BTC Isn’t the Currency for Money Laundering, US Bank Pays $613m Fine 765

Money laundering has always been a big problem in the financial sector. Turning “dirty” money into “clean” money makes it nearly impossible to trace criminal activity. One could argue money laundering is a sold as the banks themselves. US Bancorp is fined $613m to settle “willful” violations of the Bank Secrecy Act. It is once again evident financial institutions are the go-to solution to launder money. Cryptocurrencies such as Bitcoin, on the other hand, are very small fish in this cesspool.

Addressing money laundering problems is not easy by any means. With so many people involved in these processes, it’s only natural some transactions go by unnoticed. Banks staffers often fail to recognize or report suspicious transactions. In the case of US Bancorp, it will cost them a hefty penny. With $613m in fines to be paid, some bank members will be to blame. It also shows how relatively easy it is to launder funds through the banking system. There are quite a few institutions who either don’t flag transactions or do not bother to deal with the reporting side of things.

US Bancorp Fined for Money Laundering

Most of the fines will be paid to the US Treasury. The remainder will go to FinCEN, The Federal Reserve, and the Office of the Comptroller of the Currency. While such a fine is steep, it’s usually a drop in the bucket. Entities such as US Bancorp can make a lot more money from processing these illicit transactions like normal. They collect fees for every transaction, after all. This fine will not necessarily make any big dent in their earnings. More worryingly, people will probably forget US Bancorp was even involved in this scandal in a few months from now.

It is uncanny how these are the same banks who tell people Bitcoin is a tool for criminals and terrorist. Unlike the systems used by US Bancorp and consorts, Bitcoin is as transparent as it can get. There is a degree of pseudonymity, but people can flag transactions in real-time. All information other than users’ identities is public and traceable. Converting Bitcoin to real money needs to be done through brokers or exchanges. These companies perform checks to prevent money laundering as well. It is very cumbersome to cash out crime proceeds with Bitcoin as of right now.

Even then, the converted money is still processed by banks. If they do not perform proper AML checks, bitcoin isn’t to blame for their shortcomings. US Bancorp and consorts need to be punished far more severely for failing to adhere to regulatory guidelines. They have all of the information on hand to flag, track, and identify suspicious behavior in a few minutes. Why they aren’t doing so is anybody’s guess right now. Money laundering will always be facilitated by the banking system.

Previous ArticleNext Article

Leave a Reply

OORT partners with Space and Time to revolutionize AI data management and accessibility 2312

OORT, a decentralized verifiable cloud computing platform for AI applications, is pleased to announce its exciting new partnership Space and Time, the verifiable compute layer for AI x blockchain, backed by Microsoft’s M12, which aims to revolutionize data management and accessibility through OORT’s Layer 1 (Olympus) and Space and Time’s integrated onchain and offchain data infrastructure.

As part of this partnership, Space and Time plans to provide the ZK-proven data layer for OORT’s Olympus network, serving as a reliable storage and verifiable query solution for OORT’s onchain transaction history. All transactions and account details processed on Olympus can be securely stored and made easily accessible via Space and Time. This seamless integration enables users to quickly query and retrieve task verification and transaction information, enhancing transparency and operational efficiency.

“We are thrilled to enter into this strategic partnership with Space and Time,” said Max Li, Co-Founder at OORT. “By leveraging Space and Time’s exceptional decentralized data warehouse capabilities and API services, we will significantly enhance the accessibility and usability of data within our ecosystem. This collaboration reinforces our commitment to delivering innovative solutions that empower our users to maximize the value of their data.”

“We’re excited to collaborate with the OORT team to build toward the future of verifiable AI. Space and Time’s ZK-proven data layer combined with OORT’s decentralized cloud computing solution provide a powerful set of tools for developers building the next generation of AI models,” said Stephen Hilton, Head of Solutions at Space and Time.

The partnership between OORT and Space and Time represents a significant milestone in the evolution of AI data management and storage solutions. Both companies are committed to driving technological advancements and empowering the next generation of dApps with the tools they need to thrive in an increasingly data-driven world.

For more information about OORT and its range of cutting-edge solutions, please visit https://www.oortech.com/. To learn more about Space and Time and its ZK-proven data services, please visit https://www.spaceandtime.io/.

