South Korean Prosecutors Fail to Recover Do Kwon’s Assets

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.

Zodia Markets Achieves Crypto Broker-Dealer Approval in UAEZodia Markets, the London-based digital asset marketplace backed by Standard Chartered Ventures, has achieved the milestone of receiving In-Principle Approval (IPA) to operate as a cryptocurrency broker-dealer in Abu Dhabi’s over-the-counter (OTC) market.Photo by Kamil Rogalinski on UnsplashADGM green lightThat’s according to a press release published by Zawya, a business intelligence media outlet that covers the Middle East and North Africa (MENA) region. The regulatory approval comes from the Abu Dhabi Global Market (ADGM), a renowned financial hub in the United Arab Emirates (UAE).Salem Mohammed Al Darei, CEO of the ADGM Authority, extended his congratulations to Zodia Markets on this achievement and welcomed them into the ADGM ecosystem. The In-Principle Approval marks the third step in a comprehensive five-stage application process outlined by ADGM. The subsequent stages involve securing final approval and undergoing an “operational launch” test to ensure seamless functionality, with a need to follow ADGM’s guidance meticulously.“The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets that is backed by the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities,” Al Darei stated.Expanding global footprintZodia Markets’ strategic decision to enter the UAE market aligns with the growing prominence of the UAE in the digital assets industry. This move compliments Zodia Custody’s decision to launch a crypto custodian service in the UAE emirate of Dubai back in May. While both businesses are independent of each other and fully segregated, they share the very same parent company in Standard Chartered.At the time, a memorandum of understanding (MoU) was signed by parent company Standard Chartered alongside the Dubai International Financial Center (DIFC).This latest move bolsters the geographical presence of Zodia Markets but also provides institutional investors in the Middle East and Africa with convenient access to the world of digital assets, thereby strengthening the company’s global footprint in the digital asset space.News of the firm’s intentions to enter the UAE market emerged last November. The company’s thinking at the time was that it could exploit an opportunity to expand in the MENA region due to more progressive regulation while the US and Europe were perceived to be developing at a much slower pace from a regulatory point of view, making them unattractive comparatively.ADGM has been at the forefront of shaping the regulatory landscape for companies involved in virtual assets. In April, it put forward a legal framework for decentralized tech. As part of its commitment to fostering innovation, ADGM recently granted permission for the operation of a virtual asset platform named M2 and issued a license to the cryptocurrency exchange Rain in July.Usman Ahmad, CEO of Zodia Markets, articulated the company’s mission, stating:“Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”Zodia Markets is a joint venture between Standard Chartered and Hong Kong-based digital assets platform OSL, which also expressed its enthusiasm for the In-Principle Approval.

Hong Kong Crypto Exchange Contemplates Sale at HK$1 Billion ValuationHong Kong’s BC Technology Group is reportedly considering the sale of its crypto platform, OSL, with a suggested valuation of approximately HK$1 billion ($128 million).Photo by Samuel Chan on UnsplashDiscussions with potential buyersThat’s according to a report published by Bloomberg on Monday. OSL holds the distinction of being one of only two exchanges alongside competitor HashKey licensed under the digital asset regulations introduced by the city of Hong Kong in June. Bloomberg cited anonymous sources familiar with the matter having revealed that BC Technology has initiated discussions with potential buyers, including industry players and funds.OSL’s platform encompasses prime brokerage, exchange services, and secure custody solutions for the cryptocurrency markets. Furthermore, OSL plays a pivotal role in facilitating financial institutions’ access to virtual asset trading. Rather than a complete sale of the company, BC Technology is considering the possibility of divesting specific parts of the business, according to these sources.It’s important to note that these deliberations are ongoing, and there is no guarantee that they will culminate in a final deal, as highlighted by the insiders. In response to an inquiry from Bloomberg News, a representative from BC Technology stated:“We are a highly transparent and regulated company. We do not comment on market rumors and speculations.”Valuable trading licenseOSL's regulatory licensing is likely to add considerably to its value. Earlier this year it emerged that digital asset sector firms were shelling out a range between HK$20 million and HK$200 million in their efforts to secure crypto trading licenses in Hong Kong.In May the company obtained Type 1, 4, and 9 licensing from Hong Kong’s Securities and Futures Commission (SFC) through its OSL Asset Management (OSLAM) business. Following the acquisition of licensing, the firm moved to launch its first fund, concentrating on blockchain, artificial intelligence (AI), and Web3 technologies.Hong Kong’s crypto hub challengesHong Kong enabled retail-level crypto trading on June 1, with the aim of further establishing the city as a hub for the cryptocurrency sector. The regulatory change enabled retail investors to trade larger tokens such as Bitcoin and Ethereum on licensed exchanges. Despite these efforts, demand for cryptocurrencies remains lackluster due to the lingering effects of last year’s wave of crypto sector bankruptcies.To compound matters, Hong Kong is also grappling with the repercussions of the JPEX exchange scandal, an unlicensed Dubai-headquartered entity that further tarnished the reputation of the digital asset industry in the region.BC Technology’s market value has shown substantial growth, surging to almost HK$1.9 billion from its low point earlier in the year. However, the company’s shares remain down by 80% from their peak in June 2021, which coincided with the cryptocurrency market’s frenzy during the pandemic.In response to market developments, OSL has withdrawn its application for a digital asset license in Singapore and it is preparing a revised submission. It’s worth noting that certain clients from Singapore are being transitioned to the exchange in Hong Kong.