Latest news with #Token2049
Cision Canada
01-08-2025
- Business
- Cision Canada
BingX Labs Marks One Year of Web3 & AI Innovation with $16Million in Strategic Investments
PANAMA CITY, Aug. 1, 2025 /CNW/ -- BingX, a leading cryptocurrency exchange and Web3 AI company, announced the first anniversary of BingX Labs, its dedicated investment and incubation arm. Over the past year, BingX Labs has established itself as a key strategic investor, partner, and developer ally, driving innovation at the intersection of Web3, AI, and decentralized finance. Since its launch in 2024, BingX Labs has committed $16 million in investments across high-impact projects and protocols such as Babylon and StakeStone, alongside strategic collaborations with leading partners including IOSG, Kaia foundation, and Hackquest to support broader Web3 and AI ecosystem growth. These partnerships exemplify BingX Labs' approach — fostering strategic collaborations with the builders of core infrastructure for the next phase of Web3 and AI adoption. Beyond financial backing, BingX Labs has become a hub of research and innovation. The Labs team is actively exploring key emerging sectors such as RWA (Real-World Assets), DeFi, and AI agents. With regular webinars and developer meetups, BingX Labs connects with global builder communities to share insights and collaborate on the next wave of technological breakthroughs. BingX Labs has also reinforced its position as a key player in the Web3 and AI space by sponsoring and attending major international events like Consensus and the Token 2049. Vivien Lin, Head of BingX Labs and Chief Product Officer at BingX, commented:"In its first year, BingX Labs has evolved into more than an investment platform — it is a catalyst for the next generation of Web3 and AI innovation. By combining deep research, strategic partnerships, and strong developer engagement, we are building the infrastructure to support breakthrough projects that will shape the future of AI and decentralized technology. Looking ahead, our commitment to empowering developers and partners in these transformative sectors will continue to be our guiding principle." Looking ahead, BingX Labs plans to deepen its research, expand partnerships, and explore new opportunities, especially in AI-powered decentralized applications, with a continued focus on uncovering the next wave of transformative projects. About BingX Founded in 2018, BingX is a leading crypto exchange and Web3 AI company, serving a global community of over 20 million users. With a comprehensive suite of AI-powered products and services, including derivatives, spot trading, and copy trading, BingX caters to the evolving needs of users across all experience levels, from beginners to professionals. Committed to building a trustworthy and intelligent trading platform, BingX empowers users with innovative tools designed to enhance performance and confidence. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports sponsorship.
IOL News
25-07-2025
- Business
- IOL News
New cryptocurrency may be aiding Russia to dodge sanctions
Logos of different cryptocurrencies are displayed during the Token2049 conference in Dubai. Image: AFP Russia could be turning to a new cryptocurrency called A7A5 to allow money to flow in and out of the country and avoid Western sanctions, experts have told AFP. Multiple rounds of international sanctions have been imposed on Moscow since its February 2022 invasion of Ukraine seeking to ramp up economic pressure to halt the war. But the launch of A7A5 in February this year opened up an alternative payment method for Russian businesses and individuals to sidestep sanctions when trading with foreign partners, the UK-based non-profit Centre for Information Resilience (CIR) said in a report. A7A5 is a stablecoin -- a form of cryptocurrency backed by traditional assets -- in this case pegged to the ruble, making it harder for Western authorities to monitor than dollar-based alternatives. It was launched by a pro-Russian Moldovan oligarch and a Russian state-owned bank as "the first ever ruble-pegged stablecoin," George Voloshin from anti-money laundering group ACAMS told AFP. While it is not widely used yet, experts say its creation marks a significant step in Russia's efforts to reduce its dependence on major crypto companies -- many of which cooperate with Western governments. