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Cryptocurrency Money Laundering Thrives in the UK; $408 Million Already Laundered

Since the UK began hunting money launderers, British police have managed to seize over $408 million (£294 million) worth of illegal cryptocurrencies. This shows that the general situation with money laundering using cryptocurrencies in the United Kingdom is alarming.

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Jul 15, 2021 at 09:15 // News

The United Kingdom is concerned about money launderers

Since the UK began hunting money launderers, British police have managed to seize over $408 million (£294 million) worth of illegal cryptocurrencies. This shows that the general situation with money laundering using cryptocurrencies in the United Kingdom is alarming.

Cash is still the king of criminal activity, but advances in fintech have forced some criminals to switch to more complex methods of moving dirty money, such as using Bitcoin (BTC) and other cryptocurrencies.

While the large percentage of Bitcoin and cryptocurrency transactions in the UK are legal, the privacy and cross-border nature of cryptoassets make them smart for criminals, including money launderers.

Crypto money laundering is growing

Criminals have moved over $2 trillion in transactions worldwide in the form of money laundering. The intelligence department of US Financial Crimes Enforcement Network (FinCEN) designated the UK as a higher risk country as more than 3,000 UK-registered companies appeared in the Suspicious Activity Reports (SARs).

Regulation_of_crypto_assets_in_the_UK.jpg

Last month (June 24), the UK Metropolitan Police, in conjunction with the Economic Crime Command, managed to seize around $160 million worth of cryptoassets as part of an ML investigation. This was recorded as the highest ever cryptocurrency seizure in the country and was also among the highest ever events in the crypto industry globally.

Also on July 13, UK police still seized cryptoassets worth $250 million after illegal groups moved illicit funds (money laundering) into cryptocurrencies. This dirty money (£180M) is believed to have been laundered on July 10.

Cooperation in the fight against criminal activities related to cryptoassets

The UK government is not idle, it has made several attempts to deal with this dire situation. Last week, authorities launched an investigation into crypto exchange Binance related to money laundering issues, according to CoinIdol, a world blockchain news outlet.

The investigation came a few days later after Japan’s Financial Services Agency (FCA) suspended the operations of the crypto exchange in question. On the same day (June 28) Binance, which is accused of ML and other compliance issues, was ordered to shut down its Ontario Province operations in Canada.

This shows that various governments, including the UK, are doing all they can to combat fraud and money laundering involving BTC and other digital currencies.

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The UK government has also unveiled plans to amend its business registry to effectively combat fraud and all methods of money laundering, including the use of cryptocurrencies.

For example, the authorities will introduce mandatory identity verification to help them track down criminals using cryptocurrencies to commit fraud and ML. The government also proposes to give the Companies House a lot of power to question, invest and remove false information.

This will help give the public, the fintech industry and other businesses unprecedented confidence in cryptocurrency transactions.

In addition, these reforms will restore confidence in the public and businesses as they will be able to know who they are transacting with. The changes will bring unmatched accuracy to the information in the registry, minus the speed of service.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://coinidol.com/cryptocurrency-money-laundering-uk/

Blockchain

Web23 and NexBLOC using Butterfly Protocol for Creating a Blockchain Naming System on the Cardano Blockchain Platform

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The Blockchain Domain Registry System will focus on enabling the Cardano community to maximize the use of blockchain domains

 

British Virgin Islands

Web23 Inc., a USA company, and NexBLOC, a British Virgin Islands company, are partnering to develop a blockchain-based naming system that runs natively on the Cardano blockchain platform. The initiative continues the move of the Butterfly Protocol onto numerous blockchains to ensure that those communities have the tools needed for full decentralized internet optimization.

The Butterfly Protocol was originally created using the Ethereum blockchain and continues to provide resources and tools for the Ethereum community. But, according to Dana Farbo, Founder of NexBLOC, the move helps expand the various blockchain development communities’ access to a unified naming convention. Mr. Farbo stated that “we will continue to lock the root domain on Ethereum but by using other blockchains, we can prepare for wider acceptance of blockchain DNS (DNS) and lower costs for using the decentralized web.”

SomKirann, Founder of Web23 went on to say “Cardano has been driving decentralization at its core and with the recent deployment of their Plutus smart contract capabilities, we wanted to be a first mover in creating capabilities for human-readable naming that exist on other chains. Working with Butterfly and NexBLOC allows us to move fast and prepare for a bright future within the Cardano community.”

This marks the second blockchain in the NexBLOC roadmap for naming system ubiquity across chains. Earlier this year, the buildout on XDC Networks was announced and work is progressing rapidly on the XDC blockchain. Supported by a grant from the XDC Foundation, a full deployment and rollout is expected for November 1st, 2021. In addition to the standard access tools for connecting websites using IPFS, wallet authentication and browser extensions, NexBLOC is working with XDC Networks dApp developers to integrate specific dDNS solutions for their projects.

