Apollo, Sixth Street No Longer in Discussions to Finance Twitter Deal
Apollo Global Management Inc and Sixth Street Partners are reportedly backing out of financing Elon Musk’s Twitter (NYSE: TWTR) deal. According to two sources familiar with the matter, both companies are no longer in talks with Musk regarding his proposed Twitter buyout. Their decision to back out reportedly happened several months ago, around the time that Musk backtracked from the deal.
Musk has affirmed that neither Apollo nor Sixth Street was still part of the third-party equity financing to acquire Twitter. Meanwhile, representatives for both Apollo and Sixth Street declined to comment. However, both companies have large credit investing arms, and could reemerge as investors. This is especially so if banks decide to syndicate Twitter buyout debt to investors.
Apollo and Sixth Street had been in discussions to contribute billions of dollars, via a preferred equity stake, to the Twitter acquisition. At the time, Musk was seeking to raise up to $6 billion from preferred equity investors. This was in order to lessen his own cash outlay burden from the $44 billion Twitter deal. However, what followed thereafter was a series of back and forth between Musk and Twitter over the latter’s handling of bot accounts.
According to the Tesla (NASDAQ: TSLA) CEO, the social media giant was not forthcoming in providing adequate information which addressed those fake account concerns. In addition, he also accused Twitter of attempting to misinform his team by providing manipulated data. However, the popular microblogging platform continues to deny Musk’s claims and maintain that they were as cooperative as possible.
Eventually, Musk pulled out of the deal, triggering a lawsuit from Twitter to force a continuation. The company accused him of developing cold feet and attempting to find an escape route with the bot accusations. Musk then countered Twitter’s lawsuit with one of his own. Both parties were set for a legal showdown less than two weeks from now until Musk announced the deal was back on. Financing details also include $13 billion of debt, which a group of Morgan Stanley-led banks agreed to provide.
Musk changing course to buy Twitter once more comes amid a significant downturn in the broader financial landscape. With inflation at record highs and interest rates rising , many conclude that financing optics remain bleak. This also becomes even more apparent when factoring in soaring global energy prices, which also impact the financial tapestry.
However, the recent spate of interest rate hikes by global central banks is not all doom and gloom. For instance, about two weeks ago, crypto-linked stocks rallied as the US Federal Reserve announced another interest rate hike. Prior to this development, these crypto-associated stocks were at substantial lows owing to the general underperformance of the crypto market.
Apollo Global Management Inc and Sixth Street Partners are reportedly backing out of financing Elon Musk’s Twitter (NYSE: TWTR) deal. According to two sources familiar with the matter, both companies are no longer in talks with Musk regarding his proposed Twitter buyout. Their decision to back out reportedly happened several months ago, around the time that Musk backtracked from the deal.
Musk has affirmed that neither Apollo nor Sixth Street was still part of the third-party equity financing to acquire Twitter. Meanwhile, representatives for both Apollo and Sixth Street declined to comment. However, both companies have large credit investing arms, and could reemerge as investors. This is especially so if banks decide to syndicate Twitter buyout debt to investors.
Apollo and Sixth Street had been in discussions to contribute billions of dollars, via a preferred equity stake, to the Twitter acquisition. At the time, Musk was seeking to raise up to $6 billion from preferred equity investors. This was in order to lessen his own cash outlay burden from the $44 billion Twitter deal. However, what followed thereafter was a series of back and forth between Musk and Twitter over the latter’s handling of bot accounts.
According to the Tesla (NASDAQ: TSLA) CEO, the social media giant was not forthcoming in providing adequate information which addressed those fake account concerns. In addition, he also accused Twitter of attempting to misinform his team by providing manipulated data. However, the popular microblogging platform continues to deny Musk’s claims and maintain that they were as cooperative as possible.
Eventually, Musk pulled out of the deal, triggering a lawsuit from Twitter to force a continuation. The company accused him of developing cold feet and attempting to find an escape route with the bot accusations. Musk then countered Twitter’s lawsuit with one of his own. Both parties were set for a legal showdown less than two weeks from now until Musk announced the deal was back on. Financing details also include $13 billion of debt, which a group of Morgan Stanley-led banks agreed to provide.
Musk changing course to buy Twitter once more comes amid a significant downturn in the broader financial landscape. With inflation at record highs and interest rates rising , many conclude that financing optics remain bleak. This also becomes even more apparent when factoring in soaring global energy prices, which also impact the financial tapestry.
However, the recent spate of interest rate hikes by global central banks is not all doom and gloom. For instance, about two weeks ago, crypto-linked stocks rallied as the US Federal Reserve announced another interest rate hike. Prior to this development, these crypto-associated stocks were at substantial lows owing to the general underperformance of the crypto market.
Russian Companies Are Using Crypto in Trade Despite Lack of Regulation, Officials Admit
With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.
Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed.
Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale.
Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation.
Gamza also told the newspaper that due to the financial restrictions, payments in U.S. dollars, euros, and other fiat currencies have decreased to a minimum. As part of the measures adopted in response to Russia’s invasion, Russian banks were cut off from SWIFT, the global payment messaging system.
The executive further elaborated that digital coins are now mainly utilized in settlements with what he referred to as “unfriendly countries,” primarily for Russian exports and in payments for import components for the manufacturing sector.
Cryptocurrencies are also used to pay for the import of consumer goods. Against the backdrop of sanctions, the volume of cross-border transactions in crypto could potentially see a several-fold increase, Vladimir Gamza predicted.
It’s important to try all alternatives to the SWIFT payments, Ivan Chebeskov was quoted by RBC Crypto as saying earlier this week. He also unveiled that the Finance Ministry and the Central Bank of Russia intend to allow international crypto payments for any industry, without restrictions.
Throughout the year, Russian authorities have been mulling over how to regulate the country’s crypto space and sanctions have convinced them they need to legalize at least cross-border payments with cryptocurrencies. In September, the head of the parliamentary Financial Market Committee Anatoly Aksakov indicated that Russian businesses may be permitted to choose which coin they want to use.
With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions.
Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed.
Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale.
Russian entities are now actively using digital payment instruments, including cryptocurrencies, agreed Vladimir Gamza, head of industrial, financial and investment policy at the Council of the Chamber of Commerce and Industry of the Russian Federation.
Gamza also told the newspaper that due to the financial restrictions, payments in U.S. dollars, euros, and other fiat currencies have decreased to a minimum. As part of the measures adopted in response to Russia’s invasion, Russian banks were cut off from SWIFT, the global payment messaging system.
The executive further elaborated that digital coins are now mainly utilized in settlements with what he referred to as “unfriendly countries,” primarily for Russian exports and in payments for import components for the manufacturing sector.
