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The US Treasury Department's Office of Foreign Assets Control (OFAC) has designated multiple wallet addresses linked to two individuals from Russia, Artur Sungatov and Ivan Kondratyev, as specially designated nationals due to their involvement in ransomware attacks. Sungatov and Kondratyev are affiliated with the LockBit ransomware syndicate, accused of orchestrating attacks that resulted in the theft of over $120 million. The US, in collaboration with the UK and international law enforcement agencies, is pursuing legal action against LockBit to hold the group accountable for its activities. LockBit, operating on a Ransomware-as-a-Service model, has been identified as the most deployed ransomware variant globally in 2022, with its double extortion tactics gaining notoriety. The action taken against LockBit underscores the global effort to combat the escalating threat of ransomware attacks. Despite a decline in ransomware payments in 2022, the surge in attacks witnessed in 2023...

The Northamptonshire Telegraph, a prominent UK newspaper, has taken down an article promoting an NFT project after concerns arose regarding its claims of donating half of the transaction fees to the National Health Service (NHS). The article, penned by a self-proclaimed "crypto wizard," touted the Nurse Coin Token and NFT, promising support for children, medical expenses, and care home development. However, the lack of evidence to substantiate these claims prompted the publication to remove the article. The incident underscores the need for diligence in investigating NFT projects amid a rising number of scams in the crypto space. As the NFT market continues to expand rapidly, regulators worldwide have issued warnings about the prevalence of scams targeting unsuspecting enthusiasts. The FBI, for instance, cautioned users about fraudsters impersonating NFT developers and advised thorough research before engaging in minting opportunities. Despite the potential of the NFT market,...

Gyeonggi province in South Korea has unveiled a novel system named the 'Arbitrator Virtual Asset Tracking Electronic Management System' to tackle crypto tax evasion effectively. This innovative approach yielded a substantial 6.2 billion won ($4.7 million) in arrears in the previous year alone. The system integrates advanced technology to trace personal information like phone numbers for known tax delinquents and cross-reference them on crypto trading platforms, significantly streamlining the tracking and collection process. By leveraging residents' registration numbers to trace mobile phone numbers, the system has improved the success rate of detecting membership in virtual currency exchanges, identifying 5,910 tax delinquents with virtual asset accounts and recovering arrears from 2,390 individuals over the past year. Gyeonggi province's innovative system is a significant step forward in combating crypto tax evasion and ensuring fair taxation practices in South Korea. By leveraging...

Digital Currency Group (DCG) has voiced its opposition to the settlement arrangement between the New York Attorney General (NYAG) and Genesis Global, a cryptocurrency lender that recently filed for bankruptcy. DCG, the parent company of Genesis, criticized the settlement for allegedly bypassing proper legal processes and diverting value to preferred creditors, contrary to established bankruptcy procedures. The filing with the U.S. Bankruptcy Court Southern District of New York raised concerns about the fairness and legality of the settlement, highlighting broader legal challenges faced by Genesis and DCG in the cryptocurrency sector. The dispute between Genesis and the NYAG reflects the regulatory scrutiny and enforcement actions facing cryptocurrency firms, particularly in New York. The opposition from DCG signals a potential legal battle over creditor treatment and bankruptcy protocols, highlighting the need for clearer regulatory frameworks in the crypto space. As cryptocurrency...

Apple has unveiled PQ3, a groundbreaking encryption protocol integrated into iMessage as part of the iOS 17.4 update released on February 21. PQ3 represents a significant advancement in messaging app security, as it incorporates post-quantum cryptography to safeguard user communications. This move places Apple alongside Signal as one of the few companies to implement encryption resistant to potential quantum computing threats. Apple claims that its PQ3 protocol achieves a level of encryption unmatched in the messaging app world, surpassing traditional encryption methods and preparing for the future era of quantum computing. Apple's introduction of PQ3 encryption protocol marks a proactive approach to address evolving threats in the digital landscape. By incorporating post-quantum cryptography into iMessage, Apple not only strengthens the security of its messaging platform but also demonstrates its commitment to staying ahead of technological advancements. The integration of PQ3...

A Texas-based crypto company, Lejilex, in partnership with the Crypto Freedom Alliance of Texas (CFAT), has filed a lawsuit against the US Securities and Exchange Commission (SEC), alleging regulatory overreach and seeking clarity on the classification of digital assets. The lawsuit, filed in a federal court in Fort Worth, challenges the SEC's jurisdiction over the cryptocurrency industry, citing concerns about excessive regulation hindering innovation. Lejilex and CFAT argue that the SEC's broad assertion of jurisdiction lacks a clear statutory mandate, leading to uncertainty for crypto startups like Lejilex in listing digital assets. They seek legal clarification to ensure compliance with securities laws while advocating for a more conducive regulatory environment. The lawsuit aims to contest the SEC's characterization of digital assets as investment contracts and advocates for the application of the "major questions doctrine" to nullify agency actions with significant economic and...

Global law firm White & Case LLP has expanded its White Collar Practice with the appointment of Ladan Stewart, a seasoned US Securities and Exchange Commission enforcement attorney and civil litigator, as its New York Partner. Stewart's experience, including her role as head of the SEC's lawsuit against Coinbase and Ripple, positions her as a valuable asset to the firm. With over 20 years of experience, Stewart brings a wealth of knowledge to White & Case, particularly in securities enforcement and civil litigation. Her leadership role in the SEC's specialized crypto and cyber litigation unit underscores her expertise in navigating legal challenges in the rapidly evolving crypto industry. Stewart's addition aligns with White & Case's strategic focus on expanding its White Collar Practice and strengthening its position in the U.S. legal market. Joel M. Cohen, Global Head of White & Case's Global White Collar Practice, emphasizes Stewart's role in addressing heightened regulatory...