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Russian stablecoin Since Russia was kicked out of the international banking system SWIFT and hit with asset freezes and investment bans, Moscow has already turned to crypto to sidestep financial restrictions imposed by the United States and its allies. Stablecoins are especially attractive because they are less volatile than other cryptocurrencies. People have also used cryptocurrency to donate directly to both the Ukrainian army and Russian militias, according to several analytics firms such as Elliptic. But Russia has faced a problem: USDT, the most popular stablecoin, is tied to the US dollar and controlled by a company called Tether, which cooperates with US and European authorities. Earlier this year, Tether blocked $28 million in USDT held in wallets on Garantex, Russia's largest crypto exchange, which was shut down following a global crackdown on illegal transactions. "That was a real wake-up call" for Russia, said Elise Thomas, senior investigator at CIR. "It made them think that they need their own stablecoin, they need something that they control," she added. Just before Garantex was shut down, tens of millions of dollars were moved from USDT into A7A5, according to data from crypto tracking firm Global Ledger. How it works A7A5 is backed by deposits in Promsvyazbank, a Russian bank under sanctions for its ties to the government and the military. The coin is traded on Grinex, a crypto exchange based in Kyrgyzstan -- a country seen as friendlier to Russian interests and less vulnerable to Western pressure. A7A5 is also registered in Kyrgyzstan rather than Russia because the country offers a crypto-friendly legal environment and is less exposed to "sanctions and other economic pressures," project director Leonid Shumakov said in an interview posted online. Less than six months after its launch, around $150 million is now held in A7A5. These transactions are not necessarily illegal, but they could become problematic if used by sanctioned individuals or entities to reconnect with the global financial system, warned ACAMS's Voloshin. The man behind the A7 group, which developed A7A5, is Ilan Shor, a Moldovan businessman and politician now living in Russia. Investigators found links between A7A5 and Shor's political activities in Moldova, including websites related to both sharing the same IP address. These findings have suggested that the cryptocurrency could be used as a tool for political influence. Shor and his company have already been sanctioned by the UK, and more recently by the European Union, which accused them of trying to meddle in Moldova's 2024 presidential election and its referendum on joining the EU -- all while keeping close ties with Moscow. AFP
Business Insider
23-07-2025
- Entertainment
- Business Insider
Vintage Culture's Singapore Debut Headlining RaveDAO's ENL1GHT — Powered by DCS DeCard
Pre-registration opens today for ENL1GHT, a 3,500-capacity indoor festival taking over Pasir Panjang Power Station on October 3, poised to be the signature nightlife moment of Singapore's Formula 1 and Token2049 week. Preferred pricing is available through DeCard by DCS. RaveDAO's flagship event, ENL1GHT, is set to ignite Singapore's Formula 1 and Token2049 weekend, transforming the historic Pasir Panjang Power Station into a pulsating dancefloor on October 3, 2025. Pre-registration for early ticket access opens today, with exclusive benefits available to DeCard holders, courtesy of the festival's title sponsor, Decard by DCS. Vintage Culture Headlines His Singapore Debut Making his highly anticipated first-ever appearance in Singapore, Brazilian superstar DJ and producer Vintage Culture brings his electrifying presence to ENL1GHT. Ranked #9 in DJ Mag's global Top 100 and boasting over 1.5 billion Spotify streams, Vintage Culture has captivated millions around the world with his vibrant sets, chart-topping tracks, and groundbreaking collaborations with artists such as The Temper Trap, Solomun, and Camelphat. 'Bringing Vintage Culture to Singapore for the first time is a dream for our community and the city,' said Ronald Yung, Operations Lead of RaveDAO. 'He's an artist who unites people across borders, and ENL1GHT is about sparking real connection - not just on the dancefloor, but in how we give back. It's fitting to welcome him at such a historic venue, during the energy of F1 and Token2049.' From headlining Tomorrowland and Coachella to residencies at the legendary Hï Ibiza and Wynn Las Vegas, Vintage Culture has risen from a small-town talent to a global force, redefining what it means to be a superstar DJ. His acclaimed debut album, Promised Land (2024), and his sold-out 'Vintage Is A Festival' stadium series in Brazil further solidify his reputation as one of electronic music's most compelling artists. Historic Venue, Unforgettable Experience ENL1GHT marks RaveDAO's return to Singapore and first event inside Pasir Panjang Power Station, a landmark with deep historical significance. Originally built as a critical source of