ETH Staking Data Published; Launch of blockchain solutions; NY AG Proposes Crypto Legislation; UK Targets Crypto ATMs; Reported Crypto Hacking Schemes | Baker Hostetler

ETH Staking Data Published, Blockchain Solutions Launch for Financial Services

Of Christopher Lamb

According to a recent report, Ethereum’s ether (ETH) staking rewards “hit a record 8.6% post-merger, with validators earning $46 million in the first week of May.” Validators reportedly earned 24,997 ETH in the first week of May, representing a 40 percent increase over the previous week. The report notes that the increase in rewards may have been caused by a “trading frenzy” of new memecoins.

A recent press release announced the planned launch of the Canton Network, described as “the industry’s first privacy-enabled interoperable blockchain network designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets.” The press release lists several large financial and technology companies as participants in the Canton Network. According to the press release, the Canton Network will provide “decentralized infrastructure that connects independent applications” built with the Daml smart contract language. The press release further describes the Canton Network as “a ‘network of networks’, allowing previously closed systems in financial markets to interoperate with the proper governance, privacy, permissions and controls required for highly regulated industries.”

In another recent press release, a multinational professional services company announced the beta availability of a new ESG-focused product developed on the Ethereum Network and made available through the company’s blockchain SaaS platform. According to the press release, the new solution will “provide a simple, verifiable view of CO2 emissions (C02e) to meet the needs of businesses struggling to accurately measure and track their carbon footprint.”

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New York’s attorney general proposes new legislation for the crypto industry

Of Amos Kim

In a recent press release, the New York Attorney General announced new proposed legislation that would increase oversight of the cryptocurrency industry. The Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) “seeks to protect investors in New York by bringing regulations and oversight applied to other financial services to the cryptocurrency industry,” as well as addressing other issues unique to the industry. The press release notes that the CRPTO law would codify the New York Department of Financial Services’ authority to oversee the state’s digital asset licensing regime. According to the press release, the CRPTO Act seeks, among other things, to (1) stop conflicts of interest by placing certain prohibitions against specific industry players such as marketplaces, issuers and brokers; (2) require public reporting of financial statements by cryptocurrency companies; and (3) strengthen investor protection by adopting “know-your-customer” provisions and “prohibiting the use of the term “stablecoin” unless a digital asset is backed 1:1 with U.S. currency or other high-quality assets as defined by federal regulations.

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British authorities target illegal crypto-ATMs

Of Keith R. Murphy

A recent press release from the Financial Conduct Authority (FCA) in the UK announced that the FCA has conducted inspections in several cities suspected of hosting illegally operated cryptocurrency ATMs. The press release notes that the inspections are part of a joint effort by police and crime unit representatives to disrupt these unregistered and illegal businesses. A law enforcement official quoted in the press release said that crypto ATMs “are a key component in facilitating money laundering and the movement of funds obtained through criminal activity.” The press release further notes that there are currently no crypto ATM operators registered with the FCA.

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Report Details Crypto Malware, Phishing and Hacked Exchange Accounts

Of Christina O. Gotsis

According to recent reports, in April threat actors introduced malware designed to steal information from the macOS operating system. Atomic macOS Stealer (“The Atomic”) was reportedly put up for sale on Telegram for $1,000 per month, and is capable of stealing information such as keychain passwords, full system information, files from the desktop and document folders, and even the macOS password . The malware can also extract data from browsers and cryptocurrency wallets such as Atomic, Binance, Coinomi, Electrum and Exodus, and it comes with a ready-to-use victim management web panel. The malware allegedly poses as an unsigned disk image that, when executed, requires the victim to provide their password. After harvesting the victim’s data, the malware sends it to a remote server and then to pre-configured Telegram channels.

According to another recent report, fraudsters have used Internet ads to steal more than $4 million from unsuspecting users in phishing schemes. When ads are clicked, users are directed to URLs with slight name changes that make it difficult to detect that the links are malicious.

A recent recent report noted that cybercriminals have been selling hacked, verified cryptocurrency exchange accounts on the darknet for as little as $30 and as high as $1,170 apiece. According to the report, hacked cryptocurrency exchange accounts are the highest priced financial account information on the dark web.

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