Cryptocurrencies are also used to pay for the import of consumer goods. Against the backdrop of sanctions, the volume of cross-border transactions in crypto could potentially see a several-fold increase, Vladimir Gamza predicted.
It’s important to try all alternatives to the SWIFT payments, Ivan Chebeskov was quoted by RBC Crypto as saying earlier this week. He also unveiled that the Finance Ministry and the Central Bank of Russia intend to allow international crypto payments for any industry, without restrictions.
Throughout the year, Russian authorities have been mulling over how to regulate the country’s crypto space and sanctions have convinced them they need to legalize at least cross-border payments with cryptocurrencies. In September, the head of the parliamentary Financial Market Committee Anatoly Aksakov indicated that Russian businesses may be permitted to choose which coin they want to use.
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Samsung to Debut Knox Matrix Blockchain-Based Security System for Smart Devices
Samsung, the consumer electronics giant, has announced the introduction of a blockchain-like security system for its smart devices. Named Knox Matrix, the objective of the system is to increase the security of a multi-device environment, with each smart device monitoring others and sharing access data to simplify login tasks.
Blockchain technology is being harnessed for more and more uses each passing day, including security and trust-based applications. This time Samsung, the Korean consumer electronics and software company, has announced the implementation of a “private blockchain” system as a way of increasing the security of its smart devices.
At the recent Samsung Developer Conference, the system, named Knox Matrix, was presented as a revamp of Samsung’s current security approach. While the company was thin on details and did not specify about the inner workings of the system, it did explain that it will interconnect the different smart devices available on a network, to enhance security through “multi-layered mutual monitoring.”
For example, Samsung claims that using a phone connected to another smart device like a TV or a smart AC will make these devices safer from being compromised by any threat.
According to Samsung, its Knox Matrix solution will also streamline login tasks all around the home, because the login state is distributed automatically to devices that need it to join the network. However, at the same time, it will ostensibly protect sensitive information from other devices in the network.
The announcement also notes that “Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK [software development kit].” The launch date and the specifications of this system were not provided by Samsung.
Samsung has been active when it comes to including hardware security specially created for blockchain and cryptocurrency-based environments. As early as 2019, the company included a wallet in its flagship smartphone, the Samsung Galaxy S10, that featured hardware-based protection of private keys.
The security system included at that time, called Knox, is the precursor to the system Samsung recently presented. The company has also been very present in the non-fungible token (NFT) area, collaborating with six different companies in August to establish its own Galaxy-branded NFT ecosystem.
Samsung, the consumer electronics giant, has announced the introduction of a blockchain-like security system for its smart devices. Named Knox Matrix, the objective of the system is to increase the security of a multi-device environment, with each smart device monitoring others and sharing access data to simplify login tasks.
Blockchain technology is being harnessed for more and more uses each passing day, including security and trust-based applications. This time Samsung, the Korean consumer electronics and software company, has announced the implementation of a “private blockchain” system as a way of increasing the security of its smart devices.
At the recent Samsung Developer Conference, the system, named Knox Matrix, was presented as a revamp of Samsung’s current security approach. While the company was thin on details and did not specify about the inner workings of the system, it did explain that it will interconnect the different smart devices available on a network, to enhance security through “multi-layered mutual monitoring.”
For example, Samsung claims that using a phone connected to another smart device like a TV or a smart AC will make these devices safer from being compromised by any threat.
According to Samsung, its Knox Matrix solution will also streamline login tasks all around the home, because the login state is distributed automatically to devices that need it to join the network. However, at the same time, it will ostensibly protect sensitive information from other devices in the network.
The announcement also notes that “Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK [software development kit].” The launch date and the specifications of this system were not provided by Samsung.
Samsung has been active when it comes to including hardware security specially created for blockchain and cryptocurrency-based environments. As early as 2019, the company included a wallet in its flagship smartphone, the Samsung Galaxy S10, that featured hardware-based protection of private keys.
The security system included at that time, called Knox, is the precursor to the system Samsung recently presented. The company has also been very present in the non-fungible token (NFT) area, collaborating with six different companies in August to establish its own Galaxy-branded NFT ecosystem.
FX Strategists From Citi Say Euro Could Sink to $0.86 if Macro Turmoil Continues
While the euro has found support between 0.96 to 0.97 nominal U.S. dollars per unit, foreign exchange (FX) strategists from Citi believe the euro could tap a low of around $0.86 against the greenback. While the dollar slumped on October 13, the fiat currency is rising again and market strategists from Citi argue that the U.S. dollar “has likely not peaked yet.”
In recent times, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro (EUR), has been in a slump against the U.S. dollar (USD). Year-to-date, the euro has lost 14.53% against the greenback and six-month stats indicate the EUR is down 10.09%. While the 10% shave hurts, the percentage loss is less severe than fiat currencies like the Japanese yen (down 14.99% in six months), the U.K.’s pound sterling (down 14.46% in six months), and the Australian dollar (down 16.19% in six months).
While the euro has found support between 0.96 to 0.97 nominal U.S. dollars per unit, foreign exchange (FX) strategists from Citi believe the euro could tap a low of around $0.86 against the greenback. While the dollar slumped on October 13, the fiat currency is rising again and market strategists from Citi argue that the U.S. dollar “has likely not peaked yet.”
In recent times, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro (EUR), has been in a slump against the U.S. dollar (USD). Year-to-date, the euro has lost 14.53% against the greenback and six-month stats indicate the EUR is down 10.09%. While the 10% shave hurts, the percentage loss is less severe than fiat currencies like the Japanese yen (down 14.99% in six months), the U.K.’s pound sterling (down 14.46% in six months), and the Australian dollar (down 16.19% in six months).
EU to Target Crypto Miners’ Power Usage as Union Relies Less on Russian Energy
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector.
The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to Bloomberg, the EU will also urge member states to target crypto miners’ energy usage as it seeks to navigate the winter with far less Russian gas and other energy than before the sanctions imposed over the war in Ukraine.
Quoting a draft proposal, the report revealed that the EU’s executive arm wants to work with international partners to adopt a grading measure that will encourage more environmentally friendly crypto systems, such as the proof-of-stake (PoS) protocol as opposed to the energy-intensive proof-of-work (PoW) mechanism employed by Bitcoin.
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more,” the European Commission notes in an Action Plan. “In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy efficient versions of the technology,” the Commission emphasizes.
Controlling the energy consumption of the Information and Communications Technology (ICT) sector, including through an “environmental labelling scheme for data centers… and an energy efficiency label for blockchains,” is one of the key measures envisaged in the document announced on Tuesday. In a press release, the Commission explained:
With data centers and the growing appetite for online services demanding ever more resources from our energy system, today’s plan also outlines ways to decouple the energy footprint of the ICT sector from the exponential growth of data.