electricity during Singapore's industrial era, the venue's raw architecture and storied past symbolize the city's journey from darkness to brilliance. Under the theme "Be the spark that lights a thousand," ENL1GHT reimagines this industrial icon into an immersive, one-night-only experience, where thousands of festival-goers will come together to repower the space through music, connection, and collective impact. ENL1GHT is more than just a festival - it's a movement powered by purpose. A portion of event proceeds will go toward RaveDAO's "Rave for Light" initiative, which supports global causes centered around well-being and empowerment. To date, RaveDAO's events have funded sight-restoring cataract surgeries for over 400 patients through Nepal's Tilganga Eye Centre and supported mindfulness training for over 150 participants through Seattle's Nalanda West. 'At RaveDAO, every event is designed to be a catalyst for positive change. When our community comes together, we aim to make an impact that outlasts the music to fuel local spirit and global good,' added Yung. Every ticket purchased is a direct contribution to these impactful initiatives, ensuring that the energy on the dancefloor resonates far beyond the night itself. Exclusive Benefits Powered by DCS DeCard Presented in partnership with DCS, a MAS-licensed financial institution in Singapore with a strong banking heritage and innovative multi-rail payment solutions, ENL1GHT will provide exclusive perks to DeCard holders. DeCard is a next-gen card that enables flexible, everyday spending by seamlessly converting stablecoins to fiat - built for today's Web3 natives and enthusiasts, and accepted globally. 'Designed for seamless everyday utility, DeCard bridges the on-chain ecosystem with TradFi. It's about your ownership, your play,' says Dayna Leng, PR, Branding and Marketing Leader of DCS. 'DCS brings institutional trust to empower Web3 consumers and businesses to confidently spend what they own, along with the assurance that DeCard is here to stay. More than just a card, it's a game-changer — part of the trust layer Web3 needs to enable the future of digital value and experience RaveDAO without limits.' DeCard users will enjoy up to 50% off early bird pricing, fast-lane entry, and priority beverage queues throughout the event. Ticket Information Pre-registration for early access opens today, July 23. Early Bird tickets go live August 4 at 12:00 PM (GMT+8), starting from SGD 188. VIP table packages are available upon inquiry. Capacity is strictly limited; last entry is at 11:00 PM. About Vintage Culture Vintage Culture is a powerhouse in electronic music. From a small town in Brazil to topping the Billboard, Spotify, and Beatport charts, he's amassed 1.5 billion Spotify streams and earned multiple Diamond, Platinum, and Gold certifications. His debut album Promised Land (2024) featured collaborations with The Temper Trap and Maverick Sabre, alongside a remix pack from Solomun, Camelphat, and others. He's held residencies at Hï Ibiza and Wynn Las Vegas and headlined major festivals like Tomorrowland, EDC, and Burning Man. He also launched Vintage Is A Festival, selling out stadiums across Brazil. In 2025, he continues his global rise with performances at Coachella, Movement Detroit, Awakenings, Sónar, and more. About RaveDAO RaveDAO is the next-gen community-driven engine for live entertainment, powered by crypto and AI, combining globally distributed community-driven live and virtual events, AI-assisted UGC, community-driven, reputation-based vendor marketplace, and fan engagement system. RaveDAO onboards the next billion through immersive, token-powered entertainment experiences that also generate real-world social impact. Since 2024, the collective has welcomed 30,000+ attendees across Europe, MENA, and Asia. About Decard by DCS With over 50 years of banking heritage, DCS is a MAS-licensed financial institution in Singapore, offering end-to-end global payment solutions across card issuing and merchant acquiring. Today, DCS delivers secure, flexible, and progressive multi-rail solutions, bridging traditional finance and Web3 ecosystems, supporting both fiat and digital asset transactions. Our global card networks include Visa, Mastercard, DCI, and UnionPay to power seamless payments wherever you are. DeCard by DCS is a next-gen card for digital spending — a globally accepted card that lets you spend what you own flexibly, whether it's in digital assets or fiat. No annual fees. No unnecessary layers. Just real-world utility, trusted security, and seamless top-ups. From bills and subscriptions to rides, groceries, and travel, DeCard gives you the freedom to move through everyday life with confidence.
