I did not understand in what order the appeal will take place. If this is a new lawsuit, that will take a very long time. While the SEC and Ripple will sort things out in the courts, normal legislation on cryptocurrencies will appear in other countries. Ripple seems to agree to pay the fine. XRP lawyer Deaton said that the SEC's appeal against the XRP court decision would not be a major setback for Ripple. Even in the case of an appeal, the court of second instance will take two years to make a decision. In the meantime, Judge Torres' decision stands.
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I think we need a set of new rules for the crypto industry.
If not I think there will be more and more lawsuits in the coming future and not gonna end in Binance.US or Coinbase. maybe cases like XRP will showed up again.
On the other hand, DeX is highly unregulated so yeah it offers us more privacy and control but in some cases US dont like it at all
DeX is more transparent in terms of transaction control, and there is no need to come up with new legislation for these exchanges. Only whitelists and KYC for each wallet are enough. DeX provides no privacy when used across many ecosystems, and most trading takes place within the Ethereum ecosystem and its L2 layers. I shake my head if you of all the people in the forum support the whitelisting and the imposing of KYC on self custodied wallets. What are we supporting decentrlzation for if we accept this? This is where I begin to appreciate the bitcoin maximalists' argument on anonymity and the fight against censorship. We should be very cautious on this issue, I reckon. We might be tricked into accepting something that might make the cryptospace function like a duplicate of traditional finance. Where did I say that I am a supporter of KYC? I have not traded on centralized exchanges for a long time for this reason. Decentralized services will not ask their users about this and they will still implement one of the KYC options in order to comply with the law. |
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I do not have the impression that the authorities are so eager to sanction "official" banks that launder money from illicit activities They just get a fine and move on. In The Netherlands, banks process €16 billion criminal money per year. ING paid a €775 million fine 5 years ago, ABN AMRO €480 million 2 years ago. The Dutch government still owns 56.3% of the latter. How ironic is that? Using a database from a chain analysis company to filter out addresses so they can block out transactions, IP filter, and so on. I'm responding to the question of how a mixer might defend itself from government scrutiny. I don't think any mixer is going to implement them though, since the cost to run them is likely expensive and it might affect their branding too. This is literally what CoinJoin wallet Wasabi did. See Wasabi blacklisting update - open letter / 24 questions discussion thread. Zo had een klant van ABN AMRO, die de laagste risicoclassificatie had gekregen, voor 49 van zijn vennootschappen tussen 2014 en 2018 in totaal 192 bankrekeningen geopend bij ABN AMRO. Deze rekeningen waren grotendeels inactief. Deze klant pleegde fiscale fraude waardoor hij bijna 200.000 euro van de Belastingdienst ontving op de zakelijke rekeningen. Het geld werd door de klant na overboekingen naar zijn privérekeningen bij ABN AMRO grotendeels uitgegeven of contant opgenomen. De risicoclassificatie bleef laag ondanks verschillende signalen en twijfels die er binnen ABN AMRO waren over deze klant. De bank maakte pas melding van ongebruikelijke transacties bij de FIU na aanvang van het strafrechtelijk onderzoek naar deze klant.
I remember these fraud schemes in Russia, when several firms were opened for one person in each region, region and various tax and other fraud schemes were turned. There was no single centralized data base for all regions, subjects, regions of the country, and there were more than 80 of these subjects. I do not remember that banks were responsible for this. |
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I am surprised, after the launch of the digital currency, why does the Federal Reserve need commercial or peripheral banks? The Federal Reserve can directly access customers without the need for an intermediary, which is the basis for digital currencies that are based on peer-to-peer.
If countries issue digital currencies, it will be the beginning of the end for privacy.
In Russia, I ask the same question. The digital ruble should already start working in August in some renions, but banks will act as service and payment operators. There are many issues of lobbying so that banks do not lose profits. FedNow also does not have the ability to provide technical support to users and solve problems, and they need bank offices and their employees to do this. |
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https://cointelegraph.com/news/eth-curve-omnipool-platform-conic-finance-hacked-for-3-2-million-in-ethCurve omnipool platform Conic Finance hacked for $3.2 million in ETH "According to initial analysis by Peckshield, the root cause for Conic Finance’s hack was the new CurveLPOracleV2 contract. Conic Finance, a liquidity pool balancing platform for the decentralized finance (DeFi) protocol Curve, has suffered an exploit on the Ethereum omnipool. Conic Finance has been exploited for $3.26 million in Ether, the Web3 risk-alert source Beosin Alert reported on July 21. Nearly the entire amount of stolen cryptocurrency was sent to a new Ethereum address in just one transaction, according to data provided by Beosin."