The move comes after an earlier attempt to prohibit PoW mining through the upcoming Markets in Crypto Assets (MiCA) regulatory framework, which sparked negative reactions from the Old Continent’s crypto community and industry as it amounted to a Bitcoin ban.
The controversial provision was eventually dropped from the latest draft of the legislation but other texts oblige service asset providers to disclose the energy consumption and environmental impact of the assets they work with.
PoS mining, to which the Ethereum blockchain recently migrated, uses much less energy than the proof-of-work minting of digital coins. Although the EU accounts for only around 10% of the PoW crypto mining, any new policies introduced by the 27-strong bloc in this field can potentially have global effects, Bloomberg pointed out.
The cited document also unveils that the European Union is going to produce a report evaluating the climate impact of the industry by 2025 and call on EU countries to end any tax breaks for cryptocurrency miners. Brussels also insists that member states should be ready to halt mining activities in case of electricity shortages.
Authorities in Brussels are taking steps to reduce power consumption, including in cryptocurrency mining, as the EU faces limited energy supplies from Russia, the reliance on which it has been trying to lower. New energy efficiency labeling is to address the growing electricity usage in the crypto sector.
The European Union plans to introduce a label for energy efficiency in efforts to counter the growing electricity consumption in data centers such as those mining cryptocurrencies. According to Bloomberg, the EU will also urge member states to target crypto miners’ energy usage as it seeks to navigate the winter with far less Russian gas and other energy than before the sanctions imposed over the war in Ukraine.
Quoting a draft proposal, the report revealed that the EU’s executive arm wants to work with international partners to adopt a grading measure that will encourage more environmentally friendly crypto systems, such as the proof-of-stake (PoS) protocol as opposed to the energy-intensive proof-of-work (PoW) mechanism employed by Bitcoin.
“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more,” the European Commission notes in an Action Plan. “In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy efficient versions of the technology,” the Commission emphasizes.
Controlling the energy consumption of the Information and Communications Technology (ICT) sector, including through an “environmental labelling scheme for data centers… and an energy efficiency label for blockchains,” is one of the key measures envisaged in the document announced on Tuesday. In a press release, the Commission explained:
With data centers and the growing appetite for online services demanding ever more resources from our energy system, today’s plan also outlines ways to decouple the energy footprint of the ICT sector from the exponential growth of data.
The move comes after an earlier attempt to prohibit PoW mining through the upcoming Markets in Crypto Assets (MiCA) regulatory framework, which sparked negative reactions from the Old Continent’s crypto community and industry as it amounted to a Bitcoin ban.
The controversial provision was eventually dropped from the latest draft of the legislation but other texts oblige service asset providers to disclose the energy consumption and environmental impact of the assets they work with.
PoS mining, to which the Ethereum blockchain recently migrated, uses much less energy than the proof-of-work minting of digital coins. Although the EU accounts for only around 10% of the PoW crypto mining, any new policies introduced by the 27-strong bloc in this field can potentially have global effects, Bloomberg pointed out.
The cited document also unveils that the European Union is going to produce a report evaluating the climate impact of the industry by 2025 and call on EU countries to end any tax breaks for cryptocurrency miners. Brussels also insists that member states should be ready to halt mining activities in case of electricity shortages.
Binance Obtains Registration as Crypto Service Provider in Cyprus
Cryptocurrency exchange Binance will be able to offer services for digital assets in Cyprus as the platform is now registered with the country’s securities regulator. The news comes after the company obtained similar approvals in several other European jurisdictions.
Binance, the world’s leading crypto exchange in terms of daily trading volume, has received regulatory authorization in Cyprus. Its local entity, Binance Cyprus Limited, was granted Class 3 registration as a Crypto Asset Services Provider (CASP), the trading platform announced Thursday.
The regulatory approval issued by the Cyprus Securities and Exchange Commission (CYSEC) will allow Binance to offer spot, custodian, staking, and card services, in compliance with the CYSEC’s anti-money laundering and counter-terrorist financing (AML/CTF) requirements.
In a press release, the exchange noted that this is another milestone in its regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain. Commenting on the development, Binance founder and CEO Changpeng Zhao (CZ) stated:
Binance has some of the most thorough AML and CTF compliance policies in the industry. Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that.
Zhao also insisted that effective regulation that protects users and stimulates innovation is essential to the continued growth of the crypto industry.
Binance’s Executive Vice President Europe Martin Bruncko described the registration as an important step in the platform’s European growth and a sign of commitment to the region. “We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” he added.
As part of its European expansion, last month Binance announced it’s opening an office in Romania. “We want to go global by playing locally in multiple markets,” CZ said during a visit to the capital Bucharest. “I think Eastern Europe is extremely important,” he emphasized.
Cryptocurrency exchange Binance will be able to offer services for digital assets in Cyprus as the platform is now registered with the country’s securities regulator. The news comes after the company obtained similar approvals in several other European jurisdictions.
Binance, the world’s leading crypto exchange in terms of daily trading volume, has received regulatory authorization in Cyprus. Its local entity, Binance Cyprus Limited, was granted Class 3 registration as a Crypto Asset Services Provider (CASP), the trading platform announced Thursday.
The regulatory approval issued by the Cyprus Securities and Exchange Commission (CYSEC) will allow Binance to offer spot, custodian, staking, and card services, in compliance with the CYSEC’s anti-money laundering and counter-terrorist financing (AML/CTF) requirements.
In a press release, the exchange noted that this is another milestone in its regulatory efforts in Europe and follows similar registrations for Binance’s local entities in France, Italy and Spain. Commenting on the development, Binance founder and CEO Changpeng Zhao (CZ) stated:
Binance has some of the most thorough AML and CTF compliance policies in the industry. Recognition of the efforts we have made to be on the leading edge of compliance that our registration in Cyprus represents is testament to that.
Zhao also insisted that effective regulation that protects users and stimulates innovation is essential to the continued growth of the crypto industry.
Binance’s Executive Vice President Europe Martin Bruncko described the registration as an important step in the platform’s European growth and a sign of commitment to the region. “We look forward to building out our local team in Cyprus and helping to develop the local crypto ecosystem,” he added.
As part of its European expansion, last month Binance announced it’s opening an office in Romania. “We want to go global by playing locally in multiple markets,” CZ said during a visit to the capital Bucharest. “I think Eastern Europe is extremely important,” he emphasized.
