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Dubai Police To Release Second Collection Of NFTs — Nearly 23 Million Show Interest In First Collection

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Dubai Police To Release Second Collection Of NFTs — Nearly 23 Million Show Interest In First Collection

Months after rolling out its first collection of non-fungible tokens (NFTs), the Dubai Police has said it will launch the next collection at the 2022 edition of The Gulf Information Technology Expo (GITEX). People from outside the country will also get a chance to own the next Dubai Police NFT collection.

First Government Entity in UAE to Mint NFTs

Dubai Police is set to roll out its next collection of non-fungible tokens (NFT) just months after the initial collection saw nearly 23 million people show an interest in acquiring them, a report has said. According to the report, the law enforcement agency’s second collection of NFTs will be rolled out at this year’s edition of GITEX.

After the rollout of its first collection, Dubai Police reportedly became the first government entity in the United Arab Emirates (UAE), and one of the first in the world, to mint NFTs. Since then, the law enforcement agency claims it has received more than 7,000 messages from people interested in the tokens.

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Dubai Police Digital Asset Raffle

Further, in his remarks published by Khaleej Times, Khalid Nasser Al Razooqi, the director of the General Department of Artificial Intelligence at the Dubai Police, said:

All participants were contacted to confirm digital wallet addresses, and those who met the requirements were shortlisted in a raffle draw, of which 150 individuals won and received the Dubai Police digital assets for free.

The director suggested that just like the initial NFT collection, people from outside the country will also get a chance to own Dubai Police’s next collection without paying anything.

Meanwhile, Al Razooqi is quoted in another report breaking down the details of the most interactive countries. As per the report, the most interactive countries include the UAE, Nigeria, India, the United States of America, and Saudi Arabia. Together, these countries reportedly accounted for a total of 589,173 views of Dubai Police NFT-related news.

Out of this total, 418,693 of these views were on Twitter, 24,282 were on Facebook, and 146,198 were on Instagram, Al Razooqi said.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Alex Smirnov

Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked The Protocol’s Team

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Debridge Finance Suspects North Korean Hacking Syndicate Lazarus Group Attacked The Protocol’s Team

According to the co-founder of Debridge Finance, Alex Smirnov, the infamous North Korean hacking syndicate Lazarus Group subjected Debridge to an attempted cyberattack. Smirnov has warned Web3 teams that the campaign is likely widespread.

Lazarus Group Suspected of Attacking Debridge Finance Team Members With a Malicious Group Email

There’s been a great number of attacks against decentralized finance (defi) protocols like cross-chain bridges in 2022. While most of the hackers are unknown, it’s been suspected that the North Korean hacking collective Lazarus Group has been behind a number of defi exploits.

In mid-April 2022, the Federal Bureau of Investigation (FBI), the U.S. Treasury Department, and the Cybersecurity and Infrastructure Security Agency (CISA) said Lazarus Group was a threat to the crypto industry and participants. A week after the FBI’s warning, the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) added three Ethereum-based addresses to the Specially Designated Nationals And Blocked Persons List (SDN).

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OFAC alleged that the group of Ethereum addresses are maintained by members of the cybercrime syndicate Lazarus Group. Additionally, OFAC connected the flagged ethereum addresses with the Ronin bridge exploit (the $620M Axie Infinity hack) to the group of North Korean hackers. On Friday, Alex Smirnov, the co-founder of Debridge Finance, alerted the crypto and Web3 community about Lazarus Group allegedly attempting to attack the project.

“[Debridge Finance] has been the subject of an attempted cyberattack, apparently by the Lazarus group. PSA for all teams in Web3, this campaign is likely widespread,” Smirnov stressed in his tweet. “The attack vector was via email, with several of our team receiving a PDF file named “New Salary Adjustments” from an email address spoofing mine. We have strict internal security policies and continuously work on improving them as well as educating the team about possible attack vectors.” Smirnov continued, adding:

Most of the team members immediately reported the suspicious email, but one colleague downloaded and opened the file. This made us investigate the attack vector to understand how exactly it was supposed to work and what the consequences would be.

Smirnov insisted that the attack would not infect macOS users but when Windows users open the password-protected pdf, they are asked to use the system password. “The attack vector is as follows: user opens [the] link from email -> downloads & opens archive -> tries to open PDF, but PDF asks for a password -> user opens password.txt.lnk and infects the whole system,” Smirnov tweeted.

