Morning Tidings

Tag: money

  • Money Laundering Through Buying, Selling NFTs a Growing Sector, Says Report

    New Delhi, February 3: After cryptocurrencies and their grave misuse for money laundering and hawala-based transactions, a new report has claimed that money laundering through the buying and selling of NFTs is a growing sector where cybercriminals use illicit funds to purchase NFTs. According to a report by Blockchain data platform Chainalysis, they found a small but growing portion of activity on NFT marketplaces that could be attributed to money laundering.

    “While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain,” the report said late on Wednesday. The value sent to NFT marketplaces by illicit addresses jumped significantly in the third quarter of 2021, crossing $1 million worth of cryptocurrency. The figure grew again in the fourth quarter, topping out at just under $1.4 million. Reddit Reportedly Testing NFT User Profile Picture Feature.

    “In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases,” the report informed. Both quarters also saw significant amounts of stolen funds sent to marketplaces as well. “Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk,” said the researchers.

    NFTs can store data on blockchains and that data can be associated with images, videos, audio, physical objects, memberships, and countless other developing use cases. NFT popularity skyrocketed in 2021. Chainalysis tracked a minimum $44.2 billion worth of cryptocurrency sent to ERC-721 and ERC-1155 contracts — the two types of Ethereum smart contracts associated with NFT marketplaces and collections — up from just $106 million in 2020. MG Motor India Becomes First Carmaker To Introduce NFT Collection.

    Some NFT sellers are making a killing with wash trading too. “Wash trading”, meaning executing a transaction in which the seller is on both sides of the trade in order to paint a misleading picture of an asset’s value and liquidity, is another area of concern for NFTs.” Using Blockchain analysis, the researchers identified 262 users who have sold an NFT to a self-financed address more than 25 times.

    The 110 profitable wash traders have collectively made nearly $8.9 million in profit from this activity, dwarfing the $416,984 in losses made by the 152 unprofitable wash traders. “Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they’re purchasing has been growing in value, sold from one distinct collector to another,” said Chainalysis.

    “NFTs offer potential for abuse. It’s important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world,” said the report. Over Rs 4,000 crore of illegal transactions via cryptocurrency exchanges were unearthed by the Enforcement Directorate (ED) in India in the last one year, reports claimed in November last year.

    Grave concerns have now been raised over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions — posing a serious threat to national security and a big challenge to the security agencies in India.

    (The above story first appeared on Morning Tidings on Feb 03, 2022 03:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Bhuvan Bam Meets Money Heist’s Professor, Berlin, Raquel and Tokyo in Madrid; Gives Them Ideas on How to Kill Arturo (View Pics)

    Ahead of Money Heist’s Season 2 Part 5 release, YouTube sensation Bhuvan Bam has met the popular Spanish show’s cast in Madrid and this includes Professor (Álvaro Morte), Berlin (Pedro Alonso), Raquel (Itziar Ituño) and Tokyo ‘Úrsula Corberó’. Bhuvan is seen smiling with La Casa De Papel stars and in one pic he even hugs Berlin. He adds a witty caption to these pics that read “Gave them ideas on how to kill Arturo”

    Bhuvan Bam Meets Money Heist Stars in Madrid

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  • Cash in Hand! Hasbulla Magomedov’s Picture With Money Goes Viral, See Mini Khabib’s Latest Pic

    Internet sensation Hasbulla Magomedov’s latest picture has gone viral. Hasbulla, who is also known as ‘Mini Khabib’, is seen sitting in a plane with huge cash in both the hands. Check out the viral picture.

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  • Bitcoin Celebrates 13th White Paper Anniversary: ‘9 Page White Paper Which Changed the Way We Look at Money’, Tweets Cryptocurrency India

    Halloween 2021 marks the 13th anniversary of the release of the white paper for bitcoin, the first fully decentralized, peer-to-peer electronic cash system by anonymous creator Satoshi Nakomoto. Satoshi launched the first Bitcoin client in early 2009 and then handed the project off to the community in 2010.

    “13 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper. 9 page white paper which changed the way we look at money”, said Cryptocurrency India in a tweet.

