Binance Executive’s Nigerian Tax Evasion Case Postponed, Hearing Set for April 19

Audy Castañeda
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Binance Executive’s Nigerian Tax Evasion Case Postponed, Hearing Set for April 19

Tigran Gambaryan has been detained in Nigeria since March, after coming to respond to concerns over alleged manipulation of the naira by Binance.

In a recent development, the case of a Binance executive detained in Nigeria on tax evasion charges was adjourned until April 19, following his first court appearance.

Tigran Gambaryan, head of financial crimes compliance at Binance, was charged alongside the company with several charges, including non-payment of value-added tax and corporate income tax and alleged complicity in helping clients evade taxes through from the Binance platform.

Gambaryan arrived in Nigeria with Binance executive Nadeem Anjarwalla in February following allegations that the exchange manipulated the country’s fiat currency, the naira.

Binance announced on March 5 its intention to end all naira transactions, leaving the market for Nigerian users. Gambaryan and Anjarwalla, who were in Nigeria at the time of the announcement, were detained by authorities. Reports suggest they face charges including tax evasion and money laundering.

Nigerian authorities have moved forward with charges against the exchange — reportedly postponed until April 8 — and Gambaryan, but Anjarwalla reportedly escaped custody on March 22 and was able to board a flight out of the capital, Abuja.

Delay in Binance’s Executive Case

According to a Bloomberg report, during the proceedings, Judge Emeka Nwite decided to adjourn Gambaryan’s case for a longer period after learning that she was hearing the charges for the first time on Thursday. The prosecution explained that they could not pursue the charges earlier, claiming that Gambaryan was in the custody of a different federal agency, the Economic and Financial Crimes Commission (EFCC). The charges were eventually handed over to the court.

Meanwhile, another Binance executive, Nadeem Anjarwalla, who had British and Kenyan citizenship, fled Nigeria last month after being detained along with Gambaryan. The two executives had traveled to Nigeria in late February at the invitation of authorities to meet with officials after the government restricted access to cryptocurrency channels as part of a broader effort to combat currency speculation.

High Risk Court Hearing

The popularity of cryptocurrencies among Nigerians has increased due to the devaluation of the naira, prompting the government to crack down on platforms offering digital tokens. In February, Central Bank Governor Olayemi Cardoso alleged that Binance had facilitated $26 billion in untraceable transactions shortly before the arrest of the two Binance executives. In response to the case, Binance stated on Wednesday, before the hearing, that Gambaryan had no decision-making power within the company and urged that he not be held liable.

At the same time, talks were ongoing between Binance and Nigerian government officials. During the court hearing, arguments revolved around whether Binance could be charged through its employee, Gambaryan. Mark Mordi, Gambaryan’s lawyer, argued that due process had not been followed and highlighted his client’s explicit statement that he was not authorized to receive charges on behalf of the company.

Gambaryan’s legal defense further stated that “The world is watching us, let’s not treat this matter as a trivial matter.” As the case unfolds, it highlights the increased scrutiny that cryptocurrency exchanges have faced in recent months, hence the need for clear regulatory frameworks and compliance with due process to address concerns related to allegations of tax evasion and financial crimes.

Gambaryan remains in the custody of the Nigerian Economic and Financial Crimes Commission, pending further developments in the case and its outcome, as imprisonment could be a possible outcome.

Currently the exchange’s native token, BNB, is currently trading at $593, showing a notable 6.5% uptrend in the last 24 hours.

By Audy Castaneda

Nearly $739.7 Million in Cryptocurrencies Hacked in the First Quarter of 2024

Leonardo Perez
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Nearly $739.7 Million in Cryptocurrencies Hacked in the First Quarter of 2024

In the first quarter of 2024, $739.7 million in crypto was stolen due to the costliest security threats, code vulnerabilities, and access control breaches. Cyvers has developed AI-based security solutions for real-time detection, with an emphasis on improving security and taking proactive measures in the Web3 ecosystem. Regulators are pushing for digital asset rules to protect investors and ensure markets function, highlighting a period for Web3 security.

The first quarter of 2024 has unfolded as a pivotal chapter in the Web 3.0 security narrative, marked by both notable achievements in threat mitigation and profound challenges.

Below are key takeaways from AI Web 3.0 security company Cyvers’ comprehensive analysis of Q1 2024 security incidents, highlighting emerging threats and underlining the importance of resilience within the ecosystem.

Hacked Cryptocurrencies: An Executive Summary

Amid the continued advancement of DeFi, DePIN (Decentralized Physical Infrastructure Networks), RWA (Real World Assets), and other blockchain-based applications, we have observed the corresponding escalation of sophisticated security threats.

