London, England, July 13th, 2023, Chainwire
Decentralized wireless network operator World Mobile has announced it has secured licensed spectrum in the United States of America. This strategic move marks a significant milestone in the company’s mission to bring reliable and affordable internet access to under-connected areas of the United States.
World Mobile has secured up to 20MHz of spectrum across the states of California, New Mexico, Nevada and Utah, providing a solid foundation for World Mobile’s US expansion plans. The spectrum will play a pivotal role in enabling the company’s decentralized hybrid-connectivity solution, which combines blockchain technology with aerial and terrestrial infrastructure to provide connectivity at a cost multiples lower than traditional mobile network operators.
World Mobile CEO Micky Watkins said: “By securing licensed spectrum, we are signaling our intent to revolutionize the connectivity landscape in the United States. Securing spectrum strengthens our position to deploy our network and support a profitable sharing economy. We believe in harnessing the collective power of individuals and communities to create a more inclusive and connected world.”
World Mobile securing licensed spectrum aligns with the US government’s plan to support connectivity across the country. President Biden recently announced a $42 billion high-speed internet initiative, which aims to expand broadband access to rural and low-income areas, as well as to promote competition and affordability in the market.
The Commerce Department has officially distributed the funding, awarding grants at State level, ranging from roughly $27 million to more than $3.3 billion, based largely on local needs.
World Mobile plans to deploy its service in the US later this year, following a successful commercial launch in Tanzania, and field tests in Kenya, Nigeria and Mozambique. The company has recently been bolstered by the appointment of ex-Softbank India country head and Bharti Airtel CEO, Manoj Kohli, who brings over 40 years’ of telecoms experience to the leadership team.
About World Mobile
World Mobile was founded with a far-reaching goal: to connect everyone, everywhere while advocating for economic freedom and dignity. Unlike traditional mobile networks, World Mobile is based on blockchain and incentivizes people to be part of a sharing economy that taps into the trillion dollar global telecom market. Individuals and business owners around the world can operate nodes on its network and bring their community online while earning revenue.
Learn more: https://worldmobile.io/
Contact
Dan Edelstein
pr@marketacross.com
Georgetown, Cayman Islands, July 12th, 2023, Chainwire
Kava, a Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos has launched the Kava 14 upgrade. This upgrade deploys ‘internal bridge’ technology to seamlessly convert native Cosmos assets to and from Ethereum’s ERC20 token standard.
Kava 14 is one of a cluster of milestones in the making. In early July, Tether announced its decision to make Kava the gateway for issuing native USDt on Cosmos. With the launch of Kava 14, USDt can now be minted and easily converted on Cosmos, to — and from — USDt on every other L1 with native USDt including the: Bitcoin (Omni & Liquid protocol), Ethereum, TRON networks, and more.
“Within the first few days of Kava launching the official Tether integration, more USDt has been issued on Cosmos than on Polkadot and Near combined,” said Scott Stuart, Kava Co-Founder. “It’s clear that people want USDt on the interchain. I’m optimistic that having a native stablecoin and a safe, reliable way to convert it across chains via the Kava 14 upgrade will finally unlock the incredible tech the Cosmos ecosystem has built.”
Kava Gains Momentum
Following Tether’s July announcement, Kucoin now supports Kava’s Cosmos and EVM networks, providing a reliable CEX for user transactions within the Cosmos ecosystem. Meanwhile, Curve Finance’s launch of a USDt liquidity pool offers a decentralized alternative for experienced users. In parallel, Stargate, a top omnichain liquidity layer, is set to launch on Kava, anticipating increased usage and liquidity. This expansion comes after a governance proposal that plans to widen the scope of the Kava Rise incentive fund.
The Kava 14 upgrade is a leap forward for Cosmos DeFi builders and users providing a safer, more secure, and more reliable method for converting assets to and from the Cosmos ecosystem.
Follow @KAVA_CHAIN on Twitter for more information and updates on Kava 14’s mainnet launch.
About Kava
Kava is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava is a trusted choice for developers and users worldwide.
For more updates, follow Kava on Twitter.
Disclaimer
This press release is not an offer to sell or the solicitation of an offer to buy USDt or KAVA tokens.
Contact
Media Manager
Guillermo Carandini
Kava
guillermo.carandini@kava.io
London, England, July 12th, 2023, Chainwire
cheqd, a startup that allows users and organizations to gain control and portability of their data, introduces Credential Service, empowering organizations with an easy-to-use, plug-and-play solution for issuing and managing digital credentials.
cheqd’s Credential Service is a ready-made, software-as-a-service offering or “Credential-as-a-Service” that can easily be integrated into any organization. With its Credential Service, cheqd provides a simple solution for organizations to issue and verify decentralized credentials with ease. It removes all of the complexity and technical knowledge required to build or integrate Decentralized Identity within existing applications, allowing organizations to issue and verify trusted credentials in a few simple steps. Application developers can effortlessly issue and manage credentials by using simple API services. It supports features such as Credential Payment, Verifiable Credentials and Presentations, Decentralized Identifiers and Identity Keys, and Revocation Registries. This provides cheqd partners with the option to use a simple set of API services rather than needing to integrate more complex and nuanced Software Development Kits (SDKs).
