But should the politicians' words be taken seriously? Or is it just a way to convert a large economically active population to their side? Let's get to the bottom of it.

Biden and Trump. Who is who in the memecoins?

We will not analyze these or those statements from the participants of the presidential race, it is all populism and should not be taken seriously.

Let's take a look at the community's reaction. Now one of the main narratives in crypto is memecoins, that's why they started to create political tokens.

Especially for this article, I conducted a research of the political memecoins market to see the activity and who the crypto community supports more.

• Trump - 25 memecoins

• Biden - 4 memecoins

The number of active users remains highly volatile, the number varies from 20k to 50k active users per week. The main blockchain for memecoins has become Solana, it accepts almost 90% of all political memecoins created.

If we look at the 5 key political memcoins on Solana, we see that memecoins generate over 100k transactions every day ( see analytics below ).

Analytics on 5 key political memecoins by volume on the Ethereum network

The closer the election gets, the more heated the situation gets. For most users, political memecoins are a way to make money on speculation, and a person who supports Biden, for example, can buy Trump memecoins.

Let's take a look at what influential players of the cryptocurrency market write about the election race:

https://x.com/OldRowSwig/status/1793709524354032118

https://x.com/3orovik/status/1793392241915965557

Political memecoins top searches on CoinEx exchange:

https://x.com/coinexcom/status/1790993902620864901

Conclusion:

As we can see, the closer the upcoming US election gets, the more interest in political crypto coins. Additionally, populist statements of candidates increase interest in political memcoins. By the way, if you approach this phenomenon on the market wisely, you can increase your portfolio several times ( this is not financial advice ).

Similar domains problem

The purpose of registration of domains like [ Avąlanche.eth ] is more likely to be associated with fraudulent actions. Since registering such similar domains does not make any sense, except to use it for the purpose of fraud or discrediting another person/project/brand. 


This leads to problems such as Phishing, Typosquatting and Cybersquatting 💀

The ENS mechanism should not allow these domains to be registered, as they are known to carry dishonest intentions.

Similar domains example:

. Avalanche.eth

. Avąlanche.eth

a - U+0061

ą - U+0105

Solution:

• Introducing a verification mechanism that blocks registration of similar domains.

• Using machine learning algorithms to detect and prevent registration of fraudulent domains.

• It is necessary to raise users' awareness of the risks associated with the registration and use of similar domains.

This is actually a spreading problem related to ENS. Also, @haydenzadams tweeted earlier about the ENS domain problem. I recommend you check it out:

https://twitter.com/haydenzadams/status/1757632516444311937

Cryptoasset service providers (CASPs) will be required to conduct customer due diligence (CDD) for transactions of €1,000 or more.

This means that for large transactions, users will have to provide more information about themselves, such as identity, address and source of funds.

This agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system.

Vincent Van Peteghem Belgian Minister of Finance

Restrictions on the use of cryptocurrencies for sanctioned activities

Rules on flagging entities linked to sanctioned persons or entities may make it more difficult to use cryptocurrencies for activities prohibited in the EU, such as terrorist financing or money laundering.

This could lead to restrictions on certain types of cryptocurrency transactions and increased scrutiny of users in high-risk countries.

An example of what problems you may encounter:

A client contacted us regarding an issue with the exchange platform that had frozen his account due to a suspected connection to sanctions. This client was doing a fiat-to-stablecoin exchange. He was converting USD 200,000 to USDT when the platform flagged his transactions as suspicious and froze them. Seeking assistance, the client contacted us to demonstrate his lack of association with sanctions and to prove that his assets were mistakenly frozen.

Read material:

https://blog.amlbot.com/frozen-assets-on-cex-sanctions-exposure-case/

__________

It should be noted that the specific impact of these rules will depend on how they are implemented in the EU.

It will be very difficult for criminals to use cryptocurrencies for illegal activities, but unfortunately, legitimate users of cryptocurrencies may be affected to some degree.

Beneficial ownership registers

According to the provisional agreement the information submitted to the central register will need to be verified. Entities or arrangements that are associated with persons or entities subject to targeted financial sanctions will need to be flagged.

