Binance confirmed its support for the upcoming network upgrades and hard forks of both REI Network (REI) and MobileCoin (MOB). This move is in line with the platform’s continuous effort to provide timely assistance for major blockchain advancements.
Key details of the upgrades include:
REI Network: The upgrade and hard fork for REI are scheduled around the block height of 15,084,585, which is anticipated to be around September 11, 2023, at 02:00 UTC. Consequently, Binance will halt deposits and withdrawals for REI starting approximately at 01:00 UTC on the same day.
MobileCoin: MOB’s network upgrade will occur at the block height of 1,936,306, estimated for September 26, 2023, at 18:00 UTC. As a precaution, the platform will suspend deposits and withdrawals of MOB from 17:00 UTC that day.
Notably, during these network shifts, there will be no interruption in the trading activities of REI and MOB on the Binance platform. Furthermore, these network changes will not lead to the generation of new tokens.
Binance has also clarified that the exchange will be responsible for all technical requirements for users holding REI and MOB in their Binance accounts. The firm has decided against further public announcements regarding the reopening of deposits and withdrawals post the upgrades, opting to resume once the stability of the updated networks is ascertained.
For comprehensive insights into these upgrades, users can refer to the REI Network Proposal, REI Network Release v3.0.1, and MobileCoin Release v5.0.7.
To ensure clarity, in the case of any inconsistencies between translated versions of the announcement and the original in English, the latter shall take precedence.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Predicting Bitcoin’s Price Through Historical Data
Historical trends and data points often shed light on potential future movements, especially in the volatile world of cryptocurrencies. September, based on our comprehensive analysis, traditionally poses challenges for Bitcoin, the leading digital currency.
In September 2022, Bitcoin experienced a decrease of -3.09%. This decline was the most notable for a September month since the year 2014. Projecting forward, if 2023 follows this previous trend, we can anticipate the cryptocurrency to touch around the $25,107 mark by the close of the month. However, widening our lens to account for an average September decline, which sits at roughly -9.22% over the considered years, this figure might recede even further to approximately $23,530.
Amplitude analysis serves as another tool to gauge the potential future trajectory of Bitcoin. Revisiting the data from September 2018, a standout month with the lowest amplitude since 2014 (with the exclusion of 2015 and 2016 due to their respective price increases), Bitcoin’s price underwent a fluctuation of about 19.51%. Taking into account the current month’s opening price of $25,927, should Bitcoin tread the amplitude path of 2018, a downward spiral to a figure around $20,867.67 is conceivable. Current market conditions, which many analysts view as unfavorable, inject a layer of uncertainty to Bitcoin’s near-term outlook.
Diving deeper into historical amplitude patterns, the average for this parameter over the years hovers around 27.21%. Based on this percentage, a plausible scenario might see Bitcoin nearing a concerning valuation of $18,860 in the foreseeable future.
Technical Analysis
Bitcoin’s price trends remain under intense scrutiny by both traders and investors. Currently, its value hovers around the $25,800 mark. A notable setback from the bullish momentum of the 10-daily moving averages emphasizes the significance of the $26,000 support level for Bitcoin. This threshold is pivotal for traders; any falter here could trigger an downtrend.
Source: Binance
Adding to the intricacies is the crucial $25,000 support line. Bitcoin has displayed commendable tenacity since August 17th, consistently staying above this mark. Notably, the upward trending line for Bitcoin also converges around this $25,000 zone. Should the currency break this line, the implications could be severe. Without any clear support immediately below, Bitcoin might be vulnerable to a sharp dive, potentially spiraling down to the $20,000 range.
Given these dynamics, it’s essential for investors to remain vigilant, harnessing both historical insights and in-depth technical analysis to steer through the capricious nature of Bitcoin’s valuation.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Founded under the pseudonym “Ryoshi” in August 2020, the SHIBA INU token, or SHIB, has quickly morphed into a crypto sensation. An Ethereum-based token, it champions the decentralization narrative, rallying a broad global audience to its fold. By September 17, 2021, Coinbase, a prominent U.S. crypto exchange, had added Shiba Inu to its listing, which consequently pumped its value by 40% within 48 hours.
However, a pivotal query has arisen: Can this meme-inspired token touch the $1 mark by 2030?
