Norway could go its own way on crypto asset regulation, central bank suggests

International regulation may be too slow and may represent interests that are not in line with Norway’s, Norges Bank suggests in an annual report.

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Honk if you love Bitcoin! Lightning takes the wheel of a European rally car adventure

With a comically loud horn, a candy machine and a jukebox filled with Mozart, metal and more, it's the "Bitcoin Ambassadors" rally car adventure.

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At Northern Lightning 2023, Norway May Offer The Wildest Bitcoin Experience Yet

Norway is putting on a major Bitcoin conference with high-signal speakers, topped off with an otherworldly rave running on Lightning.

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Int'l Experiment Proposes Cross-Border Retail CBDC Run as Two Domestic Payments

<p>The Bank for International Settlement (BIS) and its partners, the central banks of Israel, Norway and Sweden have completed a joint experiment on cross-border retail central bank digital currency (CBDC). The experiment was tagged ‘Project Icebreaker.’ Retail CBDCs are government-backed digital currencies used for payment purposes by consumers and businesses.</p><p>The experiment, which studied the potential advantages and challenges of using retail CBDCs in international payment, found that <a href="https://www.financemagnates.com/forex/" target="_blank" rel="follow">foreign exchange (FX) providers</a> can be used to facilitate cross-border <a href="https://www.financemagnates.com/tag/cbdc/" target="_blank" rel="follow">retail CBDCs</a> by breaking down a cross-border transaction into two domestic payments. </p><p>‘The Hub-and-Spoke Model’</p><p>In a statement released on Thursday, BIS explained that it has developed a “hub-and-spoke solution” through which cross-border retail CBDCs never have to exit their systems. This system works by requiring many forex providers to submit quotes to a retail CBDC system’s hub which then selects the cheapest alternatives for end users to settle their transactions.</p><p>This model differs from most of the existing cross-border payment systems under which users or payers have no choice about the exchange rate or who provides the forex conversion, the international financial institution noted. BIS added that its new solution uses bridge currencies to fight the problems of insufficient liquidity for currency pairs, thereby preventing the attendant issues of higher fees and delay in cross-border payments. </p><p>“The project also demonstrated that the hub-and-spoke model can reduce <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__main-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a> and counterparty risk by using coordinated <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a> in central bank money; and complete cross-border transactions within seconds,” BIS explained.</p><p>Furthermore, BIS said the new model means that countries considering the development of their domestic CBDCs can introduce these features and other innovative services into their cross-border transactions. It added that the project provides a “deeper understanding of the technologies that can be used and the technical and policy choices available.”</p><p>“Project Icebreaker is unique in its proposition. It first allows central banks to have almost full autonomy in designing a domestic retail CBDC. Then it provides a model for that same CBDC to be used for international payments,” explained Cecilia Skingsley, the Head of the BIS Innovation Hub.</p><p>US, Australia Make New Moves on CBDC</p><p>Meanwhile, the United States and Australia both recently provided <a href="https://www.financemagnates.com/cryptocurrency/us-australia-make-new-moves-on-cbdc/" target="_blank" rel="follow">new updates on their efforts</a> towards assessing the feasibility of a CBDC. While the United States says it is planning to establish a new Treasury Department-led working group to deliberate on the possible launch of a digital dollar, the Reserve Bank of Australia unveiled 14 firms that proposed various CBDC uses cases to be tested in its limited-scale CBDC pilot that “will take place over the coming months.”</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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Norway Seizes Stolen Crypto Assets Worth $6M In Axie Infinity Hack

What – The crypto industry has been battling with issues of hacks for years back. Why – While some platforms recovered a few stolen funds, [...]

