The United States has imposed sanctions on Russian national Sergey Sergeevich Ivanov and cryptocurrency firm Cryptex, which operates in Russia despite being based in Saint Vincent and the Grenadines, according to the Treasury Department. The sanctions target individuals and organisations involved in facilitating cybercrime and illicit financial activity.
Additionally, the United States Treasury’s Financial Crimes Enforcement Network identified Russian crypto exchange PM2BTC as a ‘primary money laundering concern.’ Officials stressed their commitment to preventing cybercrime networks like PM2BTC and Cryptex from continuing operations, according to acting undersecretary Bradley Smith.
The US State Department has also announced rewards of up to $10 million for information leading to the arrest or conviction of Ivanov and Timur Shakhmametov for their involvement in transnational organised crime. It is also offering rewards of up to $1 million for information on the leaders of crypto exchange PM2BTC and stolen credit card marketplaces PinPays and Joker’s Stash.
These efforts underscore the US government’s continued crackdown on cybercriminal networks and illicit financial activities that threaten global security and economic stability.
India’s National Payments Corporation of India (NPCI) will establish a digital payments system for Trinidad and Tobago, replicating its successful United Payments Interface (UPI). NPCI International Payments Limited (NIPL), the overseas arm of NPCI, will collaborate with the Ministry of Digital Transformation in Trinidad and Tobago to create a platform that supports both person-to-person and person-to-merchant transactions.
NPCI, a public non-profit entity under India’s central bank, manages India’s retail payment systems, with UPI being the most widely used mode for digital payments in the country. The initiative in Trinidad and Tobago follows similar agreements made earlier this year by NIPL to develop digital payment systems in Peru and Namibia, using UPI as a template.
NIPL was created to promote the global adoption of India’s digital payment solutions. Discussions are also underway with several African and South American countries to assist in building their payment infrastructures, according to recent reports.
These efforts align with NPCI’s broader goal of expanding the reach of India‘s payment systems, driving the digital transformation of global payment ecosystems.
Manchester has officially opened the first phase of a £1.7 billion ($2.3 billion) hub designed for science and technology companies. This initiative called the ‘Sister’ innovation district, is located on the University of Manchester’s former North Campus and aims to provide 2 million square feet of commercial space along with 1,500 new homes, enhancing the city’s reputation as a science and tech centre.
The Sister project is a collaboration between the University of Manchester and Bruntwood SciTech, alongside Legal and General and the Greater Manchester Pension Fund. Over 15 years, it has sought to attract private investment to improve public services and infrastructure in the UK. The first tenant, Sustainable Ventures, a climate tech investment firm, will move into the Renold Building in November.
Bev Craig, leader of Manchester City Council, described the opening as a significant moment for the city. The Sister district is included in the government-funded Greater Manchester Investment Zone, which allocates £160 million in public funds to attract businesses over the next decade. Plans for the first major development zone within Sister are expected to be announced soon.
A federal judge has scaled down a privacy lawsuit against Apple, which alleged the company collected personal data from iPhone, iPad, and Apple Watch users without permission. The lawsuit targets Apple’s apps, including the App Store, Apple Music, and Apple TV. US District Judge Edward Davila dismissed most claims involving the “Allow Apps to Request to Track” setting, clarifying that it only governs data collection by third-party apps and websites, not Apple’s in-house apps.
Despite dismissing many claims, the judge allowed some to proceed related to Apple’s ‘Share [Device] Analytics’ setting. The plaintiffs claim that Apple continued collecting data even after users disabled the setting, despite promises that it would stop data sharing. Judge Davila agreed, noting that users could reasonably assume they had withdrawn consent based on Apple’s own disclosure that disabling the option would prevent data collection.
This lawsuit is part of a broader trend of legal actions against major tech companies like Google and Meta, accusing them of gathering user data without proper consent. Neither Apple nor the plaintiffs’ lawyers have responded to requests for comment on the case as it unfolds.
Arm Holdings recently inquired about purchasing Intel Corp.’s product division, which focuses on chips for personal computers and servers. However, Intel informed Arm that the division is not for sale, as confirmed by a source familiar with the discussions. This comes amid ongoing struggles for Intel, which has seen a significant decline in its business, prompting speculation about potential acquisitions and significant layoffs.
Intel is grappling with significant financial difficulties, highlighted by a disappointing earnings report that led to a notable decline in its stock price. In reaction, the company plans to lay off 15,000 employees and reduce its factory expansion initiatives while exploring a potential restructuring that could result in a division of its operations. Meanwhile, Arm, traditionally recognised for its smartphone chip designs, aims to broaden its presence in the personal computer and server markets to strengthen its competitive position against Intel.
With a valuation surpassing $156 billion, Arm is viewed as a beneficiary of the growing AI sector and has the financial backing of Japan’s SoftBank. In contrast, Intel’s market capitalisation has fallen to approximately $102.3 billion this year. Meanwhile, the company is exploring other investment opportunities, including a $5 billion offer from Apollo Global Management and plans to divest part of its stake in Altera Corp., further indicating its intent to stabilise and restructure its operations.
