Crypto Land

2023-09-30 17:02:09 Zumo First to Integrate Tech Requirements of FCA’s New Financial Promotion Regime for Crypto Assets

Digital asset-as-a-service platform Zumo has become the first cryptocurrency platform to integrate the financial promotions technical flow design laid out by the Financial Conduct Authority (FCA).

In June, the FCA published rules on financial promotions for cryptoassets, which will have effect from Oct. 8, aiming to reduce and prevent harm to consumers from investing in crypto assets that do not match their risk appetite.

In compliance with the rules, the UK-based digital assets firm Zumo announced Thursday that the company has implemented its financial promotions technical flow design, which has been deemed appropriate by the regulator.

The company noted that the early compliance shows Zumo’s “unwavering commitment” toward regulatory alignment and user protection.

“The rigorous adherence to regulatory frameworks is not just about compliance but is a testament to our commitment to be the trusted and sustainable partner for digital assets, ensuring the safety and the integrity of the digital asset industry,” Nick Jones, CEO of Zumo noted.

Zumo further said that its financial promotions technical flow is available via the company’s B2B API, aimed at assisting unregistered firms to remain compliant with the requirements set by the FCA. Open / Comment

2023-09-27 17:01:26 Taiwan Implements Stricter Regulations, Bans Unregistered Foreign Crypto Exchanges from Operating

Today, on September 26, Taiwan's financial regulator, the Financial Supervisory Commission (FSC), unveiled new guidelines for Virtual Asset Service Providers (VASPs) aimed at enhancing the protection of cryptocurrency users in the country.

In March, the FSC confirmed its position to closely regulate the cryptocurrency exchange sector to safeguard users within the state. Since then, it had worked to enforce its anti-money laundering regulations on all crypto exchanges operating in Taiwan.

However, the newly released guidelines specify that cryptocurrency exchanges operating under its jurisdiction must ensure the separation and protection of company treasury assets from customer assets. They also establish a new review standard for the listing and delisting of digital assets while enhancing information disclosure.

These guidelines primarily emphasize transparency, secure asset custody practices, and strengthening internal controls and management within cryptocurrency firms.

Moreover, foreign cryptocurrency firms seeking to operate in Taiwan or serve Taiwanese customers must always register with the regulator and demonstrate their adherence to anti-money laundering regulations. Open / Comment

2023-09-24 18:00:00 FTX Files Lawsuit Against Former Salameda Employees to Recover $157 Million

According to the recent court filing, FTX, the bankrupt crypto exchange, has filed a lawsuit against former employees of Salameda, a Hong Kong-incorporated entity affiliated with FTX, to recover about $157.3 million.

The Hong Kong firm was said to be controlled by the former CEO and founder of the bankrupt FTX, Sam Bankman-Fried, who is currently behind bars awaiting trial.

The former employees are alleged to have participated in the fraudulent withdrawal of assets from FTX a few days before it filed for bankruptcy in November 2022.

The lawsuit alleged Michael Burgess, Matthew Burgess, Lesley Burgess (their mother), Kevin Nguyen, Darren Wong, and two companies, namely 3Twelve Ventures and BDK Consulting, that co-toll multiple assets on FTXcom and FTXus for fraudulently withdrawing assets before the exchange filed for bankruptcy.

Three months before FTX filed for bankruptcy in 2022, the listed names benefitted from preferential withdrawals that allowed some customers to withdraw some of their assets before they filed for bankruptcy and "are avoidable under the Bankruptcy Code."

According to the filing, the alleged personnel had connections with some FTX employees, which they exploited to ensure they were prioritized over other customers. Open / Comment

2023-09-21 17:01:28 Brazil Debates Bill To Protect Debtors’ Digital Assets

Brazilian lawmakers make moves to include cryptocurrencies in the list of debtors-protected assets on behalf of creditors following their recognition as tradable property. In recent months, Brazil has embarked on a major change to reduce the seizures of debtors' assets which is meant to settle their creditors.

