UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

UAE nuclear and blockchain expert appointed as advisor to Sustainable Bitcoin protocol

U.S. based Sustainable Bitcoin Protocol (SBP), which aims to unlock Bitcoin’s potential to become the most transparent and sustainable asset has appointed UAE national, an entrepreneur and pioneer in nuclear energy technology, space industry and digital assets Ali AlNuaimi.

Ali Alnuaimi, will hold the position of advisor at Sustainable Bitcoin Protocol. As per the Xpost of SBP, “Ali brings a wealth of experience to Sustainable Bitcoin Protocol. His visionary leadership in launching the UAE’s 1st nuclear reactor & integrating blockchain technology into the energy & financial sectors is a testament to his expertise in sustainable #energy & technological innovation.”

The post adds, “Ali’s pioneering work in leveraging blockchain for energy sustainability aligns perfectly with the company’s objectives, promising to accelerate the adoption of #cleanenergy solutions in bitcoin mining.”

AlNuaimi holds other advisory roles in well renowned entities in the digital asset, AI and Blockchain fields. He is an advisor at Buildr.ai, Marathon Digital, Gigaenergy, and Mysten Labs, the creators of Sui Blockchain.

He is also the Founder and Managing Director of AI firm Shafra.

SBP enables investors to hold verifiably sustainable BTC through the introduction of a new environmental commodity derived from clean energy bitcoin mining, called the Sustainable Bitcoin Certificate (SBC). SBC are paired with BTC 1 for 1 by investors. SBC financially incentivizes Bitcoin miners to use verified clean energy sources.

Finally, SBP’s certificate allows Bitcoin to become fully sustainable with transparent clean energy use without disrupting the fungibility of BTC.

Sustainable Bitcoin Protocol is turning environmental sustainability into an appreciating commodity, in turn supporting clean energy bitcoin miners and helping investors reach their ESG goals.

SBC are a new environmental commodity specifically designed to align Bitcoin mining with climate action. SBC incentivize verified clean energy use and waste methane mitigation, as well as mobilize capital from investors toward the energy transition.

The SBP aims to bring in new revenue and energy transparency by mining Bitcoin with clean energy.

UAE has become a hub for Bitcoin mining, whether with Marathon Digital in Abu Dhabi, or Phoenix Technology, could this be the starting point for digital assets mining, using nuclear energy available in Abu Dhabi?

Binance CEO says little in his 100 days letter

Binance CEO says little in his 100 days letter

On the first of March 2024, Binance’s CEO Richard Teng, wrote a public letter entitled “My First 100 Days Leading Binance”. While he covered the growth in user base reaching 178 million registered users, and the $3 billion in net inflows between November 2023 and February 2024, he didn’t cover the regulatory woos still facing Binance, and for that reason what he didn’t write is seemingly as important and what he did write.

In his letter he states, “Indeed, our user-focused DNA continues to be the driving force behind people’s trust in Binance and the corresponding growth of our user base, with more than 178 million registered users as of today. Moreover, since our resolutions with US regulators, we continue to demonstrate a very strong financial performance. As reported by Bloomberg based on the data from DeFi lama, we recorded net inflows of more than $3 billion between late November and late February, outpacing what our biggest competitors took in over the same period.”

When he did speak about regulation he acknowledged once again that regulation is an indispensable part of the lifecycle of all innovative sectors. He also noted that robust regulatory frameworks must be built on basic principles of maximizing protection for users while fostering a safe and sustainable ecosystem that can grow responsibly.

In his one note with regards to licensing, he states that over the past three months, (100 days) Binance has made “significant headway” in negotiating licenses and authorizations.

The only result he had to put on the table was Gulf Binance, an exchange and brokerage platform in Thailand, a joint venture between Binance and Gulf Innova. Gulf Binance successfully launched its full operations, extending access to digital assets to potentially millions of Thai crypto users and crypto-curious.

What was not said in the 100-days letter is as important as what was said. For example, Richard Teng didn’t speak about any of the licenses that were currently underway, or of the issues still plaguing Binance in other jurisdictions.