Web23 is known for its work on allowing companies or individuals to create domains at scale. This is important for building an offensive and defensive system around brands and professional work. The SaaS solution creates an artificial intelligence supported capability to acquire similar names automatically based on trends, word searches and social media chatter. They are integrating the system into the decentralized domain acquisition space with low gas fee blockchains such as Cardano. As per Mr. Kirann, “rapid and bulk domain acquisition with the current state of Ethereum gas fees makes it prohibitive to deploy at scale. Cardano, XDC Networks and other blockchains allow us to provide a solution that supports the brand owner.”

The Cardano deployment is expected to be ready in mid-Q4, 2021, with other blockchains planned as part of the collaboration between Web23 and NexBLOC.

About Butterfly Protocol (https://www.butterflyprotocol.io/)

Butterfly Protocol is a decentralized autonomous organization (DAO) that aims to replace the Domain Name System (DNS) system and change the economics of domain ownership.

About Web23 (https://web23.io)

Blockchains are starting to open whole new world of possibilities where top level domains (TLDs), as well as long and weird wallet addresses, need to be converted into human-readable formats …. the motive for existing ICANN based domains and their resolutions to IP addresses.

As a SaaS solution, Web23 aims to:

  • Automatically protect the primary domain & neighborhood domains in the ICANN world
  • Optimize publishing of the domains to minimize the effects of look-alike domains
  • Notify owners & admin in 24X7 mode with ongoing threats targeted to the domains
  • Automatically protect the primary domain & neighborhood domains in the Blockchain world
  • Notify users about impersonated accounts in social media
  • Assess health of the brands with respect to domains & their resolving/publishing

At Web23, ICANN & Blockchain domains would be bought, administered, transferred & monitored in the secured, optimized & automated ways

About NexBLOC

Founded as a BVI company in 2021, NexBLOC uses the Butterfly Protocol and other technology stacks to create custom deployments of bDNS systems. They currently have over ten private blockchain top-level domains (bTLD) in various forms of deployment. In addition, they are working to roll out a free working environment for all blockchain developers using the .sandboxbTLD and other extensions.

Forward-looking statements

Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions. “Forward-looking statements” describe future expectations, plans, results, or strategies, and are generally preceded by words such as “future”, “plan” or “planned”, “expects,” or “projected.” These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company’s control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing and marketing products, intense competition, and additional risk factors.

Source: Plato Data Intelligence

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Blockchain

Facebook Sets up $50M Investment Fund for the Development of Metaverse

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Online social media and social networking service platform Facebook today announced a two-year grant of $50 million to strengthen the interpersonal connection between reality and virtual reality and consumer hardware and to promote the development of Metaverse products.

Metaverse is a combination of the prefix “meta”, meaning beyond, and “universe”, which refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency.

Metaverse is also called “Metaverse”. In this virtual space, users can create, explore, play, work, shop, and do other daily activities with other users who exist in another type of physical space.

Facebook represents the existence of Meta Universe that “It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”

In the latest official announcement, the company said:

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life.”

Facebook stated that in addition to cooperating with experts from the government, industry, and academia to think about interoperability, collaborative work, and other issues and opportunities in the metaverse, it will also cooperate in predicting and controlling risks in the following areas, namely: Economic opportunity; Privacy; Safety and integrity; Equity and inclusion.

Funds will be paid through Facebook’s two-year US$50 million XR program and research funding.

To ensure a more responsible and inclusive way to deploy its MetaverseFacebook teams also cooperate with some non-profit organizations, including Women In Immersive Tech supporting Africa No FilterElectric South, and Imisi3D.

Initial partners include cooperation with well-known universities, such as Seoul National University and the University of Hong Kong-security design research; National University of Singapore-artificial intelligence field privacy law research; Howard University-IT diversity.

Image source: Shutterstock
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Source: https://Blockchain.News/news/facebook-sets-up-50m-investment-fund-the-development-metaverse

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Blockchain

Crypto Mining Apps Features and Functions

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Are you curious about what crypto mining applications can do? Feel free to explore the many different features and functions of these apps to seize opportunities of gathering some heavy loot.

Multi-clicks support

So you are looking for decent crypto mining software that can help you get the job done in a short amount of time. Yes, you can find some software that is ready for use after several clicks. And you do not have to secure professional skills to be able to run the system. You can rely on automated crypto mining solutions that will do the rest of the work for you. That means most of the time, you can sit back and relax.

While most software would boast about the user-friendly interface, some would prefer complex functions such as those that offer customised features. This is common for veteran crypto miners who have already gained expertise along the process. Understandably, they would want to do more than the typical crypto mining procedure. Most of them intend to upgrade their skills by confronting new challenges to break the monotonous routine.

Multi-platform support

Whether you will be using a GPU or a CPU, rest assured that you can find the best software for your choice of hardware. Some could even go either way that you need not bother at all. Thanks to the advanced functionality of some crypto mining applications that makes this possible. Nonetheless, professional miners would prefer GPU mining for complex and complicated computations.

