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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US Seizes Domains Used in ‘Pig Butchering’ Crypto Scam
U.S. authorities have seized seven domains used in “pig butchering” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the Department of Justice warned.
The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of seven domain names used in a recent cryptocurrency confidence crime, known as ‘pig butchering.'”
The DOJ explained that “In pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,” elaborating:
Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency.
“Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are persuaded to invest money,” the DOJ described, adding:
Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this instance.
According to court records, from at least May through August, scammers induced five victims in the U.S. “by using the seven seized domains, which were all spoofed domains of the Singapore International Monetary Exchange.”
Scammers convinced the victims that they were investing in a legitimate crypto opportunity. The DOJ noted that after the victims transferred funds into the deposit addresses provided by the scammers through the seven seized domain names:
The victims’ funds were immediately transferred through numerous private wallets and swapping services in an effort to conceal the source of the funds. In total, the victims lost over $10 million.
Several U.S. authorities have warned that the pig butchering crypto scam has become “alarmingly popular.” In September, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam.
U.S. authorities have seized seven domains used in “pig butchering” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the Department of Justice warned.
The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of seven domain names used in a recent cryptocurrency confidence crime, known as ‘pig butchering.'”
The DOJ explained that “In pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,” elaborating:
Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency.
“Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are persuaded to invest money,” the DOJ described, adding:
Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this instance.
According to court records, from at least May through August, scammers induced five victims in the U.S. “by using the seven seized domains, which were all spoofed domains of the Singapore International Monetary Exchange.”
Scammers convinced the victims that they were investing in a legitimate crypto opportunity. The DOJ noted that after the victims transferred funds into the deposit addresses provided by the scammers through the seven seized domain names:
The victims’ funds were immediately transferred through numerous private wallets and swapping services in an effort to conceal the source of the funds. In total, the victims lost over $10 million.
Several U.S. authorities have warned that the pig butchering crypto scam has become “alarmingly popular.” In September, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam.
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Syntropy is building the first fully-distributed routing protocol for the Internet. Their mission is to increase internet performance so it can be Web3-ready! ⚡️
Their team has created and patented a Distributed Autonomous Routing Protocol (DARP) that connects nodes across the globe and allows routing data around congestions to travel through the fast and the most optimal path.
Recent events in crypto show that every attempt to centralize something people own is designed to fail. These guys are working on a vision where the Web3 community owns the Internet, and their native $NOIA token represents the tradable bandwidth on their OBX marketplace. 🔥
Open Bandwidth Exchange (OBX) is ultimately a blockchain-based bandwidth marketplace that allows suppliers (regular people, businesses, ISPs) to monetize unused bandwidth resources.
Go and check them out!
Join their community to get more info:
http://bit.ly/3u1bkR4
Follow their Twitter if you want to know about the state of the current Internet:
http://bit.ly/3AEkuqj
Their team has created and patented a Distributed Autonomous Routing Protocol (DARP) that connects nodes across the globe and allows routing data around congestions to travel through the fast and the most optimal path.
Recent events in crypto show that every attempt to centralize something people own is designed to fail. These guys are working on a vision where the Web3 community owns the Internet, and their native $NOIA token represents the tradable bandwidth on their OBX marketplace. 🔥
Open Bandwidth Exchange (OBX) is ultimately a blockchain-based bandwidth marketplace that allows suppliers (regular people, businesses, ISPs) to monetize unused bandwidth resources.
Go and check them out!
Join their community to get more info:
http://bit.ly/3u1bkR4
Follow their Twitter if you want to know about the state of the current Internet:
http://bit.ly/3AEkuqj
Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies
Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.
In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.
According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.
However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.
The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.
Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.
Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.
In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.
According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.
However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.
The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.
Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.
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Telegram| Project portal| Exchange|
Crypton Exchange is a confidential crypto exchange platform backed by the decentralized Utopia P2P ecosystem.
This is the first digital offshore. Here you can trade, conduct financial transactions and withdraw money in unlimited quantities. No-KYC registration without a phone number or email. All you need is to come up with a nickname and start trading.
The platform is available worldwide without restrictions and low fees.
Try the most private crypto exchange platform here: https://crp.is
Telegram| Project portal| Exchange|
Remember Syntropy that we covered a few days ago?
We are glad to announce that Syntropy will be partnering with Zenlayer! A world leader in edge cloud, Zenlayer has the most distributed and hyperconnected infrastructure in the world’s fastest-growing economic regions.
