Latest news with #Elliptic
Yahoo
31-07-2025
- Business
- Yahoo
As Roman Storm mounts his defence, a judge bars ‘self-serving' evidence
Tornado Cash co-founder Roman Storm began his defence in earnest Monday, though a federal judge ruled he could not present 'self-serving' evidence at his criminal trial that includes private messages in which the software developer lamented cybercriminals' use of the protocol. That evidence would show Storm did not intend for Tornado Cash to serve as a money laundering tool for cybercriminals, defence attorneys wrote in a letter to Judge Katherine Polk Failla on Sunday. Failla disagreed. Most of the messages did not offer any insight into Storm's state of mind when he created and contributed to the Tornado Cash protocol, she said Monday. Prosecutors have charged Storm with conspiracy to commit money laundering, operate an unlicensed money-transmitting business, and violate US sanctions. He faces more than 40 years in prison. 'Spitballing' In order to prove the money laundering charge, prosecutors must show that Storm built and ran Tornado Cash for cybercriminals. On Thursday, a prosecutor called money launderers Storm's 'primary target market.' One government exhibit shows Storm wearing a t-shirt featuring a washing machine and the Tornado Cash logo. But Storm has said that he built Tornado Cash for people seeking privacy on the blockchain and that he was powerless to prevent cybercriminals from using the protocol to launder stolen crypto. In June 2022, crypto forensics firm Elliptic traced to North Korean hackers almost $100 million in assets that were stolen from the Harmony blockchain and laundered through Tornado Cash. 'I'm glad those fuckers are detected,' Storm said in a group chat featuring the Tornado Cash co-founders and executives at Dragonfly Capital. Failla said Storm could show the message to jurors. But she denied his request to share other messages. In a July 2020 exchange with Dragonfly executive Haseeb Qureshi, Storm said that guidance from the Financial Crimes Enforcement Network led him to believe Tornado Cash was a legal business. 'I agree, which is why we want to invest. We are convinced what you guys are doing is legal,' Qureshi replied. Failla said the exchange was not indicative of Storm's state of mind when he committed his alleged crimes. In an October 2020 group chat with co-founders Roman Semenov and Alexey Pertsev, Storm fumed that 'we are getting shit on as if we are criminals of some sort.' Semenov suggested they attract more 'regular users.' 'Now all sorts of terrorists also use cash but no one calls the dollar a scam because of that,' Semenov wrote. 'I understand all that, Roma… I am just concerned,' Storm replied. 'It's unfortunate that people don't understand what we want to do.' Failla called the exchange a mere 'gripe session' on Monday. Compliance As the trial entered its third and final week, Storm's defence began in earnest by calling as a witness cryptography expert Matt Edman. Edman testified there was little that Storm could have done to limit money laundering on Tornado Cash, rebutting claims from a government witness who said that Storm had declined to make simple changes that could have deterred cybercriminals. While Storm and his co-founders repeatedly added anti-money laundering features to Tornado Cash — features that were uncommon among other crypto projects — they were easily circumvented, according to Edman. But it wasn't for lack of effort, Edman suggested. Rather, those tools were ineffective because earlier versions of the Tornado Cash website and other components of the protocol are stored on the InterPlanetary File System, or IPFS — a decentralised data storage system. 'So through this system you really can't make old content go away?' defence attorney Keri Axel asked Edman. 'No,' he replied. In at least one case, a hacker appeared to circumvent an anti-money laundering tool by using an older version of Tornado Cash's so-called router, Edman said. One such tool blocked sanctioned crypto wallets from accessing the protocol through the Tornado Cash website. The Tornado Cash founders installed that tool in April 2022 — just one month after it was released by crypto forensics firm Chainalysis. It worked as intended — no sanctioned wallets interacted directly with Tornado Cash after the tool was installed, according to Edman. But getting around the tool was as easy as creating new intermediary wallets, Edman said. Because the US Treasury Department could not sanction these intermediary wallets in real time, the tool could not prevent sanctioned entities, such as North Korea, from using Tornado Cash. Edman also testified that 85% of the crypto deposited in Tornado Cash between September 2020 and August 2022 could not be traced to crime. On Tuesday, defence attorneys expect to call as many as six witnesses, including Columbia University adjunct professor Omid Malekan and Johns Hopkins University associate professor Matthew Green. Storm has yet to decide whether he will testify in his own trial, defence attorney Brian Klein said on Monday. If Storm does not testify, both sides expect to present their closing arguments on Wednesday. Aleks Gilbert is DL News' New York-based DeFi Correspondent. Reach out to him with tips at aleks@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-07-2025
- Business
- Yahoo
Transfers with rouble-backed crypto coin pass $40 billion after July spike, researchers say