Attack vectors have diversified, with code vulnerabilities leading to substantial financial repercussions and access control breaches proving exceptionally costly. These trends highlight the urgent need to improve security measures and increase surveillance in the Web 3.0 community.

Top Security Trends and Statistics

The total stolen value (TSV) in the first quarter of 2024 is approximately $739.7 million. January witnessed the highest number of hacks (27), followed by March (21) and February (18). Despite having the lowest number of hacks, February had a high financial impact, with around $405.3 million lost to hacks.

The average loss per hack was estimated at about $6.7 million, indicating how much is at stake in Web 3.0 security. The most common hack vector was code vulnerabilities, with 37 cases, which resulted in a loss of approximately $165.9 million.

There were 10 cases where hacks were detected exclusively by Cyvers, underscoring the importance of proactive security measures, sophisticated algorithms and continuous optimization. Three of these cases were among the top 10 hacks of the first quarter of 2024.

Regulatory Changes in Web3 Security

In the first quarter of 2024, the global digital asset landscape saw notable regulatory developments that have had a significant impact on Web 3.0 security.

PwC’s Global Crypto Regulatory Report highlights the continued evolution of digital asset regulation, suggesting that although substantial progress was made in 2023, the sector continues to face a significant regulatory workload.

These advances are crucial as they provide a structured framework for operations, improve global regulatory policies and help establish global prudential standards, potentially influencing EU Cryptoasset Market regulation and other international policies.

The SEC and Possible Rules to Regulate Cryptocurrency Exchanges

The United States Securities and Exchange Commission (SEC) was planning to publish new rules regulating exchanges and digital asset offerings, expected to comprehensively regulate digital asset offerings, along with guidelines for digital asset exchanges. These regulations not only aim to safeguard investors, but also guarantee the orderly functioning of digital asset markets.

For Cyvers, this evolution could present an opportunity to contribute to regulatory debates, leveraging its experience to guide policymaking that balances the need for security with the potential for innovation in the Web 3.0 space.

The first quarter of 2024 has therefore been a crucial moment for Web 3.0 security. Flagged by regulatory bodies around the world who have learned from past events to strengthen the sector’s defenses, as well as to establish a secure foundation for the booming digital economy.

By Leonardo Perez

Millionaire Steve Cohen Admits He Has Investments in Bitcoin

Audy Castañeda
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Millionaire Steve Cohen Admits He Has Investments in Bitcoin

The businessman expresses that for now he does not have any type of strong opinion about digital assets such as cryptocurrencies.

The American billionaire Steve Cohen is one of the most recent additions to the select group of giants who have investments in Bitcoin. Although he recognizes that his possessions in the currency are small, the fact of placing capital in it shows that the currency continues in its process of maturity.

In other times, the fact that large investors owned parts of their capital in BTC was absolutely unthinkable. However, that reality is changing rapidly, especially since the approval of a dozen spot ETFs for the currency on the stock market.

The institutionalization of the largest cryptocurrency softened the opinion that many of the big guys on Wall Street had of it. In that sense, their capital, although in a very timid way, is already flowing into the virtual currency market. Such is the case of Cohen, who is on Forbes’ list of the 100 biggest millionaires in the world.

Cohen has an accumulated wealth of 19.8 billion dollars and is part of an exclusive sector of wealthy tycoons. For years, the millionaire has been dedicated to the world of hedge funds. Additionally, Cohen is the owner of the Baseball franchise, the New York Mets. In simple words, he is part of that group that until recently had the worst opinions about cryptocurrencies.

Why Does Cohen Have Investments in Bitcoin?

During a recent interview on CNBC, Cohen admitted that he has investments in Bitcoin thanks to his son encouraging him to do so. Although he states that it is a very small amount, he says that he cannot determine how much it is. Instead, he emphasizes that it is precisely his son who has knowledge of the subject.

“My son really likes Bitcoin and he made me play and try to figure out how to make transactions on Coinbase,” he said during the interview.

However, he is now part of a growing group of wealthy people who want to understand Bitcoin. He acknowledges that he is not aware of everything and that he only understands that many people firmly believe in BTC. “Maybe it’s the new gold,” he exclaims. He adds that it is a new instrument and that is the argument, “it is really difficult to know,” he emphasizes.

It is not the first time that Cohen has made a comment about Bitcoin, since last year he referred to the currency and its underlying technology, the blockchain. However, his venture capital company, Point72 Ventures placed capital in several crypto firms such as Messari and Zero Hash.

Besides this, on the personal level of his fortune, it is the first time that he acknowledges having investments in Bitcoin.

In 2021, Cohen said that he would not, at least at that time, invest directly in cryptocurrencies, as he was focused on the great potential of the technology and what can be achieved with it.

