Israel has taken a significant step in the cryptocurrency domain by green-lighting a pilot for BILS, the first stablecoin pegged to the New Israeli Shekel. Bits of Gold and Israeli Authority Launch BILS Stablecoin in Regulatory Sandbox The initiative, spearheaded by the crypto broker Bits of Gold in collaboration with the Israeli Capital Market, Insurance […]
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Israeli Crypto-Based Aid Organization Says Nearly $200,000 Raised for October 7 Terror Victims
Nearly 0,000 has been raised by a non-profit organization launched by members of Israel’s Web3 community. More than 30 Web3 companies have since joined the campaign while the accounting firm KPMG is said to be assisting with fundraising and distribution.
Web3 Companies Join Campaign
Crypto Aid Israel, a non-profit organization launched by influential leaders within the Israeli Web3 community, said nearly 0,000 has been raised as part of the Emergency Relief Initiative. Some of the funds raised have been distributed to organizations leading relief efforts for victims of the Oct. 7 attacks by Hamas.
.@CryptoAidIsrael with almost 0K in Donations as 30+ Global Web3 Companies Join The Initiative
Am Israel Chai
#StandWithIsrael pic.twitter.com/WAU5FpTj5N
— CryptoAidIsrael (@CryptoAidIsrael) October 24, 2023
According to a statement issued by the aid organization, more than 30 Web3 companies have joined the campaign. The accounting firm KMPG is said to be assisting with fundraising and distribution of the funds. The other companies contributing to the campaign include crypto wallet provider Zengo, Fuse, Wonderland and Psagot Equity.
Commenting on his organizationâs achievement, Tim Freed, a senior leader within Crypto Aid Israel, said:
We are deeply humbled by the outpouring of support from the global crypto community. Together, we have made significant strides in our mission to assist those affected by the recent wave of Hamas terrorism. The completion of two rounds of aid distribution shows how crypto can be used as a force of good in the world.
Freed added that Crypto Aid Israel remains committed to transparency and is still determined to continue with its objective of assisting those directly affected by the Hamas attacks. Some of the non-government organizations that have already funding from Crypto Aid Israel include the Foundation for Advancing Citizens of Eshkol Regional Council, Zaka, Lev Echad by Or Hanegev veHagalil and Latet.
Although Crypto Aid Israel has committed itself to helping victims of the terror attacks, the organization’s platform has suffered serious phishing attacks. However, according to the statement, after the attackers briefly took the aid organization’s website this interruption was promptly addressed by Crypto Aid Israel’s hosting provider.
What are your thoughts on this story? Let us know what you think in the comments section below.
SSV Network Prices Free Falling After Founder Joins Israeli Army, Whatâs Next?
Alon Muroch, the founder of SSV Network, has been drafted into the Israeli Army, according to an X post shared on October 10. Following this news, SSV, the native token of the SSV Network, fell 5%, dropping below the mark. At this pace, SSV is moving closer to its all-time low of around .40, registered in September 2023.
SSV Founder Getting Drafted
In response to the ongoing crisis in the Middle East, Muroch stated that the situation on the ground is “much worse than described.” The founder said that being drafted into the army might help “tip the scale” and improve the situation on the ground.Â
The escalation in the Middle East as of this week has created a humanitarian crisis leading to loss of lives and destruction of property. As of writing on October 11, it is unclear whether Muroch has been mobilized and actively serving in the military.Â
Although this news didn’t immediately impact sentiment, blockchain analysis platform Lookonchain picked out two notable transfers. Two addresses, “ikuvc.eth” and “0xF447,” deposited 18,055 SSV worth over 0,000 to Binance, a leading exchange.Â
Transfers to centralized exchanges usually indicate a potential intention to sell. Even so, it still needs to be determined whether these addresses have liquidated their tokens for other currencies, usually USDT or more liquid and stable tokens such as Bitcoin (BTC) or Ethereum (ETH).Â
SSV remains under pressure at spot rates. The token is down 5% on the last trading day, extending losses, collapsing from its all-time highs of nearly 0 when it first listed on Binance. Currently, SSV is down by over 95% from its peak, highlighting the dicey state of the token and how unfavorable the markets have been in the past eight months.
