor of H.R. 1414, the “Keep Innovation in America Act,” which aims to amend the digital asset reporting provisions in the Infrastructure Investment and Jobs Act. The bill has garnered support from a bipartisan group of colleagues, including Rep. Ritchie Torres (NY-15).

For context, the proposed regulations by the Treasury and IRS aim to mandate brokers to report sales and exchanges of digital assets conducted by their customers. The regulations are designed to address ambiguities surrounding digital assets, including defining brokers and introducing a new reporting form, Form 1099-DA. IRS Commissioner Danny Werfel commented on the regulations, emphasizing their design to “end confusion involving digital assets” and ensure that “digital assets are not used to hide taxable income.”

Public feedback on these proposed regulations is open until October 30, 2023, with a public hearing scheduled for November 7, 2023.

There are widespread criticisms regarding the proposed regulations, in addition to those expressed by Chairman McHenry. Chye-Ching Huang from the Tax Law Center at NYU Law voiced concerns with an article titled “U.S. Will Likely Lose Billions Due to Unacceptably Long Delay for Digital Asset Reporting Requirements“, over the “unacceptably long delay” in releasing the proposed rules. The Center pointed out the decision to postpone full implementation of these requirements until 2026, a two-year delay from the original statute. They warned of the financial implications of this delay, suggesting that the Treasury and IRS might lose out on billions due to tax non-compliance for digital asset transactions in 2023 and 2024.

The Tax Law Center further emphasized that the Treasury and IRS had other viable options to implement these reporting requirements in a timely manner, allowing for public input and system development.

Image source: Shutterstock


Tagged : / / / / /

US Treasury and IRS Propose New Regulations on Digital Asset Reporting

The US Department of the Treasury and the Internal Revenue Service (IRS) have jointly issued proposed regulations aimed at enhancing transparency and compliance in the digital asset sector. These regulations are set to mandate brokers to report sales and exchanges of digital assets conducted by their customers.

The proposed regulations encompass various digital asset concerns, notably defining brokers and mandating the reporting of proceeds to the IRS via the newly introduced Form 1099-DA. “These proposed regulations are designed to help end confusion involving digital assets and provide clear information and reporting certainty for taxpayers, tax professionals and others,” commented IRS Commissioner Danny Werfel. He emphasized the importance of ensuring digital assets aren’t utilized to conceal taxable income, especially by high-income individuals.

Starting from Jan. 1, 2025, brokers, which include digital asset trading platforms, payment processors, and certain hosted wallet providers, will be required to report gross proceeds on Form 1099-DA. Additionally, they must provide payee statements to their customers. From Jan. 1, 2026, brokers will also need to report gain or loss and basis information for sales, aiding customers in tax return preparations.

The regulations further stipulate that real estate reporting entities, such as title companies and real estate brokers, must report the disposition of digital assets used as consideration in real estate transactions closing on or after Jan. 1, 2025. They will also need to report the fair market value of digital assets paid to real estate sellers for transactions closing from this date.

These proposals are part of the Biden-Harris Administration’s broader strategy to close the tax gap and ensure uniformity in tax rules, especially concerning digital assets. The nonpartisan Joint Committee on Taxation (JCT) highlighted the importance of third-party income verification in reducing tax evasion, estimating that the Infrastructure Investment and Jobs Act (IIJA) provisions could generate nearly $28 billion over a decade.

Public feedback on these regulations is encouraged, with written comments accepted until Oct. 30, 2023. Public hearings are scheduled for Nov. 7 and Nov. 8, 2023, to accommodate the anticipated volume of responses.

Image source: Shutterstock


Tagged : / / / /

Not Larva Labs Founder Pauly: Pepe Coin Announcement is 100% Bullshit

The cryptocurrency community is in a stir following a recent announcement from the official $PEPE coin account detailing unexpected transactions. On August 24th, 2023, approximately 16 trillion $PEPE tokens, valued at around $15m USD, were transferred from the $PEPE multisig CEX Wallet to various crypto exchanges. The required signer count was also altered. The announcement delved into internal conflicts within the $PEPE team, pointing fingers at bad actors and greed.

However, the announcement was met with skepticism. Not Larva Labs Founder Pauly (@Pauly0x) responded sharply, stating, “This little fuck @degenharambe just implicated himself in major financial crimes. He is in deep shit now.”

Another user, CryptoNoddy (@Crypto_Noddy), highlighted potential inaccuracies in the official statement, pointing out, “In my opinion, there are several misleading/incorrect statements made here. Firstly, there is not one signer remaining. The multisig remains a 2/8, having been decreased from 5/8. No signers have been removed. It has not been updated other than the threshold changing to 2.”