Toronto Sun
10-07-2025
- Toronto Sun
Judge jacks up sentence for New York City crypto scammer to 12 years
Nicholas Truglia gets 12 years in prison after failing to pay back victim Published Jul 10, 2025 • 2 minute read The Bitcoin logo is displayed during the Token2049 conference in Dubai, April 30, 2025. Photo by GIUSEPPE CACACE / AFP / Getty Images A man who got 18 months in prison for his part in a scheme to steal $22 million in cryptocurrency saw his sentence increased to 12 years after failing to pay back his victim as he had promised. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Nicholas Truglia received the stiff new sentence Thursday, after U.S. District Judge Alvin Hellerstein found he had willfully failed to honour his agreement to pay nearly $20.4 million in restitution. 'You paid not a cent, not one cent,' Hellerstein told Truglia, 27, in resentencing him to eight times his original prison term. The judge ordered Truglia, who has already served his original sentence, taken into custody immediately after the hearing. Mark Gombiner, Truglia's lawyer, told Hellerstein the sentence was illegal and 'an extraordinary abuse of discretion.' He promised to appeal. Truglia pleaded guilty in 2021 to participating in a complex scheme to gain control of the victim's cell phone and steal more than $20 million of his cryptocurrency. He was charged as part of a ring of 'evil computer geniuses' who tricked telecom employees into transferring customers' cell numbers to SIM cards the hackers. This advertisement has not loaded yet, but your article continues below. The group targeted Michael Terpin, the founder and chief executive officer of Transform Group, which advises blockchain businesses on public relations. The hackers recruited Truglia to convert stolen digital tokens into Bitcoin after they drained Terpin's cryptocurrency accounts. During Truglia's initial sentencing hearing, it emerged that he had $53 million in assets, including crypto, art and jewelry. Gombiner, argued in a court filing that Truglia has 'surrendered every valuable asset he has access to,' including all the money in a Wells Fargo & Co. account. RECOMMENDED VIDEO Truglia said much of his wealth was contained in bitcoin wallet that he could not access. If he could, he would pay what he owes, he said. But Terpin, participating in the hearing by phone, called Truglia's claim 'a giant smoke screen.' The judge slammed his lavish lifestyle. 'You didn't have a job, but you lived in splendour,' the judge said to Truglia. The case is US v. Truglia, 19-cr-00921, US District Court, Southern District of New York (Manhattan). Toronto & GTA Toronto & GTA Toronto Blue Jays Canada World
IOL News
04-07-2025
- Business
- IOL News
CBEX Crypto Scam: Africa's AI-Hyped Ponzi Nightmare and the Urgent Call for Real Regulation
Logos of different cryptocurrencies are displayed during the Token2049 conference in Dubai. Beneath the glittering promises of the cryptocurrency world, where AI hype shines brightest, lies a sinister truth: CryptoBridge Exchange (CBEX). This AI-powered Ponzi scheme has shattered and embittered countless African investors. Edwin, a Kenyan government worker, is just one of many victims, having lost $16,000—borrowed money, shattered dreams, and bruised dignity. His isolated story is a symptom of a broader crisis: a digital swindle spreading unchecked across Africa's vulnerable investment landscape. CBEX initially presented an enticing opportunity: an AI trading system guaranteeing monthly returns and attractive referral bonuses. Its appearance of legitimacy was crafted through a complex network of corporate identities and fraudulent certificates. The platform employed "brandjacking," using the acronym of China's Beijing Equity Exchange, a deceptive tactic designed to instill a false sense of security in investors. The unfortunate reality is that these schemes exploit both the lack of technological awareness and the financial aspirations of ordinary Africans seeking to improve their economic standing. The Anatomy of a Modern Ponzi Scheme Africa is no stranger to Ponzi schemes, but CBEX marks a disturbing new phase: the combination of cryptocurrency's lack of transparency with the enticing appeal of artificial intelligence. Crypto scams globally siphoned off an estimated $9.9 billion last year alone, according to blockchain analysis firm Chainalysis—a staggering sum that underscores the profitability and prevalence