Zenlayer will join Syntropy Open Bandwidth Exchange (OBX) on the supply side and bring its edge infrastructure. It will give Syntropy’s users access to instantly scalable, high-performing network services in emerging global markets across Asia, South America, the Middle East, and Africa.
Syntropy’s native NOIA token will be used as a medium of exchange on the OBX marketplace, allowing Zenlayer to tokenize its networking infrastructure. These guys are pioneering a concept of tokenized bandwidth in the Web3 industry.
Find more details on this collab:
https://bit.ly/3GXkhm9
We are glad to announce that Syntropy will be partnering with Zenlayer! A world leader in edge cloud, Zenlayer has the most distributed and hyperconnected infrastructure in the world’s fastest-growing economic regions.
Zenlayer will join Syntropy Open Bandwidth Exchange (OBX) on the supply side and bring its edge infrastructure. It will give Syntropy’s users access to instantly scalable, high-performing network services in emerging global markets across Asia, South America, the Middle East, and Africa.
Syntropy’s native NOIA token will be used as a medium of exchange on the OBX marketplace, allowing Zenlayer to tokenize its networking infrastructure. These guys are pioneering a concept of tokenized bandwidth in the Web3 industry.
Find more details on this collab:
https://bit.ly/3GXkhm9
Game7 Launches $100 Million Grants Program to Push Web3 Gaming Development
Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.
Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.
The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.
On the direction of these funds, Game7 contributor Ronen Kirsh declared:
Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.
The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.
Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:
We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.
Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.
Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.
Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.
The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.
On the direction of these funds, Game7 contributor Ronen Kirsh declared:
Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.
The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.
Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:
We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.
Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.
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On Alfacash Store, the users can buy and sell over 19 cryptocurrencies with EUR. This is the fastest and safest way to trade digital currencies in the European Union.
Alfacash Store values and features:
🔹A fully automatic, non-custodial exchange that includes automatic AML checks.
🔹Trading with its own reserves.
🔹User-friendly and fast platform online.
🔹Competitive exchange rates and low service fees.
🔹The most popular cryptocurrencies to be available, including Bitcoin.
🔹Strong protection of customer data under GDPR principles.
Alfacash Store also runs a news channel about trends in the crypto world!ё
Join Telegram channel: https://news.1rj.ru/str/alfacashstore
EU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity
In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.
After months of discussions and negotiations which culminated in the June 30 preliminary agreement, the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at the E.U. level.”
According to a Nov. 29 briefing by the parliament’s think tank, the harmonized crypto rules are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also “promote innovation and use of crypto-assets.”
Through MICA, European authorities also hope “to regulate the issuance and trading of crypto-assets as well as the management of the underlying assets.”
While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation — MiCA II — some critics of the proposed legislation argue that the envisaged regulations in their current form may stifle innovation.
Commenting on the European Union’s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions, said the prevailing “Wild West environment” is not helpful to all parties. He also told Bitcoin News that without guidelines or regulatory frameworks “and with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.”
Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, “brings in more mature players to the industry from both project and investor sides.” Explaining why he is in favor of regulating the industry, Vaitkevicius said:
From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.
Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried’s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was “one of the most regulated players in the industry” undermines this theory. He added:
“Regulation is a good step forward, but this needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.”
In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.
After months of discussions and negotiations which culminated in the June 30 preliminary agreement, the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at the E.U. level.”
According to a Nov. 29 briefing by the parliament’s think tank, the harmonized crypto rules are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also “promote innovation and use of crypto-assets.”
Through MICA, European authorities also hope “to regulate the issuance and trading of crypto-assets as well as the management of the underlying assets.”
While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation — MiCA II — some critics of the proposed legislation argue that the envisaged regulations in their current form may stifle innovation.
Commenting on the European Union’s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions, said the prevailing “Wild West environment” is not helpful to all parties. He also told Bitcoin News that without guidelines or regulatory frameworks “and with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.”
Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, “brings in more mature players to the industry from both project and investor sides.” Explaining why he is in favor of regulating the industry, Vaitkevicius said:
From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.
Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried’s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was “one of the most regulated players in the industry” undermines this theory. He added:
“Regulation is a good step forward, but this needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.”
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🔥Morocco vs. Spain is one of the most intriguing matches in Qatar🔥
Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
🇲🇦Morocco - 6.3x
🇪🇸Spain - 1.575x
Promocode - CRYPTOCUSH
🏆Bet on this game on 1xBit with crypto🏆
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Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
🇲🇦Morocco - 6.3x
🇪🇸Spain - 1.575x
Promocode - CRYPTOCUSH
🏆Bet on this game on 1xBit with crypto🏆
#1xBit #WorldCup2022 #Crypto