Shiba Inu’s Evolution: A Quick Recap
Created by an anonymous individual, Ryoshi, the SHIBA INU token rode the wave of popular endorsements from the likes of Elon Musk and Vitalik Buterin. While many speculated Buterin’s role in its inception, he cleared the air on the Lex Fridman podcast aired on June 5, 2021. The ShibaSwap, the token’s dedicated decentralized exchange, has played a vital role in its growth.
In October 2021, murmurs about a potential Robinhood listing pushed SHIB’s price, even temporarily overtaking Dogecoin in market capitalization. Though a listing on Robinhood remains elusive, Christine Brown of Robinhood acknowledged the Shiba Inu community’s spirited efforts.
Another noteworthy chapter in SHIB’s journey was when Vitalik Buterin burned a significant chunk of his SHIB share, which he had received from Ryoshi. This act, coupled with his charitable donations using the token, carved a distinctive narrative for SHIBA INU in the crypto landscape.
What Sets SHIBA INU Apart?
The SHIBA INU ecosystem isn’t just about its primary token. It’s also fostering an “artistic Shiba movement” in the NFT sector. The objective, according to the platform, is twofold: establishing a decentralized organization sans central leadership and introducing SHI, an algorithmic stablecoin pegged at one cent.
In December 2021, the American electronics vendor, Newegg, ushered SHIB into its payment methods, highlighting the growing merchant adoption of the token. Moreover, efforts like the SHIB burn party by Bigger Entertainment last Christmas signals an active community trying to manipulate the token’s supply and, potentially, its price.
The SHIB Supply Dynamic
The SHIBA INU platform locked 50% of its token supply on Uniswap, and the rest was “gifted” to Buterin, who later burned 40% of the total tokens. The platform also features other tokens like LEASH and BONE, each with its unique attributes and utilities.
On May 10, 2021, SHIB reached its ATH of 0.00005. A contributing factor was when Buterin, in an unforeseen move, donated a significant amount of his tokens for COVID relief in India.
Looking Ahead: Can SHIB Reach $1 by 2030?
Forecasting if SHIB could attain a value of $1 by 2030 necessitates an examination of myriad factors. This includes its current circulating supply, scheduled and potential burn events, overarching market conditions, and the evolution and expansion of its ecosystem.
Current Numbers Breakdown:
Total burnt from initial supply: 410,658,540,184,213
Max Total Supply: 999,983,856,519,899
Current Total Supply: 589,341,459,815,786
Circulating Supply: 579,724,727,441,499
Putting it into Perspective:
Currently, there’s a whopping 600 trillion SHIB coins in circulation. To understand the scale of this, consider that the entire US stock market cap stands at approximately $46 trillion.
For SHIB to reach $1, its total market cap would need to hit $600 trillion, which is over ten times the combined valuation of all U.S. stocks. This scenario, on its face, seems implausible.
Although Shiba Inu is ramping up its token burn strategy to reduce the circulating supply, the numbers still present challenges. Even if an ambitious 99% of the current circulating supply were to be burned, SHIB’s market cap would hover around $6 trillion. This would be double the market cap of tech giant Apple, currently the world’s most valuable company.
In conclusion, while the Shiba Inu community is passionate and the token continues to gain traction, reaching a $1 valuation by 2030 would require unprecedented market shifts.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Ripple, a foremost figure in enterprise blockchain and cryptocurrency services, announced the acquisition of Fortress Trust, a subsidiary under the umbrella of Fortress Blockchain Technologies. Operating out of Las Vegas, Fortress Trust offers Web3 financial, regulatory, and technological solutions tailored for pioneers in the blockchain sector.
The strategic alignment of Fortress Trust’s infrastructure is expected to bolster Ripple’s business and product trajectory. This significant move comes on the heels of Ripple’s recent $250M purchase of crypto custody firm, Metaco – marking one of the biggest financial plays in the cryptocurrency field in 2023.
Brad Garlinghouse, Ripple’s CEO, spoke of the long-standing association with Fortress Blockchain Technologies, noting, “Since their inauguration in 2021, the Fortress team has demonstrated considerable growth in both the crypto-native and crypto-curious customer sectors.” He emphasized the synergy of the acquisition as a step toward fortifying Ripple’s foundational presence in the cryptocurrency world.
This merger extends Ripple’s trove of regulatory credentials, considering Fortress Trust’s Nevada Trust license. To provide a wider perspective: Ripple and its affiliated entities possess a NY BitLicense, 30+ Money Transmitter Licenses across the U.S., and a preliminary Major Payment Institution License sanctioned by the Monetary Authority of Singapore.
