$3.6 Billion Crypto Theft: South African Bank Denies Relationship With Fraud ...

$3.6 Billion Crypto Theft: South African Bank Denies Relationship With Fraud ...

According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. Africrypt Stops Operations Abruptly Africrypt abruptly ceased operations nearly two months ago, prompting the banking institution’s denial. The crypto investment firm’s management claimed at the time that Africrypt’s trading system […]


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$3.6 Billion Crypto Heist: South African Bank Denies Business Relationship Wi...

According to local media, leading South African financial institution FNB is denying allegations of a banking relationship with the recently collapsed crypto investment company, Africrypt. FNB also insists it did not enable the investment company’s transactions which helped Africrypt’s two directors disappear with billions of dollars in investor funds. Disappearance of Investor Funds The financial institution’s denial comes nearly two months after Africrypt abruptly stopped operating. At that time, the crypto investment firm’s management claimed Africrypt’s....

$12.7 M Stolen From Japanese ATMs With Forged Credit Cards

Credit card theft is becoming a grave threat to the financial ecosystem, and the recent theft of JPY 1.4bn is a clear example of why credit cards are an insecure payment method. Hackers managed to clone several dozen credit cards and withdraw cash from Japanese convenience store ATMs. Japan Convenience Store ATMs and Stolen Credit Cards. According to the....

After Warnings from South African Regulators Binance Rejects Accusations It P...

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.” Binance Not Associated With Binance Group Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained: ....

South African Expert Says Tax-Dodging Crypto Traders Face Heightened Jail Threat

A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....

Banks Trial Blockchain With South African Regulators

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