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KYCbench

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  1. The authorities of the city of Lake City, Florida, paid $ 500,000 in Bitcoins to extortionists who infected the municipality's computer systems with an unnamed encryption virus. This is reported in the official press release. The attack occurred on June 10, after one of the employees of the City Hall opened a letter containing a malicious file. "Despite the fact that the IT specialists of the administration turned off all vulnerable systems within ten minutes after the attack was detected, the virus managed to hit almost all the computer systems of the city, with the exception of the police and fire protection systems that worked on a separate network," the press said. As a result of the coder’s attack, the work of the city’s administration was virtually paralyzed for the next two weeks. The hackers behind the attack a week later contacted League of Cities, the city’s insurance provider, and demanded a ransom of 42 BTC (about $ 500,000 at the time) for unlocking urban systems. At an emergency meeting of the City Council of Lake City, the authorities unanimously decided to pay the intruders. Payment was made on June 25th. Currently, the city has received the key to decipher the affected systems, IT staff is working on data recovery. Recall last week in a similar situation were the authorities of the city of Riviera Beach. They had to pay hackers 65 BTC ($ 600K). KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  2. Internet popularization significantly influenced the gambling industry: casino and bookmakers' profits grew due to online players. Blockchain technology is a new word in the gambling business. Many gambling projects begin to accept bets in cryptocurrencies, but in order to unlock the potential of technology, this is not enough. To understand why, we will look at modern forms of gambling and betting on the example of two platforms with full blockchain integration. Typical online casinos and betting platforms are characterized by the same problems - non-transparency, geographical restrictions of payments and the need to trust the site owners, who can falsify the results or keep the winnings. Blockchain is the technology that solves these problems in various industries. The introduction of blockchain payments and rates in cryptocurrencies by gambling platforms is the first and conditionally simple way to approach the problems above. If the platform pays out winnings in cryptocurrencies, it doesn’t matter which state borders the payment should go through. In addition, the blockchain payment, which is carried out by a smart contract after the fulfillment of specific conditions, such as dropping out the necessary sector on the roulette, will automatically work without the participation of the platform operator. But this does not solve the problem of manipulation of the results, the operator can still transfer any data to the smart contract. The solution is a more complete integration of an online casino or betting platform with a blockchain. Online casinos and betting platforms work differently: in a casino, users play against an institution, on a betting platform - with each other. This affects how blockchain integration works for these types of projects. The Internet has brought more profit to gambling establishments and bookmakers and has opened access to new markets. Players were able to make bets without leaving home. On the other hand, among the numerous gambling and betting platforms in the network, more scams and more unfair earnings appeared. Blockchain technology is a solution to the problem of trust in online casinos and bookmakers. The player can verify the integrity of the institution, and platform operators - to provide mathematically irrefutable evidence of fair work. Thanks to cryptocurrency payments through decentralized systems, both players and institutions save money on transfer fees and minimize dependence on centralized banking systems and their limitations. There are still many projects on the market that accept cryptocurrency deposits, but use old technologies for conducting games and taking into account rates. This is a half-measure that helps in attracting new players, but does not provide the most important advantages inherent in projects with full blockchain integration: protection against fraud and transparency. The future is real blockchain casinos and blockchain bookmakers. