Month: January 2023

• California is now launching a pilot program to manage automotive ownership records through a blockchain-based solution on the Tezos chain.
• This program is being developed and implemented by Oxhead Alpha and will look to reinforce immutability, reduce and optimize necessary manpower and reduce potential errors with record changes.
• California’s Chief Digital Transformation Officer Ajay Gupta stated that these solutions would result in reduced workload, economic benefits and auditability.

The State of California is looking to revolutionize the way it keeps records of automotive ownership with a new pilot project. The project, developed by crypto software firm Oxhead Alpha, will be utilizing a specific set of smart contracts on the Tezos blockchain to manage state records surrounding automotive ownership.

With this project, the state hopes to create a more efficient, reliable and secure system for recording and verifying automotive titles and registration. By using blockchain technology, the state can ensure immutability and reduce potential errors in record changes. Additionally, the use of smart contracts can also help reduce the necessary manpower and workload needed to manage the records.

The project is being spearheaded by California’s Chief Digital Transformation Officer, Ajay Gupta. In a statement, Gupta stated that these solutions “would avoid repeated verification steps for customer and State/public service entities, resulting in reduced workload, economic benefits and auditability.”

The success of this pilot project could set a precedent for other states to follow and could serve as a major point of institutional-level crypto adoption. If successful, this project could revolutionize the way states manage, store and verify records related to automotive ownership.

In the meantime, Oxhead Alpha will be hard at work on developing the project and testing it out. If the team is successful in implementing the project and validating its efficacy, then the project could become the standard for all states to use when it comes to managing automotive titles and registration records.

•An annual report from on-chain analytics firm Chainalysis on ransomware attacks highlights a significant decrease in these activities in 2022.
•The total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021.
•This decrease is due to organizations applying stricter cybersecurity measures and victims refusing to pay ransom to cybercriminals.

The cryptocurrency sector has been a target of hackers and cybercriminals for some time now, leading to an increase in the number of ransomware attacks and money laundering activities. In an effort to bring more transparency to the crypto industry, global regulators have been pushing organizations to apply stricter cybersecurity measures. This, in turn, has led to a significant decrease in ransomware attacks according to an annual report from on-chain analytics firm Chainalysis.

The report states that the total funds from ransomware that hackers received from victims plummeted to $456 million in 2022 from $765.6 million in 2021. It is believed that the decrease is due to organizations standing up to criminals instead of paying them. This is not to say that the attacks are down, as Chainalysis believes that much of the decline is due to victims refusing to pay the attackers.

The increased pressure from global regulators to bring more transparency to the crypto industry has certainly played a role in decreasing the number of ransomware attacks. However, the efforts of victims to stand up to criminals instead of succumbing to their demands has also contributed to the decreasing trend.

As the crypto sector continues to grow, it is important that users remain vigilant and take additional measures to protect their data and funds from malicious actors. While global regulators are doing their part to ensure the safety of users, it is ultimately up to the individuals to ensure their own security. By taking a stand against cybercriminals and implementing the latest security measures, users can help protect themselves from potential attacks.

• 15 individuals were detained on suspicion of running a large-scale crypto scam operation
• The criminal gangs operated call centers, employing 200 ‘traders’ to target victims in different languages, offering deceptive investment options in cryptocurrencies and commodities
• Victims from Germany, Austria, Switzerland, Canada, and Australia have lost millions of euros as a result of the scam

European authorities recently shuttered a large-scale operation of call centers and detained 15 suspected crypto scam individuals in raids conducted on January 11, 2023. The operation was conducted after German authorities requested an investigation in June of last year. Europol, in collaboration with the national law enforcement of Bulgaria, Cyprus, and Serbia, launched raids in 22 different sites. The operation resulted in the capture of 15 people, 14 of them in Serbia and one in Germany.

The criminal gangs operating the fraudulent call centers employed 200 “traders” who used different languages, such as English, Russian, Polish, Hindi, and German, to prey on victims by offering deceptive investment options in cryptocurrencies and commodities. The victims were defrauded of at least 3,000,000 euros per month. Investigators believe that German victims have lost more than 2 million euros, but disclosed that victims from other nations have also fallen prey to the fraudsters.