As part of cheqd’s ultimate vision, Credential Service will be a route for anyone to access upcoming payments functionality – cheqd first-of-its-kind feature enabling on-chain payments for off-chain trusted data. Payment functionality offers opportunities for anyone to create entirely new business models – Trusted Data Markets.
With Credential Service organizations can access cheqd’s Decentralized Identity (DID) framework in the simplest and most efficient way, with no technical skills required. DIDs are a foundational technology for enabling self-sovereign identity (SSI) that gives users control over the information they use to prove who they are to websites, applications and services on the Web. Users can store all of their data in digital wallets that protect their privacy and keep their personal data more secure while limiting risk and simplifying the process of verification.
The Credential Service is built atop cheqd’s blockchain technology, a robust, public and permissionless network that’s fully compliant with Europe’s GDPR. As it’s based on self-sovereign identity technology, it is closely designed with the upcoming EU eIDAS regulation in mind that governs electronic identification and trust services for electronic transactions. As with all cheqd products, no personally identifiable information is stored on its network. Instead, the user’s personal data resides off-ledger, where it remains private and secure. The information is signed and verified by trusted identifiers on-chain, and any credential can be checked and verified in seconds.
cheqd’s Credential Service is sector-agnostic and applicable for a wide range of use cases, including Know Your Customer (KYC) checks, verification of educational qualifications and online reputations. It also supports payments for digital credentials with full regulatory compliance.
“We are removing the barriers for those wanting to leverage the decentralized or self-sovereign identity and digital credentials through introducing the Credential Service,” said cheqd’s Co-founder and Chief Executive Officer, Fraser Edwards. “It is especially relevant for those who have never interacted with decentralized identity and want to access payment rails without needing to use anything technically complex. Its built-in payment infrastructure, combined with a simple set of APIs, will allow developers to fully leverage credential payments in the easiest possible way.”
For further questions or interview requests, please contact Avishay Litani at avishay@marketacross.com.
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organisations to gain control and portability of their data. cheqd builds upon Decentralised Identity, Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category. Put simply, you can now issue credentials and get paid to do so.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as lending markets in Web3, preference data markets, and others where the user is at the centre. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a cutting-edge payment network that prioritises individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organisations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming and other sectors.
cheqd.io
Contact
Avishay Litani
MarketAcross
avishay@marketacross.com
Tortola, British Virgin Islands, July 12th, 2023, Chainwire
In its ongoing journey to reshape the crypto investing landscape, Struct Finance, a DeFi platform that enables investors to engage with tailored interest rate products linked to digital assets, is thrilled to announce the launch of the BTC.B-USDC Vaults.
The tranche-based BTC.B-USDC Interest Rate Product was made possible by effectively leveraging Avalanche’s BTC.B (Bridged Bitcoin) for DeFi applications. The new vault beautifully complements Struct Finance’s Genesis USDC Vaults, heralding an exciting era in DeFi yield opportunities. Struct Finance built the new vault on top of GMX’s Liquidity Provider Token (GLP) to generate predictable yields for BTC in the form of fixed returns, and USDC in the form of variable returns, while still leveraging a secure asset and minimizing volatility and exposure to other risks.
“Our BTC.B-USDC Vaults represent an innovative application of Bitcoin in DeFi. We’re taking full advantage of Avalanche’s Bridged Bitcoin (BTC.B) to bring about a fresh wave of opportunities in the digital asset space,” said Ersin Dalkali, the Co-founder of Struct Finance.
While Bitcoin continues to dominate the market, its inherent lack of a DeFi layer has traditionally made native yield generation quite challenging. Avalanche has unlocked new possibilities for Bitcoin in DeFi with BTC.B (Bridged Bitcoin). Unlike WBTC that relied on centralized bridges, BTC.B is minted via Avalanche Core — a decentralized bridge — and can be trustlessly bridged across networks using the Layer Zero bridge.
At present, Bitcoin investments in prominent lending pools yield between 0.2–0.5%. Even the stable swap pools offering wBTC-BTC.B products only manage to deliver returns of about 2%. Struct’s BTC.B-USDC product shatters these limitations, offering significantly higher yields.