About OORT

OORT is a decentralized verifiable cloud computing platform for AI applications. Our network leverages global resources from data centers to local edge devices with a proprietary blockchain-based verification layer to secure all transactions and computations, from data crowdsourcing and labeling, to model training and local inference. By harnessing the power of decentralized networks, OORT aims to return value to users while creating a more scalable and equitable future for AGI.

About Space and Time

Space and Time is the verifiable compute layer for AI x blockchain that joins tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and LLMs. Space and Time has developed a novel cryptography called Proof of SQL that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. Space and Time is built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project requiring verifiable data across enterprise, blockchain and AI.

GICAI launches revolutionary global digital currency quantitative trading platform to improve investment returns and security 2859

GICAI announced today that its new global digital currency quantitative trading platform has been officially launched. The platform integrates cutting-edge algorithms and AI technology to provide global investors with an efficient and safe high-yield investment channel.

As a company dedicated to promoting the forefront of digital currency investment, GICAI’s mission is to use innovative technology to simplify the investment process so that every investor can easily make a profit. GICAI’s CEO said: “Our platform not only marks a major advancement in the field of financial technology and quantitative trading, but also represents our continued commitment to optimizing the investment experience. With the latest artificial intelligence technology, GICAI continues to improve the accuracy and efficiency of market analysis and transaction execution to ensure the safety of funds and stable returns for each user.”

The core advantages of the GICAI platform include:

  • Global vision: With in-depth insights into global market dynamics, GICAI can capture and utilize the latest trends in the international market and open up global investment opportunities for investors.
  • Advanced technology application: The platform uses the most advanced AI technology for in-depth market analysis and real-time transaction execution, which greatly improves the efficiency and accuracy of transactions.
  • Professional team: A team of experienced financial and technical experts provides customers with professional investment advice and customized services to ensure the professionalism of investment decisions and the satisfaction of personalized needs.
  • Strict compliance: GICAI strictly abides by international and regional laws and regulations to ensure that the platform’s operations are completely legal and transparent.
  • High-quality customer service: Provide one-to-one investment advisory services and responsive customer support to ensure that each user’s specific needs and concerns are addressed.

With the core function of AI quantitative trading, GICAI not only optimizes trading strategies, but also provides real-time market analysis to help investors effectively manage risks and improve investment returns. In today’s rapidly developing digital currency market, the application of this technology is particularly critical, because the uncertainty and complexity of the market require investors to make quick and accurate decisions.

With the continued expansion of the digital currency market and the accelerated digitalization of the global economy, the launch of GICAI is just in time. The platform not only provides users with a safe and efficient investment tool, but also through continuous technological innovation and in-depth market insights, it is committed to enhancing users’ investment value and promoting the progress of the entire digital currency trading industry.

About the company

GICAI warmly welcomes global investors to join this fintech revolution, explore the future of digital currency investment together, and experience the high-yield investment potential that can be easily achieved through the GICAI quantitative trading platform.

With the growing global demand for advanced financial solutions, GICAI promises to continue to lead the market and provide customers with an unparalleled investment experience. Global investors are welcome to learn more and participate in this exciting investment revolution.

Website link: https://gicai.ai/

HashKey Global Launches 2nd HashKey Launchpool: Earn ATH Tokens by Locking ATH & USDT 3105

HashKey Global will launch the second phase of the Launchpool project, Aethir (ATH), on June 11, 2024. Users can lock ATH or USDT to share a pool of 5,870,000 ATH. The locking period is 3 days, starting on June 11 at 02:00 (UTC), with rewards beginning to accrue on June 12 at 10:00 (UTC). Spot trading for ATH/USDT will commence on June 12 at 10:00 (UTC), and ATH withdrawals will be available starting June 13 at 10:00 (UTC). Participation requires KYC verification, and both deposits and withdrawals will be conducted via the ERC20 network.

The Launchpool offers two supported pools: ATH Pool and USDT Pool. The ATH Pool provides 1,837,000 ATH in rewards with a minimum locking amount of 100 ATH and a maximum of 260,000 ATH. The USDT Pool offers 4,033,000 ATH in rewards, requiring a minimum of 10 USDT and a maximum of 5,000 USDT. The Launchpool period runs from June 12, 2024, to June 15, 2024.

