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.

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a crypto mining hosting provider signs deal with US GEM mining

UAE based Sabre56 a hosting provider and digital asset mining consultancy, has signed a hosting deal with U.S. based GEM Mining, an institutional-grade Bitcoin (BTC) mining company.

As per the agreement, Sabre56 will initially host 4, 510 of GEM mining’s BTC miners in Sabre56’s new hosting facilities in Wyoming in USA.

As per the announcement, half of the miners will come online in May, and the remaining miners in June.

The deal follows Sabre56’s February announcement of its US$35 million funding agreements to build 150MW of Tier 0 data centers to support blockchain infrastructure.

The Company is rapidly transitioning from consulting on mining projects to constructing and hosting its own facilities, and today’s news is the first among the waitlist of miners ready to take hosting services in the new and future facilities that are currently under construction.

Phil Harvey, CEO of Sabre56, stated, “We are excited to welcome our new partner – GEM Mining. Our two companies are united in our vision for the mining industry, our core values of how to achieve it, and the pursuit of excellence taught in the military.

John S. Warren, CEO of GEM Mining, added, “GEM Mining is built for robust, long-term growth to drive the digital asset mining industry towards maturity. As the United States consolidates its status as the Bitcoin mining capital of the world we have – in Sabre56 – found a partner operating in the same ‘cut-to-the-chase’ way. We are delighted to place our machines with a hosting provider of such outstanding capabilities.”

In the MENA region, Sabre56 has delivered MWs of computing power.

Laraontheblock speaking to Phil Harvey asked if they had intentions to develop digital asset hosting facilities in UAE after the entrance of Marathon Digital. His response, “For almost a decade now, the UAE has been at the forefront of cryptocurrency innovation – welcoming the sector like few other places. The most recent example is the introduction of the UAE’s VARA regulation, which puts it comfortably ahead of Europe and the United States in terms of regulatory clarity.”

He added, “Marathon Digital’s move to expand mining operations to the UAE is an interesting entry, and we are closely watching the progress of their Masdar City immersion Bitcoin-mining facility. Compared to more temperate geographies, the GCC’s arid and hot climate poses a formidable obstacle to successful and efficient mining operations.”

Gemini digital asset exchange joins other global players in eyeing UAE for a license

Gemini digital asset exchange joins other global players in eyeing UAE for a license

In a Zawya exclusive interview, GEMINI, digital asset exchange founders expressed their interest in applying for a license in UAE. As per the article US crypto exchange Gemini, is interested in a license in UAE because of the hostility and lack of clarity in the USA. Several other global virtual asset service providers have already expressed their interest as well including Coinbase, Bittrex, IoTa, and Circle. 

The license application is set to come after meetings in both Dubai and Abu Dhabi.

Cameron and Tyler Winklevoss are the founders of GEMINI. Tyler told zawya, “There is a lot of customers and amazing investors here.” As for the USA, Tyler told Zawya it as hard to get things done in the US.

He added, “You don’t want the Wild West, but you also don’t want a wall or a gate to innovation, getting that balance right builds the healthiest markets. We have always believed that, and always tried to get that message across to the regulators to provide that clarity and consistency in guidelines, because we think that the outcomes are just so positive.”

Prior to this Gemini announced that it was launching its European HQ in Dublin. But Tyler affirmed to Zawya that Gemini would not be giving up on the USA.

This would make Gemini the latest global entity to see regulation in UAE, over the past two months, entities such as CoinBase, IoTa, Circle, Bittrex, have all expressed their interest to set up in the UAE.

This is being further pushed with the new UAE Central Bank’s AML CFT guidance for financial entities regarding their dealings with virtual asset service providers.

U.S. OFAC sanctions Dubai Fintech firm and its founder using crypto address

U.S. OFAC sanctions Dubai Fintech firm and its founder using crypto address

The U.S. the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 22 individuals and 104 entities operating in 20 countries for their role in facilitating Russian sanctions evasion, including John Desmond Hanafin, Founder of Dubai based Huriya Private, a fintech firm, who has an active Ethereum address included as an identifier on his SDN List entry.

Hanafin is the founder and CEO of Huriya Private FZE LLE, a Dubai-based financial services company also sanctioned today for its role in funneling Russian funds into the UAE. 

According to OFAC’s press release, Hanafin in his role at Huriya has been working since the outset of the Russia-Ukraine War to help Russian nationals protect their assets from sanctions. Much of this activity has involved helping Russian nationals move their money into UAE bank accounts and obtain fraudulent passports. 

As per Chainalysis blog, John Hanafin’s on-chain transactions may shed light on Huriya’s Russian sanctions evasion operations.