When it comes to MENA region, while Binance holds a license in Bahrain, to date it has not been able to receive its full VASP license from Dubai’s virtual asset regulatory authority. This stall comes as more and more crypto brokers and exchanges are receiving licenses in the UAE, one of which is M2 in Abu Dhabi and several others in Dubai including CoinMENA, and OKX.

OKX which has grown its market share over the past year, also just received an in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS), and officially launched its Turkish exchange in February. OKX has rapidly expanded globally, launching localized platforms in markets like Brazil.

While Binance for example was absent from applying for a license in Hong Kong. 24 companies vied for licenses to operate digital-asset exchanges ahead of the looming May deadline. Hong Kong attracted players such as Bybit, OKX, and Crypto.com. Since then, Hong Kong’s markets regulator has recently warned the public about the crypto exchange ByBit and several of the products it offers to investors.

The latest TokenInsight report reveals that 2023 witnessed shifts in market share and trading volume among top exchanges, with Binance’s numbers decreasing from 54.2% to 48.7% while OKX’s and Bybit’s increasing by 4.3% and 2.2%, respectively. While Binance still holds number one position in terms of market share according to CoinMarketCap, Bybit now holds number three and OKX fourth.

Teng also doesn’t mention the ongoing battle in Nigeria. Most recently, Nigerian authorities are urging Binance to provide details about its most prominent 100 users within the nation amidst a continued clampdown on the platform. The request is a focal point in discussions between Binance and Nigeria, with the government perceiving the exchange as a key obstacle hindering its attempts to strengthen the national currency, the naira.

In response to the crypto exchange’s attempts to engage in dialogue with Nigerian authorities, two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, were reportedly detained by local prosecutors. Notably, the executives remain in custody despite Binance’s decision to delist all naira transactions and halt peer-to-peer naira transactions in late February.

Then there is Binance U.S., where the SEC alleged Binance.US was not abiding by the terms of a consent order in its case against the U.S.-based crypto exchange and its global parent. As per the SEC the company did not prove to the SEC’s satisfaction that Binance global employees did not have access to U.S. customers’ assets.

Consequently, the 100-day letter shows that Richard Tengis is nothing like his predecessor CZ. Teng would rather stay quiet to the hurdles facing the company within the last 100 days, obstacles that most likely will have an effect on license applications in countries such as the UAE.

As he talks of success and how it should not be taken for granted, and of his plans to welcome in institutional investors offering them the range and quality of services that would make them as he says, “stick around for the long haul”, one cannot but wonder if the 200-day letter will be written.

UAE regulated crypto exchange expands to 11 states in the USA

UAE regulated crypto exchange expands to 11 states in the USA

In a recent statement on the X platform ( formerly Twitter), The CEO of BackPack, UAE regulated crypto exchange, announced that the crypto exchange had expanded to reach 11 US states, including California, Colorado, Indiana, Missouri, Wyoming and others.

CEO Armani Ferrante outlined plans to consolidate the exchange’s presence in the US, saying, “Today, we beginning our journey to bring Backpack Exchange into the USA. It’ll be slow. It’ll be steady. It’ll be hard. But it’ll be worth it. If we don’t support your state yet, hold on. We’ll get there. This is something that will take years to complete. But we’re committed to doing it right.”

The exchange, currently in its beta phase, facilitates spot trading activities and intends to diversify into derivatives, margin trading, and more as it secures additional licenses globally.

Backpack was co-founded by Can Sun, former general counsel at FTX, and Ferrante, previously and a software developer at Alameda Research.

The Backpack Exchange platform boasts multiple licenses across global jurisdictions, including the United Arab Emirates (UAE), Lithuania, Australia, and the United States.

In October 2023, BackPack Web3 non-custodial XNFT wallet and exchange received a full license by Dubai Virtual asset regulatory authority allowing it to run a regulated crypto exchange in UAE. Backpack, which was considered one of top 30 best crypto wallets in 2023, was developed by Coral. It offers XNFTs built on Solana Blockchain.

Backpack Exchange is set to launch in private beta for its community members in November before going live to the public in Q1 2024.

UAE based Trek Labs Ltd FZE, will launch under the name Backpack Exchange. This license only covers Backpack Exchange and not any of the other virtual asset products and services offered by Backpack.

