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UK GOV makes moves to secure THE METAVERSE from cyber crime 👩🏽⚖️ 💰 OneCoin LAWYER DENIED RETRIAL! & MORE TOP STORIES!
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Aussie Crypto Hacks ASIC warning 🇦🇺
The cryptocurrency industry is grappling with a surge in cyberattacks, as noted by ASIC Chair Joe Longo. Longo highlights the industry's increasing reliance on third-party cybersecurity providers as a significant vulnerability, with almost half of Australian businesses neglecting due diligence in their partnerships.
Longo prescribes three crucial security principles:
1. Continual Vigilance: Security must be monitored and adapted consistently, not a one-time effort.
2. Preparation & Testing: Routine testing is vital to identify and address weaknesses.
3. Awareness: Ignorance in cybersecurity is dangerous; you can't protect what you don't understand.
The industry suffered 48 significant hacks in July, resulting in $165 million in losses.
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UK’s move to secure the metaverse 🇬🇧
The UK Parliament has passed the Online Safety Bill, a landmark piece of legislation that aims to make online spaces safer for users, including in the metaverse. The bill requires internet-based companies to assess and mitigate the potential exposure of users to illicit content, and to protect minors from harmful material.
The bill's inclusion of the metaverse is a sign that the UK government is taking the potential risks of this new virtual world seriously. It is also a reminder that the bill is designed to be technologically neutral and forward-looking, so that it can keep up with the pace of technological change.
South Korea’s crypto crime crack down❌
South Korea is a significant crypto-friendly nation, with a high adoption rate of digital assets. This makes it a prime target for tax evaders and other criminals.
South Korea's National Tax Service (NTS) recently disclosed that cryptocurrencies make up over 70% of the country's declared overseas assets. This revelation highlights the country's embrace of digital assets, but it also raises concerns about tax compliance.
The NTS has warned that it is intensifying its scrutiny of non-compliant entities and will seize cryptocurrency from tax defaulters. This move is part of a broader effort by the South Korean government to crack down on financial crimes involving cryptocurrencies.
OneCoin attorney denied retrial 👩🏽⚖️
Once touted as a Bitcoin rival, OneCoin turned out to be a fraudulent pyramid scheme that lured participants with false promises of huge profits. In November 2019, attorney Mark Scott was convicted of laundering an astounding $400 million linked to the OneCoin scam. He allegedly amassed $50 million from a deceptive fund to handle OneCoin transactions.
Scott claimed he was unaware of OneCoin's fraudulent nature, citing a false testimony by Konstantin Ignatov, a key government witness. Despite Ignatov's perjury, US District Judge Edgardo Ramos recently denied Scott's retrial plea.
Scott's extravagant spending of OneCoin proceeds, including luxury homes, watches, sports cars, and even a yacht, was highlighted during the trial. Video here!
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