OFAC included a single Ethereum address as an identifier on Hanafin’s SDN list entry. That address is 0x38735f03b30FbC022DdD06ABED01F0Ca823C6a94. Since becoming active in January 2022, that address has received roughly $4.9 million worth of cryptocurrency, mostly in Tether (USDT).

According to Chainalysis article, across the 75 USDT transactions received by Hanafin, there were several in amounts with following ranges  $5,000 – $10,000, $15,000 – $25,0000, $100,000 – $150,000.

Chainalysis included some examples of transaction within those ranges on Chainalysis Reactor graph.

While Chainalysis states that they cannot be sure that any of the payments to Hanafin’s wallet reflect citizenship by investment purchasing, they do point out, “ it certainly appears possible given this is a service Huriya offers, and Hanafin’s work acquiring false passports for Russian nationals as described by OFAC.”

Chainalysis adds, “ As for the high-frequency payments to Hanafin’s wallet that came in smaller amounts, it’s possible that those were related to lower-cost services Huriya offers, such as establishment of UAE bank accounts or corporate structuring.”

Chainalysis explains that while crypto may still play a role in Russian sanctions evasion, the transparency of blockchain means that blockchain analysis combined with open source data can open up valuable avenues for investigation. 

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

CoinBase, Circle, and Bittrex leaving USA and heading to the MENA region

The exodus of Crypto and Blockchain startups from the United States seems to be intensifying and it looks like the MENA region, and UAE are the new preferred destinations for CoinBase, Circle and Bittrex. 

Tim Draper, Founder of DFJ VC tweeted recently that Silicon Valley startups are relocating to Middle East, Asia, and Europe.

He states, “CoinBase and Gemini are moving out of the US for regulatory reasons. Dubai, London and Singapore are eating into New York’s blockchain leadership. This exodus is not good for US jobs, economy, and homelessness.”

Additionally, in the last 24 hours CoinBase announced that its CEO and Co-Founder Brian Armstrong is currently in the UAE for a series of engagements with policymakers, regulators, partners, Web3 and crypto founders as well as clients.

Armstrong is delivering a keynote address at the inaugural Dubai Fintech Summit, under the patronage of His Royal Highness, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

As per CoinBase blog, “Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for CoinBase, amplifying our efforts across the world.”

The blog adds, “It further serves as a particularly strategic bridge between Asia and Europe – two of our existing focus international regions to date.”

CoinBase reiterated that it is not only working with Abu Dhabi Global Market (ADGM) regulators to further expand the licensing and availability for CoinBase International Exchange but is also engaging with Dubai’s Virtual Assets Regulatory Authority (VARA), a dedicated regulator for virtual assets, as they put forward a comprehensive retail framework built on the principles of economic sustainability and cross-border financial security. 

CoinBase believes that their presence in the UAE will not only expand their global footprint but also help to bring 1 billion users to crypto.  

The blog adds that the MENA region is out to be a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in. The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap.

CoinBase is not the only US Company that is looking at the UAE. It also seems Circle is interested in the region as well. The Circle team were recently present in Dubai UAE at a dinner hosted by Miriam Kiwan, the partner of Raiven Capital.

Jeremy Allaire, CEO of Circle Internet Financial, during an interview with Bloomberg, blamed the shrunken value of the company’s stablecoin, USD Coin, on regulatory challenges in the United States and concerns about its banking system.

In addition in March 2023 the SEC sued crypto exchange Bittrex shortly after it announced it was leaving the US markets. Bittrex, announced it would no longer do business with U.S. citizens because “it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.”

Stephen Stonberg, CEO of Bittrex Global crypto exchange  has stated that the UAE and Dubai are among the friendliest jurisdictions for the cryptocurrency industry. He added in a Bloomberg interview Dubai is likely to benefit from the expanding crypto market in the Middle East as local regulators increasingly accept blockchain related technologies.

Finally in a recent LinkedIn post by Ali Jamal, CEO of UAE based Cryptos Consultancy, a crypto and Blockchain licensing firm, he noted, “We at Cryptos Consultancy have been getting lots of queries from crypto and tradfi businesses about setting up Virtual Asset practices in Dubai. There is a real buzz around Dubai’s virtual assets ecosystem now that the Virtual Assets Regulatory Authority (VARA) regulations are out.”

So as crypto and Blockchain businesses flee the USA, the tightening regulations in the USA continue with The New York State Attorney General (NYAG) Office announcing last week that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement stated, ” Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.” 

It seems that this is only the beginning and the MENA region with UAE and Bahrain at the helm will become the new crypto Silicon Valley. 

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UAE and USA based C1 Investmet advisors launch $500 million Crypto, blockchain, digital assets fund

UAE and USA based C1 Investmet advisors launch $500 million Crypto, blockchain, digital assets fund

UAE and USA based C1 Secondary’s Fund managed by C1 Investment Advisors LLC, a team of international entrepreneurs and investors, have announced a $500 million investment fund targeting secondary’s in blockchain, crypto, Web3, and Fintech entities.