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Hackers Are Taking Advantage of Typing Mistakes to Steal Cryptocurrency
A group of hackers have taken advantage of typing mistakes in order to introduce malware to Android phones and Windows-based PCs. Using a technique called typosquatting, which consists of registering domains that are dramatically near to the ones of official brands of organizations, hackers are getting data and private keys from unsuspected users, according to a report issued by Cyble.
Hackers have set up a net of malware-infected domains that take advantage of the typing inaccuracies of users when getting to a determined website. According to a report issued by Cyble, a cyber security and digital risk assessment firm, these domains mimic renowned organizations and apps, like the Google Play Store, Apkure, and Apkcombo, among others.
Users that visit the domains are prompted to download an infected version of the app requested, which will serve as a vehicle for the infection. The target device, be it an Android phone or a Windows PC, will then be infected with a version of ERMAC, a malware trojan that allows the threat actors to access several critical private data in the targeted device, including private keys.
The banking trojan was first discovered in 2021 and it is now targeting more than 460 applications, allowing attackers to rent its services for $5,000 a month.
While the mentioned report only found evidence of a little group of apps and brands being mimicked, further investigation by another security source confirmed that at least 27 brands and app names are being targeted by this kind of attack. Among these are Tiktok
Vidmate, Snapchat, Paypal, and even more dev-focused apps like Notepad+ and the Tor Browser.
Cryptocurrency wallets and crypto mining and related sites are also on the list. Tronlink
Metamask, Phantom, Cosmos Wallet, and Ethermine are part of the group of sites also targeted. Each one of these fake domains has different typo-squatted domains registered, to maximize the effect and damage of the attack.
Cybel makes different recommendations to avoid this kind of attack, including having an effective antivirus protecting your phone and PC, and monitoring your wallets and banking accounts regularly. However, the best advice is to arrive at the web pages of software and apps through the use of a search engine, avoiding blog-posted directions and links shown as part of advertisement campaigns.
A group of hackers have taken advantage of typing mistakes in order to introduce malware to Android phones and Windows-based PCs. Using a technique called typosquatting, which consists of registering domains that are dramatically near to the ones of official brands of organizations, hackers are getting data and private keys from unsuspected users, according to a report issued by Cyble.
Hackers have set up a net of malware-infected domains that take advantage of the typing inaccuracies of users when getting to a determined website. According to a report issued by Cyble, a cyber security and digital risk assessment firm, these domains mimic renowned organizations and apps, like the Google Play Store, Apkure, and Apkcombo, among others.
Users that visit the domains are prompted to download an infected version of the app requested, which will serve as a vehicle for the infection. The target device, be it an Android phone or a Windows PC, will then be infected with a version of ERMAC, a malware trojan that allows the threat actors to access several critical private data in the targeted device, including private keys.
The banking trojan was first discovered in 2021 and it is now targeting more than 460 applications, allowing attackers to rent its services for $5,000 a month.
While the mentioned report only found evidence of a little group of apps and brands being mimicked, further investigation by another security source confirmed that at least 27 brands and app names are being targeted by this kind of attack. Among these are Tiktok
Vidmate, Snapchat, Paypal, and even more dev-focused apps like Notepad+ and the Tor Browser.
Cryptocurrency wallets and crypto mining and related sites are also on the list. Tronlink
Metamask, Phantom, Cosmos Wallet, and Ethermine are part of the group of sites also targeted. Each one of these fake domains has different typo-squatted domains registered, to maximize the effect and damage of the attack.
Cybel makes different recommendations to avoid this kind of attack, including having an effective antivirus protecting your phone and PC, and monitoring your wallets and banking accounts regularly. However, the best advice is to arrive at the web pages of software and apps through the use of a search engine, avoiding blog-posted directions and links shown as part of advertisement campaigns.
Singapore Police Received 631 Cryptocurrency Scam Reports in 2021, Government Says
The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs.
The Singaporean government has revealed the number of reports related to cryptocurrency scams the police received in the past three years.
In a written reply to a parliamentary question about crypto scams in Singapore, published last week, Minister for Home Affairs and Minister for Law K. Shanmugam wrote:
In 2019, the police received 125 reports related to cryptocurrency scams. This increased to 397 in 2020, and 631 in 2021.
“The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” Minister Shanmugam added, elaborating:
Our ability to solve these cases will depend on the level of cooperation from overseas law enforcement agencies, as well as their ability to track down these scammers. Nonetheless, we have stepped up our investigation efforts.
The Singapore Police Force established a cryptocurrency taskforce in 2018 “to monitor the cryptocurrency landscape, develop and improve operational procedures in investigations and seizure of cryptocurrencies, and establish working relationships with overseas law enforcement agencies, industry professionals, and academic experts,” the minister noted.
The taskforce works closely with the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates entities that deal in or facilitate the exchange of cryptocurrencies.
In conclusion, Minister Shanmugam stressed:
The best defense, however, is a discerning public. To that end, we have stepped up public education efforts to educate the public on cryptocurrency-related scams.
The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs.
The Singaporean government has revealed the number of reports related to cryptocurrency scams the police received in the past three years.
In a written reply to a parliamentary question about crypto scams in Singapore, published last week, Minister for Home Affairs and Minister for Law K. Shanmugam wrote:
In 2019, the police received 125 reports related to cryptocurrency scams. This increased to 397 in 2020, and 631 in 2021.
“The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” Minister Shanmugam added, elaborating:
Our ability to solve these cases will depend on the level of cooperation from overseas law enforcement agencies, as well as their ability to track down these scammers. Nonetheless, we have stepped up our investigation efforts.
The Singapore Police Force established a cryptocurrency taskforce in 2018 “to monitor the cryptocurrency landscape, develop and improve operational procedures in investigations and seizure of cryptocurrencies, and establish working relationships with overseas law enforcement agencies, industry professionals, and academic experts,” the minister noted.
The taskforce works closely with the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates entities that deal in or facilitate the exchange of cryptocurrencies.
In conclusion, Minister Shanmugam stressed:
The best defense, however, is a discerning public. To that end, we have stepped up public education efforts to educate the public on cryptocurrency-related scams.
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Argentine Tax Authority AFIP Notified 4,000 Crypto Holders to Amend Their Tax Statements
The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020.
The Argentine Tax Authority (AFIP) is using the reports coming from local exchanges to cross the data in the tax statements and the crypto holdings of several taxpayers and has already found incongruencies. According to reports, the organization has already sent notifications of these problems to 3,997 Argentine citizens, that will have the opportunity to correct their statements to include their cryptocurrency holdings and pay additional taxes.