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Norway Seizes $5.8M in Crypto from North Korean Hackers

<p>The authorities in Norway have seized a record $5.85 million in cryptocurrencies that were stolen by North Korean hackers, according to a statement released by Norwegian police on Thursday.</p><p>Norway Seizes Record Amount of Crypto</p><p>Okokrim, the country's national economic crime unit, executed the operation and seized 60 million Norwegian crowns ($5.84 million) worth of <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" class="terms__main-term" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed" target="_blank">cryptocurrencies</a>. It was a record crypto seizure by the country and also "one of the largest seizures of money ever made in Norway."</p><p>According to the Norwegian authorities, the seized cryptocurrencies were among $540 million in digital assets siphoned from Ronin Network, the <a href="https://www.financemagnates.com/terms/b/blockchain/" class="terms__secondary-term" id="be18ed01-45fc-4044-b447-06802a10dbcd" target="_blank">blockchain</a> supporting the popular crypto-based game Axie Infinity, in March 2022. It was one of the largest crypto heists, and the US Treasury Department <a href="https://www.financemagnates.com/cryptocurrency/news/us-treasury-ties-lazarus-group-to-ronin-hack-sanctions-eth-address/" target="_blank" rel="follow">linked it to the notorious North Korean hackers, Lazarus Group</a>.</p><p>"This is money that can be used to finance the North Korean regime and their nuclear weapons program," said Marianne Bender, Norway's senior public prosecutor.</p><p>The Norwegian prosecutor is not the first to claim that North Korea utilizes the stolen cryptocurrencies to fund its nuclear program. Earlier, a <a href="https://www.financemagnates.com/cryptocurrency/north-korea-steals-millions-via-cyberattacks-to-fund-its-nuclear-missile-programs/" target="_blank" rel="follow">report published by the United Nations</a> revealed that cyberattacks on cryptocurrency exchanges were used as a main revenue source for Pyongyang's nuclear and ballistic missile program.</p><p>However, North Korea officially denied all these allegations.</p><p>North Korean Hackers Are a Threat to Crypto</p><p>Blockchain analytics established the role of the North Korea-linked hackers behind attacks on crypto platforms. Chainalysis, in its reports, blamed North Korea-backed groups for stealing cryptocurrencies from KuCoin and the Japanese platform Liquid.com. Last year, multiple US agencies even <a href="https://www.financemagnates.com/cryptocurrency/news/us-warns-against-north-korea-sponsored-threats-on-crypto-platforms/" target="_blank" rel="follow">raised a joint alarm against threats from North Korean hackers</a> on crypto platforms.</p><p>According to an estimate, hackers siphoned at least $3 billion worth of cryptocurrencies from various platforms in 2022. The data was based on the figures until last October but <a href="https://www.financemagnates.com/cryptocurrency/news/north-korean-hackers-stole-400m-worth-crypto-in-2021/" target="_blank" rel="follow">surpassed other years significantly</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from <a href="https://twitter.com/hashtag/DeFi?src=hash&ref_src=twsrc%5Etfw">#DeFi</a> protocols across 11 different hacks. <a href="https://t.co/emz36f6gpK">pic.twitter.com/emz36f6gpK</a></p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1580312145451180032?ref_src=twsrc%5Etfw">October 12, 2022</a></blockquote><p>The Vietnamese company Sky Mavis developed the blockchain-based game Axie Infinity, which Norwegian entrepreneur Aleksander Larsen founded. Larsen publicly thanked Binance in a tweet for the exchange's assistance to the Norwegian in the seizure.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Norwegian Police <a href="https://twitter.com/Okokrim?ref_src=twsrc%5Etfw">@Okokrim</a> just seized $6M from the <a href="https://twitter.com/Ronin_Network?ref_src=twsrc%5Etfw">@Ronin_Network</a> <a href="https://twitter.com/search?q=%24RON&src=ctag&ref_src=twsrc%5Etfw">$RON</a> heist.Thanks to <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a> for acting fast and freezing the funds!<a href="https://t.co/j8V3uD8WMX">https://t.co/j8V3uD8WMX</a></p>— Aleksander / Psycheout - Axie Infinity (@Psycheout86) <a href="https://twitter.com/Psycheout86/status/1626111285258514434?ref_src=twsrc%5Etfw">February 16, 2023</a></blockquote><p>"When we learn of bad actors on our platform, we intervene and take appropriate action, including freezing funds and working with law enforcement to return funds to their rightful owner," a Binance spokesperson told the media.</p><p>Last November, the US authorities revealed the<a href="https://www.financemagnates.com/cryptocurrency/us-seizes-36-billion-worth-of-bitcoins-linked-to-silk-road/" target="_blank" rel="follow"> seizure of over 50,676 Bitcoins</a> stolen from the notorious dark web marketplace, Silk Road, in 2012. The search and seizure operations were conducted in November 2021, when the value of the cryptocurrencies was over $3.36 billion, but has now plummeted significantly. It was the second largest financial seizure by the US authorities following the <a href="https://www.financemagnates.com/cryptocurrency/36b-btc-seizure-from-bitfinex-hack-good-or-bad-for-the-industry/" target="_blank" rel="follow">forfeiture of $3.6 billion in stolen cryptocurrencies</a> linked to the 2016 Bitfinex hack.</p> This article was written by Arnab Shome at www.financemagnates.com.

