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UK thieves targeting phones to steal crypto

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U.K.› Coinbase › Crypto.com › Ethereum › Crime

One victim of the attack revealed that a mugger forced him to open his phone with a fingerprint, changed his security settings, and stole £28,700, including cryptocurrency.

2 min read

Updated: May 9, 2022 at 11:59 am

Cover art/illustration via CryptoSlate

Thieves in the U.K. are now mugging digital investors and stealing victims’ phones to access their crypto investments, the Guardian reported, citing London Police.

The city of London police informed the newspaper of the rise in tech-savvy crimes to raise awareness and to warn residents to be cautious.

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Crypto mugging on the rise

Several people claim they lost thousands of pounds worth of crypto after muggers took possession of their phones. One victim claimed he lost £5,000 in Ethereum (ETH) from his Coinbase account after a gang of muggers took control of his phone for some minutes before returning it. 

Another victim said a mugger forced him to open his phone with a fingerprint, changed his security settings, and stole £28,700, including cryptocurrency. While some muggers return the victim’s phones after stealing crypto assets, some victims lose their phones entirely.

One victim said he lost his phone and cards to pickpockets after an evening at the pub only to find out that they’d stolen £10,000 from his Crypto.com account. According to the report, the thieves may have targeted the victim after seeing him type his account pin in public.

The rate of these activities, which David Gerard, the author of Attack on the 50 Foot Blockchain, described as “crypto mugging,” is concerning. One of the main concerns of crypto investors is security, and with the rise of this kind of crime, it appears their funds are not only at the risk of hackers anymore.

Due to the immutable nature of blockchain technology, transactions on the blockchain cannot be reversed once they are executed.

Chainalysis CTO says police can trace these crimes

Chainalysis CTO Gurvais Grigg believes that police should be able to trace these crimes. Grigg, an FBI veteran, said government agencies should theoretically be able to track crypto-asset movement using the digital paper trail.

In his words,

 To [transfer stolen assets], they have to provide a wallet address and, most likely, they’ll use that wallet address again in the future. You also need to bring it to an exchange if you want to turn it into fiat currency.

The reported incidents took place in the last six months of 2021. But there have been multiple other cases where people claim to have lost their crypto assets due to physical attacks from thieves.

These occurrences present a new challenge for law enforcement who are still trying to deal with cyber crimes and crypto fraud.

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CBC

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

Tags in this story

CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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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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AVAX Hackathon

MetaOasis AVAX Hackathon News Report

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MetaOasis AVAX Hackathon News Report

press release

PRESS RELEASE.

MetaOasis Wins the Double in Hackathon Competitions

Three months ago, MetaOasis won the championship in Metaverse Alliance 2021 Global Metathon. Three months later, MetaOasis got the most votes and beat 112 competitors in the recent Avalanche Asia Hackathon. Therefore, MetaOasis will become the first project that wins the double in international hackathon competitions in the gamefi history.

What worth mentioning is that Avalanche Asia Hackathon set up an algorithm mechanism which can prevent repeated voting. That’s to say, all votes were from loyal supporters of the project, which makes the votes be of great value, and it also shows that MetaOasis deserve the championship by having the strength with strong and real user base.

Who is the Champion-MetaOasis?

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. Meanwhile, MetaOasis will launch the first self-developed big game, making it the core to gather excellent game around the world into MetaOasis.

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As the first gamefi that can provides players with a rich and interesting experience like traditional games, MetaOasis is confident that it will attract more traditional players into the platform. Moreover, a series of revolutionary initiatives within the platform will continue to help users and empower developers.

For Users: Low Threshold but More Fun

MetaOasis built a “buffer zone” for new users, especially for the traditional internet users to come into WEB3.0. Through the innovative “inter-linked account” mechanism, “buffer token” mechanism, and compatible with the traditional game IAP (In-App Purchase) channel, users can choose either quick registration to experience the platform first or immediate registration for blockchain wallet, which avoids traditional users’ excitement diminishing due to the learning difficulty and financial risks of entering the blockchain space, and enables users to enter the WEB3.0 world more smoothly.

MetaOasis used a professional game engine, and through the disclosed video, we can see the definition of MetaOasis’s frames is at a high level. Moreover, MetaOasis is built by a mature R&D game company with more than 100 employers and a blockchain technology team. Therefore, different from other gamefi which are not attractive enough, MetaOasis offers multiple ways for players to play: battle, construction, exploration, collection, mission, social, etc. For example, MetaOasis encourages players to participate in social activities as well as challenging others in the form of parties, or occupy other players’ lands, and eventually get the rewards! MetaOasis makes gamefi get back to game, and allows players to have fun.