SSV Network Still Under Development
The SSV Network aims to strengthen Ethereum by allowing anyone to become a validator without necessarily operating a node. Ethereum is a proof-of-stake network reliant on a web of validators for security.Â
The SSV Network uses the Distributed Validator Technology (DVT). This system distributes the validator key among a network of non-trusting nodes. The platform allows anyone to stake ETH without running a full validator node, earning rewards.
In doing so, SSV Network aims to make staking more decentralized and accessible while enhancing security and reliability. Currently, SSV Network is still in development and permissioned. However, they plan to update via a Permissionless Launch, broadening their base of operators and validators.
How Hamas Lost its Crypto In An Israeli Operation, Binance Supports Security Forces
Israeli law enforcement launched an operation targeting crypto addresses associated with the terrorist group Hamas. The country suffered an attack this past Sunday, leading to deaths and many civilians disappearing.
Binance And Israel Work Together To Freeze Crypto
A local news media Calculist report confirmed an operation led by the Israeli Police Department and the National Counterterrorism Headquarters, part of the Ministry of Defense. The operation was supported by the worldâs largest crypto exchange, Binance.
During the operation, the law enforcement agencies discovered funds raised by the terrorist group via crypto donations. The investigation led the cyber unit from the Israeli Police to the crypto trading venue.
The terrorist group launched the campaign in the past few days. The law enforcement agencies claimed that Hamas used the attention from Sundayâs attack to raise money from radicals and supporters worldwide.
The terrorist group, the report claims, turned to social media platforms to launch the campaign. A spokesperson for the law enforcement agencies told Calculist the following regarding the events:
As the war broke out, Hamas launched a fundraising campaign on social networks, asking the public to deposit crypto into its account. The cyber unit and the NSC have been working immediately to locate and freeze the accounts, assisted by the Crypto Exchange (Binance), to freeze the funds (âŠ).
The report claims that Binance has been aware of Hamas’s operation on its platform. In a separate report from CoinDesk, some data suggests previous cooperation between Binance and Israeli law enforcement.
The company helped Israel to freeze almost 200 accounts connected to Hamas and other terrorist groups. A spokesperson for the crypto exchange told CoinDesk:
Over the past few days, our team has been working in real-time, around the clock to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work.
Following the events of the past Sunday, the conflict between Israel and Hamas escalated. The nation-state declared war on the terrorist organization and appeared to be preparing to increase its offensive on the Gaza Strip in response to the terrorist group.
In this context, the cooperation between Binance and local enforcement seems likely to increase. Israel will fight Hamas across all sectors, including the nascent industry and its related companies and tools.
Cover image from Unsplash, chart from Tradingview
Israeli Shekel Hits 7-Year Low Amid Conflict; Central Bank Launches $30B FX Intervention
On Monday, as tensions escalated between Israel and Hamas militants from the recent weekend skirmishes, the Israeli shekel plummeted to its weakest level in seven years. Responding to the declining currency, the Bank of Israel unveiled a strategy to offload up to billion in foreign exchange, alongside an additional billion through swap initiatives.
Bank of Israel Intervenes with B FX Move as Shekel Suffers Amid Militant Skirmishes
Amid the tumultuous events of the past weekend involving Israel and Hamas, the Israeli shekel faced a significant blow. By Monday, the currency had descended to its lowest point in seven years, prompting immediate action from the Bank of Israel. To address this, the central bank rolled out a press release, highlighting its intent to harness foreign exchange (FX) markets to amplify liquidity.
âThe Bank of Israel announces a program to sell up to billion in foreign exchange,â the announcement disclosed. âThe bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets,â the central bankâs announcement added.
By Tuesday, data spanning five days revealed a 2.8% decline in the shekel (ILS) against the U.S. dollar and a more significant 7.25% dip over the preceding six months. Even though the Bank of Israel has intervened in the FX markets, it remains firm in its stance against hiking the benchmark interest rate. Golan Benita, the chief of the central bank’s market division, commented to the media:
The scheme is too big for speculators to test us.
