By CCN Markets: Japanese crypto exchange Coincheck was dealt a significant blow in January 2018, losing $ 530 million worth of New Economy Movement (NEM) tokens to an unknown group of hackers. It is widely believed that North Korean hackers were behind the biggest crypto exchange theft ever. But Japanese newspaper Asahi Shimbun reports that Russian hackers were the ones who orchestrated the attack. Russian breadcrumbs in the Coincheck crypto exchange hack The Japanese newspaper says that the examination of a Coincheck employee’s personal computer revealed a malware associated with Russian hackers. The hack was a result of the crypto exchange’s
By CCN Markets: Russia is continuing to explore the possibility of a gold-backed cryptocurrency for use as a cross-border settlement alternative with other countries. Under heavy sanctions from the US, the potential of a value-pegged cryptocurrency could help Russia escape from the usage of the Dollar as a currency standard. Russia’s State Duma member Vladimir Gutenev proposed the creation of this digital asset. He suggested the tying of the value to gold would alleviate issues found in cryptocurrencies, and that this offering would be likened to a stable coin. Breaking US Dollar bonds Russia has honed in on gold reserves
A court case in Russia has signaled a change in the attitude authorities have towards the cryptocurrency space, at least on first glance. An online portal helping traders find the best exchange options for their digital assets will be allowed to restore normal operations. That’s after prosecutors gave up their efforts to block the website citing upcoming Russian legislation meant to regulate Bitcoin.
As a Saudi oil minister once remarked, the Stone Age didn’t end because we ran out of stones. It seems it’s neither the deficit of a tool nor its deficiencies that make it obsolete, but rather the invention of new tools that do the job better. With increasing competition, will the U.S. dollar continue to be the world’s primary currency, will it come to be just one of several reserve fiat currencies, or will cryptocurrency become the new instrument that powers the global economy?
The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro token.
During the week of March 2, roughly 14,365 BTC changed hands via peer-to-peer (P2P) exchange Localbitcoins, equating to approximately $ 51.51 million worth of trade. Of that, 3,593 was BTC traded via the Russian markets, 83 percent more volume than was produced by Localbitcoins’ second-largest market, Venezuela.
Russia, Venezuela and United States Comprise Largest Markets on Localbitcoins
Approximately 3,593 BTC were traded for Russian rubles (RUB) on Localbitcoins this past week, making it the largest P2P market by trade volume. Russian Localbitcoins trade activity during the week of March 2 equated to 918 million RUB (approximately $ 13.81 million).
Finnish public broadcaster YLE will air a damning program on March 4 that reveals Nordea Bank’s alleged involvement in a multi-million-dollar money laundering scheme. The program will show how dirty money, mostly from Russian criminals, passed through Nordea, the biggest lender in the Nordic region.
YLE to Broadcast ‘Big Information Leak’ on Money Laundering
Nordic financial authorities indicated in October that they had received documents from Bill Browder’s Hermitage Capital Management alleging Nordea had breached anti-money laundering laws.
By CCN.com: Russia’s media watchdog, Roskomnadzor, plans to sue Facebook and Twitter for not complying with laws pertaining to the storage of Russian’s citizen’s data. There is speculation this could lead to Facebook and Twitter being banned in Russia. Such a ban might have a greater impact on Twitter than it would on Facebook. Russia
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The recently established Russian subsidiary of global cryptocurrency exchange Huobi and Vnesheconombank, Russia’s state-owned development bank, are now partnering to offer crypto companies legal support and advice. The newly created “legal lab” will also represent blockchain businesses in court.
Legal Lab to Assist Crypto Companies in Russian Courts
Huobi, which is currently the third largest digital asset trading platform by daily volume, opened its office in Russia on Nov. 12. The branch provides 24-hour online support and has a Russian-language call center. The Huobi Russia online exchange officially launched on Dec. 6.
In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.
Legal Commission to Solve Problems Stemming From the Lack of Proper Rules
During a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.
The Deputy Prime Minister of Russia, Maxim Akimov believes the current downturn in the market justifies caution in enforcing cryptocurrency regulation, Russian Finmarket reports. This statement comes after Mr. Akimov announced that the authors of Russia’s current daft cryptocurrency legislation to make amendments to the bill. The bills “On Digital Financial Assets”- which was adopted
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Russian Economic Development Minister Maksim Oreshkin has stated that while bitcoin has deflated like a “soap bubble,” it has impacted the world positively by boosting investment in new technologies. Speaking to the media on Wednesday at Russia Calling, an investment forum organised by VTB Capital, Oreshkin said that despite the woes of the crypto market,
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The securities commissioner of North Dakota has issued Russia’s Union Bank Payment Coin with a Cease and Desist Order. According to Karen Tyler, North Dakota’s securities commissioner, Union Bank Payment Coin promoted unregistered securities that were potentially fraudulent via an Initial Coin Offering (ICO). This came on the back of investigations done by North Dakota
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In recent regulatory news, the U.S. Securities and Exchange Commission (SEC) has reportedly launched an investigation into Salt Lending’s 2017 initial coin offering. Separately, the SEC revealed that it has stopped accepting public comments on nine bitcoin exchange-traded funds that it rejected in August, and digital asset exchange Huobi has announced that it is providing cryptocurrency consulting services to a Russian state-owned bank.
North Dakota has issued a cease-and-desist against a Russia-based ICO for copying a bank’s website to promote “potentially fraudulent securities.”
Experts from Russia will provide support for the development of Iran’s crypto-economy. The cooperation is part of an agreement reached by representatives of leading industry organizations from the two countries, both subjected to western sanctions.
Crypto Associations Sign Cooperation Agreement
The document has been signed by the Russian Association of Cryptoindustry and Blockchain (RACIB) and Iran Blockchain Labs (IBL), an innovation hub tasked with the implementation of digital technologies in the economy of the Islamic Republic. The research and advisory center has been established by the Sharif University of Technology and with the participation of the Central Bank of Iran.
Researchers at computer security firm McAfee Labs discovered a lethal new cryptojacking malware called “WebCobra,” which steals victims’ computing power to mine the cryptocurrencies Monero or Zcash secretly. The spike in cryptocurrency prices has inspired a new wave of cybercriminals, who use malware to cannibalize unsuspecting victims’ computers to mine crypto. Infections Spotted In Brazil, … Continued
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Russia’s Financial Monitor Service (FMS) is seeking the intervention of a global financial watchdog to regulate cryptocurrencies, local media sources have reported. Russia Wants Global Crypto Regulations The Russian financial regulatory agency contacted the Financial Action Task Force (FATF) to request an intergovernmental initiative that could control the supply and flow of cryptocurrencies. Pavel Livadny, the Deputy
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A court ruling in Russia recently determined that a church must pay higher electricity fees, due to the fact that they are running cryptocurrency mining hardware on the property. Although this is an isolated court ruling, it certainly has implications for private citizens, who are mining in their own homes. Church Investigated “Grace”, the evangelical … Continued
Elvira Nabiullina, the head of the Central Bank of the Russian Federation, claimed that investors’ excitement toward cryptocurrency has begun to cool. Her remarks came at the FINOPOLIS innovative financial technology forum. Cryptocurrency Fever ‘Beginning to Disappear’ The famed Russian economist and former economic advisor to the Russian President Vladimir Putin represented businesses’ point of view … Continued
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