KSOC to Implement Blockchain-based Athlete Management Platform

Akira ransomware, responsible for stealing $42 million from over 250 organizations across North America, Europe and Australia in just a year, is now targeting businesses in Singapore. In response, Singaporean authorities have issued a joint advisory warning local businesses about the increasing threat posed by a variant of this ransomware.Photo by Mike Enerio on UnsplashAlert follows complaintsThe alert follows multiple complaints from victims, prompting agencies like the Cyber Security Agency of Singapore (CSA), the Singapore Police Force (SPF) and the Personal Data Protection Commission (PDPC) to take action. These agencies emphasize the urgency of recognizing and combating this threat. How Akira operatesAkira affiliates employ various techniques to infiltrate a victim's network. These include exploiting known vulernabilities. For example, that could mean the targeting of services like Cisco virtual private networks (VPNs) that have been configured without multi-factor authentication (MFA). Another approach that the ransomware incorporates is attacking external-facing services such as the Remote Desktop Protocol (RDP) via brute force. Social engineering is another tool within its repertoire. This involves tricking victims into downloading malicious software or entering credentials on phishing websites. There is a marketplace for compromised credentials in the dark web. Akira also relies on such data, acquiring it from access brokers who sell network access.  Once inside a network, Akira affiliates often create new domain accounts to maintain persistent access, even after reboots. They use numerous tools to steal user credentials, escalate privileges and spread throughout the network. Detection and prevention measuresThe Singaporean advisory outlines several strategies for detecting, deterring and neutralizing Akira attacks. Authorities strongly advise against paying ransoms, on the basis that doing so does not guarantee data recovery or prevent future attacks. Authorities also warn that paying ransoms can encourage further attacks. The FBI has noted that Akira operators do not contact victims. Instead, they expect victims to initiate contact. Payment in BitcoinThe advisory outlines how Bitcoin is implicated in the ransomware scam. It states:”Ransom payments are requested in Bitcoin, which are directed to cryptocurrency wallet addresses specified by the affiliates. The TOR site (.onion) where victims contact the affiliates, contains stolen information and a list of the affected organisations.” It’s not the first time that Singaporean authorities have issued warnings that have implicated Bitcoin and crypto. In January, the CSA and SPF, in a joint advisory, suggested that people should use hardware wallets in an effort to guard against crypto-related malware and phishing attacks. A number of weeks prior to that, Singapore’s former Prime Minister, Lee Hsien Loong, took to Facebook to issue a warning with regard to a crypto scam that involved the use of deceptive content generated using artificial intelligence (AI). Mitigation techniquesBusinesses are being urged by the authorities to adopt best practices to mitigate the Akira ransomware threat. They suggest the implementation of a recovery plan alongside the use of multi-factor authentication (MFA) in order to secure data and the access to that data.  They also suggest filtering network traffic as it helps in identifying and blocking malicious activities. Meanwhile, disabling unused ports and hyperlinks curbs the risk further as it reduces the attack surface. Lastly, the authorities suggested the use of system-wide encryption to protect data even if it is accessed by unauthorized entities.

In a move that will likely further bolster the digital asset landscape in the United Arab Emirates (UAE) and the wider Middle East region, a collaborative venture between Bridgetower Capital and Deus X Capital is launching a digital asset platform in Abu Dhabi. With an initial investment of $250 million, Bridgetower Middle East, as reported by weekly regional business magazine Arabian Business, is poised to play a pivotal role in fostering institutional-grade digital asset infrastructure within the UAE and the broader Middle East and Gulf Cooperation Council (GCC) region. Cory Pugh, Chairman and CEO of Bridgetower, expressed his enthusiasm about the partnership, stating:“Staying true to our roadmap of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity.”Photo by Kevin JD on UnsplashHeadquartered in ADGMHeadquartered in the Abu Dhabi Global Market (ADGM), Bridgetower Middle East aims to serve as the nerve center for digital asset activities, with a footprint extending to Dubai. The company's core mission is to inaugurate and manage an institutional-grade digital asset infrastructure platform, facilitating the rapid evolution of the digital asset business across the UAE and the region. Backed by significant self-funding, Bridgetower ME brings forth a wealth of expertise, with over $250 million of delegated assets earmarked for turnkey staking, coupled with extensive experience in digital asset management and capital deployment, courtesy of Bridgetower and Deus X. “We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE,” remarked Pugh. Through its suite of services, Bridgetower Middle East aims to provide institutional clients with a secure platform for engaging in staking activities, facilitating transactions across major blockchain networks. In 2022 it partnered with Securitize to offer a Staked Digital Asset Security (SDAS) product on the Avalanche blockchain. Last year, it integrated the Lido liquid staking ecosystem within its own platform. Harnessing AI and blockchain capabilitiesFurthermore, Bridgetower ME is poised to elevate the capabilities of blockchain and artificial intelligence (AI) through its advanced AI GPU services tailored for blockchain networks. By leveraging its specialized data center infrastructure, Bridgetower ME seeks to augment computing capabilities for blockchain and AI applications, thus driving innovation within the digital asset ecosystem. In line with its commitment to nurturing the blockchain ecosystem, Bridgetower ME plans to spearhead private equity investments and support the incubation of startups in the UAE. Additionally, the company envisions the launch of a Web3 commerce platform, aimed at seamlessly integrating traditional businesses with digital assets. Through strategic collaborations with global consumer brands, art markets and sports organizations, Bridgetower ME aims to accelerate the adoption of blockchain technology on a global scale. Tim Grant, representing Deus X Capital, expressed his excitement about the collaboration, stating:“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech.” 

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.