Recalling the nation’s previous financial downturn in 2008 during the global “Great Recession,” predictions from the ex-deputy governor of the Bank of Israel suggest a looming recession by 2024. Following the recent strife, the price for insuring the country’s debt against potential defaults surged by 25 basis points, marking a peak not witnessed since 2009.
Israel’s GDP growth has seen its highs and lows, typically oscillating between 2% and 5%. It even soared to an impressive 7.5% in 2000 but took a nosedive into negative territory from 2001 until mid-2003. Notably, on Monday, the 10-year shekel bond peaked at 4.5%, a rate that hadn’t been observed since 2012. The Bank of Israel, in its announcement, emphasized its commitment to vigilantly observing market trends and employing necessary measures when warranted. The bank added:
In addition to the billion program, and as necessary, the Bank will provide liquidity to the market through swap mechanisms in the market of up to billion.
Markets on Monday witnessed a tumult in equities and cryptocurrencies due to prevailing pessimism, while oil, the yen, and precious metals seized the opportunity. The four key U.S. indices experienced wild fluctuations on Monday, yet both stocks and digital currencies rose higher by the day’s end. However, as profit-seekers offloaded, gold and silver prices dipped. By Tuesday, an ounce of gold declined by 0.33%, and silver had slipped 0.89%.
What do you think about the conflict in Israel shaking up markets and causing the central bank to intervene in FX markets? Share your thoughts and opinions about this subject in the comments section below.
Israeli Cyber Crime Unit Raids Company Accused of Producing a Crypto-Stealing âSting Softwareâ
Israeli law enforcement recently raided the offices of a company accused of producing software used by criminals to defraud crypto investors of millions of dollars. Some six suspects were arrested following the raid on a company that is reportedly operated by the countryâs infamous crime families.
‘Sting Software’
The Israeli policeâs National Cyber Crime Unit recently raided an IT company whose so-called “sting software” has helped criminal syndicates to steal millions of dollars from crypto investors. According to a Ynet News report, six individuals were arrested while dozens were taken in for questioning.
According to the report, the raided company is believed to be operated by the countryâs infamous crime families. In his remarks following the raid, Dudi Katz, the head of Lahav 433’s National Cyber Crime Unit, said:
“We were able to stem the tide of this crime wave and bring down hundreds of call centers. This operation spanned internationally and was unique in scope, including cooperation with German police forces.”
In addition to German law enforcement, members of the Israel Money Laundering and Terror Financing Prohibition Authority as well as the Israeli Tax Authority were also involved in the raid.
Detained Suspect Denies Charges
As stated in the report, criminal syndicates would lure unsuspecting victims with the promise of high returns on crypto investment. The victims who showed an interest were then given purported credentials to access or control their investment portfolio. However, the report said when victims attempted to withdraw or cash out their profits they would realize that this option was not available.
Meanwhile, one unnamed suspect’s legal representatives Shay Roda and Uri Goldman said their client rejects the charges. They said as the investigations into the company continued, they would be able to relay the suspectâs “message to the relevant cyber investigators.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Israeli Police Accuse Crypto Businessman Moshe Hogeg of $290 Million Fraud
Following a two-year long investigation, police have alleged that Israeli tech entrepreneur Moshe Hogeg defrauded investors of 0 million. Hogeg and several of his partners are accused of spending the money they collected from Israeli and foreign investors for crypto ventures to lead an extravagant life.
Police in Israel Complete Investigation Against Alleged Crypto Scammer Moshe Hogeg
Israeli investigators have concluded that suspected crypto scammer Moshe Hogeg should be indicted for fraud, theft and money laundering among other crimes, including forgery and tax offenses, Bloomberg reported. On Wednesday, they submitted their recommendation to prosecutors who will have to decide whether to charge him.