These notifications would be linked to statements that were filed during 2020 and would be sent to taxpayers that have operated using local cryptocurrency exchanges, that must pass their operational information to the AFIP by law. The notifications explain that the taxpayer has been operating with cryptocurrency in these exchanges. It continues declaring:
You are reminded that the results derived from the disposal of digital currencies are covered by the Income Tax and, if applicable, you must proceed to externalize them in the relevant affidavits as well as their possession.
However, asking for information and justification of the expenses and cryptocurrency purchases for taxpayers in 2020 might lead them to show the history of their cryptocurrency holdings since its purchase until that year. This might also derive from having to amend cryptocurrency statements of years before 2020.
These actions can lead to a possible seizure of bitcoin, which is still a controversial issue according to analysts. Daniel Perez, an Argentine attorney, believes that there are still no laws that allow the state to take control of these cryptocurrency wallets. In contrast, digital accounts can be seized, with the organization having seized more than 1,200 of these since Feb. In an interview with Iproup, he stated:
The law would have to be modified to clearly stipulate the possibility of seizing electronic wallets. The AFIP knows this, and that is why it is trying to sneak into the Budget an article that gives it the power to do so both with respect to fiat money and bitcoin.
The applicability of this new article would be also limited because it would only apply to cryptocurrency held in noncustodial wallet providers and exchanges. It is still uncertain the ways in which the state would force citizens to deliver their cryptocurrency private keys to government officials.
The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020.
The Argentine Tax Authority (AFIP) is using the reports coming from local exchanges to cross the data in the tax statements and the crypto holdings of several taxpayers and has already found incongruencies. According to reports, the organization has already sent notifications of these problems to 3,997 Argentine citizens, that will have the opportunity to correct their statements to include their cryptocurrency holdings and pay additional taxes.
These notifications would be linked to statements that were filed during 2020 and would be sent to taxpayers that have operated using local cryptocurrency exchanges, that must pass their operational information to the AFIP by law. The notifications explain that the taxpayer has been operating with cryptocurrency in these exchanges. It continues declaring:
You are reminded that the results derived from the disposal of digital currencies are covered by the Income Tax and, if applicable, you must proceed to externalize them in the relevant affidavits as well as their possession.
However, asking for information and justification of the expenses and cryptocurrency purchases for taxpayers in 2020 might lead them to show the history of their cryptocurrency holdings since its purchase until that year. This might also derive from having to amend cryptocurrency statements of years before 2020.
These actions can lead to a possible seizure of bitcoin, which is still a controversial issue according to analysts. Daniel Perez, an Argentine attorney, believes that there are still no laws that allow the state to take control of these cryptocurrency wallets. In contrast, digital accounts can be seized, with the organization having seized more than 1,200 of these since Feb. In an interview with Iproup, he stated:
The law would have to be modified to clearly stipulate the possibility of seizing electronic wallets. The AFIP knows this, and that is why it is trying to sneak into the Budget an article that gives it the power to do so both with respect to fiat money and bitcoin.
The applicability of this new article would be also limited because it would only apply to cryptocurrency held in noncustodial wallet providers and exchanges. It is still uncertain the ways in which the state would force citizens to deliver their cryptocurrency private keys to government officials.
4 Years After the 2017 Law Enforcement Takedown, Alphabay Is Once Again the King of Darknet Markets
Following the demise of the largest darknet marketplace (DNM) in mid-July 2017, the underground market Alphabay returned in August 2021, and during the last year, Alphabay has managed to once again regain its position as the world’s top DNM. Furthermore, Alphabay relentlessly conducted business amid a domino effect of DNMs folding last year and throughout 2022.
Last year, a number of DNMs left without a trace, like the world’s largest monero (XMR) accepting marketplace, White House, and the DNM Joker’s Stash. This year, a number of darknet marketplaces have dealt with casualties and it started with Europol’s takedown of Darkmarket in January. A month prior, the DNM Monopoly had gone offline but on Jan. 28, 2022, the DNM researcher Darkdotfail tweeted that “Monopoly Market’s servers were seized” and it was “very likely law enforcement action.”
Through the thick of it all, Alphabay (AB) has managed to become the world’s largest illicit marketplace on the deep web in 2022. The marketplace was also the largest DNM in 2017, but it was seized by international law enforcement on July 13, 2017. At that time, thousands of AB users flocked to both Hansa and Dream.
Later, Thailand police revealed that Alexandre Cazes, the alleged administrator of Alphabay, was arrested. Days later, on July 18, 2017, Cazes was found dead in a Bangkok prison in the Laksi district. In addition to taking down AB and finding Cazes before he died, international law enforcement operated the DNM Hansa for more than 30 days before taking it down.
49 months later in Aug. 2021, the popular DNM forum Dread started seeing appearances of the Alphabay co-founder “Desnake.” It was once thought that Cazes was Desnake but now it is assumed he may have been known as the AB co-founder “Alpha02.” In Aug. 2021, a former AB moderator called “disc0” vouched for Desnake, and reports started to appear about a newly launched Alphabay.
In Aug. 2022, AB celebrated its one-year anniversary return after the takedown in 2017 and Cazes’ death. The DNM operates in a different manner than it did back then, as the underground shop is hosted on both Tor and I2P. Anything to do with Russia is forbidden when it comes to products and services, and fentanyl is completely banned from the new AB marketplace. Like the retired White House DNM, the new Alphabay supports monero (XMR) transactions only.
In November 2022, discussions and threads found on the hidden Dread forum, and the clearnet Reddit forum r/darknet, show that AB is a very popular market. Besides AB, other popular DNMs in late 2022 include Tor2door Market, ASAP Market, Abacus Market, Archetyp, Darkfox Market, and Vice City. In Feb. 2022, the platform Dark0de exit scammed and the DNM World Market exit scammed during the first week of April.
While the DNMs Darkmarket and Monopoly failed earlier in the year, last April German law enforcement agencies shut down Russia’s largest DNM, Hydra. After the fall of the original Alphabay in 2017, Russia’s DNM Hydra was a force to be reckoned with over the next few years before law enforcement shut it down. Reports had shown that Hydra’s complex drug delivery system overshadowed Western darknet markets.
Although, the new AB is considered more sophisticated, in terms of privacy, by offering monero transactions, a feature called Alphaguard that claims to “safeguard” wallets in the event of server seizures, and I2P connections. Reports published by the threat intelligence blog Flashpoint Team further detail that “Desnake intends to morph Alphabay into a ‘decentralized market’” by 2023.
Following the demise of the largest darknet marketplace (DNM) in mid-July 2017, the underground market Alphabay returned in August 2021, and during the last year, Alphabay has managed to once again regain its position as the world’s top DNM. Furthermore, Alphabay relentlessly conducted business amid a domino effect of DNMs folding last year and throughout 2022.
