Matrixport expands into Europe via CFAM acquisition

Chinese Fentanyl Producers Taking Payment in CryptoA report produced by blockchain analytics and crypto compliance solutions firm Elliptic has found that most Chinese suppliers of fentanyl precursors are accepting payments for the illicit material in cryptocurrency.In a blog post published on its website on Tuesday, Elliptic claimed that 90 percent of the 90 China-based firms, from which its researchers received offers of fentanyl precursors, accepted cryptocurrency as a form of payment. The majority of fentanyl which is trafficked into the United States is manufactured using imported fentanyl precursors like the material that the Elliptic researchers were offered.Seventeen of the suppliers even offered to provide fentanyl itself. Others still offered to supply synthetic opioids, equally or more potent than fentanyl, which are currently legal to both produce and supply within China.Photo by Hal Gatewood on UnsplashTracking blockchain transactionsIn tracing back transactions relative to these illicit suppliers, the Elliptic researchers’ analysis demonstrated that the digital asset wallets used by the rogue suppliers have received thousands of payments. The research team has estimated the net worth of those transactions to total $27 million.It appears that a move towards crypto payments is trending with this group of suppliers as there has been a 450% increase year-on-year when it comes to payments for fentanyl precursor using crypto.The study highlighted activity related to Dutch national Alex Peijnenburg. An alleged fentanyl supplier, Peijnenburg, made an $85,000 payment in crypto to one of the ninety fentanyl precursor suppliers identified by Elliptic researchers. In November of last year, the Dutchman was sanctioned by US authorities relative to his activities.Global trade and distributionThe report stated: “During our correspondence, the suppliers showed no concerns about how the chemical would be used, with some explaining that it was their best-selling product and could be used to produce fentanyl.”It went on to state that “others pointedly mentioned that they had sold it to customers in Mexico.” Mexico is a significant location in the global drugs trade, given the activity of drug cartels within the country. One supplier offered an insight to researchers as to the preferences of their nefarious Mexican clients, stating: “They always use USDT or Bitcoin to pay. It is no problem.”While it looks like these nefarious Chinese companies are able to trade into and out of crypto assets, that should be a difficulty for them as China banned the offering of crypto trading services going back a number of years already. Furthermore, foreign digital asset exchanges are prohibited from servicing the needs of Chinese clients where crypto is concerned.Elliptic’s research team uncovered that the majority of the illicit drugs trade suppliers have been using workarounds in order to gain access to overseas digital asset exchanges. The suppliers have used intermediaries in order to convert crypto into Chinese yuan.The report concludes that this part of the international fentanyl trade can be dealt with and “disrupted by the services that act as gateways into and out of crypto assets.” On arriving at that conclusion, Elliptic has acted by notifying the digital asset exchanges that these suppliers are using. “[We] have flagged hundreds of crypto addresses in our tools as being linked to this activity,” the report states.Crypto had infamously been associated with illicit activity on the dark web in its earliest years. It has moved well beyond that although due to its decentralized nature, it’s difficult, if not impossible, to control who utilizes decentralized digital currency.

IOTA accelerates Middle East expansion with $100M foundation launchIn a move aimed at catalyzing the adoption of its distributed ledger technology (DLT) in the Middle East, the Berlin-headquartered IOTA Foundation, the developmental force behind the IOTA-directed acyclic graph-based ledger network, unveiled a $100 million foundation in Abu Dhabi on Wednesday.Photo by Imtiyaz Ali on UnsplashTokenizing real-world assetsThe IOTA Foundation announced details of the initiative, known as the IOTA Ecosystem DLT Foundation, via a blog post published on its website on Wednesday. The new foundation is designed to facilitate the transformation of tangible assets into digital entities, marking a significant stride in the convergence of real-world assets with the digital realm, according to IOTA Co-founder and Chairman Dominik Schiener.Taking to the X platform, Schiener wrote:”We will double down on our efforts to bring the real world to Web3. We will pave the way to tokenize RWA [Real World Assets] assets on #IOTA and work with the governments in the UAE, across the Middle East and Africa to digitize their trade infrastructure and tokenize assets. We will make Blockchain real, with real use cases, real adoption, real yield and real assets.”IOTA is not a blockchain, but a related distributed ledger technology. DLT has garnered attention for its diverse applications over the past decade. IOTA’s digital tokens will serve as the financial backbone for this substantial investment, signaling a strategic move amidst recent setbacks in the cryptocurrency sector.Regulatory first in Abu DhabiThe IOTA Ecosystem DLT Foundation stands out as the first blockchain-focused foundation sanctioned by the regulatory authorities of the Abu Dhabi Global Market (ADGM), a key financial hub within the United Arab Emirates (UAE). The ADGM solidified its blockchain regulations in early November, creating a conducive environment for innovative blockchain-focused entities. The regulatory framework was crafted to offer a comprehensive structure specifically for DLT foundations and decentralized autonomous organizations (DAOs).Schiener expanded further on plans for the DLT Foundation:”With a new headquarter in the UAE, we are positioning IOTA from being an Enterprise Blockchain in Europe, to becoming one of the largest, global Crypto ecosystems. We will fully support Web3 and DeFi use cases on IOTA with the #EVM launch in Q1.”Endowed with over $100 million in IOTA tokens, the foundation’s funds will be gradually vested over the next four years.The financial infusion is earmarked for the development and expansion of the IOTA network. Additionally, IOTA will embark on asset “tokenization,” a process involving the representation of ownership rights for land or buildings as digital tokens stored on a blockchain. These tokens, akin to digital certificates of ownership, extend to virtually any valuable object.IOTA launched in 2015, and within its first two years, it rose to be a top-ten crypto project on the basis of market capitalization. Over the course of the last six years, the project has struggled to make the network less centralized. There have also been internal conflicts, which resulted in a number of the project’s co-founders stepping away from the project. With this latest development, Schiener suggested that IOTA could work its way back to being a top-ten project once again.

WEMIX PLAY Adds Four More Games to Its LineupSouth Korean gaming publisher Wemade has taken a stride by signing contracts with four distinct gaming developers to integrate their games onto WEMIX PLAY, Wemade’s blockchain gaming platform. This news arrives merely a week after the onboarding of the preceding three games.Photo by Sean Do on UnsplashTank battle gameAmong the additions is “Tank Battle Heroes: World War,” developed by T-Bull S.A., a mobile game developer based in Poland. Its forthcoming contribution stands out as a 3D multiplayer tank battle game, featuring realistic snowy and desert environments. Gamers will enjoy Tank Battle Heroes by defending their territory and conquering rival territories.Action RPGJoining the roster is “Wind of Chaos,” an action role-playing game designed by Altwolf Software, a company hailing from Belarus. In “Wind of Chaos,” players immerse themselves as pirates, opting for individual or group endeavors in their quest to destroy enemy ships and engage in adrenaline-inducing battles.3D artillery gameHong Kong’s tech enterprise, HK Pharos Tech, is set to introduce “TNT Bomb Commando,” a 3D artillery game. The game’s appeal lies in the extensive customization options for characters, enabling gamers to personalize in-game avatars with over 100 costumes.Strategy puzzle RPGAnother notable addition is The First Hunter, a strategy puzzle RPG that is currently under development by Korean gaming company Captains. Rooted in the narrative of an online novel of the same name, The First Hunter offers gamers a unique universe to explore. Engaging in battles to collect a wide range of characters and nurture their growth is a central facet of the gameplay experience.