Latest news with #Blockchain
Yahoo
2 days ago
- Business
- Yahoo
U.S. Sanctions Funnull for Role in Pig Butchering Scam, Huione-Linked Crypto Wallets
The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) imposed sanctions on Funnull Technology, a provider of technology for websites allegedly involved in so-called pig butchering scams, and two cryptocurrency wallets said to be linked to Huione Group. Philippines-based Funnull also directly facilitated a scam involving virtual currencies resulting in over $200 million in victim losses, OFAC said in a Thursday press release. In addition, the company is alleged to have acquired several IP addresses from mainstream cloud service providers to sell to cybercriminals. The sanctions also cover a Funnull administrator, Liu Lizhi. The majority of cryptocurrency investment scam websites reported to the FBI are linked to Funnull," Blockchain security firm Elliptic said in a blog post, which also identified the sanctioned wallets as being linked to Huione. The wallets on Ethereum and Tron received funds directly from Huione Pay, part of Huione Group, Elliptic said. Huione was labeled as a "primary money laundering concern" by FinCEN earlier this month. The two addresses received more than $4 million in total, according to Elliptic.
Yahoo
3 days ago
- Business
- Yahoo
Blockchain firm, NJ county ink deal to digitize $240B of deeds on-chain
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A deal inked between a blockchain firm and one of the nation's most densely populated counties will result in the digitization of 370,000 property deeds worth $240 billion in real estate value, marking what the entities call the largest blockchain-based deed tokenization project in U.S. history. Balcony, utilizing the Avalanche blockchain, will create a fully digitized ledger of titles across Bergen County, New Jersey's 70 municipalities, in a five-year partnership aimed at reducing fraud, title disputes and administrative errors. 'For generations, the deed and property records to your home have been stored in fragile and disparate databases, vulnerable to tampering, ransomware and fraud that is no longer acceptable,' said Balcony CEO Dan Silverman at a press event Wednesday morning. 'Many of the systems used today to manage property records were built before I was born. They weren't designed for the threats of today's world,' Silverman said. 'Sophisticated cyber criminals target state systems with ransomware attacks that cost taxpayers tens of millions of dollars annually, and now, with the rise in generative AI, fraudulent documents can be fabricated in seconds, completely indistinguishable from the real thing.' That's where blockchain technology comes in, moving all of the information to an immutable, searchable ledger and cutting deed processing time by 90%, Silverman said. John Hogan, who has served as Bergen County clerk since 2012, said in a prepared statement that the initiative is about improving the lives of Bergen's residents by simplifying and securing the recordkeeping process. 'We can't be afraid of new technology. I kind of think that those who were here before me were afraid of new technology, because when I came here, there was Post-It notes, there was mimeograph stuff …I think the place was stuck in time,' Hogan said Wednesday morning. 'This is a great step forward for our office and for our county and for the people we serve.' When Balcony's digital asset registry is completed, Hogan said any resident will be able to trace the history of their property from beginning to current on the registry. Blockchain technology stands to revolutionize 'any process that relies on trust, transparency, and secure recordkeeping,' well beyond deeds, according to Chief Strategy Officer Luigi D'Onorio DeMeo at Ava Labs, the creator of the Avalanche blockchain. 'We're seeing major potential in areas like identity verification, supply chains, licensing, and financial settlement. These systems are often outdated, siloed, or paper-based. Blockchain brings a shared, tamper-proof source of truth that can drastically reduce fraud, delays, and administrative costs,' he said in an emailed statement to Banking Dive. Bringing real-world assets on-chain is a step toward a more efficient economy, he wrote, allowing programmability, fractional ownership, and global liquidity across things like property, commodities, or financial instruments. 'That means more people can access and interact with markets that were previously gated – unlocking new business models and financial inclusion at a global scale,' DeMeo said. Outside of Bergen County, Balcony is working with several other municipalities in New Jersey and beyond to modernize government real estate systems, according to the press release. In Orange, New York, Balcony uncovered nearly $1 million in lost municipal revenue, according to a press release seen by Banking Dive. The revenue was previously hidden due to 'incomplete or outdated records.' Sign in to access your portfolio
Coin Geek
4 days ago
- Business
- Coin Geek
TEA Malta Highlights: Transparent accounting for the digital age