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This is a tweet from the Former Chief, SEC Office of Internet Enforcement https://twitter.com/JohnReedStark/status/1682003068022292481"The NFT Emperor Has No Clothes. Hence, it is not at all surprising that an NFT of Jack Dorsey’s first Tweet is now essentially worthless. A fractionalized link to a JPEG of a "bored ape" with funny glasses and a colorful hat is not a sound investment, sensible means of commerce or prudent pathway to live out the financial dream — and neither is the NFT of a Tweet, no matter who the author is. ..." ___ This person writes very literate thoughts, do not hesitate to read his entire tweet. |
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Hi,
I have just come across Moonbeam and debating if I should add it to my portfolio and just wondering if many others are holding or even aware of this project?
It is currently trading at £0.18 with a £129m market cap so feel it has room to grow.
It dropped down to its all time low last month at £0.16 so feel it is great time to start buying if it has potential.
Worth buying?
I would first study tokenomics and figure out how the distribution of the remaining 392,000,000 tokens will take place. A safer investment would be in a polkadot coin, because all the coins are in circulation there and the whole ecosystem depends on this coin. |
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I think we need a set of new rules for the crypto industry.
If not I think there will be more and more lawsuits in the coming future and not gonna end in Binance.US or Coinbase. maybe cases like XRP will showed up again.
On the other hand, DeX is highly unregulated so yeah it offers us more privacy and control but in some cases US dont like it at all
DeX is more transparent in terms of transaction control, and there is no need to come up with new legislation for these exchanges. Only whitelists and KYC for each wallet are enough. DeX provides no privacy when used across many ecosystems, and most trading takes place within the Ethereum ecosystem and its L2 layers. |
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https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm"The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. "The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome H. Powell. "Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid." To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury's Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions."
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Основные показатели по данным Messari  |
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Does this gives a free hand to scammers as they know that they cannot be punished by a court of law  Unfortunately, yes. There are no checks and balances in place anywhere, so while legitimate users' accounts are being shut down by exchanges who proceed to keep the money, there are also individual scammers (the high-tech thieves) who steal from people for a living, and nobody from the crypto platforms to the social media apps to the countries are doing anything to quash it. I monitor the methods of fraud in my country. There are a lot of phone scams in which the scammer asks the victim to transfer money to another account. It can be a transfer of money to a drop account or a purchase of a cryptocurrency, but it is impossible to fight against this, because the money will be quickly cashed out. All banks have instructions on how not to become a victim of a scammer, but fools still believe phone scammers. This also happens in other countries too and it is something that the government can not stop totally. This can be reduced if the government force the bank to always traced and prosecute people that are involved in this kind of scam. Some many of these kind of scam are in different style and the scammers always look for ways to make sure that they trick or compelled the victim to quickly do what they want without suspecting if they are scammer or not. Cryptocurrency has created an avenue for many of these scammers to manipulate the innocent ones and people that do not have good knowledge about the cryptocurrency and how we can become a victim of scam if we are not smart enough. I think we need to pass the information around to those that may not be aware of various crypto scam that could make them lose there funds. In Russia, if the money has been withdrawn from a bank account, then it will be cashed out very quickly through drops. In Europe, there is a system of fast payments, up to 10,000 euros and another payment system, for amounts over 10,000 euros, where payments take longer and the bank checks these payments and requests additional confirmation from the bank client. Even with all these confirmations, the bank is still ignorant of many ways those scammers are using to get funds from there victim. Scammers are always looking for new ways to thief and scammer people no matter the security and restrictions that is needed to cashout from there victim account. Sometimes the bank workers are connected to there scammers that are carrying out this illegal and dubious act. I have seen different circumstances where the scammers were arrested and it was discovered that there are I formants from the bank that are giving out customers Identities and info to the scammers. Bank employees cooperate with fraudsters, for example in Russia, because there is a very small punishment for fraud. The fraudster receives a sentence of 5 years in prison, and after 3.5 years he is released for good behavior. The situation is approximately the same in other neighboring countries with Russia. In the USA, these problems were closed with very long prison terms. |
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I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects.