Blockchain consulting firm enters MENA with ivolve technologies in UAE

Blockchain consulting firm enters MENA with ivolve technologies in UAE

Nisum is a global digital consulting firm based in Silicon Valley which leverages over 20 years of industry expertise in digital strategy and engineering, data-driven insights and analytics, blockchain solutions, customer-centric experiences, business agility, and software development, has entered the Middle East market through a partnership with iVolve.

This strategic partnership between Nisum and iVolve unites a strong duo of global technology firms offering their clients access to a wide array of industry-leading services, including private and public cloud consulting, Kubernetes and OpenShift consulting, DevOps and application modernization, cyber security services, and more.

iVolve Technologies is a UAE cloud consulting company specializing in a wide range of cutting-edge cloud-native technologies. With a focus on Application Modernization, Automation, Kubernetes, Red Hat OpenShift, DevOps, GitOps, DR, Migrations, and Public Cloud solutions.

“iVolve’s established regional footprint and offices in the UAE and KSA align seamlessly with Nisum’s goals, fostering collaboration and innovation tailored to local needs. iVolve’s advanced cloud capabilities enhance Nisum’s technological landscape, providing a competitive edge. In return, Nisum contributes specialized expertise, particularly in application development. The partnership creates a robust value proposition for both entities,” said Salman Kassim Mohammady, Pakistan Country Head at Nisum.

“At iVolve Technologies, we’re thrilled to announce our strategic partnership with Nisum. This collaboration propels us to provide clients with cutting-edge technology to deliver business applications, amplified software development services, and the unmatched expertise of Nisum’s seasoned architect team. We eagerly anticipate the growth of our partnership and the collective impact on our clients,” said Mr. Amin Ali Amin, COO & MD of iVolve Technologies.

This strategic partnership marks a new era for Nisum and iVolve as they join forces to contribute to the growth and technological advancement of the Saudi Arabian and Middle Eastern markets.

Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

In a recent twist of events, and while the United States gears towards its presidential elections, a new political action Committee (PAC) called Fairshake and its network which includes names such as CoinBase, Kraken and Ripple, have announced that they will be reporting $78 million raised and in the bank at the end of the 2023 to support leaders who support US crypto and Blockchain innovation and responsible regulation in 2024 elections.

Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.

It has already garnered support from Andreessen Horowitz,  Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, CoinBase, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss and Tyler Winklevoss.

Interestingly Binance and other prominent players are still not on this list.

In a reccent Coinbase blog post the company noted, “The US’s current crypto regulatory standards are sub-par, ultimately driving innovation and financial freedom offshore. Given the stakes, crypto’s superpower of grassroots support will now be amplified through significant spending. Fairshake Super PAC and its affiliates representing the nation’s crypto community, have raised over $78 million – and counting – from 20 companies and leading industry voices to support bipartisan, crypto-forward candidates in 2024. That’s over $78 million to support the 52 million Americans who own digital assets and want a fair shake at the American Dream.”

Fairshake and its affiliates remain steadfast in their mission to support leaders who champion the interests of progressive innovation, including blockchain technology and the crypto industry, through independent advertising efforts.

In the  press release, Fairshake stated,”  In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed. The crypto community continues to advance initiatives to promote stability, tech innovation, and growth of the blockchain economy in the U.S., positioning it as a hub for blockchain technology development and adoption.”

Fairshake is a federal independent expenditure-only committee (super PAC) registered with the FEC and supports candidates solely through its independent activities. Protect Progress and Defend American Jobs are also federal super PACs registered with the FEC and are affiliated with Fairshake.

So could we soon be seeing a US president that will foster the crypto blockchain ecosystem in the United States?

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

LaraontheBlock interviewed the CEO of recently UAE licensed crypto exchange M2, Stefan Kimmel who had a lot to say on the future plans of M2, their product growth, partnerships, acquisition appetite, Bitcoin ETFs and license plans.

Why Abu Dhabi

According to Kimmel, launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explains has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

M2 Strong liquidity

Another strong feature that M2 has is its strong liquidity which is essential for the success of any crypto exchange. As Kimmel explains, “ Liquidity is super important for successful crypto exchanges, and this is why we have partnered with global leading market makers, have tight spreads, and in terms of depth of key markets we are right up there with all the top players. Liquidity is key for good trading experience for investors and that is why we are connected with the largest global market makers and have deep liquidity especially on large crypto asset pairs.”