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  3. On June 21, 2019, the Financial Action Task Force on Money Laundering (FATF) decided to tighten the regulation of the cryptocurrency industry, in particular, to oblige the Bitcoin exchanges and other cryptocurrency service providers (VASPs) to comply with AML and CFT procedures, similar to traditional financial companies. So, despite the criticism of the proposals and warnings about the adverse consequences for the industry, the group decided that Bitcoin exchanges should exchange user data when they make transactions between platforms. VASPs must provide each other with the following KYC data: • Name of the sender and the data on his digital wallet; • Name of the recipient and the data on his digital wallet; • Physical address of the sender, his passport data or user ID, which binds him to the company, date or place of birth. Regulators of member countries of this intergovernmental organization will have to ensure compliance with these requirements and ensure that all VASPs share and store such information. Business and governments have exactly 12 months to implement the recommendations, and the first FATF check will be carried out in June 2020. Many analysts, including the company Chainalysis, tried to convince FATF that in the blockchain industry it is rather difficult, if possible at all, to comply with the same standards as in the banking sector. They warned the organization that a cryptocurrency business may partially go into the shadows, and the privacy of users and the effectiveness of law enforcement operations may suffer. However, now any provider of cryptocurrency services, an individual or a legal entity, will have to go through a licensing or registration procedure in their jurisdiction. Thus, according to the FATF, the competent authorities will have to make sure that the criminals are not the beneficiaries of VASPs. If the service provider intends to change the ownership structure or organization of the business, it will need to get approval from the regulator. It is noteworthy that the recommendations of FATF touched and mixing services. So, VASPs should mitigate the risks associated with such transactions, which obfuscate senders and recipients, and if this is not possible, then providers should not be allowed to do so. In addition, VASPs must freeze the funds of users that are included in the sanction lists. There are 37 member countries in the FATF and they are not obliged to follow the recommendations, however, in this case they will be blacklisted and face an outflow of foreign investments. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  4. Reserve Bank of India on Tuesday fined country's largest private sector lender HDFC Bank ₹10M for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. "Examination in this regard revealed violations of RBI directions on 'KYC/AML norms' (know your customer/anti-money laundering) and on reporting of frauds," RBI said on its website. A notice was issued to HDFC Bank on why monetary penalty should not be imposed for non-compliance with the directions, the apex bank said. The fine was imposed through an order last Thursday after considering HDFC Bank's reply, oral submissions made during the personal hearing and additional submission made, the apex bank said. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, it said. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI clarified. In a statement to exchanges, HDFC Bank said it has "taken necessary measures to strengthen its internal control mechanisms so as to ensure that such incidents do not recur". Source here KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  5. KYCbench

    The Prosecutor's Office of Seoul has charged one of the largest Bitcoin exchanges in South Korea, Bithumb, with a leak of confidential financial data of over 31 thousand users, as a result of which in July 2017 considerable funds were stolen from the platform. This writes Cryptonews with reference to ZDNet Korea. In addition to Bithumb, in the framework of the same case, accusations of violating the law on managing information networks and the law on information protection were brought against the travel agency Hana Tour and With Innovation, the operator of the hotel booking application Yeogi Eottae. The prosecutor's office believes that Bithumb did not take adequate measures to ensure security. In particular, all data about users who later ended up in the hands of hackers was stored in one computer, and the employee of the exchange who worked on this device did not even use anti-virus programs. The prosecutor's office also believes that this leak led to another hacking of Bithumb, the second in 2017, which resulted in nearly $ 7 million being stolen. Representatives of the exchange have denied the connection between these incidents, however. Recall that in June 2018, Bithumb was again hacked, this time about $ 31 million was stolen from the platform. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  6. Last week, some details of the Anti-crypto bill “On the prohibition of cryptocurrency and the regulation of official digital currencies”, which has been under development in India since last year, has become public. In particular, it is stipulated that Indian citizens convicted for carrying out operations with cryptocurrency face up to 10 years in prison. It is proposed to apply punishment to persons "directly or indirectly associated with the extraction, generation, storage, sale, transfer, sale, issuance and conclusion of transactions with cryptocurrency." The possibility of release on bail under these charges is not provided. The bill also spelled fines, three times the amount of benefits. The violation inflicted on the state will have to compensate for it in full. The owners of the cryptocurrency of India must, within 90 days, get rid of them and report it to the state. Representatives of various departments, including the Department of Economic Affairs, the Central Council on Direct Taxes, the Central Council on Indirect Taxes and Customs and the Department of Education and Investor Protection Funds under the Government of India, took part in the preparation of the bill. The Reserve Bank of India said that they have no relation to the bill development. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  7. The National Bank of Ukraine provides access to the “Electronic Hryvnia” platform (Electronic Hryvnia) and continues to explore the possibilities of obtaining digital currency and even released a certain amount of coins. While the NBU is only exploring the advantages and disadvantages of central bank digital currencies (central bank digital currencies, CBDCs), some experts urge regulators to step up work on the issue of innovative monetary units. For example, Avenir Suisse offers the National Bank of Switzerland to develop a blockchain-based economic model. The next step is the creation of the so-called “frank-token”, which is a stablecoin controlled by the central bank. Experts believe that the new coin is able to provide trade finance and the creation of new business models. The head of the Bank of Lithuania, Vitas Vassilus, who is convinced that the CBDC can act as a medium of exchange, payment and value preservation, is also optimistic. In addition, government cryptocurrencies can improve the efficiency of payments and settlement of securities and reduce the risks in the financial market. However, representatives of regulators in some countries are skeptical. Thus, the president of the German Federal Bank, Jens Weidman, believes that cryptocurrencies issued by central banks can destabilize the financial system and worsen the work of credit experts, especially during a crisis. He is also confident that the demand for CBDC may adversely affect the efficiency of the central regulator and contribute to a fundamental shift in business models of banks. “There is no real breakthrough in the application of technology,” said Weidman. Believes that CBDC can improve the effectiveness of monetary policy. The Bank of Russia declares that state cryptocurrencies can reduce transaction costs, as well as recommend themselves in conditions of low interest rates and low inflation. In addition, interest can be added to an account with CBDC. On the other hand, the document states separately that there is not a single successful, fully functioning CBDC available to the general public. In general, studies on the creation of state digital currencies are about 70% of the central banking operations in the world, but only a few of them start the practical implementation of projects. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  8. In an effort to crackdown on world money laundering, tax evasion and organised cybercrime, the United States’ Internal Revenue Service (IRS) has spearheaded the advent of a multinational company to handle the issue. The Lithuanian Cabinet of Ministers approved the amendments prepared earlier by the Ministry of Finance of the country to the law on the prevention of money laundering and terrorism. They provide for the mandatory registration of crypto exchange operators. In particular, operators of cryptocurrency exchangers and deposit funds must register with the Registrar Center. In addition, they will be subject to the law on the prevention of money laundering. It follows from this that companies will have to carry out an identity verification procedure if the amount of the operation exceeds one thousand euros, and also report financial transactions of over € 15,000 to the Financial Crime Investigation Service. Regulatory amendments relate to the scope of the ICO. So, organizers of tokensails will also have to identify the identity of investors if the amount of the transaction exceeds three thousand euros. Recall that last year the Lithuanian Ministry of Finance published a guide, which listed which tokens during an ICO can be considered securities. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  9. KYCbench

    In an effort to crackdown on world money laundering, tax evasion and organised cybercrime, the United States’ Internal Revenue Service (IRS) has spearheaded the advent of a multinational company to handle the issue. The J5 group, established last year by the tax authorities of the United States, Australia, the United Kingdom, Canada and the Netherlands, is currently investigating 60 major international schemes for cryptocurrency tax evasion. At least 12 of them led to the Australian Revenue Service (ATO), reports The Sydney Morning Herald. Additionally, the J5 group is considering 50+ tax evasion cases that could potentially fall into its area of interest. ATO Deputy Commissioner Will Day noted that one of the investigations conducted by Australian tax authorities is related to a large international financial institution and related intermediary companies. According to him, thanks to participation in J5, the department has the opportunity to receive more information to prevent and solve tax crimes, including those related to cryptocurrencies. “We see that the use of cryptocurrency has reached a level that was not previously observed. Not in a way that had never been seen before. Australia definitely allows legitimate investments in cryptocurrencies, but we also see their use for tax crimes, ”said Will Day. He also added that quite often Australian market participants are intermediaries between tax evaders and offshore companies. Recall that in May the Netherlands police, with the support of Europol, closed the popular Bitcoin mixer Bestmixer.io, which was allegedly used for money laundering. All relevant information was also provided to J5 members. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