The directive grants the entities in charge of the registers the power to carry out inspections at the premises of legal entities registered, in case of doubts regarding the accuracy of the information in their possession.

The agreement also establishes that in addition to supervisory and public authorities and obliged entities, among others, persons of the public with legitimate interest, including press and civil society, may access the registers.

In order to facilitate investigations into criminal schemes involving real estate, the text ensures that real estate registers are accessible to competent authorities through a single access point, making available for example information on price, property type, history and encumbrances like mortgages, judicial restrictions and property rights.

Summary of main points:

Anti-money laundering: Council and Parliament strike deal on stricter rules

“According to the agreement, CASPs will need to apply customer due diligence measures when carrying out transactions amounting to €1000 or more.”

“An EU-wide maximum limit of €10.000 is set for cash payments, which will make it harder for criminals to launder dirty money.”

“Entities or arrangements that are associated with persons or entities subject to targeted financial sanctions will need to be flagged.”

AMLbot and new EU rules

AMLbot will be an important tool once the rules are in place. Let's understand why:

• Ensuring compliance

AMLbot helps users comply with new AML/CFT regulations AMLbot monitors changes in legislation and updates systems to meet new requirements. This helps users avoid fines or other penalties for non-compliance.

• Helps reduce the risk of users getting involved in illegal activities

AMLbot monitors user transactions and identifies suspicious activities. This helps users avoid using cryptocurrency wallets for money laundering and other illegal activities.

• Enables transparency in cryptocurrency transactions

AMLbot can track the movement of cryptocurrency and provide information about who is using cryptocurrency and how. This can help increase trust in cryptocurrency and make it more attractive to legitimate users.

Bottom line

The new rules should make it harder to launder money through cryptocurrency. Increased scrutiny and restrictions on cash could create serious difficulties for cryptocurrency users.

It is also important to note that the rules are still being finalized and will come into force later and their impact will depend on the implementation in different EU countries.

DeSci ( *decentralized science ) represents a new paradigm that can facilitate the development of cheaper insulin analogues.

___

*Before reading this article, I advise you to read the first part:

https://mirror.xyz/obchakevich.eth/U-QCJmcOQQeltJgomnwaI5RDhClB-M7py3MhNAGbqwY

___

DeSci platforms could facilitate open source research on new insulin analogs, potentially bypassing traditional pharmaceutical companies and their profit motives. This could lead to rapid development of cheaper insulin and broader accessibility.

The DeSci projects also has the potential to promote open access to research data, foster collaboration, and accelerate the search for cost-effective solutions.

Situation:

For every $100 spent on retail drugs, $41 go to parties in the distribution chain: wholesalers, pharmacies, pharmacy benefit managers, and insurers.

The growing difference between the list price and the net price of a drug reflects negotiated rebates and discounts put into place to influence formulary placement among competing brands within a drug class.

High list prices disadvantage patients who pay the list price or pay coinsurance based on the list price of the medication and impact both medication adherence and health outcomes. To address these issues, greater transparency and simplicity should be introduced into drug pricing to eliminate distortions that are currently beyond individual payers’ ability to address.

In addition, when only a few manufacturers produce a drug, they may capitalize on their strategic positions to minimize competition and drive up prices. One of these strategies is “shadow pricing” in which the prices of competitor products increase at similar rates around the same time.

DeSci alone cannot directly address issues such as market exclusivity for biosimilar drugs and anti-competitive practices by well-known pharmaceutical companies.

The increasing use of more expensive insulin analogs to replace less expensive human and animal insulins has led to an increase in insulin prices and spending and negatively affected the affordability of insulin for health systems and individuals around the world.

Overall, DeSci promises to contribute to solving the problem of low-cost insulin, but it is important to consider its limitations and the need for additional approaches, such as policy and regulatory changes, to address other aspects of the problem.

This area can be a powerful tool for the development of affordable insulin. With the right approach and stakeholder support, DeSci could change the lives of millions of people with diabetes.