Highlighting the significance of the licenses, Monica Long, President at Ripple, stated, “They augment Ripple’s commitment to delivering prime customer experiences. Through the acquisition of Fortress Trust, we’re positioning ourselves as the comprehensive solution for enterprises venturing into blockchain-based value transactions globally.”
Ripple, which originally targeted the multi-trillion-dollar cross-border payment market using blockchain and digital assets, has continually innovated its service offerings, now encompassing areas like liquidity management, tokenization, and Central Bank Digital Currencies (CBDCs). To date, they extend their services to hundreds of clientele across 55 countries and six continents, boasting payout capabilities in over 70 markets.
Scott Purcell, CEO of Fortress Blockchain Technologies, expressed optimism for the future, applauding the acquisition as a testament to the progress his team has achieved in such a brief period.
As a backdrop to the ongoing developments, Ripple had previously seeded investments in Fortress Blockchain Technologies in 2022. Post-acquisition finalization, Ripple envisions further investment in Fortress Blockchain Technologies and the subsidiary, FortressPay services. However, this move is contingent upon thorough due diligence and regulatory clearance.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Over the nine-year period from 2014 to 2022, Bitcoin‘s September performance has largely been bearish. The closing price in September was often lower than the opening price, indicating a general downtrend for the month.
Bitcoin Price Year-by-Year Analysis
2014: Opened at $479 and closed at $391, a decline of 18.37%.
2015: Opened at $230 and closed at $236, a slight increase of 2.6%. This year is an exception to the general downtrend.
2016: Opened at $570 and closed at $608, an increase of 6.67%. Another exception to the downtrend.
2017: Opened at $4,734 and closed at $4,326, a decline of 8.62%. This year saw a significant intra-month drop of nearly 40%.
2018: Opened at $7,015 and closed at $6,597, a decline of 5.96%.
2019: Opened at $9,593 and closed at $8,298, a decline of 13.49%.
2020: Opened at $11,658 and closed at $10,778, a decline of 7.55%.
2021: Opened at $47,118 and closed at $43,834, a decline of 6.97%.
2022: Opened at $20,049 and closed at $19,429, a decline of 3.09%.
Average September Decline
Excluding the two years (2015 and 2016) where Bitcoin saw an increase in September, the average decline for the remaining years is approximately 9.03%.
Soruce: TradingView
Year-by-Year Amplitude Analysis:
For Bitcoin, the month of September has historically been characterized by significant price fluctuations. A detailed examination of the past nine years reveals the amplitude of these price movements, providing a clearer picture of the cryptocurrency’s September behavior. Below uses formula: (High – Low) / Low.
2014: Bitcoin experienced an amplitude of 36.16%, swinging between a low of $365 and a high of $497.
2015: The amplitude was more subdued this year, recorded at 10.31%, with the price oscillating between $223 and $246.
2016: Bitcoin’s amplitude stood at 10.95%, as the price moved between $566 and $628.
2017: This year saw a dramatic amplitude of 67.43%, with Bitcoin’s price ranging from $2,973 to a high of $4,979.
2018: The amplitude was 21.62%, as Bitcoin’s price varied between $6,094 and $7,411.
2019: Bitcoin experienced a significant amplitude of 41.97%, with the price fluctuating between $7,714 and $10,949.
2020: The amplitude for this year was 22.60%, as Bitcoin’s price moved within the range of $9,825 and $12,065.
2021: Bitcoin’s amplitude was recorded at 33.81%, with prices swinging between $39,573 and $52,956.
2022: The amplitude stood at 25.47%, as Bitcoin’s price varied between $18,157 and $22,781.’
2014: The amplitude was 28.91%, with Bitcoin prices ranging between a low of $365 and a high of $497.
2015: Bitcoin’s amplitude stood at 10.14%, oscillating between $223 and $246.
2016: The amplitude for the year was 10.77%, as Bitcoin’s prices moved from a low of $566 to a high of $628.
2017: Bitcoin experienced an amplitude of 50.15%, with prices fluctuating between $2,973 and $4,979.
2018: The amplitude for the year was 20.18%, as Bitcoin’s prices varied between $6,094 and $7,411.
2019: Bitcoin saw an amplitude of 33.33%, with prices ranging from $7,714 to $10,949.
2020: The amplitude for the year stood at 20.41%, as Bitcoin’s prices oscillated between $9,825 and $12,065.
2021: Bitcoin’s amplitude was 28.28%, with prices moving between $39,573 and $52,956.