The purpose of BTC.B is to empower BTC holders to explore DeFi opportunities on the Avalanche blockchain, without the need to acquire secondary tokens or rely on centralized bridges. BTC.B represents BTC coins transferred to the Avalanche blockchain in the form of ERC-20 tokens. With over 6000 BTC bridged and a fully diluted value of $180 million, BTC.B is carving a niche for itself in the crypto arena.
The Bitcoin ETF applications by BlackRock, WisdomTree, and Invesco – three of the world’s leading asset managers – are not just a mere submission. It is a signal that the traditional financial realm is ready to embrace Bitcoin on a new level. Recently, the US Securities and Exchange Commission (SEC) gave the green light to a 2X leveraged Bitcoin ETF, sparking an enthusiastic wave of speculation and anticipation for approval of a spot Bitcoin ETF.
Delta hedging
Amid the highly volatile crypto industry, Struct Finance’s Interest Rate Products allow anyone to split and repackage the risk of any yield-bearing DeFi assets in different parts to fit their risk profile through an innovative process called “tranching.” Every Interest Rate Product is a single vault split into two portions, or tranches that have different return configurations:
- A Fixed-return Tranche for conservative investors looking for consistent returns
- A Variable-return Tranche for investors with a higher risk appetite seeking superior returns
The yield from the underlying asset flows into the fixed tranche first to ensure predictable returns. The remainder is then allocated to the variable tranche, which gets enhanced exposure to the underlying yield-bearing asset. Compared to the fixed tranche, the variable tranche might accrue more yield, less yield, or no yield.
As part of its BTC.B-USDC Vaults, Struct Finance has implemented a unique approach to managing investment risk: delta hedging. While the fixed tranche takes center stage with its high yield, the variable side of the product offers an additional layer of intriguing complexity and potential.
Upon deployment of funds into the vault, the BTC.B in the fixed tranche gets converted into GMX’s GLP token, setting up a position that’s short Bitcoin against GLP and contributing a negative delta. In contrast, the USDC on the variable side is converted into GLP, which inherently carries a positive delta.
This innovative delta-hedged product design achieves a fine balance between the positive and negative delta forces. It results in a robust strategy that allows investors to confidently navigate the crypto market’s inherent volatility.
This artful interplay of the fixed and variable sides within the vaults opens the doors for investors to tap into the potential of Bitcoin investments like never before. By catering to a diverse range of risk appetites, Struct Finance ensures that both retail and institutional investors can tailor their strategies to maximize their returns, regardless of market conditions.
About Struct Finance
Struct Finance is at the forefront of the DeFi revolution, with a vision to transform the design and utility of financial products. It empowers users to design their own financial instruments, harnessing the power of tokenized, yield-bearing positions to unlock a world of diverse investment opportunities. Moreover, its cutting-edge financial products adopt a tranche-based system, smartly distributing yield between different investor classes. This balanced approach guarantees a steady yield for risk-averse investors while also offering the prospect of heightened returns to the more adventurous. Initially available on Avalanche, Struct Finance plans to go multichain in the near future.
For more information, visit: Website | Twitter | Discord | Telegram
Disclaimer: This release is for informational purposes only and should not be construed as financial promotion.
Contact
Miguel Depaz
media@struct.fi
Imperium Comms, a Dubai-based crypto marketing and PR agency, has announced the launch of its crypto newswire.
The newswire will provide coverage in leading crypto and mainstream news publications, including Cointelegraph, Bloomberg, Yahoo Finance, and AP.
This will allow clients to publish press releases that will reach hundreds of relevant journalists and thousands of readers, including active crypto investors and executives.
This latest offering strengthens Imperium Comms’ existing suite of services that are available to crypto and blockchain projects.
Some of their other services include earned/organic media coverage, search engine optimization (SEO), and crypto ads management/media buying.
About Imperium Comms
Imperium Comms was founded in 2019 and has helped hundreds of blockchain and Web3.0 projects achieve their strategic marketing objectives.
Additionally, they have worked with several PR agencies which outsource to them to deliver targeted, organic placements for their clients.
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New York, United State, July 10th, 2023, Chainwire
WOW EARN, a new mining DeFi platform, has released a multi-chain crypto wallet on smartphones.
Launched on May 29th, WOW EARN Wallet is now available for download on Google Play Store and App Store. The platform facilitates the purchase, exchange, and trading of cryptocurrencies.
Since its release, the platform has been downloaded more than 300,000 times with a rating of 4.6 on Google Play Store.
What is WOW EARN Wallet?
Established in 2022, WOW EARN is focused on developing crypto wallets and crypto asset mining services that can provide users with a smooth Web3 transaction experience. The goal is to build a secure, diversified and easy-to-use Web3 platform, so that users can freely buy, trade and exchange crypto assets without any limitations.