Materials for diving into the topic:

https://mirror.xyz/obchakevich.eth/U-QCJmcOQQeltJgomnwaI5RDhClB-M7py3MhNAGbqwY

https://medicine.yale.edu/news-article/the-price-of-insulin-a-qanda-with-kasia-lipska/

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8597930/#:~:text=Structural%20Factors,negotiations%20with%20pharmacy%20benefit%20managers

https://www.nbcnews.com/news/amp/rcna39295

Let's first understand what insulin and DeSci are:

What is insulin?

Insulin, produced in the pancreas, is an important hormone that unlocks the ability of cells to obtain sugar (energy). Originally derived from animals, it is now produced with the help of bacteria containing part of the human insulin gene. Produced in this way, it becomes a natural hormone of the organism.

* I recommend that you study this material before reading my article further:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8597930/#:~:text=Structural%20Factors,negotiations%20with%20pharmacy%20benefit%20managers

What is DeSci?

DeSci is a new movement that seeks to revolutionize the way scientific research is conducted and disseminated. It uses web technologies such as blockchain, tokens and DAOs to create a more open, collaborative and equitable scientific ecosystem.

The insulin problem and how DeSci can fix it

Insulin is a lifesaver for people with type 1 diabetes and is needed by many people with type 2 diabetes to improve glycemic control and health outcomes.

Insulin is included on the Model Lists of Essential Medicines formulated by the World Health Organization. Unfortunately, on the 100th anniversary of insulin’s discovery, one of every two patients with diabetes worldwide who need insulin cannot access it or afford it, and as many as 25-30% of people with diabetes in the United States report rationing or skipping their insulin due to cost.

Increased access to insulin for people with diabetes can be facilitated by controlling its cost. This may be achieved by encouraging providers to prescribe lower-cost insulins. Additional actions to improve access to insulin and control costs include providing payers additional flexibility to negotiate prices.

With DeSci, people with diabetes will be able to collectively own and manage insulin production!

DeSci and DAO solutions are particularly useful for new biopharmaceuticals used to treat common, expensive, chronic diseases when there is uncertainty about the drug's real-world efficacy. This is certainly the case for new insulin analogs.

The focus is on cost to the patient, not price!

« Through a DeSci model, there could be a shift towards more transparent and efficient supply chain management. Collective ownership might also foster innovation in production methods, potentially lowering costs and enhancing supply chain resilience». - tells the BionicDAO team.

Substantial improvements in availability and affordability of insulin are needed to reduce inequalities in access and to prevent complications.

New developments have the potential to further improve the safety and effectiveness of insulin therapy. The challenge now is to ensure that insulin is available for all people with diabetes who can benefit from it.

Collective ownership and control

A future in which diabetics control their own destiny through collective ownership of their insulin via blockchain.

This shift from centralized management to a patient-driven model promises to revolutionize healthcare by putting the management and control of insulin directly into the hands of those who depend on it.

Governance through Decentralized Autonomous Organizations (DAOs)

Governance through DAO empowers each community member with a vote in critical decisions, from setting insulin prices to selecting research projects. This engagement means that diabetic needs directly guide medication management.

How does it work?

DAOs operate based on a combination of smart contracts and control tokens.

Mechanism:

• Smart Contracts:

The basis of a DAO is a set of rules encoded in smart contracts. These contracts are executed on blockchain, a distributed ledger technology that guarantees transparency and immutability.

Think of these contracts as a set of rules that anyone can see and adopt. They describe the decision-making processes, allocation of funds, and other key aspects of a DAO.

• Management tokens:

Each DAO member owns a governance token. These tokens represent voting rights in the organization. The more tokens, the greater their weight in the decision-making process.

• Decision making:

When a decision needs to be made, a proposal is presented to the community. This proposal can be anything from pricing insulin to choosing a research project, as in your example.

Community members discuss and vote on the proposal using a control token. Decisions are usually made by majority vote, although some DAOs may use more sophisticated voting mechanisms.

• Transparency and permanence:

All proposals, discussions and votes are recorded on the blockchain, ensuring transparency and accountability. Immutability and stability are ensured by the fact that once a decision is made, it cannot be easily changed.

DAO management offers a new and innovative approach to decision-making, especially in areas such as health care and especially insulin, where community input is crucial.