About HashKey Global

HashKey Global is the flagship global digital asset exchange under HashKey Group, offering licensed digital asset trading services to users worldwide. HashKey Global has obtained a license from the Bermuda Monetary Authority with the potential to provide mainstream trading and service products such as LaunchPad, contracts, leverage, and staking.

For more details, please visit global.hashkey.com

TedAI Democratizes Access to AI and Blockchain with Accessible Education and Engaging Tools 3995

Fueled by a recent surge in global AI investments, exceeding $90 billion in 2023 alone, TedAI recognizes the immense potential for AI and blockchain to reshape our future. However, the complexity of these technologies can often be a barrier to entry. TedAI tackles this challenge head-on, offering a groundbreaking approach that merges AI and blockchain with accessible educational formats and engaging tools.

TedAI stands out by making the complex worlds of AI and blockchain accessible and irresistibly engaging. Our mission is to demystify these technologies and make them fun for everyone, from beginners to tech experts. TedAI bridges the gap between learning and creating in the digital age through three core pillars:

1. AI-Powered Educational Platform:

  • Interactive Learning: Our modules adapt in real-time to your progress, offering a personalized journey through blockchain and AI.
  • Hands-On Simulations: Engage in interactive simulations that let you apply your knowledge in real-world scenarios.
  • Community Engagement: Participate in forums, discussions, and collaborative projects, fostering a supportive learning community.

2. Meme Coin Creation Toolkit:

  • Simplified Contract Creation: Use pre-built scripts and customizable options to create meme coins without needing coding skills.
  • AI-Assisted Design: Let our AI guide you through contract coding and visual branding to bring your meme coin vision to life.
  • Flexible Deployment: Deploy your meme coin on various blockchain networks, tailored to your expertise level.

3. Generative NFT Art Studio:

  • User-Driven Creativity: Transform your ideas into personalized digital art using our intuitive platform.
  • Trend Analysis: Stay ahead with AI-driven insights into NFT art trends, enhancing the profitability of your creations.
  • AI-Powered Generation: Collaborate with AI to generate and customize intricate digital artwork, ensuring each piece is unique.

TedAI is more than a platform; it’s a community-driven movement to democratize access to blockchain and AI. With our innovative tools and engaging approach, we are paving the way for a new era of digital creativity and learning.

TedAI offers exclusive opportunities for early supporters:

  • Airdrop and Referral Program: We are giving away $100,000 worth of TED tokens and offering up to $50,000 in referral rewards.
  • Whitelist and Sales Events: Secure your spot on our whitelist starting on June 7, 2024. Participate in our IEO and private sale on June 17, 2024, on the P2B exchange.

Register now to participate in the airdrop, whitelist, and token sale at https://tedai.io/en/register/

Visit us:
Website: https://tedai.io/en/
Whitepaper: https://tedai.io/whitepaper/
X: https://twitter.com/TedAi_io
Discord: https://discord.gg/tedai
Telegram: https://t.me/tedai_io

Cryptosace Unveils Free Bitcoin Cloud Mining 4436

Cryptosace, a leader in the cryptocurrency mining space, is excited to announce the launch of its free Bitcoin cloud mining service. This initiative aims to democratize access to cryptocurrency mining, allowing individuals to participate without the need to own or manage expensive mining equipment.

Cryptocurrency mining has transformed the financial landscape by introducing decentralized currencies and new investment opportunities. In this digital era, platforms like Cryptosace have become essential for cryptocurrency traders and enthusiasts, offering free demand and investment analysis and enabling Bitcoin mining.

How Cryptosace Cloud Mining Works

Cryptosace’s cloud mining service allows everyone to engage in cryptocurrency mining without the complexities of owning or managing mining machines. Here’s how it works:

1. Choose Cryptosace Cloud Mining Company
Begin by selecting Cryptosace Cloud Mining Company and register to start free mining.

2. Select a Mining Package
Cryptosace offers both free and paid mining packages. Users can choose based on the amount of computing power they wish to rent and the rental duration. Higher computing power increases potential returns.

3. Pay for Your Plan
After selecting a plan, payment can be made using various supported cryptocurrencies.

4. Receive Daily Mining Income
Users earn returns based on the computing power rented. Earnings can be withdrawn to a compatible wallet once the balance reaches $30.