Getting your Trinity Audio player ready... The second Triple Entry Accounting (TEA) Conference took place at the Salini Resort in sunny Malta. The location was perfect for two days of discussing the academic and commercial opportunities surrounding Triple Entry Accounting while enjoying each other's company in the evenings, thanks to organized dinners and outings. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Our group consisted of academics, auditors, entrepreneurs, inventors, students and other professionals interested in the future of triple entry accounting. Everyone in the room was engaged from start to finish each day, actively listening to presentations, asking questions and providing feedback, all conducted in a roundtable format. For those who are not aware, triple entry accounting creates tamper-evident, decentralized ledgers by adding a third, immutable entry shared among all parties involved. Blockchain is an implementation of triple entry accounting. Ian Grigg, the inventor of Triple Entry Accounting (and Ricardian Contracts), was the conference Chair and was crucial in inspiring the discussions. 'TEA is an exotic thing and there are a bunch of professionals out there who found it to be very interesting and we're all wondering what happens next,' Grigg shared with CoinGeek. 'So the goal of the conference is to bring as many of those people together and start swapping anecdotes and discussions and ideas about how to make it move forward,' he said. Arthur Doohan, Co-Chair of the TEA Conference, said the purpose of this conference and those that follow are to provide a focus for academic research and perhaps a clearing house for those who are practically trying to use it. 'Basically to foster the development and the utilization of triple entry practices,' he said. Renowned artificial intelligence (AI) expert Konstantinos Sgantzos, head of the environmental subsector of Megalopolis lignite mining directorate at PPC Group, believes TEA is a 'hidden gem' that needs to be projected in today's world. 'I think [TEA] solves problems that nobody saw…nobody saw those problems emanating before Triple Entry Accounting,' he said. A recent Block Dojo graduate, Bridget Doran, founder/CEO of Traceport, was also in attendance and said TEA had interested her for many years. 'I think that just the concept of triple entry accounting is what's really basic and so to hear all the different ideas and ways that it can be implemented is exciting,' she said. Throughout the two days, many real-world use cases of TEA were presented, including everything from Hollywood to auditing, informal savings groups, government-issued benefits and AI. 'Hollywood's famous for having opaque or fake accounting systems and depreciation schedules and things that can't be monitored or audited without a lot of money,' shared Ted Rivera, the founder of Block Chain Studios, LLC. 'And so I think triple entry accounting is just giving us a verifiable third party record that's immutable and auditable in real time,' he added. Torje Vingen Sunde, co-founder & CTO of Abendum, has a background in auditing and has made it his life's mission to get everyone onto a TEA system. 'We're not replacing the auditors. We're making the nature of the occupation much more attractive,' he shared after his presentation. 'We're automating the repetitive, less interesting, some would say boring, parts of the work, and we let the auditor spend more time on the interesting part of the work, which is getting to know the business, knowing the industry, using the evidence and putting everything together,' he said. Hakim Mamoni, Liquidity Controller of HoverTrusts, presented on informal saving groups, essentially groups of people who want to help each other save money. 'Those people are mostly managing cash. Triple entry accounting can help them create a system where it becomes more transparent for all the members of the group to see how the cash is being managed how where the cash is being lent, who is contributing correctly, who is paying their loans, etc etc,' he shared. The TEA Conference Manager, Andre Bonello, presented his vision on harnessing TEA to help families in need. 'In Malta and in Europe, there are a lot of people who are suffering from poverty and we can use technology to help these people,' he explained. 'Through the concept of CBDCs, there will be a specific currency dedicated to these people so they can have essential needs, such as food and medicine for them and their loved ones, so with the help of triple entry accounting, this could be done and it will be transparent, accountable,' Bonello added. Sgantzos talked about the synergies between AI and TEA, an area he is particularly passionate about. 'This era from the first model, ChatGPT, up until now, keeps pushing new data out that is created from AI. So the original information that came from humans, which are the original useful information, is constantly declining. So we need to mark this kind of content and there is no better way to do it than triple entry accounting and distributed ledger technology,' he explained. Educating newcomers on TEA was another focus of the event, particularly university students who were delighted to have the opportunity to attend. Robert Sciberras Herrera, a student at the University of Malta, said his main takeaway was how TEA can remove the repetitive nature of auditing, which is precisely what Sunde presented. '[TEA] could snatch that part of the repetitive work from the audit profession, and the practitioner could just focus on the theoretical aspects rather than the laborious, repetitive tasks,' Herrera shared. Thanks to thoughtful presentations, group discussion and engaging evening activities, everyone walked away from TEA Conference 2025 with a wonderful experience and excitement about what the future holds in this space. 