However, he pointed out that he “[cares] more about the technology behind blockchain and how disruptive it could be.”

According to Foresight News from August 2022, experts revealed that Cohen, a billionaire hedge fund manager, is preparing to establish an investment company focused on the cryptocurrency sector. This move indicates Cohen’s growing interest in the digital currency market and his willingness to invest in this emerging field.

By Audy Castaneda

Binance Denies Decision-Making Power of Executive Detained in Nigeria Amid Growing Allegations

Leonardo Perez
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Binance Denies Decision-Making Power of Executive Detained in Nigeria Amid Growing Allegations

As the Nigerian government files additional charges against Binance, the exchange is scrambling to engage with local regulators.

Binance, one of the largest cryptocurrency exchanges in the world, is embroiled in a complex situation in Nigeria, where it has been actively working with the authorities since local regulators blamed the cryptocurrency exchange for contributing to the collapse of its fiat currency, the Nigerian naira, in February 2024.

With no resolution in sight, the exchange finally issued an official statement regarding its detained executive, Tigran Gambaryan, who faces money laundering charges after five weeks in custody.

Binance Stands by Executive under Custody

According to Binance’s official statement, Tigran Gambaryan, the executive under custody, is portrayed as a former law enforcement professional who is not part of the exchange management. Although he left official U.S. government service, Gambaryan has continued to operate as a global advocate for good governance and transparent regulatory financial practices, the statement states.

Binance states that Gambaryan has no decision-making power within the company and respectfully requests that he not be held responsible. At the same time, talks between Binance and Nigerian government officials continue. The exchange further noted the following:

“Tigran is so well known as the world’s most prominent cybercrime investigator that a book, Tracer’s in the Dark, was written about his efforts to bring down some of the most notorious cyber criminals in history.”

Binance reveals that Gambaryan was hired in 2021 to help the exchange address previous compliance issues. As head of Binance’s Financial Crimes Compliance (FCC) team, the exchange highlights that he has played a “crucial role” in developing compliance policies and capabilities aimed at setting “new industry standards.”

The company also highlights Gambaryan’s track record, stating that his FCC team has helped law enforcement agencies globally freeze and seize assets worth more than $2.2 billion. In particular, they allegedly collaborated with US agencies such as the FBI, DOJ, DEA and others, recovering more than $285 million.

Before joining Binance, Gambaryan allegedly served as a US federal agent, leading high-profile investigations related to national security, terrorist financing, identity theft, child pornography, tax evasion, and violations. of the bank secrecy law.

Nigeria Steps Up Legal Pressure

Despite Binance’s efforts to engage with Nigerian regulators, the situation has become more complicated. The Wall Street Journal reported that Nigeria has filed additional charges against Binance, further intensifying the legal challenges facing the exchange.

Meanwhile, Anjarwalla, another executive involved in the case, managed to escape the country using a fake passport in March, as previously reported by an outlet media. The exchange’s efforts to establish a dialogue with Nigerian regulators have been met with additional charges.

At the same time, the alleged escape of another co-accused executive adds another layer of complexity to the situation. According to local reports Anjarwalla, another co-accused Binance executive, fled detention on March 22 after being taken to a nearby mosque to pray.

Gambaryan and Anjarwalla are listed as the first and third defendants, respectively. Judge Emeka Nwite of the Federal High Court in Abuja would preside over the prosecution of Gambaryan, Anjarwalla and Binance. As the legal battle unfolds, the future of Binance in Nigeria remains uncertain.

Binance Coin (BNB), the exchange’s native token, has maintained a sideways trading pattern above the $556 level in the last 24 hours. This comes after a 32% price increase seen over the last month.

By Leonardo Perez

“Spain’s Treasury Encourages the Use of Hardware Wallets (Unknowingly)”

Audy Castañeda
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0
“Spain’s Treasury Encourages the Use of Hardware Wallets (Unknowingly)”

At the beginning of the income campaign in Spain, Lunaticoin spoke with José Antonio Bravo, the tax expert, about the difficulties of the process.

As part of the start of the income campaign this April 3, Spaniards are preparing to file their Personal Income Tax (IRPF) declaration. This begins a period in which the State will tax the income earned in the last year, including the profits obtained with bitcoin and other cryptocurrencies.

Lunaticoin talked about this topic with the economist and tax advisor José Antonio Bravo, who drew attention to how complex the declaration process has become in Spain, which incorporates new deductions and rules every year.

2024 New Tax Declaration Deductions in Spain

Among the new features for 2024, two new models stand out: 172 and 173, aimed at knowing cryptocurrency holdings on Spanish soil, as well as balances and all operations carried out in digital assets. Added to them is model 721, which aims to know the amount of cryptocurrencies stored abroad, if the balances exceed 50,000 euros.