Cryptosace is a comprehensive resource center for anyone involved in or interested in cryptocurrency mining. The platform’s user-friendly design and sleek interface cater to both beginners and experienced traders. Cryptosace offers extensive resources, from beginner guides to advanced market trend analyses and trading strategies.

Cryptosace provides a suite of cloud mining trading tools and services to optimize trading strategies and maximize returns. These include portfolio trackers, risk management tools, advanced trading algorithms, and signals. Users receive mining benefits every 12 hours, enhancing their trading experience.

Cryptosace fosters a sense of community through its referral program, offering a permanent 5% reward for each new user referred. This program promotes growth and encourages community-led support and collaboration among users.

About Cryptosace

CryptoSace is a legal mining company in the UK, founded in 2019. CryptoSace is also a mining machine supplier and is currently the largest partner of Antminer suppliers in Europe. If you don’t want to host, you can buy your own mining machine and mine by yourself. CryptoSace will guide you throughout the process. It is less troublesome to host the mining machine. You don’t need to spend too much time and you can directly enjoy the benefits of mining. For more Information, kindly reach out to https://cryptosace.com

Website: https://cryptosace.com

Ironblocks launches open-source, on-chain, self-service firewall to protect DeFi protocols and Web3 platforms from cyberthieves 4766

Ironblocks, the only blockchain-native security platform, is excited to announce that it has launched an industry first – an open-source, on-chain, self-service firewall purpose built for DeFi protocols and web3 applications.

The Ironblocks Firewall is the result of over two years worth of research and development, and counts Linea, AltLayer, and Kinto among launch partners already using Ironblocks’ industry-altering solution to protect their projects and/or users on their networks.

“We believe that we have solved many of the problems that have plagued the DeFi and web3 for some time,” said Or Dadosh, CEO at Ironblocks, adding, “and we are just getting started – the firewall is the first in a series of launches coming this year.”

More than $730 million worth of crypto was stolen during the first quarter of 2024, according to one estimate, with another $60 million pilfered in April, and an additional hundreds of millions stolen in May alone. Hacks are down, but threats still remain, and the Ironblocks on-chain firewall is a novel solution to an ever-present problem.

In an industry-first, modular policies able to be implemented by security teams and real time threat detection feeds into an intuitive dashboard that visualizes all activity and enables easy identification of malactors. Additionally, when a transaction is flagged as being illicit, the transaction in question is siloed off from being able to access funds or information on the protocol and the remaining users can continue using it normally.

Ironblocks’ open-source solution has no paywall and requires no demo to start. Regular operations no longer need to be suspended, revenue is not lost, and users still have access to their funds and the functionality around them – and implementation can be done in only minutes.

“Protocols experiencing rapid growth often become targets for hackers and cyberthieves,” said Declan Fox, Product Lead at Linea. “Ironblocks’ on-chain firewall provides an essential layer of security, allowing us to confidently protect our users while continuing to grow and innovate. We value having robust security measures in place, including solutions like Ironblocks, to ensure the safety and trust of our community.”

This launch is the culmination of years of research and development, and is the first in a series of major announcements planned for 2024.

Ironblocks was co-founded in 2022 by Or Dadosh and CTO Assaf Eli, veteran software engineers and blockchain natives with vast experience in cyber security and in DeFi, having been part of the team responsible for creating Bancor and securing more than $300 million in total value locked (TVL).

Or Dadosh also previously was head of blockchain innovation and solidity developer at Orbs, blockchain engineer at eToro, and blockchain leader at Bancor. Assaf Eli previously also was a blockchain consultant for projects on the Ethereum Network ecosystem, and part of the former core team that built Bancor.

To learn more about Ironblocks and how the Firewall can help protect your protocol, visit www.ironblocks.com.

About Ironblocks

Ironblocks is an end-to-end security provider for Web3 platforms, DeFi protocols, bridges, market makers, and other digital asset projects. Ironblocks automates proactive threat detection and will soon enable teams to instantly take preventative measures in milliseconds.

Our mission is to protect decentralized finance and web3 from threats and thefts, creating the security needed to enable broad adoption of these platforms.