2022: The amplitude for the year was 22.22%, as Bitcoin’s prices varied between $18,157 and $22,781.
Average September Amplitude
The average amplitude for Bitcoin in September over the years 2014 to 2022 using the traditional formula is approximately 29.92%. Using the alternative formula, the average amplitude is approximately 24.91%
Current Bitcoin Data
Bitcoin kicked off September 2023 with an opening price of $25,927. Despite reaching a monthly high of $26,429, the cryptocurrency experienced a dip, recording a low of $25,333. At the time of writing, Bitcoin is trading at $25,850.
As September progresses, Bitcoin, market analysts have projected potential low points for Bitcoin by the close of September.
Predicting the Future Based on Historical Trends
Historical Declines: Delving into past performances, Bitcoin’s most pronounced September decline was -3.09% in 2022. If 2023 mirrors this trend, Bitcoin could potentially settle around the $25,107 mark by month-end.
The average decline over the years hovers at approximately -9.22%. If this average is indicative of this year’s performance, Bitcoin might conclude September near $23,530.
Amplitude Analysis: Utilizing the alternative amplitude formula, Bitcoin’s amplitude for September 2018 was discerned to be approximately 19.51%. The most restrained September amplitude was recorded in 2015 at 10.31%. If this month’s price movements align with this subdued amplitude, predominantly in the downward trajectory, Bitcoin’s valuation could diminish to $23,240 by the end of September.
Factoring in the average amplitude over the years, which stands at approximately 27.21%, a worst-case scenario could see Bitcoin descending to a concerning $18,860 by month’s close.
However, Bitcoin’s price has the potential to defy historical trends and close September above $25,927, akin to the positive performances observed in 2015 and 2016.
While these projections provide a lens into historical trends, the inherently volatile nature of cryptocurrencies suggests that actual outcomes may vary. Investors and traders are advised to exercise prudence and remain abreast of market developments.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Ripple, a prominent player in the blockchain and crypto sector, has announced the expansion of its University Blockchain and Research Initiative (UBRI) in Europe. The initiative, recognized globally for its contributions to academic blockchain and crypto research, aims to nurture the upcoming generation of leaders in this domain.
UBRI has incorporated four new European universities into its program. These include Trinity College Dublin (Ireland), EPITA (France), IE University (Spain), and University of Trento (Italy). These institutions are set to bolster blockchain education and research throughout Europe.
Since its establishment in 2018, UBRI has allocated over $11 million to its 14 European partners. This initiative aligns with Europe’s ambition to emerge as a global crypto hub, especially with the introduction of the Market in Crypto Assets (MiCA) legislation, which aims to provide regulatory clarity for the sector’s growth.
Eric van Miltenburg, SVP Strategic Initiatives at Ripple, emphasized the importance of equipping the next generation with the requisite knowledge and skills to harness blockchain technology’s real-world utility. He also highlighted Europe’s potential to expedite this mission, given its regulatory clarity.
IE University, one of UBRI’s new partners, will organize a three-day virtual asset regulation workshop. This event will focus on applied research, entrepreneurship, and corporate transformation, preparing students for the regulation-centric crypto world. Ikhlaq Sidhu, Dean at IE University, expressed enthusiasm about this collaboration, emphasizing the role of UBRI in shaping the future of virtual asset regulation.
Ripple has rejuvenated its association with the Centre for Blockchain Technologies (CBT), an educational initiative initiated at University College London (UCL) with UBRI’s support. Now named UK CBT, the program is broadening its resource network, extending its reach to Birmingham and Edinburgh. Dr. Paolo Tasca, Founder and Director of UCL Centre for Blockchain Technologies, highlighted the collaborative vision of positioning the UK as a global blockchain leader.
UK CBT will further XRPL-related projects, offering XRPL workshops, accelerator programs, and supporting conferences like UBRI Connect. These efforts aim to amplify the innovative potential of blockchain on an international scale.
Ripple is hosting its third annual Apex XRPL Developer Summit in Amsterdam. Preceding this event, an XRPL Hackathon – Apex 2023 was organized, targeting European partners. A collaborative team from UCL and University of Trento clinched the first prize of $7k for their XRPL Charity project during this hackathon.
Ripple has consistently integrated XRP applications. As highlighted by Blockchain.News, The Giving Block recently began accepting XRP, allowing donations to charities using the cryptocurrency.