The government cannot actually regulate bitcoin because it is decentralized. Therefore, it will regulate what it is very familiar with, centralized companies, among which are CEXs like Binance or Coinbase. And I wouldn't bet a farthing that governments (short of some offshore financial centres) won't heavily regulate centralized companies that are intermediaries for decentralized projects like bitcoin. It might not be about bitcoin. Bitcoin is not alone in this industry and one other thing we need understand is that whenever exchanges are affected, it somehow impacts the whole cryptocurrency market and also bitcoin price inclusive. All these regulation that is hitting exchanges, project owners and mixers is moving towards bitcoin. I perceive that the main target is bitcoin and they cannot get bitcoin directly, that is why they are beating around the bush. The cryptocurrency market is big and it will be hard for the government to try and enforce laws against the whole market that is why they are bringing out tough rules gradually do that it will not sound like they are coming for the while market but gradually regulating the crypto market. There is no way we can avoid that since the government has authority to determine how things will go all together. The regulation of the market is something we can't stop and prevent, all we need to do is to prepare for when that time will come and make necessary preparation. In fact, this market is very easy to regulate if clear laws are written for all banks, companies and crypto exchanges. A good example of this is the European MICA law. It is in the USA that the SEC still cannot figure out which Utility token and which Security token, that is, a share .. |
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In Belarus, laws work the same way as in Russia. Laws exist, but people don't try hard to follow them. In Poland, this has been banned for a long time, and when opening an account, banks are forced to sign additional papers that the bank's client will not use his account for cryptocurrency transactions. But even there people find ways out and loopholes in the system.
It is very hard for the government to stop p2p trading even though the rules are very strict, people are still going to find ways to go to trade there Bitcoin and other crypto assets. I still don't know why the government of some countries just choose to cripple crypto trading and investment which is absolutely absurd to me. The government can very easily ban p2p trading and transfers if it forces banks to act as tax agents. For example, transfers between accounts of individuals who are not entrepreneurs are not more than 500 euros per month. Anything above this amount is subject to a 10-30% tax, which is withheld immediately. If these are transfers between close relatives, then they are not taken into account and it is easy to track them or add an additional field to the transfer. This will be tto strict because I don't think the government has record of those who are business men and those who are not. This will be too harsh for people that are doing business and transacting money frequently andnit could affect everyone even those that are not P2P traders. If the government will have to monitor each account to check if they are involved in P2P trades, this will be difficult to analyze unless in a developed country where things are regulated and government have everyone portfolio on whether they are employed or not. If we look at the developing countries where things are nit organized and that can of practise is enforce for the bank to check for a limit amount of transactions to be carry out and if it pass the exact amount, a particular amount of tax will be enforced, it can cause chaos and serious agitation. In Russia, these restrictions have existed for a long time, but the key point is that this is not a law, but recommendations, and each bank interprets them at will. Those who are engaged in p2p transfers in Russia are constantly faced with this.There are many banks in Russia, unlike Belarus, and it is more difficult to control all this. https://dzen.ru/a/YT4bltQQnnlEunhH? (RU) https://www.cbr.ru/StaticHtml/File/117540/20210906_16-mr.pdf (RU original) |
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Presently the smart contracts that were hacked have vulnerabilities because of lack audit, the lack of skill by the auditor and also lack of skill by the developers. It would be better to just call them "dumb contracts". However, there might be a fix. I reckon users can be given the ability to audit the code by themselves through AI. So there's an unknown problem and a future black box might be a solution? That makes no sense. Let's face it: smart contracts were nothing more than a hype used to earn money from gullible people. I've seen that countless times in crypto, and it will keep happening hype after hype. The audit of smart contracts does not provide any guarantees. In my collection there are projects that have passed several audits of large firms and then were hacked. https://bitcointalk.org/index.php?topic=5267124You need to learn how to work with smart contracts and try not to block coins in them. I use them for trading. |