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    The creative director of 2K / DENMARK company, Thomas Silkjer, said that as a result of the hacker attack, GateHub users lost 23 million Ripple XRP tokens (approximately $ 9.6 million at the current rate). According to Silkiera, 80-90 user wallets were cracked in the course that began on June 1, and as a result, 23,200,000 XRPs were sent to 12 addresses. It soon became clear that out of this amount, 13.1 million XRP were on various exchanges and transaction mixing services. “The attacker has received significant amounts from several XRP accounts. They were probably managed through Gatehub.net, ”said Silkjer. Below is a diagram of the movement of the stolen funds: Yellow color indicates wallets used for digital currency, blue is the victim, red is the wallets of the intruders. Image source. It is currently unknown how hackers attacked the service. Representatives of GateHub confirmed the problem, but could not provide more detailed information. Recall that as a result of the March hacking of 20 million XRP and 3 million EOS, the large South Korean stock exchange Bithumb lost. A theft that involves multiple victims needs to be handled via law enforcement in various countries. KYCBench strongly advise all victims to file a complaint with relevant authorities in their jurisdictions. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  11. Roobee is a blockchain-based investment platform that uses AI and transparent statistics to help people make smart investments from $ 10 into previously inaccessible investment products with a high and complex entry threshold - such as real estate, promising start-ups, investment funds, IPO, stocks, cryptocurrency projects and others. The project successfully conducted private rounds, receiving the equivalent of $ 5.5M from well-known crypto whales. One of them is “200M_trader”, which in August 2018 invested 10,955 ETH on the pre-seed round (about $ 4.5 million); the other, one of the top 250 Bitcoin whales, closed the private round of Token Sale with 200 bitcoins (about $ 1 million). Roobee has impressive plans. On the basis of its own blockchain, a set of tools for the investor is created, which complement each other and create a closed ecosystem. 8 products have been announced today: Roobee Network, RoobeeID, RoobeeWallet, RoobeeScore, RoobeeFin, RoobeeMarket, RoobeeTerminal, RoobeeLiquid. All interesting and popular, the most important - carrier network Network, a set of keys to all services RoobeeID, wallet. Others are internal portfolio management tools that increase investment efficiency by taking it to a new level using artificial intelligence and machine learning. The target audience of Roobee is the Y and Z generations which, according to the UN, by 2020 will make up 63% of all consumers. They are not inclined to study complex data and same time do not trust traditional banks. Roobee proposes to solve this dual problem with the help of blockchain and artificial intelligence. The blockchain will provide transparency of transactions, the AI will act as a smart consultant. It is known that up to 90% of private investors lose money on exchanges. Roobee is not about active trading, but more about the formation of smart and balanced investment portfolios. Roobee creates a simple and convenient investment service, in which there will be no active trading with constant tracking of quotations, “stock” game, stop-losses, glasses, margin trading and other complex professional tools. Another fundamental idea - the elimination of the threshold of entry. Most investors are people who do not have large capital. The Roobee platform removes restrictions for them and allows them to invest in products that were previously available only to large investors, both in the fiat world and in the crypto environment. In Roobee, any person in a couple of clicks will be able to invest his money in a portfolio of investment products from different markets, which will allow him to get the maximum diversification. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  12. KYCbench