One notable program currently offered is the WOW EARN Wallet, a crypto wallet that serves as a tool for users to manage funds and transactions within the WOW EARN ecosystem. This wallet has various features to manage crypto assets by prioritizing user protection. Users can easily store and manage their digital assests just by using the WOW EARN Wallet.
“With its cutting-edge features and focus on user safety and security, the WOW EARN Wallet will redefine how crypto assets are managed. It will enable individuals to take complete control of their digital assets and herald a new era for crypto asset security,” according to Yara G, WOW EARN’s spokesperson.
WOW Earn Wallet supports more than 100 payment methods available in over 150 countries and regions worldwide. It currently supports 13 public chains, including Bitcoin, Tron, Ethereum, and Polygon, as well as over 80 digital assets. This means users no longer need separate wallets for each chain.
What Benefits Does the WOW EARN Wallet Offer?
Friendly user interface: WOW EARN Wallet comes with a user-friendly UI with the latest updates to its platform. According to the company, the redesigned UI is designed to make it easy for anyone to manage their digital assets with full control.
Swift transactions: With WOW EARN Wallet, users can enjoy lightning-fast transactions ensuring quick cryptocurrency transfers. The simplified interface and optimized transaction procedures enable easy navigation and instant transfers, avoiding long waiting times.
Enhanced security services: WOW EARN Wallet offers multi-factor authentication in an effort to protect users’ privacy and security. Through facial recognition and biometric fingerprint identification technology, only authorized users are allowed to access their wallets and assets.
Furthermore, the wallet provides users with full control over their assets. Private keys are stored in encrypted form on the user’s local device, and password settings and passphrase features are provided to offer additional security to users.
Wallet customization: WOW EARN Wallet also gives users the option to change the view mode to light or dark, as well as the color of the wallet display according to their taste.
Blockchain explorer and cross-chain bridge swap features: This wallet has its own blockchain explorer, allowing users to check transaction records, address balances, and other related information on the blockchain. Additionally, the wallet supports cross-chain bridge swap feature, which helps users easily exchange assets between different blockchains. Whether on different main networks or other blockchain networks, users can quickly and efficiently convert assets, enhancing liquidity and management convenience.
Investment opportunities and rewards: To attract more users, WOW EARN Wallet offers an airdrop facility for users to earn WOW coins as rewards by using this wallet. Furthermore, users have the opportunity to explore investment opportunities and receive rewards on the WOW EARN platform. Users can increase their income and expand their network in the crypto community through the incentive-based referral program offered by WOW EARN Wallet.
Providing dApps for Web3 exploration: WOW EARN Wallet offers over 20,000 built-in decentralized apps (dApps) from various main networks, giving users the chance to explore and participate in a diverse array of Web3 applications directly from their wallets. With WalletConnect support, users can easily connect to other dApps for various transactions and operations, opening up opportunities to engage with various DeFi projects, explore NFT marketplaces, and join decentralized social networks.
NFT Integration: Currently, WOW EARN Wallet is in the process of developing a feature to support non-fungible tokens (NFTs). Once the integration is complete, users will have the ability to purchase, trade, and manage NFTs, including virtual items, artwork, in-game assets, and virtual land, directly from their wallets.
Thus, WOW EARN Wallet is claimed as an application that provides a one-stop-shop service for crypto asset management. Through this platform, users can enjoy various essential features integrated into one place. As a result, users can easily manage their digital assets efficiently and effectively.
A Guide to Creating a WOW EARN Wallet Account
- The user should click on the option “Create Identity Wallet.”
- The user will be prompted to generate a mnemonic, which is a code resembling a keyword. It is important to note that mnemonics are highly confidential. In this step, users have the option to choose a 12-bit to 24-bit mnemonic and can modify the code group.
- Following that, the user needs to verify the mnemonic code based on the previously provided numbers.
- A transaction password, consisting of a 6-digit number, must be created by the user.
- The process of setting up a WOW EARN Wallet account is now complete.
A Guide to Starting Mining WOW Token
- The user should access the “Dapp” tab located on the main page of the app. They can find WOW EARN listed under the DeFi category.
- Users will be redirected to the wowearn.com website, which facilitates the mining of WOW tokens. Within this interface, users can create mining teams consisting of one to seven members. Each user has the option to invite friends by sharing a link or QR code.
- To initiate the mining process, users can simply click the designated button displayed on the screen.
- To access the “Menu” tab, users can tap on the WOW logo situated at the top left corner.
- Presently, wowearn.com supports multiple languages, including Bahasa Indonesia, thereby catering to users primarily located in Indonesia.
About WOW EARN
WOW EARN connects users to the blockchain, providing decentralized mining, earning, and trading mechanisms. The startup’s unique mining model allows anyone to participate in the mining process, making it a key player in driving the DeFi ecosystem’s growth.