'We saw through these presentations that people come up with a concept, with a purpose, with a goal for the future, which is very exciting,' said Bonello. 'There are all kinds of people; there are students who came here who do not understand about this system and who do not know anything about blockchain, but they're excited and they are here and we are here all together,' he added. Watch: Utilizing Triple Entry Accounting title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Arabian Post
5 days ago
- Business
- Arabian Post
Truth About Tokenization in Investments: What You Need to Know
Investing isn't what it used to be, and that's a good thing. Gone are the days when access to high-value assets, such as real estate, fine art, or company shares, was reserved for the wealthy few. Tokenization is a groundbreaking concept that's opening doors for a much wider pool of investors. At its core, tokenization means converting rights to an asset into digital tokens stored securely on a blockchain. While that may sound tech-heavy, the real magic lies in what this approach enables: increased liquidity, fractional ownership, seamless tradability, and more. In this blog, we'll discuss the fundamentals of tokenization in investments and explore how blockchain technology is reshaping the way things work. We will also discuss why this shift is a smarter, more efficient way to manage modern investment portfolios. What is Tokenization in Investments? ADVERTISEMENT Tokenization in investments refers to the process of converting physical or traditional financial assets, like property, stocks, bonds, or commodities, into digital tokens. These tokens are stored and transacted on blockchain-based platforms. But unlike cryptocurrency, these tokens are backed by real-world assets, ensuring their intrinsic value. For investors, this means you don't have to buy an entire building or a full share in a company; you can own a small, manageable piece of it. Think of it as slicing a cake and giving each slice a unique, secure digital ID. Tokenization in investments is fundamentally changing how people view asset ownership. They're not only improving access to high-value markets but also enabling a wider range of minimum investment requirements. This opens the door for smaller investors to enter previously out-of-reach sectors. How Blockchain is Reshaping the Investment Landscape At the core of tokenization is blockchain technology. It offers a secure and immutable way to record transactions. Every tokenized asset is embedded with metadata, enabling traceability, security, and transparency. ADVERTISEMENT This immutable digital ledger creates a trust layer that was traditionally enforced through intermediaries, such as brokers, registrars, or legal contracts. Blockchain removes many of these middle layers, reducing both costs and time delays. The Top Benefits of Tokenization in Investments Tokenization in investments offers tangible advantages that traditional assets can't easily match. Fractional Ownership Made Simple One of the most talked-about features is fractional ownership. Instead of buying an entire office building or a high-value painting, tokenization allows investors to buy small, tradable shares. This lowers the barrier to entry, giving more people the chance to diversify their portfolios without committing huge sums of money. This fractional model also opens the door for investors to own slices of multiple asset classes. You could, theoretically, hold tokens representing a stake in real estate, fine wine, and startup equity, all managed through a single digital wallet. 2. Liquidity Through Active Secondary Markets Tokenization solves traditional liquidity issues by enabling real-time trading of assets like real estate or private equity. Secondary markets let investors buy and sell tokens quickly, improving price discovery and transparency. This flexibility also allows portfolio managers to rebalance holdings more dynamically, much like in public markets, making previously illiquid investments far more accessible and strategic. 3. Operational Efficiency Tokenization in investments also promises strong operational gains. Digital ownership and smart contracts help automate previously manual tasks, from rent collection to dividend payments. This streamlining saves time, reduces errors, and cuts down administrative costs for asset managers and investors alike. It also makes auditing and reporting more straightforward. Since each transaction is recorded on a blockchain, compliance and due diligence become faster and more transparent. 4. Cost and Time Savings for Investors Traditional investment processes involve numerous intermediaries: brokers, lawyers, underwriters, and custodians. Each adds fees and delays. Tokenization significantly reduces this chain, and smart contracts take over many of these roles, enabling instant settlements and reducing overhead costs. Tokenized assets also streamline onboarding processes. Instead of paperwork-heavy procedures, investors can verify their identities and complete transactions digitally in minutes. 