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The Securities and Exchange Commission (SEC) has settled charges with Linus Financial, Inc. over its failure to register the offers and sales of its crypto lending product, known as the Linus Interest Accounts. The SEC has opted not to impose civil penalties on the Nashville-based firm, citing the company’s cooperation and swift remedial measures.
Data from the SEC’s order reveals that Linus Financial initiated the offer and sale of the Linus Interest Accounts in the U.S. around March 2020. These accounts permitted U.S. investors to provide U.S. dollars to Linus Financial, which in return promised to pay interest. The firm then converted this cash into crypto assets, pooling these assets and determining their use to generate income both for the company and for the interest payments to investors. The SEC’s order has identified these accounts as securities. It further states that these offers and sales did not meet the criteria for an exemption from SEC registration, making it mandatory for Linus Financial to register them.
On March 25, 2022, following the SEC’s charges against a comparable crypto asset investment product, Linus Financial voluntarily halted the offer of the Linus Interest Accounts to new investors. The company also requested its existing investors to retrieve their funds by the end of April 2022. As of now, all the funds from investors have been returned.
Stacy Bogert, Associate Director of the SEC’s Division of Enforcement, commented, “The SEC remains committed to ensuring companies adhere to federal securities laws. However, we also aim to motivate firms to cooperate and implement immediate corrective measures when discrepancies are identified. The current settlement sends a clear signal to other market players about the significance of collaboration and rectification.”
Without acknowledging or refuting the SEC’s conclusions, Linus Financial has consented to a cease-and-desist order. This order restricts the firm from breaching the registration stipulations of the Securities Act of 1933.
The investigation into this matter was spearheaded by Randall D. Friedland and Brittany K. Frassetto, under the guidance of Pei Y. Chung and Ms. Bogert.
For those interested in further details on crypto assets, the SEC’s Office of Investor Education and Advocacy and Enforcement’s Retail Strategy Task Force has previously published an Investor Bulletin on Crypto Asset Interest-bearing Accounts. Comprehensive information on crypto assets is also available at Investor.gov.
Ripple’s cryptocurrency, XRP, is the latest addition to the philanthropic efforts addressing the aftermath of the devastating wildfires in Maui. The Giving Block, a platform known for facilitating charitable donations via cryptocurrency, has expanded its roster to include XRP as a means to support the affected residents of Maui.
The wildfires in Maui have resulted in over 100 reported deaths, the destruction of hundreds of homes and businesses, and the displacement of thousands. With XRP now joining other supported cryptocurrencies like BTC, ETH, USDC, BCH, AAVE, AXS, BAT, BNT, BOND, and MATIC, among others, the potential reach of the fundraising campaign is significantly amplified.
Jared Isaacman, CEO of Shift4, the parent company of The Giving Block, has pledged a 1:1 match for the first $500,000 donated to the Maui response fund. This initiative could potentially amass up to $1 million for relief efforts. Donations made in any of the supported cryptocurrencies, including XRP, will be equally distributed among participating humanitarian relief organizations. These entities are on the ground, providing urgent medical care and aid to affected children, individuals, families, and animals.
To date, the fund has received $72,657.74 in donations. With the matched amount, the total stands at $145,315.48, marching towards a goal of $1 million. The Maui Emergency Response Fund is open for contributions in various forms, including the aforementioned cryptocurrencies, stocks, DAF grants, and cards. Donors have the option to support the fund directly or to donate to individual organizations involved in the relief efforts.
Among the participating organizations are Airlink, All Hands and Hearts Smart Response, Inc., Convoy of Hope, Direct Relief, Feeding America, Global Empowerment Mission, Habitat for Humanity Maui, Inspire Church, Maui Humane Society, and World Central Kitchen.
The $500k Maui Emergency Response Fund Match Campaign, spearheaded by Jared Isaacman, operates on a first-come-first-served basis. There’s a cap of $100k in direct donations to eligible nonprofits, but no caps on donations to the Maui Emergency Response Fund itself.
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Binance, one of the world’s leading cryptocurrency exchanges, has issued a statement addressing concerns over the redemption of its CYBER Simple Earn Flexible Products. The announcement comes in the wake of a significant price discrepancy of the CYBER token between Upbit and other exchanges on August 31, 2023.
Key Events
On August 31, 2023, a notable price difference was observed for CYBER between Upbit and other trading platforms. The discrepancy was linked to Upbit’s exclusive support for CYBER (ERC20) and the absence of a cross-chain bridge for CYBER (ERC20) and CYBER (BEP20). This led to a liquidity shortage for CYBER (ERC20) on Binance and other exchanges.