Secondary funds, commonly referred to as secondaries or continuation transactions, purchase existing interests or assets from primary private equity fund investors. For example, a primary private equity fund may purchase a stake in a private company, and then sell that interest to a secondary buyer.

The C1 Secondary’s Fund is a regulated private investment fund formed for the purpose of investing in secondary’s asset acquisition – the purchase of shares in existing private growth companies. 

 The C1 Fund portfolio focuses on digital assets, blockchain technology and applications, cryptocurrency services (not direct investment in cryptocurrencies), Web3 financial applications, and advanced FinTech.  Sample target company applications include digital assets and cryptocurrency exchanges, payment systems and/or related financial services companies, including wallets, custodian-services, lending, and decentralized finance.

The Fund will invest across multiple geographies but with a focus on secondary’s investments in international markets, especially those with strong and/or growing regulatory regimes.

The C1 Secondary’s Fund is led by Dr. Najamul Kidwai, Co-Founder and Managing Partner, Michael Lempres, Co-Founder and Managing Partner, Michael (Xu) Zhao, Co-Founder and Managing Partner, David Hytha, Co-Founder and Partner, and Cheriyl Lakshmy, Co-Founder, Director of Research and Operations.

The C1 team recently founded and led the successful initial public offering of Crypto 1 Acquisition Corp $230M raise.

C1 Secondary’s Fund Co-Founder and Managing Partner Dr. Najam Kidwai stated, “Despite the so-called Crypto reset, investment in Digital Assets and Crypto-related services continues to grow rapidly.  At its core this is the next digitization of finance”.

The C1 Secondary’s Fund will focus on companies operating under significant regulatory frameworks. Co-Founder and Managing Partner, Michael Zhao stated “the regulated route is the only route for any crypto company’s growth if it wants to be a serious player for the long run. Long gone are the days when digital asset players enjoyed an early-mover advantage and benefited from a fast-growing bull market. Recent crypto market turbulence is just another example that shows why the market needs proper risk control and compliance; we are focused on these companies.”

US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

USA based Everything Blockchain Inc, a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, manage and protect data, has partnered with Saudi Arabia’s Al-Rushaid Technologies (ART) IT subsidiary of Al Rushaid Group. ART will become a non-exclusive reseller of BuildDB, EBI’s next-generation database powered by a advanced private blockchain architecture that delivers superior performance, reduced latency, zero trust and unmatched resilience.

As per the press release, the two companies will work to deliver highly-differentiated data protection solutions to countries in the Middle East and North Africa.

ART offers a variety of innovative IT solutions suitable for companies of all sizes and across various industries. The five-year distribution deal with a combined total of $47 million in performance based milestone payments to EBI will position ART as the exclusive agent of the company’s EB Control platform in several MENA countries, including Saudi Arabia, Bahrain, Kuwait, the United Arab Emirates, Oman and Egypt.

EB Control safeguards data on the owner’s local device by creating a secure vault. This vault can be stored, transported or shared, allowing owners to maintain complete control for the lifespan of the data. With EB Control, data and files can be geo-fenced, time-fenced and data rights management invoked. With this innovative technology, data can be confidently shared and controlled outside of a secure domain.

“We are thrilled for this partnership with ART,” said Toney Jennings, Chief Executive Officer, EBI. “EB Control merges simplicity of use with elevated and extended security protections. We are confident that our technology will exceed all data protection needs of small and medium-sized businesses to large corporations across MENA countries.”

In March 2022, USA based Everything Blockchain,, opened its offices in Saudi Arabia (KSA).

Originally called GigeTech Inc. and then OBITX, Inc., Everything Blockchain, was established in March 2017. In April 2020, through a change of control action, it discontinued that line of operations in favor of Blockchain development. 

Lebanese one of the most powerful woman in finance new CEO of Blockchain fintech Securrency

Lebanese one of the most powerful woman in finance new CEO of Blockchain fintech Securrency

Born in the USA and raised in Beirut Lebanon until she was a teenager, Nadine Chakar, a US national of Lebanese origin, later attended university in the US. Her parent are both doctors yet Nadine is a well renowned financial and technology executive and is recognized as one of the most powerful women in finance. She has been a vocal champion for using tech to revolutionize financial services. 

Nadine Chakar will be joining Securrency, a leading developer of institutional-grade, blockchain-based financial and regulatory technology, as Chief Executive Officer effective January 9th, 2023.

