🔝Trustwave Spiderlabs Researchers Warn of New Strain of Malware That Drains Crypto Funds

According to researchers at Trustwave Spiderlabs, a strain of malware known as Rilide is believed to be helping cybercriminals steal funds from cryptocurrency exchanges. Although the steps being taken to tackle this malware are likely to make life more difficult for cybercriminals, two researchers — Pawel Knapczyk and Wojciech Cieslak — said this alone may not be enough to “solve the issue entirely.”

Researchers at Trustwave Spiderlabs recently said they discovered a new strain of malware which clandestinely draws funds from crypto wallets. According to the researchers, the malware, known as Rilide, is thought to disguise itself as a legitimate Google Drive extension. Besides giving cybercriminals the ability to monitor the browsing history of their targeted victims, Rilide enables the injection of “malicious noscripts to steal funds from cryptocurrency exchanges.”

In their blog post published on April 4, the two researchers Pawel Knapczyk and Wojciech Cieslak concede that Rilide is not the first malware to use malicious browser extensions. However, the researchers said they have seen how the malware tricks users before it drains funds from their respective crypto wallets.

🗣️ “Where this malware differs is it has the effective and rarely used ability to utilize forged dialogs to deceive users into revealing their two-factor authentication (2FA) and then withdraw cryptocurrencies in the background,” the researchers argued.

While steps such as the pending enforcement of the so-called manifest v3 are expected to make life a little more difficult for cybercriminals, Knapczyk and Cieslak assert that this alone may not be enough “to solve the issue entirely as most of the functionalities leveraged by Rilide will still be available.”

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✔️Strategist Expects US Recession by Year-End, Fed Tightening to Drag Down Economy

Investment bank MPS Capital Services has warned that the U.S. economy will be in a recession by year-end.

MPS Capital Services is an Italian corporate and investment bank, part of the banking group that includes Banca Monte dei Paschi di Siena SpA. The strategist was quoted as saying:

🗣️We expect the recession in the U.S. by year-end … The tightening of the monetary policy will drag down on the economy.

Mannucci predicts that the Federal Reserve will raise interest rates by an additional 25 basis points, while the European Central Bank (ECB) is expected to increase rates by at least two quarter-points.

The MPS strategist further warned that the failure of several regional U.S. banks, along with the issues faced by Credit Suisse, could result in tighter credit conditions and hurt the economy.

CBDC Debate Heats Up: BIG Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs

During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will

🗣️“take the world into a full surveillance economy that can be controlled directly by the central bank.”

During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will “take the world into a full surveillance economy that can be controlled directly by the central bank.”

🔥African Blockchain Business Funding Rose 4️⃣2️⃣9️⃣🔤 in 2022 — Report

In 2022, African blockchain businesses raised a total of $474 million, a 429% increase from what was raised in the year earlier, the latest CVVC African blockchain funding report has revealed.

According to the latest CVVC Africa Blockchain funding report, blockchain businesses from the continent raised $474 million in 2022, a year-on-year funding increase of 429%.

➡️Regarding individual countries with the biggest share of the total funding, the report showed that South Africa (37.3%) and Seychelles (43.9%) alone received more than 80% of the total. Nigeria, which accounted for the second-highest share in 2021, had nine deals with a total value of nearly $16 million, just 3.4% of the total funding.

Besides Nigeria and Egypt — the only countries from the continent to have recorded a decrease in the value of funds raised — the report data indicates that the rest of the tracked countries recorded significant funding increases.

‼️China Warns of Global Financial Instability From US Economic Policies

China has urged the U.S. and other developed nations to assess the spillover effects of their economic and financial policies. “The economic and financial policies of the U.S. pose the biggest challenge to global financial stability,” according to the Chinese Ministry of Foreign Affairs.

Wang Wenbin, a spokesperson for China’s Ministry of Foreign Affairs, expressed concerns over the state of the global economy at a press conference Thursday.

Commenting on the recent International Monetary Fund (IMF) Global Financial Stability report pointing out that the turmoil in the U.S. banking sector has increased the risk of global financial stability.

Wenbin stressed:

🗣️Many in the international community shared the view that the economic and financial policies of the U.S. pose the biggest challenge to global financial stability. The massive interest rate hikes by the U.S. Federal Reserve since last year have significantly increased global financing costs and exacerbated disorderly international capital flows.

♾Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive Director

🟢From being seen as a small “anti-establishment rebellion asset” more than ten years ago, crypto has grown to “become more widespread,” says Sarah Pritchard, an executive director at the United Kingdom’s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has “always been open to innovation.”

👑According to Sarah Pritchard, an executive director of markets at the Financial Conduct Authority, crypto has evolved from being seen as “an anti-establishment rebellion asset” more than ten years ago, to one that “has become more widespread.” However, Pritchard insisted in her April 25 speech that just a few “consumers know what it is, how it works and what they are getting into.”

The executive director also suggested that as “this once alternative investment becomes more popular,” stakeholders will eventually be forced to sit down and “debate about risk, mitigation and the limits of regulation.”

Although the FCA has routinely issued warnings to individuals dealing with cryptocurrencies, according to Pritchard such a stance should not imply that the watchdog is against innovation.

🗣️While we have been relentless about warning that consumers need to be prepared to lose all their money if buying crypto-assets – and actually issued a warning a week before FTX collapsed about its unauthorised operation in the UK – we have always been open to innovation - the executive director said.

👍Putin: US Policies Will Backfire, Russia to Expand Relations With Countries in Eurasia, Africa, Latin America

🟢Russia’s president, Vladimir Putin, has slammed the actions of the elites in the U.S. and Europe, stating that they do not always act in the best interest of their own people. “It will backfire on them,” he said. Putin also called for a cohesive response to the West’s economic aggression, emphasizing that Russia will strengthen its partnerships with friendly nations and collaborate with foreign partners.