In early June, WOW EARN announced that the company successfully raised USD 30 million in Series A funding, equivalent to IDR 451.6 billion. This funding round was led by prominent venture capital firms, including Pinnacle Innovations Capital, Blue Horizon Ventures, Ascendant Growth Partners, Nexus Pioneers Capital, and Quantum Leap Ventures.
The recent financial support has strengthened WOW EARN’s vision of bringing democratization to cryptocurrency mining by providing easy, profitable, and secure access. The platform offers an Annual Percentage Yield (APY) of up to 13.39% and has partnered with Hacken, a leading blockchain security auditor in the industry.
Contact
Yara
yara.georgina@wowearn.com
London, United Kingdom, July 8th, 2023, Chainwire
Aptius Ltd, a British financial enterprise, has developed a new cryptocurrency called BritanniaCoin which will be available for pre-sale from June 18th onwards, ahead of its launch later this year. BritanniaCoin is a British-built blockchain that introduces real-world applications while honouring British cultural heritage.
The pre-release contains 316,000 coins for sale, fixed at 6 USD per coin, in honour of the official unification of England and Scotland in 1707, 316 years ago. The pre-release presents an opportunity to purchase BritanniaCoin before its launch on exchanges at 8 USD per coin. BritanniaCoin is also launching a software wallet for the public, downloadable on the Apple App Store and Google Play. As part of BritanniaCoin’s commitment to charitable causes, 10% of the proceeds from the pre-sale will be donated to charity, as listed on the BritanniaCoin website.
During its pre-sale this summer, BritanniaCoin intends to give away 125,000 coins. BritanniaCoin is 100% self-funded and developed with no silent partners, as detailed in the white paper. These initiatives aim to foster an ecosystem that represents British values, integrates historic cultural legacy with technological innovation, and supports charitable organizations such as Hearts of Gold to improve the lives of vulnerable people.
BritanniaCoin introduces a proprietary blockchain with zero fees and a 20% faster block confirmation time than Bitcoin.
After the 1st round pre-release for commercial customers started in September 2022, BritanniaCoin launched its own bespoke hardware infrastructure. This hardware wallet platform intends to facilitate customer security, anonymity, and technological innovation. This exclusive hardware wallet is currently available to private investors and commercial clients who get in touch via their website. Moreover, the prospect of providing customers of the planned NFT project with access to hardware wallets in the future is something that is currently being considered. Following the completion of its 2nd stage ICO, BritanniaCoin intends to center its blockchain ecosystem, brand identity, and community on this hardware technology basis.
BritanniaCoin pursues multiple long-term goals, including expanding its community and improving the user experience. In addition, BritanniaCoin has its own British-themed NFT project that provides holders unique advantages, offering access to airdrops, special discounts, voting rights, an active role in selecting which charity institutions to support and signature events, such as their recent pre-release party held at the East India Club.
In the aftermath of the ICO, BritanniaCoin intends to launch BritanniaPay, consisting of their software wallet compatible with iOS and Android and connected with the company’s current hardware wallet network. BritanniaPay is an innovative new initiative that prioritizes British brands and businesses by integrating blockchain technology into its own payment system. Users can pay for their purchases at various UK and international retailers with BritanniaCoin alongside Bitcoin, Ethereum and other established cryptocurrencies.
BritanniaCoin unites a diverse team, as the Co-founder and CEO Daniel M. Ashworth brings over five years of experience in the cryptocurrency sector and co-founded Aptius in 2018, a Crypto and Forex trading company. Co-founder and CTO Jonathan Peters has 10 years of programming experience, including blockchain architecture, network infrastructures, and algorithmic trading software. COO Demetri Georgiev has over 10 years of experience in logistics operations and supports the project’s day-to-day operations. Events Manager Mark Turley has acquired over 18 years of experience arranging entertainment events and manages the project’s unique range of events in magnificent venues, such as the East India club. Charities Co-ordinator Mary Johnston has over 30 years of experience in sales and marketing and is actively involved in Hearts of Gold, the nominated charitable foundation supported by BritanninaCoin.
For more details about BritanniaCoin, access the project’s website.
About BritanniaCoin
BritanniaCoin is a cryptocurrency that deploys real-world utilities developed by Aptius Ltd, a British financial organization. Available for pre-sale from June 18th, BritanniaCoin intends to celebrate British cultural heritage.
Contact
Daniel M. Ashworth
Britanniacoin Ltd
info@britanniacoin.org
Losing cryptocurrency to a theft is a “bad day”, but how can you recover stolen USDT tokens? Is it possible to prevent stolen USDT from being sold by the attackers? What are the chances to return the stolen USDT? This article has every question answered.
