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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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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

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Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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