By Alexander Marrow and Elizabeth Howcroft LONDON/PARIS (Reuters) -A rouble-backed stablecoin that could help Russia circumvent Western restrictions on payments has seen a jump in transaction volumes in July, with funds moved through the coin surging past $40 billion in total, blockchain research firm Elliptic said on Monday. Sweeping Western sanctions since Russia's February 2022 full-scale invasion of Ukraine, particularly the exclusion of Russian banks from the SWIFT global financial messaging system, have sorely hampered Moscow's trading options and left Russia seeking alternative routes for cross-border payments. Russian defence sector lender Promsvyazbank and payments firm A7, both of which are under Western sanctions, announced the launch of the new Kyrgyzstan-based stablecoin A7A5 in January, promoting its potential as a tool for foreign trade. Elliptic, whose data and intelligence was used by the U.S. Secret Service in taking down the online infrastructure used by Russian cryptocurrency exchange Garantex in March, said in a report that A7A5 was becoming increasingly effective in helping Russian businesses and individuals avoid sanctions by bypassing the traditional financial system. TRM Labs, another blockchain research firm, has identified A7A5 as being part of a new nexus of Kyrgyzstan-registered entities with cryptocurrency connections to sanctions evasion that is also likely tied to the import of dual-use goods from China to Russia through Central Asia. A7A5, Promsvyazbank and A7 did not immediately respond to requests for comment. VOLUME SPIKE Promsvyazbank, when launching A7 in late 2024, said the platform would help Russian companies make smooth cross-border settlements and said firms could pay for services and supplies in China without using SWIFT. A stablecoin, A7A5 enables cross-border payments that most Russian banks cannot offer. Reuters could not independently determine the source of funds in A7A5 or the reasons for the transfers. Elliptic's analysis showed that over $1 billion was now being transferred through A7A5 each day, with an aggregate value to date of $41.2 billion, noting a spike in volumes, liquidity and tokens in circulation in July. TRM Labs observed a similar aggregate volume. Surging A7A5 demand has seen the stablecoin's market capitalisation triple to $521 million in less than two weeks, Elliptic said. A7A5 on Monday wrote on Telegram that it had injected $100 million of fresh liquidity in the stablecoin Tether (USDT) into the A7A5 DEX, a decentralised exchange. "Demand for A7A5 to USDT at the best rates remains high, liquidity is gone in minutes," A7A5 said. Tether, which regularly works with global law enforcement in helping to seize illicit funds across various jurisdictions, did not immediately respond to a request for comment.
Reuters
28-07-2025
- Business
- Reuters
Transfers with rouble-backed crypto coin pass $40 billion after July spike, researchers say
LONDON/PARIS, July 28 (Reuters) - A rouble-backed stablecoin that could help Russia circumvent Western restrictions on payments has seen a jump in transaction volumes in July, with funds moved through the coin surging past $40 billion in total, blockchain research firm Elliptic said on Monday. Sweeping Western sanctions since Russia's February 2022 full-scale invasion of Ukraine, particularly the exclusion of Russian banks from the SWIFT global financial messaging system, have sorely hampered Moscow's trading options and left Russia seeking alternative routes for cross-border payments. Russian defence sector lender Promsvyazbank and payments firm A7, both of which are under Western sanctions, announced the launch of the new Kyrgyzstan-based stablecoin A7A5 in January, promoting its potential as a tool for foreign trade. Elliptic, whose data and intelligence was used by the U.S. Secret Service in taking down the online infrastructure used by Russian cryptocurrency exchange Garantex in March, said in a report that A7A5 was becoming increasingly effective in helping Russian businesses and individuals avoid sanctions by bypassing the traditional financial system. TRM Labs, another blockchain research firm, has identified A7A5 as being part of a new nexus of Kyrgyzstan-registered entities with cryptocurrency connections to sanctions evasion that is also likely tied to the import of dual-use goods from China to Russia through Central Asia. A7A5, Promsvyazbank and A7 did not immediately respond to requests for comment. Promsvyazbank, when launching A7 in late 2024, said the platform would help Russian companies make smooth cross-border settlements and said firms could pay for services and supplies in China without using SWIFT. A stablecoin, A7A5 enables cross-border payments that most Russian banks cannot offer. Reuters could not independently determine the source of funds in A7A5 or the reasons for the transfers. Elliptic's analysis showed that over $1 billion was now being transferred through A7A5 each day, with an aggregate value to date of $41.2 billion, noting a spike in volumes, liquidity and tokens in circulation in July. TRM Labs observed a similar aggregate volume. Surging A7A5 demand has seen the stablecoin's market capitalisation triple to $521 million in less than two weeks, Elliptic said. A7A5 on Monday wrote on Telegram that it had injected $100 million of fresh liquidity in the stablecoin Tether (USDT) into the A7A5 DEX, a decentralised exchange. "Demand for A7A5 to USDT at the best rates remains high, liquidity is gone in minutes," A7A5 said. Tether, which regularly works with global law enforcement in helping to seize illicit funds across various jurisdictions, did not immediately respond to a request for comment.