Table of Contents:
- How common is USDT theft?
- How can USTD be stolen from me?
- How to prevent stolen USDT from being sold?
- What will happen when the stolen USDT is blocked?
- What are the chances to recover the stolen USDT?
- How to recover a stolen USDT?
How common is USDT theft?
USDT is one of the most popular stablecoins, accounting for 83B$ of cryptocurrency market share, and one of the favored targets among cybercriminals. There are two different types of USDT theft — targeted and part of the bigger attack.
USDT theft can be a part of a bigger attack. For example, Atomic Wallet hack in June of 2023 caused victims to suffer almost $40M in total losses. According to Atomic Wallet officials, attackers managed to exploit a security vulnerability, which affects «less than 0.1%» of the 5 million users, giving a rough estimate of 35,000 to 50,000 victims. Open source investigation revealed more data of the case, with total losses surpassing $35M USDT, five top wallets losing $17M and one major victim of the hack suffering loss of $9M in USDT.
USDT can be blocked even after theft. During the FTX hack in November of 2022, attackers used USDT tokens as one of the ways to withdraw funds from the platform and drain victim’s accounts. After the attack was confirmed by FTX officials, Tether Foundation proactively blacklisted $31,4M worth of USDT. Open data investigation revealed that blacklisted tokens consisted of USDT on Avalanche with $3,8M and $28M USDT on Solana.
How to prevent stolen USDT from being sold?
Tether Foundation implemented measures to control the USDT token. For example, stolen USDT tokens may be marked as fraudulent, frozen inside the attacker’s wallet to prevent further use or blacklisted. USDT wallet, involved with the crime operation, can be banned by the trading and exchange network, resulting in formal seizure of funds due to withdrawal lock for such accounts. But all of this — with a time delay of 1 to 5 business days.
Let’s break down a real world scenario of a targeted USDT attack. Details of such cases are not for the public eye, but here’s how they look at the investigative part of things. On the screenshot below you can note how the victim transferred $110k in USDT, which was then split and cashed out at the SunSwap V1 protocol by the attacker.
Victim of USDT theft turned too late // Source: StarCompliance.io
Step by step breakdown of the USDT attack.
- Victim transfers money to a courier wallet, which then instantly sends them towards a hoarding wallet.
- One by one, the attacker splits funds into small payments in order to mask the whole sum and send them to the nearest exchange point without KYC — the SunSwap V1.
- Because USDT was unmarked, the SunSwap V1 protocol accepted tokens as legitimate and allowed the exchange;
Both parties had exactly 12 hours to react. Given the USDT would be labeled as «Stolen» right away, the attacker’s would fail to sell the tokens and become reported by SunSwap V1 as «High Risk».
Hiring a dedicated team of professionals. Certified investigators will take care of tracing & marking for you. Dedicated team of lawyers will prepare an evidential basis to open a case in court, block USDT even on a cold wallet and help you recover the lost funds.
However, you can always try to do it yourself. Here are the 5 solutions used by professionals to prevent the sale of stolen USDT:
- Marking the stolen USDT. By utilizing the network of certified investigators, coins are labeled as «Stolen»», which in turn makes them useless for the attacker. Marked coins are accepted by all major trading platforms only to be seized and transferred to the rightful owner;
- Exposing the attacker’s addresses to the scam network. Each of the addresses used by the attacker to transfer, exchange, keep and deposit stolen USDT are exposed and labeled as «High Risk». Labeled wallets are much harder to cash out from, paralyzing or damaging the attacker’s web of addresses;
- Labeling other attacker’s wallets. After the USDT deposit address of the attacker is known and exposed, it is possible to involve his other wallets with the case. By doing so, wallets involved with transfer of the funds from blacklisted addresses would be marked as «High Risk» by Chainalysis, DataWalk, Coinfirm and other investigative databases used by CEX’es to evaluate risks.
- Blacklisting the USDT tokens on purpose. One of the possible options is to blacklist the stolen USDT. Tether Foundation is obliged to block stolen tokens once the fact of their theft is proven, whether in court or by third-party expert investigation;
- Maintaining Wallet Paralysis. Filing a valid criminal case against the attacker’s USDT deposit address is a sure way to paralyze it. When a case is filled, such a wallet becomes «toxic» for the attacker’s transaction schemes, giving a reason to block the recipient’s wallets too and labeling every future transaction as «Risky».
What will happen when the stolen USDT is blocked?
Blocking the USDT will cause a domino effect. You see, to control the risks behind flow of funds, such platforms as Binance, OKX or Kraken utilize both — shared and private risk analysis networks. Shared risk analysis network is based on the blockchain itself, with every transaction and wallet being analyzed for AML risks. Private networks are shared only during AML investigation procedures by certified experts.