Last year, a number of DNMs left without a trace, like the world’s largest monero (XMR) accepting marketplace, White House, and the DNM Joker’s Stash. This year, a number of darknet marketplaces have dealt with casualties and it started with Europol’s takedown of Darkmarket in January. A month prior, the DNM Monopoly had gone offline but on Jan. 28, 2022, the DNM researcher Darkdotfail tweeted that “Monopoly Market’s servers were seized” and it was “very likely law enforcement action.”
Through the thick of it all, Alphabay (AB) has managed to become the world’s largest illicit marketplace on the deep web in 2022. The marketplace was also the largest DNM in 2017, but it was seized by international law enforcement on July 13, 2017. At that time, thousands of AB users flocked to both Hansa and Dream.
Later, Thailand police revealed that Alexandre Cazes, the alleged administrator of Alphabay, was arrested. Days later, on July 18, 2017, Cazes was found dead in a Bangkok prison in the Laksi district. In addition to taking down AB and finding Cazes before he died, international law enforcement operated the DNM Hansa for more than 30 days before taking it down.
49 months later in Aug. 2021, the popular DNM forum Dread started seeing appearances of the Alphabay co-founder “Desnake.” It was once thought that Cazes was Desnake but now it is assumed he may have been known as the AB co-founder “Alpha02.” In Aug. 2021, a former AB moderator called “disc0” vouched for Desnake, and reports started to appear about a newly launched Alphabay.
In Aug. 2022, AB celebrated its one-year anniversary return after the takedown in 2017 and Cazes’ death. The DNM operates in a different manner than it did back then, as the underground shop is hosted on both Tor and I2P. Anything to do with Russia is forbidden when it comes to products and services, and fentanyl is completely banned from the new AB marketplace. Like the retired White House DNM, the new Alphabay supports monero (XMR) transactions only.
In November 2022, discussions and threads found on the hidden Dread forum, and the clearnet Reddit forum r/darknet, show that AB is a very popular market. Besides AB, other popular DNMs in late 2022 include Tor2door Market, ASAP Market, Abacus Market, Archetyp, Darkfox Market, and Vice City. In Feb. 2022, the platform Dark0de exit scammed and the DNM World Market exit scammed during the first week of April.
While the DNMs Darkmarket and Monopoly failed earlier in the year, last April German law enforcement agencies shut down Russia’s largest DNM, Hydra. After the fall of the original Alphabay in 2017, Russia’s DNM Hydra was a force to be reckoned with over the next few years before law enforcement shut it down. Reports had shown that Hydra’s complex drug delivery system overshadowed Western darknet markets.
Although, the new AB is considered more sophisticated, in terms of privacy, by offering monero transactions, a feature called Alphaguard that claims to “safeguard” wallets in the event of server seizures, and I2P connections. Reports published by the threat intelligence blog Flashpoint Team further detail that “Desnake intends to morph Alphabay into a ‘decentralized market’” by 2023.
Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day
Tesla CEO and Twitter chief Elon Musk has begun massive layoffs at the social media company. The billionaire explained that there is no choice since Twitter is losing over $4 million a day. “Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” he explained.
Twitter’s new boss, Elon Musk, has laid off about 50% of employees at the social media company. The billionaire sent an email to all Twitter employees Thursday evening informing them whether their employment has been terminated.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” the letter states. “This action is unfortunately necessary to ensure the company’s success moving forward.”
The letter adds that by 9 a.m. PST on Friday, Nov. 4, “everyone will receive an individual email with the subject line: Your Role at Twitter … If your employment is not impacted, you will receive a notification via your Twitter email. If your employment is impacted, you will receive a notification with next steps via your personal email.” The letter continues:
To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended. If you are in an office or on your way to an office, please return home.
Musk explained in a tweet Friday that the workforce reduction was inevitable since Twitter is losing over $4 million a day. However, he emphasized that everyone who was let go was offered three months of severance, noting that it is 50% more than the legally required amount.
Yoel Roth, Twitter’s head of safety and integrity, revealed Friday that Musk cut 50% of Twitter’s workforce company-wide. “Yesterday’s reduction in force affected approximately 15% of our Trust & Safety organization (as opposed to approximately 50% cuts company-wide), with our front-line moderation staff experiencing the least impact,” he tweeted. According to Twitter’s annual report, the company had over 7,500 full-time employees as of Dec. 31, 2021.
Twitter employees filed a federal lawsuit Thursday accusing the social media giant of violating a federal law called the Work Adjustment and Retraining Notification (WARN) Act that governs notice of employment termination.
Musk also revealed in a tweet Friday that “Twitter has had a massive drop in revenue.” Before his takeover, the social media company reported making 90% of its revenue from advertisers. However, major companies have stopped advertising on the platform allegedly over concerns about how Musk will affect content moderation policies.
The billionaire claimed “activist groups pressuring advertisers” led to the revenue plunge, “even though nothing has changed with content moderation and we did everything we could to appease the activists,” he tweeted Friday. “They’re trying to destroy free speech in America.”
In an effort to generate revenue for Twitter, Musk has decided to charge $8 a month for users to have a blue checkmark by their name.
Tesla CEO and Twitter chief Elon Musk has begun massive layoffs at the social media company. The billionaire explained that there is no choice since Twitter is losing over $4 million a day. “Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” he explained.
Twitter’s new boss, Elon Musk, has laid off about 50% of employees at the social media company. The billionaire sent an email to all Twitter employees Thursday evening informing them whether their employment has been terminated.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” the letter states. “This action is unfortunately necessary to ensure the company’s success moving forward.”
The letter adds that by 9 a.m. PST on Friday, Nov. 4, “everyone will receive an individual email with the subject line: Your Role at Twitter … If your employment is not impacted, you will receive a notification via your Twitter email. If your employment is impacted, you will receive a notification with next steps via your personal email.” The letter continues:
To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended. If you are in an office or on your way to an office, please return home.
Musk explained in a tweet Friday that the workforce reduction was inevitable since Twitter is losing over $4 million a day. However, he emphasized that everyone who was let go was offered three months of severance, noting that it is 50% more than the legally required amount.
Yoel Roth, Twitter’s head of safety and integrity, revealed Friday that Musk cut 50% of Twitter’s workforce company-wide. “Yesterday’s reduction in force affected approximately 15% of our Trust & Safety organization (as opposed to approximately 50% cuts company-wide), with our front-line moderation staff experiencing the least impact,” he tweeted. According to Twitter’s annual report, the company had over 7,500 full-time employees as of Dec. 31, 2021.
Twitter employees filed a federal lawsuit Thursday accusing the social media giant of violating a federal law called the Work Adjustment and Retraining Notification (WARN) Act that governs notice of employment termination.