M2 investors

Speaking on M2 investors and whether the company will be seeking further investment, Kimmel replies that M2 is not seeking to raise capital any time soon. According to Kimmel, M2 is lucky to have an equity investment of $300 million which will give them a long run rate. According to Kimmel, “Our strategic key investor is Phoenix Group but we also have investment from several Abu Dhabi family offices.”

However for those who have asked or been interested in investing in M2, Kimmel states they have the option of investing in Phoenix Group which is now trading publicly on the ADX exchange in Abu Dhabi or they can buy the M2 MMX token on the M2 exchange and Uniswap.”

Noteworthy is that while Phoenix Group is a strategic investor in M2 it also partners with M2 on Bitcoin mining and Hashrate mining.

Acquisition appetite

As for M2’s acquisition appetite, Kimmel admits that if they find well regulated transparent crypto exchanges in countries of interest they would seek to acquire them. On whether M2 would be interested in Binance, he replies, “First Binance is not up for sale, and secondly we are on the lookout for fully regulated exchanges, as we want to be regulated, transparent and clean in everything we do. So we would have to choose an exchange that is in the same direction.”

The U.S. market

At the moment M2 is not interested in the U.S. market given the unclear regulatory situation. Kimmel states, “We will be staying outside of the USA unfortunately, given its current regulatory state. There are no rules we can apply or abide by currently in the USA only enforcement.”

However M2 is very keen on Europe given that Europe has come out with its MICA regulations for crypto service providers. He states, “Our next intention after receiving several regulatory licenses from ADGM and a license from the Bahamas is to acquire a license in Europe and we have filed for one in Spain.”

After Spain, M2 plans to apply for a license in the United Kingdom.

Bitcoin Earn Yield Product

The first product launched by M2 was Bitcoin Earn product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.

The pair designed a product that utilizes Bitcoin mining to offer genuine returns for investors. Most investment platforms that offer yield returns on crypto provide it through one of two routes. M2 are generating returns predominantly with Bitcoin mining, which underpins the M2 Earn product

Kimmel admits that the appetite for the M2 Bitcoin Earn product has been fantastic. He states, “This has been one of the most debated topics inside the M2 because a large share of deposits goes to the Bitcoin Earn product. 10.5% is amazing given that it is hard to earn decent returns on Bitcoin.”

According to Kimmel it is not that difficult to offer 10.5% returns because as he notes, “Given that we are partially owned by Phoenix Group, we reinvest in Bitcoin mining which offers higher returns than 10%, the other two angles is on platform lending which is over collateralized and fully on platform, and a small percentage goes into Proprietary Trading (Prop Trading) market making and basic arbitrage, but no big exposures, as we are not trying to take on risks.”

According to Kimmel even if the crypto markets are not doing well since the investment is in Bitcoin and the interest return is in Bitcoin, then there is no FX market exposure.

Future product offerings partnerships

Kimmel is excited about the future of M2 after going live and ensuring that the processes in place are scalable and robust. Next up are more product offerings, partnerships, and maybe an ETF.

Kimmel explained, “In Q1 of 2024 we will be coming out with a crypto payment card. We will also be offering fiat on and off ramp with one of the banks in the UAE. In addition we have partnerships coming up with big retail names in the country to reach a bigger customer base.”

When asked about the potential of a Bitcoin ETF product, Kimmel confesses that this is absolutely on the radar. He says, “We are already having initial exploratory discussions on it.”

Outlook on crypto exchanges and DeFi

In terms of the bigger global situation when it comes to crypto exchanges, competition and DeFi, Kimmel believes that given that today there are around 600 crypto exchanges globally, we will definitely see some closing down because of the regulatory requirements, others being bought because the market cannot accommodate so many crypto exchanges. He explains, “ We will not only see consolidations in the UAE as crypto exchanges struggle to meet tighter regulatory environment, but there will also be eliminations as market gravitate towards the stronger players.”