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What filter are you talking about? Not one AML provider will work with a mixer, because it will show everyone that these providers have very little efficiency. Then after that, a criminal case will need to be opened against the AML provider  And the mixer is not to blame for anything.  Well, anything really. Using a database from a chain analysis company to filter out addresses so they can block out transactions, IP filter, and so on. I'm responding to the question of how a mixer might defend itself from government scrutiny. I don't think any mixer is going to implement them though, since the cost to run them is likely expensive and it might affect their branding too. Why then make such difficult decisions? AML provider can independently provide cryptomixer services AML provider is a very good business. Companies pay huge amounts of money to these services, but the AML provider is not legally held accountable unless they block criminal coins. |
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As cryptocurrency continues to gain popularity, more and more people are investing in various crypto projects. Unfortunately, with this rise in interest comes an increase in scams. Here are signs that a crypto project may be a scam: 1. Lack of transparency: A legitimate crypto project should have clear information about its team, its technology, and its roadmap. If a project fails to provide this information, or only offers vague promises, it could be a sign that they are hiding something. 2. Unrealistic promises: If a project promises too-good-to-be-true returns on investment, it is likely a scam. While some crypto projects are innovative and have the potential for significant growth, investors should be wary of promises that seem too exaggerated. 3. Lack of community engagement: A legitimate crypto project will have an active and engaged community. If a project lacks social media activity or community interaction, it could be a red flag. 4. No clear use case: A legitimate crypto project should have a clear use case for its token. If a project cannot articulate a clear purpose for its token, or its use case seems vague or broad, it may be a scam. Before investing in any crypto project, investors should do their research and look for these red flags. By being vigilant, investors can protect themselves from scams and make informed investment decisions. https://www.binance.com/en/feed/post/804194Stop teaching other people until you have your own experience. Everything you wrote can be easily done by scammers. But scammers cannot find serious well-known investors from well-known crypto funds, because there are very thorough checks. Fraudsters are unlikely to force famous people in the crypto world to subscribe to their social networks. |
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Avoiding crimes such as laundering with mixers lie in the hands of the mixers to control because if they don't control it, when the government gets involved, it doesn't really go well.
I guess we can only ask them how they plan to avoid government scrutiny, and if they have a plan to implement a filter or something similar. But then again there is no ideal solution since some customers might get turned off by their rules. There is also a potential for abuse since we can't easily dispute their claims if they decide our funds are "tainted" and unsafe to mix. I guess people should realize that everything is never gonna be safe and plan accordingly or use other tools if they can't find any good mixer for their purpose. What filter are you talking about? Not one AML provider will work with a mixer, because it will show everyone that these providers have very little efficiency. Then after that, a criminal case will need to be opened against the AML provider And the mixer is not to blame for anything. |
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AHMED carried out an attack on the Crypto Exchange by exploiting a vulnerability in one of the Crypto Exchange’s smart contracts and inserting fake pricing data to fraudulently cause that smart contract to generate approximately $9 million dollars’ worth of inflated fees This has been the problem with "smart" contracts ever since Ethereum's DAO "hack": the contract isn't as smart as they want you to believe, and the users don't even understand how it works. AHMED was a senior security engineer for an international technology company whose resume reflected skills in, among other things, reverse engineering smart contracts and blockchain audits, which are some of the specialized skills AHMED used to execute the attack. With normal contracts, you have to be a lawyer to fully understand what's in there. With smart contracts, you need to be a security engineer to understand it. That's ironic: the sole purpose of a smart contract was be to make it trustless. If it's trustless, fraud wouldn't be possible. As a user, I stay away from "smart" contracts. Don't send your money into something you don't fully understand!  https://twitter.com/PeckShieldAlert/status/1680897837947813894/photo/1https://twitter.com/PeckShieldAlert/status/1680897837947813894"#PeckShieldAlert In H1 2023, there are 395+ major hacks (386 DeFi related) in Web3 space, leading to ~$479.4m loss." The number of scams and hacks in the DeFi ecosystem is decreasing and we are seeing a decrease of almost 5 times compared to the same period in 2022. https://forklog.com/news/analitiki-podschitali-chislo-hakerskih-atak-na-kriptoproekty-za-polgodaI am also afraid of smart contracts, and therefore I do not store coins on addresses that I use for exchanges through smart contracts. |
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BVeyron и maksimukr1989, поздравляю вас с новыми рангами!
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