Now let's break it down with an example

Daniel, he is 28 years old with type 1 diabetes, he constantly needs insulin but can't always afford it. How can DeSci and DAO help Daniel?

• Can provide grants to patients with type 1 diabetes to cover treatment costs such as insulin and test strips;

• Can create a community for people with diabetes where they can socialize, share experiences and receive support, including financial support;

• Will fund research into new treatments and medicines for type 1 diabetes;

• Can invest in companies developing new technologies for people with diabetes.

• DAO can organize educational programs about type 1 diabetes to help people with the disease better understand and manage it.

You can also explore the topic in detail here:

https://www.bionicdao.com/post/rethinking-healthcare-through-decentralized-science

DeSci is a new and emerging technology, but it is already making a difference in the lives of people with diabetes.

I believe that many patients and investors will pay attention to this technology because it has the potential to revolutionize healthcare and make insulin more accessible to patients anywhere in the world!

________

BionicDAO

BionicDAO is focusing on 4 key areas of advanced technologies that should be closely related to Web3 among them DeSci.

BionicDAO believe we are on the cusp of a radical acceleration of science and human knowledge, and we will see a fragmentation of traditional control mechanisms of this process.

Why Web3?

Decentralization provides more opportunity and better incentive structures for ownership, funding, alignment and exploitation of scientific advances through this century.

https://www.bionicdao.com/

Simple

A simple type of deception is when a criminal with little experience relies on luck, inattention and lack of awareness. Such deception in 90% of cases is revealed at the beginning of most people. You will be offered very favorable conditions, insist and play on your emotions. In most cases you will be asked to download a stealer program with which you can "make money" lol. In practice, it is very common for Influencers to receive offers from criminals. Criminals offer 1000-2000 $USDT for placing an ad post. But in order to get money for ad, you need to download the file ( stealer ) they will send.

How not to fall for such deception?

1/ You should always be realistic and keep your mind sharp.

2/ Criminals often use the same message "scripts" for everyone.

3/ Criminals buy Twitter accounts ( often already with "blue check mark" verification ). Don't forget to do your research on the account that is messege to you.

See who is subscribed to it, whether it creates content, whether it puts likes and most importantly try to find in Twitter itself mentions of this account. Often someone who has already been caught by criminals will tweet about it.

Complex

A professional approach to deception requires serious knowledge and more time. The criminals will not offer you something right away, they will try to gain your trust. Very often they will have solid Twitter accounts, even well-known crypto projects and influencers may be subscribed to them. People who fall on the caught of criminals professionals do not immediately realize that they got into an unpleasant situation and lost their money.

Criminals can "process" you for months to fleece your cryptocurrency or NFTs.

It is much more difficult to protect yourself from professionals, because when we start trusting a person we relax and forget about our safety. The moment you relax, you will be hit by the criminals. Therefore, it is important to broaden your horizons, study more materials on how social engineering works, human psychology and analysis cases of fraud in the crypto space.

I recommend reading this piece:

https://academy.binance.com/en/articles/what-is-social-engineering

https://www.gemini.com/cryptopedia/social-engineering-definition-attack-examples

https://losslessdefi.medium.com/5-types-of-social-engineering-attacks-in-crypto-and-how-to-prevent-it-4a669a3fef15

Stay Safe frens!

Read the material on X ( ex. Twitter ) :

https://twitter.com/obchakevich_/status/1753440743027261702

What are Sanctioned Services?

Sanctioned services are companies or organizations that are sanctioned by governments or international organizations. Transferring funds to such services can be used for terrorist financing and money laundering.

Transfers from rogue services with malicious intent

This tool can be used for revenge or blackmail. For example, if someone wants to hurt their competitor, they can send them cryptocurrency from a rogue service. The recipient will need to prove that the transaction was made by mistake or intentionally (*by another person) and that he or she has nothing to do with it.

While the situation is being reviewed by the support service, the cryptocurrency in the recipient's account will be frozen, which will prevent him or her from making transfers or swaps. Proving your innocence can be a complicated and lengthy procedure. The recipient may need to engage lawyers or specialized companies to solve the problem.