In terms of centralized crypto exchanges versus decentralized using DeFi, Kimmel believes that for mass adoption to take place, centralized exchanges are a must. Kimmel, “As we drive for mass adoption the vast majority will struggle with decentralized user experiences, such as managing wallets, on and off ramp, which is hard, in addition we also have governments and regulators who struggle in DeFi, where it is anonymous and users as well may not subscribe to that ethos. For institutional adoption this can only happen in centralized platforms.”

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain enabled Tribal Credit, based in USA and founded by Egyptian entrepeneurs, which empowers SMEs in emerging markets through a comprehensive suite of financial products,payment tools will be expanding into Saudi Arabia, using a renewed and increased debt facility of $150 million with Partners for Growth.

Renewed through 2025, this upsized facility is not only a testament to Tribal’s remarkable credit performance but also an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia and beyond.

As per the press release, this significant expansion will notably enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies.

Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies, highlights Tribal’s exceptional credit performance and sophisticated financial products. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.

Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We’re delighted to fortify our partnership with Partners for Growth,” says Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.” Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal’s mission and potential. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady adds. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia.”

In 2021, Tribal Capital received an initial $3 million from Stellar Development Foundation to advance blockchain products built on stellar. Tribal Credit first raised 5.5 million USD through an investment round led by UAE  BECO Capital and Global Ventures.

At the time Amr Shady, Tribal Credit CEO stated, “Our entire mission is about empowering startups and SMEs in emerging markets with access to financial services. Our focus starts in Mexico, a country that will benefit from global accessibility to banking services previously only available to large corporations. By tapping into Stellar’s existing and growing network of anchors, we will be able to leverage existing digital assets to bring our customers with fast, affordable cross-border payments, credit card balance settlement, and other innovative features of the Stellar blockchain that will benefit our global users.”

In addition Mohamed Elkasstawi, Tribal Credit Co-Founder and Chief Strategy Officer who leads the blockchain vision, strategy, and execution also noted “We see blockchain, and our integration with Stellar specifically, as a strategic next step for our business, offering us the ability to provide cheaper, faster payments for our customers,” said. “Working with the Stellar ecosystem, we’ll be able to leverage the network to deliver on some of our most important use cases — like facilitating  cross-border payments between businesses in previously underserved markets. This is only one of many exciting blockchain projects we’re working on in partnership with SDF.”

Blockchain data security provider Zorrosign partners with UAE Vision Tech

Blockchain data security provider Zorrosign partners with UAE Vision Tech

Blockchain data security solutions provider, ZorroSign, Inc., has partnered with UAE Vision Tech Solutions. This partnership will unite ZorroSign’s data security platform and blockchain technologies with Vison Tech Solution’s IT infrastructure and services across the GCC region.

Initially as a reseller, Vision Tech Solutions will bring ZorroSign to new companies and new markets as the partnership deepens with integrated capabilities and technology alignment.

“We are thrilled to partner with Rajab and his team at Vision Tech,” said Shamsh Hadi, CEO and co-founder of ZorroSign. “Their customer service focus and top quality IT services map well to ZorroSign’s values and data security strengths. We are eager to see what our combined technology solutions can achieve for companies in the UAE, the larger Middle East and North Africa region, and later into Europe.”

ZorroSign was founded with a commitment to advancing technology while advancing sustainability, and ZorroSign’s goal is to help customers adopt sustainable practices and securely transform paper-based workflows into digital workflows. This conscientious approach to operations helps to decrease costs, lower resource consumption, reduce data errors, and increase productivity. Businesses, educational institutions, financial organizations, governments, IT firms, legal service providers, real estate companies, and others use ZorroSign to privately and securely manage their digital transactions.

“Vision Tech aspires to be a global leader in Information Technology, driving technological advancements and delivering sustainable solutions that improve the lives of people around the world,” added Rajab Virani, CEO at Vision Tech Solutions. “ZorroSign is an ideal technology partner for us—not only bringing a practical, scalable blockchain solution to data security and digital signatures, but doing so with an overarching commitment to sustainability.”

ZorroSign today has an extensive customer base for its data security and digital signature solutions built on blockchain in Gulf Cooperation Council (GCC) countries, India, Sri Lanka, the United States, and Canada. The technology company is aggressively expanding into European markets next and seeking new strategic alliances across the EU and UK in 2023.