Russian President Vladimir Putin slammed policies in the U.S. and Europe while calling for a cohesive response to the West’s economic aggression at a meeting with the Council of Legislators on Friday, Russian news outlet Tass reported.

🗣️We are not going to isolate ourselves. On the contrary, we will expand pragmatic, equitable, mutually beneficial relations that are nothing less than partnerships with friendly countries in Eurasia, Africa, Latin America, Putin said, adding:

🗣️In the United States, by the way, we have a lot of people that think along the same lines as we do. Same with Europe. The elites behave differently. But we know that the elites in these countries are far from always conducting the policies that benefit the interest of their own people. It will backfire on them.

The Russian president also expressed his government’s willingness to collaborate with foreign partners, including global companies and corporations that “value their business reputation and want to cooperate with Russia.”

Putin further stressed: “Amid the West’s economic aggression, the parliament, the government, and all regional and local authorities must act clearly and quickly and work as one cohesive, well-coordinated team.”

👑Analysts Consider US National Security Policy a Pretext to Establish Trade Sanctions Against Other Countries

International analysts have called out the supposed use of the national security policy of the U.S. as a tool to justify the establishment of blockades and economic sanctions against countries like China and Russia.

While U.S. Treasury Secretary Janet Yellen has recognized that a decoupling of the economies of the U.S. and China would be “disastrous,” the U.S. government is said to be putting its security policies over this concern.

Several analysts have referred to the usage of the U.S. national security policy as a pretext to establish economic sanctions and take unjustified measures against other countries.

While on April 20, U.S. Treasury Secretary Janet Yellen stated that the U.S. was seeking a “constructive and fair economic relationship with China,” but that it would use its tools to protect its national security with no interest in gaining an economic advantage as a consequence, these policies are indeed hurting the global economy and disrupting supply chains, per the analysts statements.

🇦🇷Argentine Foreign Minister Says a Latin American Common Currency Would Relieve Argentina’s Stress on the Dollar Issue

Argentine Foreign Minister Santiago Cafiero referred to the advantages the issuance of a Latin American common currency would give Argentina. Cafiero stated that the existence of such a currency would relieve the stress that the country is currently facing regarding the state of its foreign reserves and the devaluation of its fiat currency.

Cafiero showed his support for the creation of such a currency, stating:

🗣️It would be very good to have a common currency because it would avoid all the stress that Argentina has with the issue of dollars.

🟢Argentina has been battling a reduction of its foreign reserves in dollars, which have to be used to pay for imports due to the current structure of international trade.

🟢The initial reports pointed at this project being similar to the euro, a substitute for the fiat currencies of several countries of the region, with Argentina and Brazil being the first proponents of the idea.

🥇Central Bank’s Gold Purchases Make ‘Record Breaking Start’ in Q1 2023; 228.4 Tonnes Added to World Reserves

➡️Central banks have continued to consistently purchase gold during the first quarter of 2023, according to the latest report of the World Gold Council (WGC), the global gold statistics organization. Central banks added nearly 230 tonnes of gold to their national reserves, representing a 176% rise compared to the purchases made in Q1 2022.

Central banks have registered a strong demand for gold during the first quarter of the year, according to the latest report of the World Gold Council (WGC), which keeps global statistics on gold production and demand.

➡️However, when compared to the numbers from the last quarter, central banks and other institutions reduced their demand significantly, with these institutions purchasing 150.2 tonnes of gold less.

☀️South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency

✏️The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency.

♾Pandor said her country will “not shy away from discussions” that relate to her country’s national interests.

💲The minister also revealed that South Africa’s debt is primarily denominated in dollars, therefore the country cannot easily ditch the greenback.

‼️10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

⚡️The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar.

The leaders of the Association of Southeast Asian Nations (ASEAN) gathered in Labuan Bajo, Indonesia, for the 42nd ASEAN Summit on May 10-11 under the chairmanship of the Republic of Indonesia. ASEAN members comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The summit was chaired by H.E. Joko Widodo, president of Indonesia.

An official declaration released by the chairman at the conclusion of the summit states: 🗣️“We adopted the ASEAN Leaders Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction to foster bilateral and multilateral payment connectivity arrangements to strengthen economic integration by enabling fast, seamless, and more affordable cross-border payments across the region.”

The declaration continues:

🗣️We commit to encourage the use of local currencies for economic and financial transactions among ASEAN member states to deepen regional financial integration and promote the development of currency market in local currency to strengthen financial stability in the region.

At the end of March, the ASEAN finance ministers and central bank governors met in Bali, Indonesia, and agreed to take steps to reinforce the use of local currencies in the region and reduce reliance on the U.S. dollar or other major international currencies for cross-border trade and investment.

🔽Swiss Banking Giant UBS May Record $17B Loss from Credit Suisse Takeover

🟢According to the UBS post-acquisition plans, it is going to implement a phased integration of the Credit Suisse brand which may last a couple of years.

Swiss multinational banking giant UBS Group AG has revealed new details about what its liabilities are likely to be from the acquisition of Credit Suisse Group AG.

🟢In its exact denoscription, it is set to take on a total of $13 billion liability in fair value adjustments for the rebranded mega financial firm.

The company revealed that the expedited nature of the acquisition made it conduct its due diligence on the company in a very hurried manner.

With just a few days given by FINMA for the company to conduct its due diligence, it revealed in its F-4 filing with the SEC that it might have assumed more liabilities than envisaged.

“If the circumstances of the due diligence affected UBS Group AG’s ability to thoroughly consider Credit Suisse’s liabilities and weaknesses, it is possible that UBS Group AG will have agreed to a rescue that is considerably more difficult and risky than it had contemplated,” UBS said in the Risk Factors section of the filing.