Originally, Bill number 4.420/2021 being debated by the Constitution, Justice and Citizenship Committee of the parliament does not include digital assets but a separate move is looking to include the asset class into the protection list.

The country wants to amend the Code of Civil Procedure specifically the mode of debt enforcement and the rights of both parties. The proposed amendment will protect the financial savings of debtors to a figure equal to 40 minimum wages from seizures on behalf of creditors.

On September 15, Deputy Felipe Francischini disclosed an agreement to include digital assets as part of the protected asset class after a suggestion from Deputy Fernando Marangoni.

“Nowadays, people's investment behavior has changed, with the traditional savings account losing ground to other forms of financial investment.” Open / Comment

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2023-09-18 16:30:39 South Korean Regulators Eye OTC Crypto Regulation

South Korean regulators look set to turn their attention to the over-the-counter (OTC) crypto market, with indications regulation could be on its way. The nation has moved to shore up its regulatory system this year in the wake of the so-called “Terra-Luna scandal,” which left thousands of domestic LUNC investors out of pocket.

The news has also been dominated by a high-profile political scandal involving token-owning lawmakers. Multiple (similarly high-profile) allegations of the market manipulation of so-called “kimchi coins” have also rocked the nation.

But thus far, regulation has focused on centralized crypto exchanges.

Per Asia Kyungjae, “prosecutors and financial authority officials” are now “directly mentioning” the “problems of” the OTC market. OTC traders have been implicated with smuggling and tax evasion charges pertaining to “kimchi premium” trading.

The kimchi premium is a bull market phenomenon whereby retail BTC prices rise much faster in South Korea than elsewhere in the world. During these periods, South Korean exchanges’ BTC prices can climb to over 30% of the global average. Open / Comment

2023-09-15 17:02:39 Crypto Theft from Fortress Trust Traced Back to Phishing Attack on Cloud Vendor

Fortress Trust's recent disclosure of a cryptocurrency theft totaling nearly $15 million has shed light on a complex situation involving a third-party vendor and a phishing attack.

The vendor has now been identified as ReTool, a reputable San Francisco-based company serving Fortune 500 clients. Retool constructed the portal that allowed several Fortress clients to manage their cryptocurrency funds.

The theft, attributed to a phishing attack, prompted Fortress to speed up discussions with blockchain tech firm Ripple for its acquisition. Retool has confirmed that it fell victim to a phishing attack affecting 27 of its customers, but didn't directly reference Fortress in its statement.

The attack targeted a specific group of crypto-oriented customers, but those who configured Retool's software as recommended by the company remained unaffected.

“Although an attacker had access to Retool cloud, there was nothing they could do to affect on-premise customers,” emphasized Retool. “It’s worth noting that the vast majority of our crypto and larger customers in particular use Retool on-premise.”

Although $15 million is a substantial sum, it represents a small fraction of Fortress's overall assets under management, which total billions of dollars. Ripple has made a $15 million down payment to help Fortress reimburse affected customers, as part of their ongoing acquisition deal. Open / Comment

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2023-09-12 17:01:34 Vitalik Buterin Discloses Twitter SIM Swap Attack That Drained $691K From Users’ Wallets

Ethereum co-founder Vitalik Buterin revealed that his recent Twitter (X) account hack, that wiped over $691,000 victims’ funds in a fake NFT promo, was a result of a “SIM swap” attack.

Blockchain analyst ZachXBT, which confirmed $691,000 had been drained from people's wallets, declined to speculate whether Buterin was the victim of a “SIM swap.” The reply came as an X user, Satoshi 767, assumed that the hack could be a SIM Swap attack.

Essentially, SIM swapping occurs when a SIM scammer gains control of a phone number by assuming the victim’s identity and persuading their mobile service provider. Once they have control over this, they pass any SMS-based two-factor authentication (2FA) processes for accounts associated with that number, gaining complete control.

“I had seen the ‘phone numbers are insecure, don't authenticate with them’ advice before, but did not realize this.” Open / Comment