For Developers: More Users, Stronger Empowerment

MetaOasis is not only a platform to create content for professional R&D teams, but also a series of strong empowerment by offering instruction of gamefi change for researchers and developers.

NFT Interoperation

MetaOasis changed the situation that different gamefi NFTs are unable to inter-operate with each other with a well-designed solution MNP30(MetaOasis NFTs Protocol, as shown below) for the industry. In a few words, it allows users to accumulate and interoperate their NFTs owning in different games of the platform or other achievements by building a set of exchange standards and protocols, and this will lower the threshold of repeated user investment to a certain extent and also make the value of user accumulation more sustainable.

SDK for Multiple Platforms and Development Tools

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High-qualified content is the key to attract users, therefore MetaOasis hopes that developers focus on applications or games, and provide a series of SDKs for developers to deploy mechanisms without too much effort. Moreover, the SDK is suitable for a variety of platforms and development tools, which means that whether it is a project for WebGL or a traditional game developed by Unreal or unity, it can all be covered. At the same time, based on open digital identity and home, MetaOasis will also offer some development tools to users, allowing all users participate in UCG development.

Sharing the Platform Ecosystem

Content-creators can share the advantages of the platform ecosystem in community traffic, marketing, technology resource, etc, making their works being more likely to be approved in the market. Those contents approved by most people will be shown in the MetaOasis metaverse in the form of special stars, building a game world which keeps developing and changing, together with mainverse games.

Overall, MetaOasis has shown the potential to truly become a next-generation game publishing platform, giving us a glimpse of the new development direction and prosperity of the gamefi ecosystem. Meanwhile, Project CH, the first core project of MetaOasis, has also revealed a large number of milestone achievements with high degree of completion and complexity, which gives us every reason to expect that an epoch-making project will come out soon.

About MetaOasis

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. MetaOasis reduces the entry threshold of Web2 users by building the infrastructure of Web2 and Web3 integration and also provides a series of tools for Web3 game developers to solve user login and payment problems. Allow developers to focus on making products.

Meanwhile, MetaOasis will release the main universe game that meets the game’s specifications as well: Project: CH, and self-developed ecological games such as “Puzzle Game” and “Embassy Planet” are already online.

Contact

Official Website: https://www.metaoasis.cc/

Twitter:https://twitter.com/Metaoasis_ @Metaoasis_

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Discord: https://discord.gg/metaoasis

Telegram: https://t.me/metaoasis

Medium:https://metaoasis.medium.com/

Reddit: https://www.reddit.com/user/Meta-oasis/

Youtube: https://www.youtube.com/channel/UCGLcR_Q72Uvpjf-NDuLgc6Q/featured


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

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Aatiqa Lateef

Report: Pakistan Can Generate $90 Million Annually If It Introduces A 15% Tax On Crypto Transactions

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Report: Pakistan Can Generate $90 Million Annually If It Introduces A 15% Tax On Crypto Transactions

Pakistan can generate tax revenues of at least $90 million each year if authorities impose a 15% tax on cryptocurrency transactions, an executive with a cryptocurrency exchange has said.

15% Crypto Tax

An executive with a Pakistani cryptocurrency exchange has said Islamabad can generate at least $90 million in tax revenues if authorities decide to levy a 15% tax on cryptocurrency transactions. The executive, Zeeshan Ahmed, the country general manager at Rain Financial Inc, claimed this would be possible if Pakistan adopts what one report calls “hard and fast regulations.”

In comments published by The International News, Ahmed claimed that Pakistan’s neighbor India and the United States are already getting billions of dollars in tax revenues. He said:

The US and India are collecting billions of dollars through a 30 percent tax on the profit earned from crypto trading. We can start with a 15 percent tax.

Role of Crypto in Pakistan’s Economy

Ahmed’s sentiments were echoed by his fellow executive, Aatiqa Lateef, the crypto exchange’s director of public policy. Speaking at the same event where attendees discussed the role of crypto assets in an economy, Lateef suggested his company is playing its part in helping to change regulators’ perception of cryptocurrencies.

“We are in constant touch with all regulators including SBP, PTA, FBR and others and will be ready to assist them,” explained Lateef. The director added that the Pakistani government has since set up committees to discuss different regulation scenarios. The committees are also expected to recommend policy options available.

Lateef, in the meantime, concedes that it could take between 12 and 18 months before the Pakistan government makes its decision. One of the reasons for this could be regulators’ lack of capacity or inability to police the crypto industry. However, with the assistance of cryptocurrency firms like Rain, Pakistan may overcome the challenges, Lateef said.

What are your thoughts on this story? Tell us 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.

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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