Shinhan Card to launch NFT-based art-tech service next year

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.

Mocaverse, a membership-based NFT collection initiative enabled by Hong Kong’s Animoca Brands, revealed on Friday the establishment of strategic alliances with prominent Web3 wallets OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet. In a separate announcement, it also revealed a similar partnership with crypto exchange platform KuCoin. Extending Moca IDs to OKX, Crypto.com and Halo usersIn a statement released by Animoca Brands, it was highlighted that through the deployment of its recently introduced decentralized identity (DID) Moca ID, Mocaverse is set to catalyze user expansion by integrating with the aforementioned leading self-custodial wallets. The statement clarified that Moca ID will act as the conduit for users to seamlessly navigate various Web3 cultural experiences, spanning PointFi, GameFi and SocialFi, thereby simplifying the onboarding process into the Mocaverse ecosystem. The collaboration will mean that users of OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet will soon have the opportunity to claim their unique Moca IDs within the app, thereby gaining entry into the Mocaverse ecosystem and unlocking access to a myriad of rewarding cultural and entertainment experiences.Photo by Shubham's Web3 on UnsplashRealm Points incentiveHolders of Moca ID stand to accrue Realm Points through active participation and engagement within partner ecosystems and experiences, with the ability to redeem these points for exclusive real-life benefits and rewards provided by Mocaverse and Animoca Brands. Commenting on the development, Kenneth Shek, project lead at Mocaverse, stated:“This partnership encompasses the values and mission we set out when we envisioned Moca ID, which is to make interoperability a new standard to onboard new users and redefine the Web3 network effect through the Mocaverse Partner Network.”Mocaverse seeks to unify Animoca's portfolio projects, subsidiaries, joint ventures and partners through a distinctive NFT collection. With 8,888 Mocas as NFT profile pictures (PFPs), Mocaverse serves as a membership pass for Animoca Brands team members, investors, partners and select token holders, aspiring to foster community cohesion and collaboration within the Web3 sphere. Jason Lau, chief innovation officer of OKX, expressed enthusiasm for the collaboration, noting OKX Wallet's role as a premier gateway to explore the burgeoning realm of Web3 gaming, culture and entertainment experiences. Likewise, Eric Anziani, president and chief operating officer of Crypto.com, underscored the commitment of Crypto.com DeFi Wallet to democratizing access to the realms of DeFi and Web3 for all users, stating the partnership with Mocaverse would extend these experiences to a broader audience. Additional announcementIn a separate announcement, Mocaverse unveiled a similar partnership with cryptocurrency exchange KuCoin alongside Halo Wallet. The initiative endeavors to address the challenge of accessing benefits across distinct Web3 sub-ecosystems by establishing cross-platform identity links, ultimately enhancing the user experience and fostering greater collaboration and integration across partner offerings.Halo Wallet CEO Jeff Hou shared his thoughts on the collaboration, stating:“The partnership among Halo, KuCoin, and Mocaverse is more than just a fusion of services; it represents a strategic alliance to create a cohesive digital asset environment for our users. The initiation of this exceptional cross-platform alliance is a move that promises to bring together the best of what each party has to offer.” 

Indonesia witnessed a striking decline in cryptocurrency tax revenue for the year 2023, according to local media. 63% decreaseA report by Indonesian business and financial publication Kontan detailed a tax take drop to $31.7 million (Indonesian rupiah 467.27 billion). That tax collection is in sharp contrast to the partial collection period in 2022 when the crypto tax regime was initially introduced. It represents a drop of around 63%. The decline is part of a broader tax reform targeting the "digital economy" implemented in 2022, with the Indonesian government expressing the expectation that the reform would enhance tax collection, fostering a "healthy and fair taxation system."Photo by Nick Agus Arya on UnsplashDeclining transaction volumesDespite bitcoin's impressive surge of approximately 160% throughout 2023, the dip in crypto tax revenue was notable. The decrease is closely tied to a drop in transaction volumes over the same period compared to 2022. A report by CoinDesk Indonesia last week put that trading volume decrease at around 60%. Crypto transactions in Indonesia face dual taxation – a 0.1% income tax and a 0.11% value-added tax (VAT). Additionally, local crypto exchanges are subject to a special tax of approximately 0.04%, contributing to the national digital asset bourse. Disadvantaging local exchangesLocal exchanges in Indonesia, including prominent ones like Indodax, have voiced discontent with the high tax rates, contending that these levies are driving users towards unregulated offshore exchanges. Earlier this month Indodax CEO Oscar Darmawan called on the Indonesian government to review crypto tax rates. Darmawan highlighted that the cumulative taxes on crypto transactions often surpass the trading fees paid by users, posing a risk of users seeking more cost-effective alternatives. Local exchanges suggest that crypto transactions should only be subject to income tax, eliminating the VAT component. This proposal comes as Indonesia's Financial Services Authority (OJK) prepares to implement cryptocurrency regulations in early 2025. The aim is to align the taxation of cryptocurrencies with their market nature, possibly redefining them more as securities than commodities. Inadequate tax regulation can lead to a decline in local market activities, potentially resulting in capital flight to more favorable jurisdictions. Indonesia's situation serves as a reminder of the crucial need for policies that understand and adapt to the dynamic nature of the cryptocurrency sector. India is being similarly challenged. Local exchanges there have also complained of punitive taxation, which resulted in Indian users migrating to offshore exchanges. That scenario led indigenous exchanges to lobby the government to take action. The authorities have duly acted, flagging a number of global exchanges for operating illegally within India. It’s not all bad news for the development of digital assets within Indonesia. The country still ranks highly in terms of crypto adoption within the Asian region. Crypto was also floated as an election issue recently by Gibran Rakabuming Raka, a vice-presidential candidate in the upcoming election. The politician expressed his commitment to accelerating the country's position as a leader in the digital revolution.