5. Flexible Minimum Investment Thresholds Another game-changer? The variety in minimum investment amounts. In traditional setups, minimums often run into thousands or even millions. Tokenization allows businesses to set investment thresholds as low as a few dollars. This flexibility enables a broader investor base, from high-net-worth individuals to smaller retail investors. It also benefits asset managers by unlocking a more diverse capital pool. 6. Reduced Lockup Periods Tokenization has also proven useful in shortening lockup periods. Unlike private equity or hedge funds, where your capital might be tied up for years, tokenized units offer quicker exit options, especially when paired with a strong secondary market. This agility enables investors to react to market changes without being tied to long-term commitments. A Smarter Way to Manage Portfolios With so many layers of benefits, tokenization in investments enables a more intelligent approach to portfolio management. Diversification becomes seamless when fractional ownership allows for smaller asset allocations. Liquidity tools like secondary markets allow quicker rebalancing or exits. Lower entry points empower broader participation, including first-time or risk-averse investors. Real-time tracking and data make performance evaluation easier and more accurate. All of this leads to one thing: better control. Investors no longer need to wait months to shift their capital or assess performance. Decisions can be made quickly, backed by transparent and immutable data. Why Tokenization in Investments Matters Now Tokenization in investments is a meaningful shift in how assets are owned, traded, and managed. By embracing blockchain technology, investors and businesses gain access to a new era of transparency, efficiency, and inclusivity. Whether it's enabling fractional ownership, reducing time-consuming lockups, or cutting costs through automation, tokenization is streamlining investment strategies in real and measurable ways. As secondary markets evolve and digital assets become more mainstream, the appeal of tokenization will only grow. For those ready to adapt, the potential rewards are substantial. And with the support of innovative solutions like rootVX, being part of this transformation becomes far easier. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Business Recorder
5 days ago
- Business
- Business Recorder
Blockchain and Cryptocurrency: Bilal made special assistant to PM
ISLAMABAD: In a bold move to ride the crypto wave, Prime Minister Shehbaz Sharif on Monday named UK-based entrepreneur Bilal bin Saqib as his special assistant on Blockchain and Cryptocurrency – a bold step toward putting Pakistan on the crypto map. The Prime Minister's Office issued a notification confirming that Saqib, a UK-based entrepreneur with experience in technology and philanthropy, has been appointed with the status of minister of state. Saqib will lead efforts to formulate a national strategy for digital assets, including drafting cryptocurrency regulations, establishing Bitcoin mining operations, and integrating Blockchain technology into sectors such as land records and public finance. He currently serves as Chief Executive Officer of the Pakistan Crypto Council and was recently appointed Chief Advisor to Finance Minister Muhammad Aurangzeb. His new role is expected to accelerate Pakistan's entry into the digital asset space. Field Marshal Asim Munir meets Pakistan Crypto Council CEO Bilal Bin Saqib The appointment follows a major policy announcement on Sunday, in which the government allocated 2,000 megawatts of electricity for Bitcoin mining and artificial intelligence data centres. In parallel, the Finance Ministry launched the Pakistan Digital Assets Authority (PDAA), a new regulatory body tasked with creating a legal framework for cryptocurrencies, supervising asset tokenization, and formalizing Pakistan's estimated $300 billion informal crypto market. Officials said the PDAA would play a central role in developing Pakistan's Fintech sector by attracting investment, utilizing surplus energy, and promoting innovation among the country's youth, who make up nearly 70% of the population. Pakistan already has one of the highest cryptocurrency adoption rates in the world, with over 50 million users, and Saqib's appointment could bring structure and legitimacy to the rapidly growing sector. An alumnus of the London School of Economics, Saqib gained prominence during the COVID-19 pandemic through his 'One Million Meals' campaign in the UK, which delivered over 100,000 meals to National Health Service workers and vulnerable groups. The initiative earned him an MBE from King Charles III and commendation from Queen Elizabeth II and the Mayor of London. In Pakistan, he co-founded Tayaba, a social enterprise that introduced the H2O Wheel, a tool designed to ease water collection in rural communities. Saqib is expected to play a key role in advancing Pakistan's digital asset agenda, as the government moves to position itself as a player in the global crypto economy. Copyright Business Recorder, 2025