The Hindu
07-07-2025
- Business
- The Hindu
Video of Trump promoting Bitcoin at a NATO summit is a crypto scam
Crypto scammers are running deepfake videos of U.S. President Donald Trump as YouTube Live videos, in what seems to be an attempt to steal investors' Bitcoin. Multiple 'live' YouTube videos featured Mr. Trump at what seemed to be a NATO press event. There, he was seen urging viewers to scan a QR code on the screen and send their Bitcoin to the specified location in order to get back double the amount. The background of the video looked just like that of the NATO's summit in the Netherlands on June 25. However, media outlets did not report on the U.S. President promoting any Bitcoin giveaways at the time. The videos were also not shared by any official White House channels. In some such videos, Mr. Trump incorrectly refers to himself as the 45th U.S. President. The provided links also change across some videos. Throughout the morphed video, which had a QR code and instructions saying 'Scan QR or regret' inserted into the visuals, Mr. Trump repeatedly urged viewers to send their Bitcoin without hesitation and get more money back as soon as they could. He also gave a speech praising America's progress with Bitcoin, digital money, and energy. While some of the YouTube Live videos had been suspended when checked later, many duplicate versions of the video were still live and running, with some recording thousands of viewers or followers. Mr. Trump's voice and style of speaking in the videos were highly believable, and at first glance it did not look as if his lips were being artificially synced to match the venture he was promoting. Crypto security experts have long decried the persistent trend of celebrity deepfakes being uploaded as YouTube Live videos in order to fool crypto investors. Blockchain analytics platform Elliptic also recently released its report observing that AI tools such as chatbots and deepfake software made it easier to launch crypto crimes and scams. Mr. Trump had positioned himself as a crypto-friendly president in the run-up to the 2024 presidential election, which helped boost his popularity with fintech entrepreneurs and more conservative crypto traders. He has also been linked to the World Liberty Financial project as well as a Trump meme coin, often confusing his followers and fans who are not always sure which Trump-related crypto ventures are legitimate.
Associated Press
04-07-2025
- Business
- Associated Press
Toobit's Mid-Year Review: A Look Back at a Landmark H1 2025
GEORGE TOWN, Cayman Islands, July 04, 2025 (GLOBE NEWSWIRE) -- At Toobit, we believe in building the future of crypto trading today. The first half of 2025 was a testament to this mission, as we delivered an array of powerful new features, forged strategic partnerships, and strengthened our commitment to providing a fair, secure, and transparent trading experience for our global community. We are an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers, and this period has been defined by our relentless drive to empower traders worldwide. From launching revolutionary products like DEX+ to offering market-leading 200x leverage, we have continued to push the boundaries of what's possible. Our unwavering focus on security was reinforced through a comprehensive platform overhaul and a key partnership with the institutional-grade compliance leader, Elliptic. These innovations were celebrated by the industry, as we were honored with multiple prestigious awards, and we deepened our connection with the community by announcing our brand ambassadorship with climbing legend Chris Sharma. As we look back on a landmark six months, we are proud to share the milestones that reflect our core vision: to empower every trader with the tools they need to navigate the digital asset markets with confidence. Empowering Traders with Next-Generation Tools We think ahead so you can trade ahead. In H1 2025, we focused on delivering user-first innovations and state-of-the-art tools designed to give our traders a competitive edge. DEX+: Your Secure Gateway to the World of DeFi On June 25, we were thrilled to introduce DEX+, a powerful new feature that simplifies on-chain trading. DeFi is where true innovation happens, but its complexity has long been a barrier for many. DEX+ removes these hurdles, allowing you to trade a wide array of early-stage and trending on-chain assets—from governance tokens to meme coins—directly from your Toobit Spot account, with no need for separate wallets, keys, or gas fees. The benefits are built for you: This launch builds on our strategic collaboration with the IDO platform NovaMeme, which provides our users with a direct pathway to exciting early-stage projects across multiple blockchains. The 200x Leverage Frontier: Giving You Unprecedented Control To give our experienced traders greater agility, we launched up to 200x leverage for our BTCUSDT and XAUTUSDT perpetual contracts on June 11. This powerful tool allows you to control larger positions with a smaller capital outlay, offering unparalleled flexibility and precision in fast-moving markets. Continuously Enhancing Your Trading Experience Our commitment to innovation extends across our entire platform. We integrated The Open Network (TON) for faster and cheaper USDT transactions , introduced an 'Assessment Zone' to give you access to new and trending tokens like AKA LIBERTY (AKA), and rolled out a price precision adjustment feature to refine your trading. We also announced an integration with TradingView, bringing professional-grade charting and analytics directly into the Toobit ecosystem to create a seamless trading experience. Our Commitment to Security and Trust Your