According to the gathered evidence, Hogeg and his associates raised a total of 0 million from investors for four crypto ventures around five years ago by making false representation about the startups, the Israeli TV channel N12 detailed. Then they emptied the companiesâ coffers and used the funds mostly for their own needs, including the purchase of Đ° soccer club.
Prosecutors will also review evidence that Hogeg committed sex crimes. He is believed to have flown girls from abroad who engaged in prostitution in Israel and paid tens of thousands of shekels (thousands of U.S. dollars) to women with whom he had sexual relations. Although the police investigated these suspicions, they have not been added to their recommendation for prosecution.
In total, over 180 people in more than 20 countries have been questioned in the case which involved 30 suspects, two of which were investigated for sexual offenses and the rest for economic crimes. Dozens of searches were carried out and funds and assets worth tens of millions of shekels were seized.
In the financial case, the Israeli police recommended prosecuting Hogeg and 18 other suspects for stealing from investors in Israel and other countries around the world including Japan, the United States and in Europe, the media reports revealed.
Moshe Hogeg, a tech investor behind a number of failed startups who is still involved in various crypto and Web3 projects, was first arrested in 2021, along with seven other persons, for the alleged fraud committed in 2017 and 2018. He was later released and placed under house arrest.
A spokesperson for Hogeg welcomed the conclusion of the investigation and the transfer of the case to the prosecutors. âWe are convinced that after examining the case by the State Prosecutorâs Office, it will become clear that things are completely different from the various publications published over the years that did a great injustice to Moshe Hogeg,â his representative said in a statement.
Do you expect Moshe Hogeg to be charged for the alleged crypto fraud? Share your thoughts on his case in the comments section below.
Israeli Startup Chain Reaction Raises $70 Million to Build Blockchain Silicon
Chain Reaction, a Tel Aviv-based blockchain startup, announced it has raised million as part of its Series C funding round. The objective of the company is to expand its engineering staff to accelerate the production of its blockchain-focused silicon and collaborate in the development of its cryptographic-focused chips.
Chain Reaction Raises Million in Series C Funding Round
Chain Reaction, a startup that focuses on building blockchain-based silicon, announced that it has raised million as part of its Series C funding round. The round, which was led by Morgan Creek Digital, part of Morgan Creek Capital â a VC company co-founded by crypto influencer Anthony “Pomp” Pompliano â saw the participation of Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and Blue Run Ventures.
With this capital influx, the company expects to increase its engineering headcount in order to hasten the development of its blockchain silicon products, estimated to reach the market later this year. According to Alon Webman, co-founder and CEO of Chain Reaction, the mass production of the first batch of chips, called “Electrum,” will start in Q1 2023.
According to reports from Reuters, Electrum will be a highly efficient ASIC chip designed for bitcoin mining, a field dominated by companies like Bitmain. The fabless startup enrolled the services of TSMC, one of the biggest foundries in Taiwan, to mass produce the chips.
While the company did not disclose its valuation, Techcrunch estimates it to be around 0 million, having raised 5 million since its founding.
Blockchain Chips and Homomorphic Encryption
Chain Reaction aims to use its first batch of blockchain chips as a trampoline to developing more advanced silicon, designed to tackle cryptographic problems.
The more advanced chips would be centered around a technique called homomorphic encryption, which allegedly could allow them to make operations with encrypted data without decrypting it in the first place.
This could have several applications in the cryptography field, allowing for more efficient and private operations without having to put plain information in the open when working with data.
The company is optimistic about having a solution for this cryptographic issue, even with today’s limited processing capabilities. Chain Reaction co-founder and CEO Alon Webman stated:
We think our solution will make homomorphic encryption viable. We have unique architecture and we also understand the limitations on compute and memory among processors today. We have the solution needed to make it possible.
Chain Reaction expects to launch this chip sometime at the end of 2024.
What do you think about Chain Reaction and its blockchain-based silicon? Tell us in the comments section below.
Israeli Firm Behind DX.Exchange Goes Bankrupt Following Staff Petition
n CX Technologies, the Israeli company behind DX.Exchange, entered bankruptcy after 78 of its employees filed a petition against the companyn
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