Starting 1 October 2024, UK mobile operators like Three, Vodafone, EE, and O2 will be required to comply with new Ofcom regulations designed to protect consumers from unexpected roaming charges while abroad. These rules mandate that mobile providers send clear notifications when customers begin roaming, outlining costs, potential data limits, and steps to avoid overspending on mobile services. This comes after Ofcom found that many users were unaware of potential extra charges when traveling.
Although most operators have reintroduced roaming fees in Europe, Ofcom’s new rules ensure customers receive timely information to help them manage their mobile bills. The new regulations also address “inadvertent roaming,” where users unintentionally connect to French networks, particularly along the UK’s coastal areas. This can lead to unexpected bills even when customers believe they are still in the UK. To combat this, operators will need to provide alerts to help users manage their roaming expenses, including the option to set spending limits.
Additionally, the guidance issued by Ofcom will help mobile providers ensure compliance and promote good practices for informing customers. This initiative aims to create more transparency in roaming services, ultimately giving consumers the tools they need to avoid mobile bill shocks during their travels.
A British man has been arrested and charged by US authorities for hacking into the computers of five companies to illegally obtain information about their expected earnings, resulting in profits of $3.75 million from insider trading. Robert Westbrook, 39, from London, faces multiple charges, including securities fraud, wire fraud, and five counts of computer fraud, with the US Department of Justice seeking his extradition.
Westbrook was arrested this week in the UK and is facing additional civil charges from the US Securities and Exchange Commission (SEC). Although the companies involved were not explicitly named in court documents, financial details indicate that they could include Tupperware, Tutor Perini, Guidewire Software, Murphy USA, and Lumentum Holdings.
Authorities allege that Westbrook was involved in a “hack-to-trade” scheme, gaining access to executives’ email accounts between January 2019 and May 2020. He allegedly utilised nonpublic information to trade stocks and options before at least 14 earnings announcements and even set up automatic forwarding of emails from these executives to his accounts.
Jorge Tenreiro, acting chief of the SEC’s crypto assets and cyber unit, characterised Westbrook’s actions as sophisticated international hacking, involving the use of anonymous email accounts, VPNs, and bitcoin to conceal his activities. Each charge of securities and wire fraud carries a maximum penalty of 20 years in prison, while the computer fraud charges could lead to up to five years each.
Gary Gensler, chair of the US Securities and Exchange Commission (SEC), reaffirmed the agency’s position on Bitcoin, stating it is not a security but rather a non-security commodity. In an interview with CNBC, Gensler highlighted that the SEC has approved around 10 spot Bitcoin exchange-traded funds (ETFs) and has embraced Bitcoin on major exchanges like Nasdaq. It underscores the regulatory clarity surrounding the world’s leading cryptocurrency.
However, the SEC’s stance on Ethereum has sparked more controversy. While Ethereum ETFs have also been approved, the SEC has opened multiple investigations into major Ethereum service providers like Consensys and Uniswap. Unlike Bitcoin, the regulator has not classified Ethereum as a security or non-security, leading to significant uncertainty for participants in its ecosystem.
Gensler’s leadership has faced sharp criticism from US policymakers, who accuse him of stifling blockchain innovation and fostering confusion in the crypto market. In a recent Parliamentary hearing, Gensler argued that the crypto industry has largely ignored existing regulations, seeking special treatment instead. However, some, like Robinhood’s lead lawyer Dan Gallagher, claim that the SEC has intentionally delayed responses to firms trying to comply with the rules.
Crypto.com has launched its AI-powered Agent SDK, a software tool designed to simplify blockchain interactions. Currently, in beta, the SDK allows users to give natural language commands to perform blockchain functions. It means users can issue commands like ‘Create a new wallet’ or ‘Send 100 PayPal USD to Alice’ without needing to write complex code. The tool processes these commands using AI, making blockchain technology more accessible.
The SDK is versatile and can be integrated into platforms such as Telegram, Discord, or custom interfaces, offering developers and non-technical users a seamless way to interact with blockchain networks like Cronos. Crypto.com President Eric Anziani emphasised the potential of combining AI with blockchain, stating that this innovation aims to make Web3 more approachable to a wider audience.
As the AI Agent SDK evolves, Crypto.com plans to expand its functionality to support various blockchain ecosystems. This initiative reflects the broader trend of merging AI with blockchain to simplify and democratise access to decentralised technology.
On 26 September, Bitcoin exchange-traded funds (ETFs) in the US experienced a surge in inflows, with ARK 21Shares leading the way. ARKB brought in $113.8 million, contributing to the total net inflow of $287.8 million across 12 spot Bitcoin ETFs. BlackRock’s IBIT added another $93.4 million, continuing its four-day streak.
Other major players such as Fidelity, Bitwise, and VanEck also contributed significant sums, with their ETFs attracting millions in new investments. However, Grayscale’s GBTC was the only Bitcoin ETF to record outflows, seeing $7.7 million leave the fund.
Total trading volume for Bitcoin ETFs tripled to $2.43 billion on 26th September, reflecting a surge in investor interest. In contrast, spot Ethereum ETFs faced bearish conditions, with Grayscale’s ETHE leading net outflows of $675,000. Despite this, BlackRock and Fidelity’s Ether ETFs saw some positive inflows.