As Bravo explains, one of the peculiarities of this latest model is that the obligation to report on bitcoin holdings applies to those who use Spanish exchanges, whether foreigners or non-residents in the country.

This is a series of requirements that, as the advisor explains, require too much information, discourage the use of native platforms and lead users to resort to decentralized options to keep their crypto assets.

He concludes that – with these new models – what is sought is to discourage the use of cryptocurrencies, by making users comply with cumbersome procedures, and make them feel that they are being watched because all their movements will be known.

Tax return forms are also very complex and cause a lot of confusion. This situation has become evident in surveys carried out on the subject, which indicate that most of cryptocurrency users do not know how to declare their taxes. This forces them to hire third-party services to take care of this work.

Invasion of Privacy Grows with New Models

During the interview, the increase in the amount of information about bitcoiners that the Treasury will have on hand this year was highlighted, considering the volume of data that now has to be delivered with the new models.

Both Bravo and Lunaticoin questioned the level of surveillance that the Spanish authorities want to impose, which invades privacy by requesting even intimate information.

Bravo thinks that Spain is perhaps the only country in the world that applies these models, which access information through the data provided by the taxpayer proactively. For this reason, he sees the 721 as “a Spanish invention”, which possibly serves as an experiment.

“Maybe, in one way or another, what they want is for you to give them the information. This way you will know both what you have in Spain (through models 172 and 173) and what you have abroad. They add the two parts and find out about all your holdings. They assume that there will be a remainder that you would have in a wallet,” adds Bravo.

On the other hand, the expert confirms that the Spanish government, and in particular the Treasury, are using Chainalysis surveillance tools, including Reactor. However, they assure that they only use them to investigate the movements of users who handle large volumes of money in cryptocurrencies, and in cases where they suspect that a crime has been committed. Police agencies in Spain have already been using the software since 2022 to carry out their investigations.

By Audy Castaneda

XRP Price Nears Crucial Moment, Can Bulls Take a Position?

Leonardo Perez
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XRP Price Nears Crucial Moment, Can Bulls Take a Position?

The pair could gain bearish momentum if it closes below the $0.5680 support.

The cryptocurrency market is in a bull run and although Ripple seems to have fallen behind, crypto analyst Zach Rector has pointed out that XRP has clear fundamentals to not miss the race, according to Scott Matherson in News BTC.

Rector mentioned in an X post that XRP will not miss this bull run. In a video attached to his post, the crypto expert highlighted the fundamentals of the crypto token as one of the reasons why he maintains this belief despite XRP’s tepid price action. Rector further stated that the token and XRP Ledger (XRPL) have some of the best fundamentals in the crypto space.

The XRP price is struggling below $0.620. The price must stay above the $0.5680 support to attempt a fresh rise in the near term. XRP is slowly moving down from the $0.6620 resistance zone.

The price is now trading below $0.620 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data feed from Kraken).

XRP Price Faces Many Obstacles

Over the past few sessions, the XRP price saw a steady decline from well above the $0.650 level. There was a drop below the $0.620 and $0.605 support levels in Bitcoin and Ethereum, respectively.

The price tested the $0.580 support. A low was formed near $0.5805 and the price is now consolidating losses. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The Ripple token price is now trading below $0.620 and the 100 simple moving average (4-hours).

On the upside, immediate resistance is near the $0.600 area and the trend line. It is close to the 23.6% Fib retracement level of the descending wave from the high of $0.6625 to the low of $0.5805. The next key resistance is near $0.620. It is near the 50% Fibonacci retracement level of the descending wave from the high of $0.6625 to the low of $0.5805.

A close above the $0.6250 resistance zone could lead to a sharp rise. The next key resistance is near $0.6620. If the bulls remain in action above the $0.6620 resistance level, there could be a rally towards the $0.680 resistance. Any further gains could send the price towards the $0.700 resistance.

More Losses?

If XRP fails to break above the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.580 area. The next major support is at $0.5680. If there is a break down and close below the $0.5680 level, the price could accelerate lower. In the given case, the price could retest the $0.5250 support zone.

According to CryptoPredictions, XRP started April 2024 at $0.00587384 and is forecast to end the month at $0.55499629314356. During April, the expected high price of XRP is $1.013 and the low is $0.00587384.

The XRP price for today (03.04.2024) is forecast to be in the price range of $0.53419985148256 – $0.78558801688611. XRP price is expected to end at $0.62847041350889 today.

4-Hour MACD Technical Indicators: The MACD for XRP/USD is now gaining pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels: $0.580, $0.5680, and $0.5250.

Main resistance levels: $0.600, $0.6250 and $0.6620.

By Leonardo Perez

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