The rising price of CYBER prompted arbitrage traders to borrow the token, resulting in a spike in loan requests. Binance’s risk management protocol was triggered, halting new loan requests and significantly increasing loan interest rates.
Due to the high demand for borrowing CYBER and simultaneous redemption requests, Binance faced challenges in immediately fulfilling CYBER Simple Earn Flexible Products redemptions.
Binance’s Response
To address the situation and enhance user experience, Binance has outlined several measures:
* Dynamic adjustment of Crypto Loans and Margin interest rates, especially during high volatility periods.
*Implementation of a stricter risk management framework for tokens with smaller market caps. Tokens with reduced liquidity might face delisting from *various Binance products.
*Display of risk warnings for specific tokens and periodic reviews of borrowing limits.
*Introduction of a second confirmation step, highlighting potential risks before completing a subscription.
Compensation for Impacted Users:
Binance has committed to compensating affected users
* 887 users who couldn’t redeem their CYBER Simple Earn Flexible Products between August 29 and September 5, 2023, will share a pool of 800,000 USDT and an additional 871 CYBER. The distribution will be proportional to their daily average CYBER holdings during the specified period.
* All other users holding CYBER Simple Earn Flexible Products during the mentioned timeframe will equally share a pool of 200,000 USDT worth of CYBER Locked Trial Fund vouchers, sponsored by CyberConnect Foundation.
In their statement, Binance acknowledged the crypto industry’s nascent stage and expressed gratitude for user feedback, emphasizing their commitment to refining the platform.
CyberConnect has recently become a focal point of discussion in the cryptocurrency world. As previously reported by Blockchain.News, CYBER coin experienced a sharp 40% decline in a single day following the introduction of Proposal CP-1. Subsequently, CyberConnect announced its decision to reject the proposal and took full responsibility for the rumors suggesting that the proposal fueled manipulation of the CYBER token.
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In a joint effort to curb cybercrime, the U.S. Office of Foreign Assets Control (OFAC) and the U.K. HM Treasury Office of Financial Sanctions Implementation (OFSI) have sanctioned eleven additional members of the Russia-based ransomware group, Trickbot. This move comes after the two nations had previously sanctioned seven members of the same group earlier this year, according to Chainalysis.
Among those sanctioned are prominent figures like Maksim Galochkin, known by the alias “Bentley,” Maksim Rudenskiy, also referred to as “Buza,” “Silver,” or “Binman,” and Mikhail Tsarev, or “Mango.”
Ransomware attacks have been on the rise, with Chainalysis data indicating that from January to June this year, cybercriminals extorted at least $449.1 million. Trickbot, in particular, has been linked to ransomware strains such as Ryuk, Conti, Diavol, and Karakurt, which collectively account for cryptocurrency extortions worth approximately $833 million.
Rob Jones, Director General of Operations at the National Crime Agency, commented on the sanctions, stating,
These sanctions are a continuation of our campaign against international cyber criminals.
He emphasized the challenges and opportunities cryptocurrencies present in the fight against cybercrime.
First identified in 2016, Trickbot Group has emerged as one of the top crypto-earning cybercrime organizations, second only to North Korea’s Lazarus Group. As reported by Blockchain.News, recently the FBI has detected blockchain activities linked to the theft of significant cryptocurrency by North Korea’s TraderTraitor group, Lazarus Group, and APT38, with the agency suspecting North Korea may liquidate the over $40 million bitcoin.
The group’s ties to Russian intelligence services and collaboration with other cybercrime entities have been well-documented. Their ransomware strains have compromised millions of devices globally, including critical infrastructure like hospitals.
The individuals sanctioned by OFSI and OFAC include Andrey Zhuykov, Maksim Galochkin, Maksim Rudenskiy, Mikhail Tsarev, Dmitry Putilin, Maksim Khaliullin, Sergey Loguntsov, Alexander Mozhaev, Vadym Valiakhmetov, Artem Kurov, and Mikhail Chernov.
Chainalysis has played a pivotal role in identifying cryptocurrency wallets linked to these sanctioned individuals, aiding in the broader effort to disrupt the operations of cybercrime groups like Trickbot.
The collaborative efforts between the U.S. and U.K. authorities underscore a global commitment to combat the challenges posed by cybercrime in an era increasingly dominated by blockchain technology.
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