The good thing about most crypto mining software is that you can use them in any operating system. You can run them in Windows, Mac, Android, IOS, Web and the like. But if you do not have an array of gadgets, you can always settle for the basic software compatible with Windows. Besides, some miners would prefer using their high-end computers instead of mobile devices, considering the demanding power requirements. You would not want to get your android phone’s battery frequently drained due to intensive crypto mining activities.

Multi-functions support

Although dubbed as crypto mining software, it is a delight to hear that most of these programs offer more services. Some would also be useful in trading those mined coins once you have them in your wallet. Yes, you can go straight to trading after paying some transaction fees. The only consolation is that you can do it all on one platform. Plus, it will save you some time and effort after all.

Since you can access some crypto exchange functions, you can expect the perks that go with the typical trading platform. Rest assured that you will have those useful statistics such as price history track so that you can be guided accordingly. Trading platforms are being developed, giving traders other options to invest their money. These would teach you more than the basic skill of buying when prices are low and selling when prices are high.

Multi-cryptocurrency support

Cryptocurrency mining is no longer exclusive to a single type of coin. Some programs allow users to mine several currencies in the likes of Bitcoin, Ethereum, and other crypto players. It is an opportunity to build a good portfolio of virtual coins for any investor. The only catch is to find the best ones from the flock to ensure profitability at the end of the day. You can always go for the market leaders as fair and reasonable choices.

The diversity of digital coins available for mining helps spread the risk. It provides enough buffers to compensate for some record-lows involving one or two coins in your portfolio. As much as possible, you would be better off mining more than one kind of cryptocurrency. You cannot simply put all your eggs in one basket, especially in a market that is known for its volatility.

Conclusion

There are many interesting features and functions of crypto mining apps. You can make use of them to seize your crypto mining opportunities—no need to hold back in taking your chances of mining more and more coins.

Source: Plato Data Intelligence

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Artificial Intelligence

How to Use a Digital Twin Software

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Asset performance is key when designing machines that are interconnected. The more complex assets and systems become, the greater the need to evolve how they are managed and maintained. Using the right digital tools is key to undergoing a successful digital transformation. Digital twin technology is the heart of the digital world and approaching physical assets. Digital twins provide insights into what is happening, or what can happen, with physical assets.

What’s a Digital Twin?

digital twin results when every process, service, or physical product is given a digital form or representation. A physical product can be evaluated and updated based on the analytics gleaned from the digital twin in working environments. The digital twin concept best exemplifies how the physical and virtual worlds meet. A digital twin uses real-world data to create a simulation using a computer program to predict how a product or process will perform. These programs easily integrate with the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML), and software analytics to enhance output.

Types of Digital Twins

There are several types of digital twin models that organizations can use. Product twins are digital models of separate physical products. Virtual models are created to examine the product under different conditions so the necessary changes can be made on a single product before being deployed to the production line. The more efficient the design, the lower the manufacturing costs and time to market for a new physical product.

Process twins are digital models for manufacturing processes. Organizations can use a virtual model of how a production process will work in different scenarios to evaluate functionality. This makes streamlines the process of creating an efficient production methodology. All aspects of the manufacturing process can be fine-tuned, including the ability to put preventative maintenance systems in place. This results in less downtime and safely and efficiently speeds up the manufacturing process.

Systems twins are digital models made of manufacturing plants or factory systems. This makes it easier to gain valuable insights from the vast amounts of operational data collected from a range of connected devices and products within an existing system. Virtual models are more effective at diagnosing malfunctioning equipment because of their ability to gather information.

Benefits of Digital Twins

Digital twin software is a key piece of the digital transformation puzzle for a range of industries, especially those that implement IoT into operational processes. Digital twin technology aids the cost-friendly production of a fault-free product. Digital twins allow organizations to reduce existing or possible defects during the production stage through product testing and simulation. Correcting errors in a virtual environment is more cost-effective than correcting a physical product. All possible risks in the output can be eliminated before the manufacturing process to ensure the product functions as intended when launched.

Digital twins reduce the amount of time to market for new products. The ability to simulate the lifecycle of the product in a digital environment reduces an organization’s risk and adds a competitive advantage. A validated virtual copy of a product results in quicker development. Digital copies constantly monitor their physical counterparts and collect real-time information via sensors. Real-time analysis helps predict and resolve downtime or breakdowns so that issues can be addressed immediately. Predictive maintenance helps streamline operations and eliminate unplanned downtime.

Automation and data exchange is what fuels Industry 4.0. The concept of digital twins opens the door to endless possibilities when it comes to designing a product, process, or system with the best possible efficiency. Digital twins make complex manufacturing processes simpler by creating a digital footprint of physical objects. These digital creations are interconnected and able to generate real-time insights that help organizations better analyze and predict potential challenges in implementation.

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Source: https://1reddrop.com/2021/09/27/how-to-use-a-digital-twin-software/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-use-a-digital-twin-software

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