of these fraudulent activities. CBEX operated a sophisticated, yet classic, Ponzi scheme. Investors observed fabricated "growth" in their accounts, while their actual investments were covertly drained. These funds were funneled through intricate TRON blockchain transactions, distributed across numerous wallets, and converted into various cryptocurrencies to obscure their origin. This digital illusion led investors to believe their capital was expanding, even as it was silently pilfered. Such schemes flourish where financial regulation is lax and populations are financially desperate. CBEX exploited these vulnerabilities in Kenya and Nigeria, its primary operational hubs. Large segments of the populations in these countries are financially underserved, lack financial literacy, and are keen for alternative income. CBEX capitalized on these gaps by inundating messaging apps like Telegram with alluring, yet ultimately unrealistic, promises. Why Africa? Why Now? With a burgeoning youth population, over 60% of whom are under 25 according to a 2023 African Development Bank report, Africa is seeing its young people increasingly embrace cryptocurrency. This adoption is driven by the desire for economic opportunity amidst limited formal employment and unstable local currencies, reflecting a growing demand for digital financial solutions. The rapid adoption of cryptocurrency in Africa has unfortunately outpaced the implementation of adequate safeguards, leading to a precarious situation. Instead of proactive measures, governments have largely reacted after the fact. For instance, Kenya's Capital Markets Authority only issued investor alerts once significant harm had already occurred, and Nigeria's EFCC has been compelled to reactively pursue scammers and recover funds. These isolated responses are insufficient for a crisis that urgently requires a holistic and forward-looking regulatory framework. CBEX's acquisition of an anti-money laundering certificate—even if only for consultancy services—highlights a concerning blend of scammer ingenuity and institutional oversight. This loophole in governmental and institutional diligence emboldens fraudsters, who expertly exploit bureaucratic gaps and insufficient cross-border regulatory collaboration. What Must Be Done? The Imperative for Stronger Regulation and Education African governments need to abandon their current reactive and fragmented regulatory approach. While Nigeria's new Investments and Securities Act, which criminalises Ponzi schemes, is a welcome development, robust and immediate enforcement, coupled with enhanced cross-border collaboration, is crucial. Warnings and investor alerts from regulators are no longer sufficient. There's a pressing need for dedicated crypto regulatory bodies. These bodies must be equipped to comprehend and supervise digital asset markets, with the authority to vet platforms, enforce transparency, and implement stringent Know-Your-Customer (KYC) protocols. Public education on crypto risks is crucial and should be integrated into financial literacy initiatives. Many are drawn to the allure of "guaranteed returns" from AI-powered trading bots, often unaware of the volatile and speculative nature of digital assets. Governments, NGOs, and community organizations should collaborate to provide clear and accessible information on identifying scams. Telegram and other similar technology platforms need to enhance their scam-detection systems. While Telegram has started to ban problematic users and identify scam groups, CBEX's ongoing activity on the platform underscores the critical need for more proactive surveillance and collaboration with law enforcement. Closing Thoughts: Never Again For victims such as Edwin and Abby, "never again" is more than a personal promise; it's a demand for systemic change. While the CBEX scandal may account for billions lost worldwide and millions domestically, the real price is the erosion of hope and the shattering of trust. This cannot be Africa's crypto epitaph. Rather, it must be the point at which we declare an end to hollow pledges and AI fantasies. The urgent need for responsible regulation, investor education, and institutional responsibility is upon us—before another CBEX rises from the depths, poised to exploit aspirations once more. By Sesona Mdlokovana UAE & African Specialist Associate at the BRICS+ Consulting Group ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