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Going cashless: Norway's digital currency project raises privacy questions

At this point, the test network for the Norwegian CBDC uses not the public Ethereum ecosystem, but a private version of the enterprise blockchain Hyperledger Besu.

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Australian firm raises $28M to expand Bitcoin mining capabilities

The Sydney-based Arkon Energy secured $28 million in a recent funding round to expand its renewable energy Bitcoin mining operations despite the volatile market.

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The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics

The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.

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Norway’s Government Agency Opens Virtual Office in Metaverse

The agency wants to reach out to the younger generation of people. Developers and investors in the metaverse have expressed

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It’s legislation season in the EU: Law Decoded, Oct. 3–10

In one week, the EU institutions voted in favor of a crypto-friendly resolution and promoted MiCA to the next stage.

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BIS Launches Project Icebreaker with Central Banks to Explore CBDC

The Bank for International Settlements (BIS) has rolled out Project Icebreaker with the central banks of Sweden, Norway, and Israel to see how CBDCs can be utilized for international remittance and retail payments. (Read More)

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Norwegian Bitcoin Mining Ban Was Struck Down

A bill banning bitcoin mining, authored by the communist party in Norway, was struck down by a majority vote in the Norwegian parliament.

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Bitcoin mining in Norway gets the green light as the proposed ban rejected

The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on May 10.

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Bitcoin Mining Around The World: Norway’s Outsized Presence Relative To Its Size

What makes this Arctic outpost so attractive to bitcoin miners, considering the country’s tiny geographical size and small population?

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Norwegian DLTx Acquires US-Based DMS to Double Filecoin Mining Output

The Norway-based technology and operations company operating in the blockchain industry, DLTx has officially acquired US-based DSM Tech Enterprises LLC, a Bitcoin mining and large scale Filecoin op...

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'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate

Norway’s Bitcoin mining credentials are impressive: The small European country hosts 0.77% of Bitcoin’s hash rate using 100% green, renewable energy.

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10% of Norwegian Adults Own Crypto, Double the Rate in 2018

Crypto ownership in Norway has been trending, because 10% of the adult population, representing 420,000 Norwegians, own cryptocurrencies, according to a study by Arcane Research and Ernst & Young (EY). (Read More)

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Crypto ownership among Norwegian women doubles, mirroring global trends

According to a recent survey from Arcane Research, the number of Norwegian women that own cryptocurrency has doubled from 3% to 6% in just one year.

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Norway Charges Four Individuals in $80M Alleged Cryptocurrency Scheme

Norwegian authorities have taken action against a group of individuals involved in an alleged $80 million cryptocurrency scheme. The individuals are facing charges related to deceiving investors and misappropriating funds through a fraudulent investment scheme. The case has raised concerns about the need for stricter regulation in the cryptocurrency industry to protect investors from such [...]

The post Norway Charges Four Individuals in $80M Alleged Cryptocurrency Scheme appeared first on Crypto Breaking News.

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