    (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Morning Tidings Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Morning Tidings, also Morning Tidings does not assume any responsibility or liability for the same.)

  • PhonePe Clarifies UPI Money Transfers, Offline & Online Payments Are Free: Report

    New Delhi, Oct 26: India’s leading digital payments platform PhonePe on Tuesday clarified that all UPI money transfers, offline and online payments (across UPI, wallet, credit and debit cards), on the payment app are free, and they will continue to be free for all users. The company said that PhonePe does not charge for these transactions, and will not be doing so in the future also. PhonePe Gets IRDAI License To Serve As Direct Insurance Broker.

    “For mobile recharges, PhonePe is running an experiment where a small section of users are being charged a processing fee of Rs 1 for recharges of Rs 51-100 and Rs 2 for recharges above Rs 100,” the company said. “This charge is applicable for users across all payment instruments (across UPI, wallet, credit and debit cards).A Recharges below Rs 50 are totally free,” it added.

    For bill payments, PhonePe charges a fee on payments by credit cards and this is now an industry norm and is common for many payment apps and biller platforms. The company recently announced assured cashback up to Rs 50 on prepaid mobile recharges. The company said that users recharging via the PhonePe app will win assured cashback on completion of three prepaid mobile recharges, above Rs 51.

    PhonePe has over 325 million registered users. Users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments via this platform. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. The platform is also accepted at over 22 million merchant outlets across India.

    (The above story first appeared on Morning Tidings on Oct 26, 2021 01:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Beware! This Kaun Banega Crorepati WhatsApp Lottery Scam Can Make You Lose All Your Money

    WhatsApp, the instant messaging app is becoming more prone to hacking nowadays. As per a report, a new scam has emerged on WhatsApp and scammers are now using the name of Kaun Banega Crorepati to dupe people. Scammers are said to be based in some foreign countries and attracting Indians with a message which showcases a lottery worth Rs 25 lakh. This WhatsApp message informs the users about winning Rs 25 lakh in a lucky draw. WhatsApp Payments Testing ‘Cashback’ Feature in India.

    WhatsApp Lottery Message

    WhatsApp Lottery Message (Photo Credits: Hemant Upadhyay Twitter)

    If you have also received such a message then you are advised you to ignore the message as it is fraud. According to a recent report, a Malad, Mumbai resident got trapped in the fake KBC lottery message on WhatsApp. The scammer had promised a payout of Rs 25 lakh. As per the victim, Tarannum Raza had received an audio message from a person claiming to be a member of KBC. There was also a poster message which she had received featuring faces of Amitabh Bachchan, PM Narendra Modi and RIL Chairman Mukesh Ambani.

    Unaware of this fraudulent activity, Raza contacted a phone number mentioned in the text message, believing that she would claim her prize. The scammer asked her to pay a processing fee of Rs 25,000 to be eligible to receive the prize. Raza realised that she had been duped for Rs 25,000 after the scammer asked her to pay Rs 45,000 more instead of transferring Rs 25 lakh into her bank account. In the recent episode of KBC, actor Amitabh Bachchan also warned viewers that Sony TV does not ask for any money for KBC and advised them to beware of anyone who demands money.

    (The above story first appeared on Morning Tidings on Sep 30, 2021 06:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • BLACKPINK’s Lisa Releases Teaser Poster for ‘Money’ Exclusive Performance Video!

    BLACKPINK’s lead dancer Lisa released the poster for her special performance video ‘Money’ that will release on September 23. The K-pop singer dropped the teaser poster for the second track of her debut’s single album ‘Lalisa’, which was released earlier this month. The poster features Lisa in an enthralling look as she exudes her classic style statement in a fascinating pose. Lisa’s poster that unveiled on September 20 also provides release details of the ‘Money’ exclusive video.  BLACKPINK’s Lisa Performs ‘Lalisa’ on SBS Inkigayo, Looks Terrific in Printed Top and Shorts Co-Ord Set (View Pic and Video).

    Check Out the Teaser Poster of Lisa’s Money Video:

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