The official $PEPE statement painted a picture of a coin marred by internal strife since its inception. It alleged that a majority of the team began distancing themselves shortly after the project’s launch, obstructing progress due to disagreements. The multi-sig, initially requiring 3 out of 4 signers for approval, saw three ex-team members allegedly transfer 60% of the tokens to exchanges for sale, subsequently distancing themselves from the project.

The announcement expressed shock at these actions and extended an apology to the community for the ensuing fear, uncertainty, and potential losses. It emphasized that the CEX-wallet tokens were never intended for sale on the market. The announcement also assured the community of the safety of the remaining 10 trillion tokens.

In response to the events, plans were shared to transfer the remaining tokens to a new wallet, with intentions to burn any residual tokens after potential purchases or donations. The aim is to position $PEPE as a decentralized meme-coin asset.

Following the official announcement by Pepe coin, the cryptocurrency experienced a short-term surge of over 10%. However, shortly after this spike, $PEPE witnessed a pullback in its value.

After Pepe explained the circumstances surrounding the Pepe token transfer, the official Twitter account announced that its Telegram account had been hacked.

While the official statement seeks to provide clarity, reactions from community members like Pauly and CryptoNoddy underscore the challenges and trust issues in the cryptocurrency domain. As events continue to unfold, the crypto community will be keenly observing the next steps for $PEPE and its team.

Image source: Shutterstock


Tagged : / / / /

Pepe Coin Official Telegram Hacked

According to an official statement on Pepe coin’s Twitter account, the coin’s Telegram group encountered a major security breach. The group’s owner’s old account was compromised, leading to the group’s takeover. As a result, the group has been locked down, with efforts underway to regain access or potentially establish a new communication platform.

Meanwhile, all official communications for $PEPE have been channeled through the @pepecoineth Twitter account. The community has been urged to remain vigilant, especially concerning potential scams, including those involving airdrops, staking, mints, and claims.

However, the hacking announcement was met with skepticism from some quarters. A Twitter user, Rikka (@bimmy_5), raised questions about the simultaneous hacking of the Telegram, Discord, and Twitter accounts associated with $PEPE. Rikka’s tweet alluded to a potential internal betrayal, suggesting that certain individuals might have cashed out an estimated $16M.

Another Twitter user, FireMooN (@Fatboy316931), issued a cautionary note to $Pepe holders. He warned that if there’s a hack, someone might be attempting to flee the scene. He also made a promotional pitch for $mong, suggesting it as an alternative for those looking to safeguard their investments.

Before the community could fully digest the hacking news, another revelation emerged from Pepe’s official Twitter. On August 24th, 2023, Pepe disclosed a series of unexpected transactions. Approximately 16 trillion $PEPE tokens, equivalent to about $15m USD, were transferred from the $PEPE multisig CEX Wallet to various prominent crypto exchanges. This move was unanticipated and raised a series of concerns within the community. The multisig wallet, initially set up to require 3 out of 4 signers for approval, saw three ex-team members allegedly transfer 60% of the tokens to exchanges for sale. These individuals then reportedly removed themselves from the multisig, leaving a message indicating a change in control. Pepe expressed shock at these actions and apologized to the community for the fear, uncertainty, and potential losses caused by these transactions.

Before Pepe Coin official announcement, Zachary Testa, known online as @degenharambe and @LordKekLol, has been identified as being associated with the $PEPE coin. Testa reportedly purchased an $865,000 purple Lamborghini using his earnings from the coin. This purchase has garnered attention, especially since Matt Furie, the original creator of Pepe the Frog, did not benefit financially from the coin’s success. Testa’s team allegedly had connections with major cryptocurrency exchanges, leading to the coin’s listing on platforms like Binance.

The unfolding events surrounding the $PEPE coin highlight the challenges and vulnerabilities in the cryptocurrency domain. While it offers vast opportunities, it’s not devoid of risks. Security breaches, potential internal betrayals, and unforeseen transactions can quickly erode trust.

For stakeholders and investors in the $PEPE coin, the current situation underscores the importance of staying informed through official channels. It also emphasizes the need for due diligence, security, and transparency in all crypto dealings. As the situation continues to evolve, the crypto world will be keenly watching how the $PEPE coin community navigates these challenges and the steps it takes to restore trust and confidence.

Image source: Shutterstock


Tagged : / / / /
Bitcoin (BTC) $ 38,258.25 2.82%
Ethereum (ETH) $ 2,058.73 1.78%
Litecoin (LTC) $ 69.92 1.38%
Bitcoin Cash (BCH) $ 224.21 1.04%