Smirnov said that according to this Twitter thread the files contained in the attack against the Debridge Finance team were the same names and “attributed to Lazarus Group.” The Debridge Finance executive concluded:

Never open email attachments without verifying the sender’s full email address, and have an internal protocol for how your team shares attachments. Please stay SAFU and share this thread to let everyone know about potential attacks.

Lazarus Group and hackers, in general, have made a killing by targeting defi projects and the cryptocurrency industry. Members of the crypto industry are considered targets because a number of firms deal with finances, an assortment of assets, and investments.

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Alex Smirnov, Attack, Crypto, Cryptocurrency, Debridge Finance, DeFi, Digital Assets, exploit infects the system, Hackers, Lazarus Group, Lazarus Group attack, Malicious Email, north korea, North Korea Lazarus Group, north korean hackers, Password, PSA, suspicious email, Team Attack, widespread attack

What do you think about Alex Smirnov’s account of the alleged Lazarus group email attack? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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cryptoassets

UK Law Commission Publishes Proposals To Reform Laws Relating To Digital Assets — Says Reforms Must Not ‘Stifle Development’

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UK Law Commission Publishes Proposals To Reform Laws Relating To Digital Assets — Says Reforms Must Not ‘Stifle Development’

According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”

Several Key Areas Still Need to Be Reformed

A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”

In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.”

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While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are “several key areas” of the law that still needs to be reformed. Such reforms will “protect the rights of users and maximize the potential of digital assets.”

Commenting on the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:

Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.

Developing the Right Legal Foundations

Green also emphasized the importance of directing the commission’s efforts towards “developing the right legal foundations to support these emerging technologies.” She suggested the commission should avoid rushing to impose a regulatory regime as this may have an unintended consequence of stifling the further development of these technologies.

By doing this, both England and Wales “could reap the potential rewards and position itself as a global hub for digital assets.” Meanwhile, in the statement, the Law Commission said those that wish to give it feedback must do so by November 4.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Dayo Obisan

Nigeria Leads Africa In Regulating Digital Asset Space — Securities Regulator

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Nigeria Leads Africa In Regulating Digital Asset Space — Securities Regulator

Nigeria has taken the lead in regulating digital assets in Africa, and is one of the countries looking keenly into governing the digital asset space, an executive director with the country’s securities regulator has said. The director also made clarifications on the different regulatory roles played by the central bank and the Nigerian Securities and Exchange Commission (SEC).

Protecting Investors

According to the executive director of Nigeria’s securities regulator, Dayo Obisan, his country is “leading in Africa in terms of making the rules and regulating into the digital asset space.” Globally, Nigeria is one of the countries keenly looking into that space, Obisan claimed.

In comments published by Nairametrics, Obisan said the objective of his organization, the Securities and Exchange Commission of Nigeria (SEC), is to create an operating environment that allows players in the digital asset space to prosper but one that also protects investors.

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The remarks by Obisan concerning the SEC’s regulation of digital assets come just over two months after his organization announced a new set of rules to govern the use of cryptocurrencies as well as the activities of virtual asset service providers (VASPs). As reported by Bitcoin.com News, the new rules govern the issuance of digital assets as securities. The regulations also include rules on the registration requirements for digital asset offering platforms (DAOPs), VASPs, and digital asset exchanges.

The SEC director’s comments come at a time when questions over which body, between the SEC and the Central Bank of Nigeria (CBN), should regulate cryptocurrencies continue to linger. Some players in the Nigerian digital asset space have said the seemingly conflicting statements issued by the two regulators suggest they do not see eye to eye when it comes to the regulation of digital assets.

Digital Assets as an Investment Tool

However, when speaking during a webinar organized by Nairametrics, Obisan attempted to address the confusion by clarifying the respective role of each regulator. He said:

The regulatory space is evolving. Even after we came up with our classification of digital assets. You know there is this fungibility in the use of the language, crypto assets and cryptocurrency, so it depends on the usage. When anything is a fiat – fiat is money – we use it as a means of exchange, that is an exclusive precedence from the Central Bank of Nigeria. But when it is used as an investment tool, then it falls squarely on our lap.

After the SEC unveiled the latest set of rules governing the digital asset space, Bitcoin.com News sought CBN governor Godwin Emefiele’s reaction to the announcement. However, at the time of writing, Emefiele has not responded to our inquiry.

Register your email here to get a weekly update on African news sent to your inbox:

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What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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