Musk also revealed in a tweet Friday that “Twitter has had a massive drop in revenue.” Before his takeover, the social media company reported making 90% of its revenue from advertisers. However, major companies have stopped advertising on the platform allegedly over concerns about how Musk will affect content moderation policies.
The billionaire claimed “activist groups pressuring advertisers” led to the revenue plunge, “even though nothing has changed with content moderation and we did everything we could to appease the activists,” he tweeted Friday. “They’re trying to destroy free speech in America.”
In an effort to generate revenue for Twitter, Musk has decided to charge $8 a month for users to have a blue checkmark by their name.
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Bank of Russia Suggests Tax Cuts for Long-Term Digital Asset Holders
The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation.
Russia’s monetary authority has published a report on the future of the Russian digital asset sector. The document explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), and legal terms partially covering cryptocurrencies and tokens — those with an issuing entity, in particular.
The Central Bank of Russia (CBR) believes that additional regulations are needed to improve the DFA framework and harmonize it with the rules that govern the traditional financial industry. According to the regulator, this would increase investment, circulation, and liquidity while ensuring better investor protection.
Taxation is one the aspects reviewed in the consultation paper. The Bank of Russia proposes to offer tax incentives for investors holding long-term DFAs and UDRs, suggesting the adoption of a mechanism similar to a special tax regime that applies to holders of individual investment accounts. The latter was introduced with the aim to attract citizens’ free funds to the securities market.
The CBR believes its proposal would create new opportunities for Russian citizens and businesses, simplify transactions with digital assets and digital rights, and reduce operating costs. However, it notes that additional discussions with relevant government institutions and market participants are needed before approving such tax incentives.
The Russian central bank also wants to see improvements in the identification procedures applied to DFA holders. Quoted by RBC Crypto, the monetary policy regulator explained this would allow the country to let foreign DFAs enter its market, adopt regulations designed specifically for smart contracts, and develop necessary accounting procedures.
Among the other proposals for which the CBR is seeking feedback in the next month is the idea to facilitate the tokenization of various assets such as securities and bonds, precious stones and metals, property rights in the form of non-fungible tokens, and claims secured by mortgages. The Bank of Russia also wants the public discussions to cover the listing of digital assets on existing exchanges and digital asset transactions through intermediaries.
Russia has been looking to expand its regulatory framework for DFAs and the institutional debate over the status of decentralized assets such as cryptocurrencies has been going on for months. While the central bank called for a blanket ban on crypto activities in January, it later agreed with the finance ministry in Moscow to legalize cross-border crypto payments. The change in its stance came amid increasing sanctions pressure over Russia’s invasion of Ukraine which started in late February.
The Central Bank of Russia is proposing to introduce tax incentives for long-term holders of digital financial assets. The idea has been circulated with a consultation paper published for public discussions on the development of the digital asset market in the Russian Federation.
Russia’s monetary authority has published a report on the future of the Russian digital asset sector. The document explores the development of the market for digital financial assets (DFAs) and utility digital rights (UDRs), and legal terms partially covering cryptocurrencies and tokens — those with an issuing entity, in particular.
The Central Bank of Russia (CBR) believes that additional regulations are needed to improve the DFA framework and harmonize it with the rules that govern the traditional financial industry. According to the regulator, this would increase investment, circulation, and liquidity while ensuring better investor protection.
Taxation is one the aspects reviewed in the consultation paper. The Bank of Russia proposes to offer tax incentives for investors holding long-term DFAs and UDRs, suggesting the adoption of a mechanism similar to a special tax regime that applies to holders of individual investment accounts. The latter was introduced with the aim to attract citizens’ free funds to the securities market.
The CBR believes its proposal would create new opportunities for Russian citizens and businesses, simplify transactions with digital assets and digital rights, and reduce operating costs. However, it notes that additional discussions with relevant government institutions and market participants are needed before approving such tax incentives.
The Russian central bank also wants to see improvements in the identification procedures applied to DFA holders. Quoted by RBC Crypto, the monetary policy regulator explained this would allow the country to let foreign DFAs enter its market, adopt regulations designed specifically for smart contracts, and develop necessary accounting procedures.
Among the other proposals for which the CBR is seeking feedback in the next month is the idea to facilitate the tokenization of various assets such as securities and bonds, precious stones and metals, property rights in the form of non-fungible tokens, and claims secured by mortgages. The Bank of Russia also wants the public discussions to cover the listing of digital assets on existing exchanges and digital asset transactions through intermediaries.
Russia has been looking to expand its regulatory framework for DFAs and the institutional debate over the status of decentralized assets such as cryptocurrencies has been going on for months. While the central bank called for a blanket ban on crypto activities in January, it later agreed with the finance ministry in Moscow to legalize cross-border crypto payments. The change in its stance came amid increasing sanctions pressure over Russia’s invasion of Ukraine which started in late February.
Brussels Set to Begin Talks on EU Crypto Tax, Report Reveals
The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions.
The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials.
The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated:
Difficulties in classifying, valuing and administering crypto assets pose challenges to tax administrations seeking to tax them fairly and effectively.
Before implementing a single tax regime, however, the European Union needs to introduce new requirements for crypto companies to collect details of digital asset owners, both individuals and businesses, and share them with tax authorities across the EU, the report remarks.
This would allow tax administrations to have a clear idea about crypto holdings. The European Commission is expected to propose such regulations in December or January but it is likely to start enforcing them in 2026, which will allow it to impose the crypto tax the following year.
European institutions have been working on a comprehensive legislative framework for cryptocurrencies called Markets in Crypto Assets (MiCA) which was agreed upon this summer. Media reports attributed a delay in its adoption to the need to translate the complex legal document into all official languages of the EU. MiCA should come into force in 2024.
At present, member states employ different rules to tax income and capital gains from crypto, with rates ranging between zero and 33%, Politico notes. Authorities in some European countries are revising policies in advance of a possible decision at the EU level.
Portugal, for example, which was not taxing gains from crypto trading, unless they are part of a business activity, now intends to impose a levy on profits from short-term crypto investments starting from 2023. Traders who cash out any crypto gains made under a year will face a tax of 28%, according to the budget for next year.
The European Commission is preparing to discuss with member states the adoption of a common tax regime for crypto assets, European officials have indicated. The talks with national treasuries are expected to start next year with the aim to end the differentiated tax treatment of cryptocurrencies across the bloc’s 27 jurisdictions.
The executive body in Brussels, the European Commission, intends to soon launch talks with the financial ministries of the member states on whether establishing a Union-wide tax regime for crypto is warranted, a report by Politico revealed Thursday, quoting three EU officials.