Ms. Chakar brings over 30 years of experience in global wealth and asset management to Securrency. Most recently, she served as Executive Vice President and Head of State Street Digital, where she built and led the team that is helping State Street, institutional investors, and regulators successfully navigate the bank’s transition into a modern digital economy. Ms. Chakar also led State Street Global Markets, where she oversaw its trading, product, and operations platform, helping to drive successful client solutions. Prior to State Street, she served as global head of operations for Manulife’s Global Wealth and Asset Management Division and led the Global Asset Servicing teams for BNY Mellon.

In addition to her leadership at State Street Digital, Ms. Chakar has served as a member of the Board of Directors of Securrency since 2021. Her appointment as the CEO of Securrency highlights the growing importance of compliance aware tokenization, interoperability, and institutional DeFi to the future of global finance.

Ms. Chakar’s appointment will allow Dan Doney, Securrency’s founder, who has served as the company’s CEO and lead architect since its inception, to focus on innovation, technology delivery, and commercialization by continuing to serve as the Chief Technology Officer of Securrency. Mr. Doney is recognized as one of the preeminent thought leaders in the blockchain and decentralized finance space. This focus will accelerate the growth of Securrency’s blockchain-enabled financial services infrastructure market share.

Nadine Chakar, incoming CEO of Securrency stated,  “The financial services industry is at a critical tipping point as it tokenizes regulated real-world assets and automates legacy financial processes using the power of blockchain technology. The Securrency team has done a remarkable job of developing the most robust technology on the market. As the new CEO, my priority is to accelerate the commercialization of what is in essence the digital asset intelligence and interoperability foundation for major financial institutions and the global ecosystem. Dan Doney is a true visionary and innovator in the industry, and I look forward to working closely with him and the team to create the global digital assets marketplaces of the future.”

Jonathan Steinberg, CEO of WisdomTree, said: “The future of finance relies on regulation-forward and compliance-driven digital development and Nadine has long been a driver of this evolution. Working with Nadine as a client and industry leader, I have witnessed not only her tremendous expertise in the integration of RegTech and digital assets, but her steadfast belief that Securrency’s technology will pave the way for institutional DeFi. I congratulate Nadine, Dan, and the entire Securrency team on this bold move for the company.”

It is noteworthy that Securrency Capital, a blockchain-enabled brokerage that empowers global financial access received a license to operate in ADGM Abu Dhabi UAE in 2022. Securrency Capital is a wholly-owned subsidiary of Securrency, Inc., a US-based global financial markets infrastructure technology company. Securrency Capital is a full-service regulated institutional DeFi brokerage firm that offers both traditional and digital financial services to retail and institutional clients via a single, accessible marketplace. 

U.S based Blockchain services provider expands to MENA region with UAE as its base

U.S based Blockchain services provider expands to MENA region with UAE as its base

SmartLedger a  U.S. blockchain services company providing advanced solutions to clients through a combination of consultancy, partnership, and internal development has announced that it has entered the MENA region through its subsidiary Blockchain Smart Technologies in Dubai UAE.

As per the press release, Dubai has emerged as a global leader in the adoption and implementation of innovative technologies such as blockchain. The city has made significant investments in the development and implementation of blockchain-based solutions across various sectors, including finance, transportation, and government services.

Blockchain Smart Technologies will work to improve manufacturing and supply-chain efficiencies, airport safety, identity management, nano-technologies, I-gaming, ESG initiatives, and Sharia compliant blockchain services.

Launched in 2016, the Dubai Industrial Strategy outlines the government’s vision for the city’s future development and is based on four key pillars: economic, infrastructure, and social development, as well as environmental sustainability.

“We are thrilled to be a part of the blockchain ecosystem in Dubai. This expansion represents a significant milestone for our company as we continue to grow and expand our presence in the Middle East and beyond.” said Eva Porras, PhD, CEO of Blockchain Smart Technologies.

“Technological advancement is a key priority for Dubai 2030, and Blockchain Smart Technologies can play a key, innovative role in this area. For example, blockchain can be used to improve the efficiency and transparency of infrastructure projects, by enabling secure and transparent record-keeping and data sharing. It can also be used to automate and streamline the process of procurement and contracting for government and the private sector, saving both time and money.” continued Porras.

 “Blockchain Smart Technologies is proud to bring its suite of transformative technologies to support and achieve the strategic visions of UAE 2071 and Dubai 2030, launched by H. H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai” said George Ginil, Head of Business Development for Blockchain Smart Technologies.

“Dubai is a hub for innovation, investment and technology, making it the perfect location in the region for our new company. We believe this expansion will allow us to better serve our clients in the region and provide them with the solutions they need to thrive sustainably in the fast-changing times.” continued Ginil.

“We are grateful for the opportunity to serve the dynamic and growing community in Dubai and look forward to contributing to its thriving technology ecosystem.” said Porras.