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Crypto and Financial Crime to Be Fought by French-Austrian Tech Collaboration

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Tue, 02/25/2020 - 12:43
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  • NIGMA Conseil and state-backed Austrian Institute of Technology join forces to fight against crypto and financial crime

Cover image via www.shutterstock.com
Contents

Financial regulators seem to be tightening the bolts on cryptocurrencies, considering crime and illegal activities the only worthy use-case for them.

Globenewswire spread the word that two companies – NIGMA Conseil from France together with the AIT (Austrian Institute of Technology) – are teaming up to increase crypto and blockchain forensics. The latter is the biggest research and tech organization in Austria owned by the government.

New Blockchain sleuth 

The French-based firm NIGMA Conseil that works in the DLT security sphere and the AIT have agreed to make their collaboration stronger against financial crimes involving cryptocurrencies.

They have already been cooperating for a while – e-NIGMA provided DLT analytics and added to the measures taken by AIT against money laundering. The basis for this was the AIT’s crypto forensics platform dubbed GraphSense.

As per Globenewswire, e-NIGMA is an instrument for DLT forensics dealing with KYC/AML measures, tracking the blockchain transactions of companies that deal with cryptocurrencies and their derivatives. They also work with banks and governmental agencies.

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‘Regulations will evaporate tokens as they are now’

Earlier today, crypto trader ‘Bitcoin Jack’ posted a tweet about Ethereum. However, he called ETH a commodity and said that in the future regulators, such as the US SEC, will divide digital tokens into categories with the existing assets. The trader believes that, in the future, such assets will be available only to accredited investors. He says:

"I'm bullish on $ETH? It's a commodity. Take $ENG as an example, it is a security now. Many will follow. Regulations will evaporate the tokens in their current form. Access to their new form will be limited to accredited investors initially Ethereum will remain non exclusive."

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • A lone whale was able to move the BTC price by more than $400 on the Kraken exchange

Cover image via stock.adobe.com
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The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

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Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

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A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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