US Department of Justice charges Moroccon national of stealing crypto an NFTs

US Department of Justice charges Moroccon national of stealing crypto an NFTs

In July 2023, the US  Department of Justice on Monday charged a Moroccan national accused of impersonating OpenSea marketplace functions in order to make off with cryptocurrencies and NFTs, including a Bored Ape. Apart from NFTs, Oulahyane is accused of stealing ether (ETH).

Prosecutors accused Soufiane Oulahyane, 25, of defrauding a Manhattan resident and others of approximately $450,000 of digital assets in September 2021.  According to the allegations, the DOJ alleges Oulahyane “spoofed” OpenSea, creating a site that mimicked the real OpenSea to trick customers into logging in and swiping their OpenSea credentials in the process. He allegedly bought “paid advertisements on a popular search engine” to boost the fake page.

“Oulahyane is alleged to have operated a spoof website to gain unauthorized access to victims’ cryptocurrency wallets to steal their cryptocurrency and NFTs,” FBI Acting Assistant Director in Charge Christie Curtis said.

The DOJ charged Oulahyane with wire fraud, aggravated identity theft, affecting transactions “with an unauthorized device” and use of an unauthorized device.

He’s in Moroccan custody. Oulahyane stole a seed phrase from a New York-based victim’s wallet after the victim accidentally landed on the fake OpenSea login page — designed by Oulahyane — and not the actual marketplace. From there, Oulahyane was able to steal 39 NFTs, including their Bored Ape.

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE Next IT systems partners with U.S. Blockchain entity for digital identity solutions

UAE based NEXT IT & Systems partners with U.S. based IDD Lab  to revolutionize solutions for multiple industries by leveraging  Blockchain Technology. NEXT IT & Systems, a prominent software development group, has joined forces with IDD Labs, a leading blockchain technology group based in USA, to develop cutting-edge blockchain solutions aimed at enhancing identity across diverse sectors, including supply chain, KYC/AML, payments, and more.

IDD Labs, a software technology group with specialization in blockchain, played an instrumental role in launching the identity-based Accumulate network, which went live November 2022, and is a hard fork of Factom – a blockchain network which has been running successfully since 2016.

“As the CEO of Next IT & Systems, I am thrilled about our partnership with IDD Labs,” says Shaik Hamdan. “This collaboration represents a pivotal moment in our journey towards revolutionizing the market and driving the widespread adoption of cutting-edge technologies. By combining our expertise, we are confident that we can achieve remarkable breakthroughs that will reshape industries and empower businesses on a global scale.”

“With our combined capabilities, we will develop game-changing solutions that redefine industry standards,” serial entrepreneur Mr. Hamdan continues. “Our focus will be on delivering innovative products and services that enable businesses to gain a competitive edge. By harnessing the power of blockchain, artificial intelligence, and other cutting-edge technologies, we will empower our clients to unlock new levels of efficiency, security, and profitability.”

Mr. Hamdan concludes by expressing his confidence in the partnership’s potential to make a lasting impact. “The journey ahead is one of immense opportunity, and I am excited to embark on it together with IDD Labs. By leveraging our collective strengths, we are confident that we will create a lasting legacy of innovation and transformation. This partnership will not only benefit our respective companies but also elevate the entire industry to new heights.”

Michael Creadon, president of IDD Labs added, “We are thrilled to partner with Shaik and his NextUAE team. Along with NextUAE and our friends at Leonard Mcdowell who brought us together, we share the vision and desire to change the world for the better. Counterparties across every border, corporation and industry in the world need better information about who they are transacting with on a daily basis. Regulators demand this; so, too, do clients and shareholders. The tools we will jointly design, build and take to the market will serve as the base layer to move “identity as a service” in to the big leagues”.

Accumulate disrupts the blockchain landscape as the first-ever blockchain organized around decentralized digital identities. With its cutting-edge technology, Accumulate enables the construction of complex organizations and data structures through interconnected identities and human-readable URLs. The platform also introduces a groundbreaking security architecture, empowering users to rotate, backup, and recover keys seamlessly, while offering enterprises advanced access controls for digital asset management. By transcending the limitations of traditional smart contracts, Accumulate paves the way for unprecedented possibilities in various industry verticals.