security is our biggest priority. In H1 2025, we made significant investments to fortify our platform, ensuring Toobit remains one of the safest and most reliable exchanges in the world. A Strategic Partnership with Elliptic for Institutional-Grade Compliance On March 5, we announced a strategic partnership with Elliptic, the global leader in blockchain analytics. By integrating their full suite of institutional-grade tools—Lens, Navigator, and Investigator, we have streamlined our AML compliance and enhanced our ability to protect users from financial crime. This partnership ensures we can trace funds across multiple assets and blockchains, providing comprehensive, real-time risk detection. Fortifying Our Security Architecture We also completed a sweeping internal security overhaul on February 26 to protect your assets at every level. These upgrades include an AI-driven system for real-time smart contract monitoring, advanced multi-factor authentication for our multi-signature wallets, and further optimization of our cold wallet management, where we securely store over 95% of user funds. Our commitment to transparency is absolute. We maintain a public Proof of Reserves (PoR) system, allowing you to verify that your assets are backed 1:1 at all times. Our platform is also regularly audited by leading third-party firms, including Hacken and Beosin, providing layered validation of our security. Thanks to these rigorous measures, we are proud to have maintained a perfect security record with no breaches since our inception. A Global Brand Built on Performance and Passion The first half of 2025 was a period of incredible recognition for Toobit, as we celebrated our achievements with our growing global community. A Season of Accolades We were deeply honored to receive a string of prestigious industry awards, which reflect the trust our traders have shown us. Crypto Culture on the World Stage We believe in the power of community. In May, we were proud to be an official sponsor of Crypto Fight Night (CFN) Dubai, an event that showcased the exciting connection between blockchain, sports, and entertainment. We also strengthened our presence in Europe as a Platinum Sponsor for Dutch Blockchain Week, where we engaged with industry leaders and showcased our latest trading solutions. Climbing New Heights with Chris Sharma This May, Toobit forged a powerful alliance with a true pioneer, welcoming world-renowned rock climber Chris Sharma as our brand ambassador. This partnership highlights the profound synergy between the mindset of an elite athlete and a master trader. Sharma is celebrated not just for his raw talent, but for his visionary approach—seeing 'King Lines' on sheer cliffs where others saw nothing. His career is a testament to what can be achieved when precision, innovation, and ambition converge. These values are the bedrock of Toobit, who has strived consistently to give a bit more than crypto. Precision: Just as Chris meticulously plans every handhold, our users rely on Toobit's robust infrastructure for flawless, split-second trade execution. Innovation: Chris revolutionized climbing with new techniques; we empower traders with cutting-edge tools, from our intuitive Copy Trading to advanced risk management features, ensuring they stay ahead of the curve. Ambition: Chris never shied away from the world's hardest climbs. Our platform is designed for traders who share that drive, providing the security, depth, and support needed to pursue ambitious financial goals with confidence. How to sign up and start trading on Toobit Getting started on Toobit is designed to be as streamlined and efficient as our trading engine. Join our global community and begin your trading journey in minutes. Step 1: Create Your Account in Seconds Visit the official Toobit website or download our mobile app. You can sign up using your email address, phone number, or directly through your Google or Apple account. The process is quick, secure, and gets you into the ecosystem without delay Step 2: Fund your wallet Depositing funds is simple and flexible. You can transfer existing crypto from another wallet directly into your Toobit account with zero deposit fees. Alternatively, you can instantly purchase over 100 cryptocurrencies, including Bitcoin and Ethereum, using a credit or debit card through our secure third-party payment gateways. Step 3: Execute Your First Trade With your account funded, you're ready to make your first move. Navigate to our Spot or Futures markets, select your desired trading pair, and utilize our intuitive interface to place your order. Whether you're executing a simple market order, setting a precise limit order, or deploying one of our advanced trading bots, you are now in command of your financial journey. The Future is Now: Our Vision for H2 2025 and Beyond The first half of 2025 was about turning bold ideas into reality. We launched groundbreaking products, fortified our security, and celebrated our global community. But this is just the beginning. As we move into the second half of the year, our focus remains squarely on you, our traders. We will continue to build on the success of DEX+, expand our product offerings, and deliver the seamless, secure, and user-friendly experience you deserve. We are committed to providing the tools and support you need to succeed in the crypto world. Thank you for being part of our journey. Together, we will continue to explore new frontiers and discover how to always give a bit more than crypto. Contact: Davin C. Email: [email protected] Website: Disclaimer: This content is provided by statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. 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