    BiteBTC cryptocurrency exchange blocks withdrawals and user accounts. This was reported by several users, and a corresponding warning appeared in the CoinMarketCap analytical resource. For example, the BiteBTC team sent e-mails to traders explaining that account freezing required the verification of the origin of funds, as well as documentation confirming the ownership of blocked assets. Some users were asked to provide data on bank accounts and credit cards to confirm their identity in order to ensure full legal compliance. However, after providing the necessary documents, users received standard replies, and when they tried to withdraw funds, in case of successful verification, their accounts were immediately blocked. It is noteworthy that the official Twitter site claims that the exchange operates in Singapore’s jurisdiction, however, the operator’s website indicates First Finance LLC, allegedly located on the Seychelles, which are a well-known offshore zone. However, the domain of this company is registered in the United States. Prior to this, the BiteBTC site claimed that the Singapore operator FinanceFirst Pte is the site operator. Ltd, which soon denied this information on its blog and has already filed a complaint with the Singapore police. Also, representatives of the company added that their statement against the stock exchange is not the only one. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  13. North Korea uses cyber attacks to circumvent international sanctions. This statement was made by Deputy Assistant Director of the FBI for cybersecurity, information technology and intelligence Tonya Ugoretz at a conference from the Aspen Institute, reports Korea Herald – South Korean English-language news outlet. In particular, Ugoretz stressed that North Korean hackers hacked Sony Pictures Entertainment systems in 2014, robbed Bangladesh Bank in 2016, and in 2017 launched an epidemic of the encryption virus WannaCry. “Sanctions are having an economic impact, so cyber operations are a means to make money, whether it’s through cryptocurrency mining or bank robbery,” Ugoretz added. The representative of the Director of National Intelligence of the United States, Erin Joe, said that the FBI and several other US agencies intend to oppose the criminal activities of the DPRK in the field of cryptocurrency to cover this source of funding for Pyongyang. It is noteworthy that on May 28, some users of the UpBit cryptocurrency exchange received phishing e-mails in which they were promised non-existent prize payments. These letters contain documentation that, after downloading, launches malware. Note that earlier in attacks on the Bitcoin exchange to circumvent the sanctions, North Korea was accused of the UN, assessing the minimum damage for the period from January 2017 to September 2018 at $ 571 million. At the end of 2017, Assistant to the President of Donald Trump on internal security issues, Thomas Bossert, publicly accused the DPRK of spreading the WannaCry epidemic, the losses of which reached billions of dollars. Recall, for the first time, mining activity in the DPRK was recorded on May 17, 2017. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  14. Dynasty Global Investments is project of a worldwide platform born in the Crypto Valley. A business-friendly ecosystem centred in and around the Swiss canton of Zug with active connections to international centres of blockchain innovation in London, Singapore, Silicon Valley and New York. Built on top of Ethereum, a decentralized platform without any possibility of downtime, censorship, fraud or third party interference. By implementing blockchain technology, Dynasty Global Investments bring investment transparency, globalization, and decentralization to the next level with their artificial intelligence platform for investments in Real Estate assets. Working closely with the best investment managers, lawyers, and financial authorities, Dynasty Global Investments are creating a solid bridge between the blockchain universe and the classical real estate investment by providing a transparent and legally compliant framework. Dynasty Global Investments and KYCBench are accomplishing mutual goal to create a secure space like never seen before! KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
  15. KYCbench

    Bitwise Asset Management presented a 105 pages report to the US Securities and Exchange Commission (SEC), which reviewed 83 cryptocurrency exchanges for fake trading volumes, analyzed the relationship between futures on the CME and the spot market, as well as the volume of arbitrage operations on the platforms. The document, in particular, states that in reality the bitcoin spot market is much smaller, more regulated and more efficient than is commonly believed. Thus, according to the study, the state of the spot market has improved significantly since the beginning of 2018. Earlier in Bitwise, it was argued that 95% of trading volumes on unregulated exchanges are fake and devoid of any economic sense. The analytical material had a thesis that approximately $ 6 billion of the daily trading volume of cryptocurrencies on the spot market are fake. Only 10 of the 83 cryptocurrency exchanges analyzed, passed the original Bitwise test, the purpose of which was to determine whether the sites overstated their trading volumes systematically. These include Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex. It is worth noting that the South Korean cryptocurrency exchanges were not included in the study. In Bitwise, this was explained by the fact that the trading volumes of these sites stand out too much from the rest of the cryptocurrency market. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com Join our Telegram Groups: KYCBench Announcement KYCBench Community
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