Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments

Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments

Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments

The blockchain intelligence and surveillance company Chainalysis revealed the launch of a new program that aims to help governments and insolvency practitioners sell seized cryptocurrencies. The news follows the recent U.S. government seizure of more than 69,000 BTC worth over $1 billion on November 3.

Blockchain surveillance firm Chainalysis announced the launch of a new program that caters to recovering, storing, and selling crypto assets that have been seized by law enforcement officials.

“[The] asset realization program [will] help government agencies and insolvency practitioners handle, store, realize, and monitor seized assets,” Chainalysis said on Thursday.

Chainalysis explained that when law enforcement is working with illicit cryptocurrency assets oftentimes the entity will need to not only seize the crypto, but also have to store them until legal forfeiture.

The company believes licensed professionals, insolvency practitioners, and governments worldwide will need a reliable program that can be a “safe way to track, store, and ultimately sell seized cryptocurrency assets for fiat currency.”

“As cryptocurrencies become more mainstream, they will increasingly be used by good and bad actors alike,” Jason Bonds, the chief revenue officer at Chainalysis said on Thursday. “Chainalysis is dedicated to building trust in digital assets, and that means helping to detect and investigate illicit activity. As our government partners become more successful in rooting out bad actors, assisting them with asset recovery and realization is a natural next step.”

The Chainalysis announcement also notes that the company has partnered with a firm called Asset Reality. The asset consultancy service Asset Reality manages seized crypto assets and the firm works with global law enforcement handling “complex assets.”

The announcement also details that Chainalysis helped U.S. law enforcement “identify and investigate the cryptocurrency wallets used” in the recent Silk Road bitcoin confiscation.

The introduction of the new program offered by Chainalysis follows U.S. law enforcement agencies such as the Department of Justice and the U.S. Mashal Service asking for help storing seized cryptocurrencies.

During the Silk Road auctions years ago, the U.S. Marshals were in charge of storing and auctioning the cache of bitcoins confiscated. However, in April 2020, both agencies published a request for the “storage, maintenance, and disposal of seized/forfeited virtual currency.”

What do you think about Chainalysis and the recent program to store and sell seized crypto assets? Let us know what you think about this subject in the comments section below.

Asset Reality, asset recovery, Auctions, Bitcoin, Bitcoin Auctions, Chainalysis, department of justice, DOJ, Jason Bonds, Seized bitcoin, Seized Crypto, Seizure, Silk Road, Silk Road Coins, Storage, U.S. Marshals

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: otcpm24.com

Author: News Bureau


Russia Proposes New Rules and Penalties for Cryptocurrency Owners | Regulation Bitcoin News

Russia Proposes New Rules and Penalties for Cryptocurrency Owners | Regulation Bitcoin News

Russia Proposes New Rules and Penalties for Cryptocurrency Owners

The Russian Ministry of Finance has developed new amendments to the country’s cryptocurrency regulation. The proposal outlines a new set of rules for crypto owners, exchanges, and miners, as well as penalties for undeclared crypto transactions.

Russia’s Ministry of Finance has proposed new amendments to the country’s law on digital financial assets that will go into effect in January, Russian business newspaper RBC reported Thursday.

Cryptocurrency owners, both individuals and organizations, will be required to report their crypto transactions and wallet balances to the tax authority if the total transaction amount exceeds 600,000 rubles ($7,757) in a calendar year, the proposal details. This is a significant increase from the ministry’s proposal in September that required taxpayers with a total transaction of 100,000 rubles to report their transactions and holdings to the tax authority. The first reporting deadline will be April 30, 2022.

The new proposal also requires cryptocurrency exchanges and miners to provide information on their cryptocurrency transactions to Rosfinmonitoring, the Federal Financial Monitoring Service.

Failing to disclose data to the tax authorities twice in three years or deliberately providing false information is a criminal offense, the publication conveyed. For taxpayers with crypto transactions worth 45 million rubles or more in two of the past three years, the proposed punishments include a fine ranging from 500,000 rubles to 2 million rubles, forced labor of up to five years, and imprisonment for a period of between 18 months and three years. Punishments for unreported crypto transactions of smaller value include a fine, forced labor, and a shorter period of detention.

Following the announcement, the finance ministry clarified that the regulation is necessary to prevent the illegal use of cryptocurrencies. “The use of digital currencies is increasing every year. Often this happens not only for investment purposes but also for money laundering,” the ministry’s press service noted.

Russian President Vladimir Putin signed the bill on digital financial assets into law in July which will go into effect in January. It legalizes cryptocurrency but prohibits its use for payments of goods and services. Government officials will also be required to declare if they have any cryptocurrencies, according to Russian Prosecutor General Igor Krasnov. Meanwhile, the country’s central bank, the Bank of Russia, has unveiled its plans to build and test a central bank digital currency, the digital ruble.

What do you think about the Russian crypto law and penalties? Let us know in the comments section below.

Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Regulation

by
Kevin Helms


Hacked Crypto Exchange KuCoin Has Retrieved Most of the Stolen Funds, Co-Founder Says - TCR

Hacked Crypto Exchange KuCoin Has Retrieved Most of the Stolen Funds, Co-Founder Says – TCR

  • Most recent updates about #KuCoin Security Incident: So far, 84% of the influenced resources have been recuperated by means of approaches like the on-chain following, contract overhaul, and legal recuperation. 
  • KuCoin has uncovered the exchanging stage recouped 84% of the resources that were taken from it back in September. 
  • UConn has continued administrations for 176 tokens and plans on continuing administrations for all excess resources before November 22. It’s important that after the KuCoin hack was disclosed, a few activities with influenced tokens immediately moved to either freeze or recuperate the assets. 

KuCoin endured significant security penetrate in September, in which a programmer figured out how to get to its hot wallets and take over $280 million worth of digital currencies. The programmer is accepted to have taken over $147 million in different ERC-20 tokens, $87 million in Stellar tokens, and $30 million in bitcoin. 

Johnny Lyu, the prime supporter and CEO of the hacked Singapore-based digital money trade KuCoin, has uncovered the exchanging stage recuperated 84% of the resources that were taken from it back in September. 

He added that KuCoin has continued administrations for 176 tokens and plans on continuing administrations for all excess resources before November 22. It’s significant that after the KuCoin hack was disclosed, a few tasks with influenced tokens immediately moved to either freeze or recuperate the assets. 

That address at that point moved a portion of the assets to another location with over $7.4 million worth of ETH in it, and $118 million of ERC-20 tokens. It’s indistinct who these addresses have a place with, in spite of the fact that on Etherscan some have theorized they have a place with KuCoin. 

Via online media, Lyu uncovered that through “approaches like the on-chain following, contract update and legal recuperation” the exchanging stage has now recouped 84% of the assets taken from it. In line with law requirements, it will just distribute the entirety of the case’s subtleties whenever it’s shut. 

Lyu’s post comes about seven days after the Ethereum addresses related to the KuCoin programmer moved a large number of ERC-20 tokens to another location that, at press time, has minimal under 1 ETH in it, and over $13.6 million worth of ERC-20 tokens. 

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

Steve Anderrson

Source: www.thecoinrepublic.com

Author: By Steve Anderrson


Belarus’ largest bank reportedly launches crypto exchange service – BITCOININNEWS.COM

Belarus’ largest bank reportedly launches crypto exchange service – BITCOININNEWS.COM

Belarusbank, the largest financial institution in Belarus, is reportedly launching a cryptocurrency exchange service.

According to a Nov. 12 report by local news agency Prime Press, Belarusbank is rolling out a service allowing users to exchange cryptocurrency using a Visa payment card. As reported, the new service allows users to trade crypto against fiat currencies like the Belarusian ruble as well as the United States dollar and the euro.

Belarusbank executives reportedly said that the launch of the new crypto service comes in line with the company’s digital transformation program that was announced a few years ago.

The new service is reportedly available to citizens of Belarus and Russia. The bank is also planning to extend the list of countries supporting the service as well as the list of supported cryptocurrencies in the near future, the report notes.

According to the report, the new feature is a result of Belarusbank’s partnership with local crypto payment operator Whitebird. Prior to introducing the new service, the two companies reportedly partnered to jointly explore the crypto industry in 2018.

Belarusbank is apparently one of the first banks in Belarus pushing its own crypto service. The bank initially announced its plans to set up a crypto exchange in early 2019.

The development of crypto business in Belarus has been encouraged by local crypto-friendly regulation. As previously reported, Belarus President Alexander Lukashenko signed a draft decree legalizing the use of digital currencies in late 2017.

Source link

Spread the love

Source: www.bitcoininnews.com


Crypto exchange launches P2P venture

Crypto exchange launches P2P venture

Cryptocurrency trading platform Bitfinex has launched Bitfinex Borrow, a peer-to-peer digital token loan exchange.

Borrowers can use their bitcoin or Ethereum holdings as collateral to secure a loan in either Tether tokens or US dollars.

The borrowing rates are calculated on a customer-by-customer basis, and are based on factors including the value of the tokens put down as collateral, the loan amount, the borrowing period and the preferred interest rate option.

Bitfinex offers either a variable interest rate based upon the site’s Flash Return Rate or a fixed-rate loan, with rates ranging from approximately 5.5 per cent to 18.25 per cent APR.

Repayments can be made in part or in full by moving funds back into the margin wallet on the platform. However, users will have to manage their own risk of fluctuating bitcoin or Ethereum prices.

“Bitfinex Borrow is an intuitive and user-friendly service that will facilitate responsible borrowing, with the taking out of personal and corporate loans from our highly liquid P2P lending markets,” said Paolo Ardoino, chief technology officer at Bitfinex.

“We launched this service after carefully considering the needs of our sophisticated and growing customer base.”

Bitfinex was founded in 2012 as a cryptocurrency trading platform. Since then, it has expanded its remit to include advanced trading features and charting tools, as well as margin trading, derivatives trading, an over-the-counter market, and now P2P financing.

Source: cryptofinance.ca


Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments


Rating: 0
xc false
Slider: 0

Leave a Reply

Your email address will not be published. Required fields are marked *