Every major CEX runs a blacklist of sorts, where records of all the fraudulent users are kept. These databases are shared between different platforms to ensure the highest level of user safety, and can be accessed by third-party experts during investigation. However, it is possible to warn 200+ platforms in under 1 hour about USDT theft by utilizing tools such as Chainalysis Reactor, DataWalk and Confirm software. Moreover, certified Chainalysis partners are able to mark fraudulent transactions as part of their services.
What will happen to the thief for holding marked USDT?
Here’s a non-exhaustive list of events, which are triggered by holding a marked USDT tokens:
- Wallet addresses exposure to the law authorities, cyberpolice departments around the world, as well, as major trading platforms. Once exposed, the address is labeled as «Suspicious», along with tokens and transactions involved;
- Related addresses are being suspected. Every wallet, connected to one hiding the stolen USDT, is then labeled as «partner in crime». From there every attempt at withdrawal of funds or their transfer will result in uncovering the web of wallets used for an attack;
- Transactions are being blocked. Holding stolen USDT is a hard choice, because once the fact of theft is established, tokens become not-transferable, even on cold wallets;
- Wallet Ban. Holding or transferring stolen USDT after they have been marked is a sure way to become blocked by the Tether Foundation. Moreover, involved wallets may become banned too, once such a relationship is confirmed or known.
- Exchange and trading ban. By holding stolen USDT, obtained through any of the trading platforms, it is possible to force a permanent identity ban for the perpetrator.
- Identity exposure. During Crypto Investigation, real life data of the thief are being passed to law authorities and cyberpolice departments around the world.
- Severe charges. Taking away USDT without the consent of their owner, hiding and holding stolen funds, involving different people in the operation — every step of the USDT theft is one step closer to the criminal court and AML charges.
What are the chances to recover the stolen USDT?
Here’s a 10 years of fund recovery summarized in a brief checklist:
- Valid owners of the USDT have the most chances. Once the fact of the ownership is established, the USDT holder has every right to return his stolen funds through the legal means;
- Speed and evidential basis are the two crucial factors. Gather chat logs, e-mail data or any other correspondence with the attackers. The faster you are able to do this, the more chances you have.
- Following a hot trail yourself isn’t always an easy win. Civil investigations, such as the case of searching for an address owner by yourself, are useful to gather evidence, but not always valid enough to launch a lawsuit;
- Providing Proof Of Funds will help. First and foremost — you need to have a legal basis for further actions. Having evidential documents on obtaining the USDT is a good way to do this.
How to recover a stolen USDT?
You can try doing it yourself by contacting Tether Foundation with an official token marking request, proceed with evidential basis and expect an answer from an organization whose main concern is how to handle $83B token. To do this, you need to find an AML lawyer, submit a case to the police and wait for the investigation results to provide an evidential basis for Tether Foundation. On top of that, you also need a court decision on theft of the USDT tokens.
Or you can contact StarCompliance.io and get help from a certified Chainalysis partner with over 90 successful cases of fund recovery totaling over $25,000,000 in financial damages restored to the victims.
How are USDT theft cases handled by StarCompliance.io during Crypto Investigation service?
- Victim applies for Crypto Investigation service. You need to specify details of the case, stolen currency and provide contact data.
- Funds are traced. Investigators carefully document incoming and outcoming transactions, unweaving the web of attacker’s wallets and tracing the flow of funds. From there, funds are located and chronology of the theft is being validated by third-party experts;
- Tether Foundation is warned. After the fact of theft is established, Tether foundation receives a priority request on token freeze, making stolen USDT worthless for the perpetrator;
- Address owner is exposed. By knowing the addresses used by the attacker, it is possible to identify them by performing KYC-investigation in relevant databases.
- Law is enforced. By establishing an attacker’s DOB, legal name and address of residence, certified AML lawyers open a case in their court of residence;
- Funds are blocked and ready for recovery. With enough evidential basis, such cases are resolved with court decision on refund, compensation of financial damages or seizure of theft’s property to cover the victim’s damages.
Reach us out at StarCompliance.io to get the following services:
- Warn 200+ platforms in under 1 hour about USDT theft.
- Stolen USDT Tracing, Markup & Blocking On Demand;
- Stolen USDT Recovery Services with Full Legal Support.
Begin your USDT recovery with StarCompliance.io today and save money for bigger goals.
Dubai, UAE, July 6th, 2023, Chainwire
OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced the upcoming launch of Signal Trading, a marketplace where users can access automated trading strategies based on technical analysis, or ‘signals,’ which indicate whether to buy or sell crypto.
The marketplace, set to launch in August-September 2023, will allow users to choose from a range of signal providers, including institutions and pro traders. Interested users and signal providers can sign up to the waitlist to be the first to receive updates and access.