The discussions are set to begin in 2023, the sources told the publication. Their focus will be on sharing best practices as currently cryptocurrency wealth is subject to different taxes in each country. Commenting on the initiative, a spokesperson for the Commission elaborated:
Difficulties in classifying, valuing and administering crypto assets pose challenges to tax administrations seeking to tax them fairly and effectively.
Before implementing a single tax regime, however, the European Union needs to introduce new requirements for crypto companies to collect details of digital asset owners, both individuals and businesses, and share them with tax authorities across the EU, the report remarks.
This would allow tax administrations to have a clear idea about crypto holdings. The European Commission is expected to propose such regulations in December or January but it is likely to start enforcing them in 2026, which will allow it to impose the crypto tax the following year.
European institutions have been working on a comprehensive legislative framework for cryptocurrencies called Markets in Crypto Assets (MiCA) which was agreed upon this summer. Media reports attributed a delay in its adoption to the need to translate the complex legal document into all official languages of the EU. MiCA should come into force in 2024.
At present, member states employ different rules to tax income and capital gains from crypto, with rates ranging between zero and 33%, Politico notes. Authorities in some European countries are revising policies in advance of a possible decision at the EU level.
Portugal, for example, which was not taxing gains from crypto trading, unless they are part of a business activity, now intends to impose a levy on profits from short-term crypto investments starting from 2023. Traders who cash out any crypto gains made under a year will face a tax of 28%, according to the budget for next year.
Visa Breaks its Collaboration with FTX
Visa has ended its collaboration with the defunct cryptocurrency exchange FTX, the payments giant said on Sunday.
Read more 👉🏻 https://www.thecryptoupdates.com/visa-breaks-its-collaboration-with-ftx/
Visa has ended its collaboration with the defunct cryptocurrency exchange FTX, the payments giant said on Sunday.
Read more 👉🏻 https://www.thecryptoupdates.com/visa-breaks-its-collaboration-with-ftx/
Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE
One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian Federation as the scam collapsed last summer.
Zygmunt Zygmuntovich, a co-founder and high-ranking representative of arguably the largest Ponzi scheme in Russia since MMM in the 1990s, has been captured in the United Arab Emirates (UAE), the Russian portal “Business Online” reported on Thursday. The arrest has been confirmed by Russia’s Prosecutor General’s Office.
According to the publication, the 24-year-old man, a German national, has been held in a prison in the Gulf state since early September. Russian prosecutors told the news outlet they were informed about his detention by the local Interpol bureau. Russia has already filed an extradition request with the country’s Ministry of Justice which is currently under consideration by the competent authorities in Abu Dhabi.
Zygmuntovich was put on an international wanted list when Russian law enforcement launched a criminal investigation into the fraudulent investment scheme, along with Marat Sabirov and Edward Sabirov, two other associates of Finiko’s founder Kirill Doronin, who has been in jail since July 2021. The three men managed to leave Russia as the financial Pyramid was crumbling.
The whereabouts of the Sabirovs are unknown at this point in time and the exact circumstances in which Zygmuntovich was arrested are also unclear. But knowledgeable sources have told “Business Online” that his two former partners might have tipped off security forces about his location.
Defendants in the criminal case are another 22 people, including Finiko’s top promoters. Among them are two women, Lilia Nurieva and Dina Gabdullina, as well as Finiko’s Vice President and Doronin’s right-hand man, Ilgiz Shakirov, who was arrested in the Russian Republic of Tatarstan where the Ponzi scheme was based. Last November, Finiko’s mastermind offered to testify against 44 of his accomplices.
According to the Russian Ministry of Internal Affairs, the Finiko members and executives have attracted at least 5 billion rubles (over $80 million) to the pyramid but the actual total of the losses is likely much higher. The money came from defrauded investors in Russia and several other countries in the former Soviet space, EU nations Germany, Austria, and Hungary, the U.S., and elsewhere.
Many of the victims were asked to send cryptocurrency to wallet addresses controlled by Finiko, a phantom entity. According to a report by blockchain forensics firm Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021. The coins were transferred in 800,000 deposits by people lured with promises of monthly returns of up to 30%.
One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian Federation as the scam collapsed last summer.
Zygmunt Zygmuntovich, a co-founder and high-ranking representative of arguably the largest Ponzi scheme in Russia since MMM in the 1990s, has been captured in the United Arab Emirates (UAE), the Russian portal “Business Online” reported on Thursday. The arrest has been confirmed by Russia’s Prosecutor General’s Office.
According to the publication, the 24-year-old man, a German national, has been held in a prison in the Gulf state since early September. Russian prosecutors told the news outlet they were informed about his detention by the local Interpol bureau. Russia has already filed an extradition request with the country’s Ministry of Justice which is currently under consideration by the competent authorities in Abu Dhabi.
Zygmuntovich was put on an international wanted list when Russian law enforcement launched a criminal investigation into the fraudulent investment scheme, along with Marat Sabirov and Edward Sabirov, two other associates of Finiko’s founder Kirill Doronin, who has been in jail since July 2021. The three men managed to leave Russia as the financial Pyramid was crumbling.
The whereabouts of the Sabirovs are unknown at this point in time and the exact circumstances in which Zygmuntovich was arrested are also unclear. But knowledgeable sources have told “Business Online” that his two former partners might have tipped off security forces about his location.
Defendants in the criminal case are another 22 people, including Finiko’s top promoters. Among them are two women, Lilia Nurieva and Dina Gabdullina, as well as Finiko’s Vice President and Doronin’s right-hand man, Ilgiz Shakirov, who was arrested in the Russian Republic of Tatarstan where the Ponzi scheme was based. Last November, Finiko’s mastermind offered to testify against 44 of his accomplices.
According to the Russian Ministry of Internal Affairs, the Finiko members and executives have attracted at least 5 billion rubles (over $80 million) to the pyramid but the actual total of the losses is likely much higher. The money came from defrauded investors in Russia and several other countries in the former Soviet space, EU nations Germany, Austria, and Hungary, the U.S., and elsewhere.
Many of the victims were asked to send cryptocurrency to wallet addresses controlled by Finiko, a phantom entity. According to a report by blockchain forensics firm Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021. The coins were transferred in 800,000 deposits by people lured with promises of monthly returns of up to 30%.
Brazilian Cryptocurrency Bill Resurfaces After General Ballot
The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.
The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.
According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:
If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.
Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.
The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.
The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.
According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:
If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.
Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.
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Duelbits is a crypto casino and sportsbook platform, aiming to narrow down the gap between bookmakers and casinos.
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Duelbits is giving you the opportunity to play for free and win up to $100,000 by entering your predictions for each match. The predictions game began on November 7th and will end December 18th.
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