The investigation revealed that the criminals used a wide variety of tactics to scam their victims. They used fake accounts and websites, as well as false promises of high profits, to lure victims into investing in their counterfeit digital currencies. They also used sophisticated technology to stay one step ahead of law enforcement.

The scammers were also adept at using social engineering techniques to gain the trust of their victims. They used fake Facebook profiles, manipulated search engine results, and even sent fraudulent emails to potential victims.

The Europol investigation has so far been successful in shutting down the massive crypto scam. However, it is expected that similar operations may be carried out in the future, as fraudsters attempt to make money off of unsuspecting victims. The Europol has urged citizens to exercise caution when investing in digital currencies and to research any company before investing. It is also important to be aware of any suspicious activity and to report any fraud cases to the authorities as soon as possible.

•Binance has partnered with the Association of Certified Sanctions Specialists (ACSS) to strengthen its compliance capabilities.
•The Binance sanctions team will undergo a training process with the ACSS to help with money laundering reporting, compliance operations, and special investigations leads.
•The ACSS will provide the team with the latest OFAC guidelines on developing sanctions compliance programs and help them keep abreast with sanctions commands.

Binance, the world’s leading cryptocurrency exchange, has recently announced its partnership with the Association of Certified Sanctions Specialists (ACSS). The move comes as part of Binance’s ongoing efforts to strengthen its compliance capabilities and provide upskilling opportunities for its compliance team.

The partnership entails Binance’s sanctions team going through a mandated training process with the ACSS. This training program will provide the team with the latest OFAC guidelines on developing sanctions compliance programs. Furthermore, the ACSS will also help the team to stay up to date with sanctions commands and educate them on the risks of violations across multiple jurisdictions.

Chagri Poyraz, Binance’s Global Head of Sanctions, commented on the partnership and said, “By working closely with the ACSS, we will take our sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for our compliance team. At the end of the day, we want to continue setting the industry standard for security and compliance.”

The partnership with the ACSS marks Binance’s latest move to strengthen its compliance capabilities. The move comes at a time when the cryptocurrency industry is facing increased regulatory scrutiny. By partnering with the ACSS, Binance is ensuring that its team is well-trained and well-equipped to handle the complexities of the regulatory landscape.

The ACSS is an industry leader in providing sanctions training for multinational corporations and financial institutions. The organization was founded in 2018 and provides its members with necessary educational resources and benefits. This makes it the perfect fit for Binance, as the exchange is looking to set the industry standard for security and compliance.

The partnership between Binance and the ACSS is a clear indication of the exchange’s commitment to compliance and security. It also serves as a reminder to other exchanges that compliance should be taken seriously and that there are organizations that can help them in this regard. It will be interesting to see how this partnership will shape the future of the cryptocurrency industry.

• 2022 saw highs and lows and some of its funnier moments for the crypto and digital asset industry.
• Ethereum shifted from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus after completing “The Merge”.
• Vitalik Buterin was the subject of many memes and headlines across the year.

The year 2022 was a tumultuous one for the crypto and digital asset industry. After the highs and lows of the previous year, the industry saw more of the same in 2022. From Bitcoin’s sideways movement on the 4-hour chart to Ethereum’s major overhaul, the crypto world experienced a great deal of changes in the past year.

One of the most significant events of the year was Ethereum’s shift from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus after completing “The Merge”. This transition was intended to increase the security and scalability of the Ethereum network, while also reducing the energy costs associated with running a node. The Ethereum community celebrated this momentous milestone with a series of memes, discussions, and even price speculation.

Vitalik Buterin, the inventor of Ethereum, was also the subject of many memes and headlines across the year. This was particularly true when Buterin took a picture with someone which revealed something absolutely massive. Ethereum’s price responded accordingly and the picture spawned countless memes. Additionally, Buterin was often the target of jokes due to his struggles with sound, such as when he had difficulty setting up a microphone.

Overall, 2022 was an interesting year for the crypto and digital asset industry. With Ethereum’s major transformation and Vitalik Buterin’s continued presence in the industry, it was certainly a year filled with memorable moments. Here’s to hoping that the industry continues to grow and evolve in the years to come!