Signal Trading will be integrated with TradingView, enabling signal providers and traders to create signals directly on the charting platform, as well as specify the desired action, instrument and other parameters associated with that particular trading signal. With Signal Trading, users can access, follow and copy signals without manual execution, saving time and effort.
Advantages for signal providers include:
- Expansion opportunities by listing signals on OKX’s Signal Trading, giving them access to a marketplace of over 50 million traders
- Integrated with TradingView, a leading platform for generating signals
- In many cases, a significant reduction in latency and costs typically associated with listing signals on third-party platforms
Advantages for signal traders include:
- Avoidance of subscription fees associated with third-party platforms
- In many cases, a significant reduction in latency issues that are prevalent on third-party platforms
- Trust and reliability of using one of the world’s leading crypto exchanges
- A wide variety of signal providers to choose from and compare
OKX Global Chief Commercial Officer Lennix Lai said: “OKX Signal Trading will further improve users’ trading experience on OKX by providing access to a diverse range of high-quality signals from top providers, reducing manual entry errors and unlocking a world of trading opportunities for traders. With advanced algorithms, real-time market data and a diverse range of signal providers available, Signal Trading will be the ultimate solution for those seeking to elevate their trading game and connect with a global community of traders.”
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Contact
Press
Media@okx.com
London, United Kingdom, July 6th, 2023, Chainwire
Following the announcement of Veloce Media Group’s evolution to Web3, with the launch of its new blockchain utility and governance token, VEXT, it was today announced that GEM Digital Ltd will invest up to $50 million, through a structured token subscription agreement, into the organisation.
Veloce, comprising of industry-leading gaming and racing platform Veloce Esports, and race-winning Extreme E outfit Veloce Racing, has attracted over 35 million subscribers, nearly one billion monthly views, across multiple digital platforms including YouTube and Twitch, and millions of social media followers to become the world’s largest racing gaming media network.
The London-based organisation also operates esports and gaming teams and brands for some of the industry’s most influential names, including Mercedes AMG, Ferrari, McLaren, Yas Heat, whilst also establishing a successful joint venture sub-brand with Lando Norris – Quadrant – and continually competing and winning with Veloce Elites.
The introduction of VEXT in the coming weeks will position Veloce as a leading decentralised gaming and sports media organisations; providing token holders with real utility through a variety of games integrating VEXT and tangible influence, benefits and rewards across all of the Veloce Media Group assets.
The partnership with GEM Digital has all the signs of being a perfect ‘meeting of minds’, as the investment firm moves to increase its stake in this fast-moving world of sourcing, structuring, and investing in utility tokens in relevant and growing industries.
“This is a very exciting transaction ,” said Daniel Bailey, Chief Commercial Officer Veloce and CEO Veloce Racing, “It comes very soon after the announcement of VEXT and our plans to evolve our media and sports group into this truly innovative space; validating Veloce’s position as a pioneer in the industry.
“The GEM commitment will allow us to focus on growth and expansion, through acquisition of more gaming and real-life racing properties, ultimately giving our vast community further VEXT utility and influence.”
For GEM Digital, the investment has found a natural home that reflects its ambitions to work with a diverse set of organisations whilst promoting businesses in the emerging markets, supporting sustainable and inclusive ambitions through business. The investment promises to herald mutual long-term opportunities.
Website | Telegram | Twitter | Discord | Instagram | YouTube | Linkedin | TikTok
About Veloce Media Group
Founded in 2018, Veloce is a multi-pillared gaming and sports media group operating across some of the most innovative, fast-growing, and future-focused sectors in the UK.
Headquartered in London, the Veloce brand comprises of the industry-leading gaming and racing platform, Veloce Esports, and race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship.
As the world’s largest digital racing media network, Veloce has so far attracted over 35 million subscribers and nearly one billion monthly views with a focus on esports, gaming, purpose-driven motorsport, and Web3.
Veloce is partnered with a number of high-profile teams from across the globe, running multiple gaming and esports team operations, including Mercedes AMG, Ferrari, and Yas Heat. Well established JV sub-brands, including Lando Norris’ gaming and lifestyle brand Quadrant, make up another key aspect of Veloce’s vast global network.
To learn more, please visit: https://www.velocemediagroup.com/
About GEM Digital Limited
GEM Digital Limited is a digital asset investment firm. Based in The Bahamas, the firm actively sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally.
Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with offices in Paris, New York, and Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 530 transactions in 72 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments.
Contacts
CEO
Rupert Svendsen-Cook
Veloce Media Group
rupert@veloce.gg
Head Of Digital Marketing
Louis Broomfield
Veloce Media Group
louis@veloce.gg