Personal experience with sanctioned services

I have experienced firsthand what it is like to receive payments from sanctioned services. In my case, it was the Garantex service. After receiving cryptocurrency from my client, 5 minutes later I received a message from the support service that my account was blocked ( frozen ).

Support checks all transactions and if it sees an unacceptable level of risk, it notifies the client (i.e. me) that the account is blocked. (It all depends on the service, exchange, wallet you use, the blocking may not occur, but you will receive a message from support). In this case, the type of risk is sanctioned. The transaction is related to the Garantex service.

The client did not want to cause me any problems, but because of his ignorance, he used a sanctioned service. Since I was not involved in money laundering, terrorist financing and had nothing to do with sanctioned services, but was in such an unpleasant situation, I had to turn to legal services to solve the problem.

AMLbot Case

There is an interesting passage in the AMLBot case review that explains why transfers from sanctioned services such as Garantex do not end well:

" As a result, any cryptocurrency that has ever touched Garantex is now considered tainted by these sanctions. Individuals not personally targeted by OFAC sanctions and earning their income legitimately might still find themselves with tainted sanctions assets and frozen accounts." - quote from the article « Frozen Assets on CEX : Sanctions Exposure Case »This article clearly explains with an example that if you are not on the sanctions lists and have not been involved in money laundering, it will be much easier to prove your innocence in transferring cryptocurrency from a sanctioned service, but only if specialists work on solving the problem.

Solving the problem with transactions of sanctioned services

What should you do if you find yourself in a situation where you have received cryptocurrency from a sanctioned service and your account has been frozen?

I recommend contacting the AMLBot team, they will quickly be able to solve your problem and provide all the necessary consultations.

You can try to solve the problem yourself, but you need to understand that it takes a lot of your time and will not guarantee a solution. Therefore, it is still worth contacting specialists.

Read the material on X ( ex. Twitter ) :

https://twitter.com/obchakevich_/status/1750927525331521943

In recent years, the growth of crypto fraud has grown by leaps and bounds. A wave of cryptocurrency fraud is sweeping the world, with the volume of fraud increasing by 80% in the past years ( 2022-2023 ). This makes businesses think about their own security and are increasingly interested in KYC solutions to protect not only themselves, but also their users.

According to MarketsandMarkets research, the global KYC solutions market was valued at USD 18.5 billion in 2022 and is expected to reach USD 34.3 billion by 2027. This means that the KYC solutions market will grow at an average annual rate of 10-15% ( expected ) over the next five years.

The number of companies offering KYC solutions will grow by 15% in 2023. But it is still difficult to find the right company to partner with. While conducting this research, I had a task to find a company that I can recommend to my clients, and one company came out on top of my list of companies offering KYC solutions. More about it below.

Businesses now need to ensure security with a verification process that meets the regulator's requirements. Verify addresses, payment methods, conduct face and personal verification, proof of funds and more to ensure full compliance. In the market right now, this can be effectively addressed by AMLbot. KYC is often required to obtain licenses, permits and handle finances. AMLbot provides administrators and users with a convenient way to fulfill this requirement. AMLbot has industry-leading security standards, backed by ISO certification and regular security audits. AMLbot is not only about quality product and security, but also about affordability.

In Part 2, I'll give you a more in-depth look at AMLbot , with metrics and a checklist on how to use their products for your business.

• Speicherung privater kryptographischer Schlüssel

• Umtausch von virtuellen Vermögenswerten in Fiat-Währungen und vice versa

• Tausch oder Übertragung von virtuellen Vermögenswerten untereinander

• Übersetzung von virtuellen Vermögenswerten

• Finanzdienstleistungen für die Emission und den Verkauf von virtuellen Vermögenswerten (ICO/STO)

• Der Prozess der Registrierung einer VASP in Österreich umfasst die folgenden Schritte:

Eintragung des Unternehmens in das österreichische Firmenbuch. Einreichung eines Antrags auf Registrierung bei der FMA. Die folgenden Dokumente und Informationen müssen im Antrag enthalten sein: Name des Unternehmens und seiner Geschäftsführer Ort der Gründung und Anschrift für die Zustellung der Korrespondenz Beschreibung des Geschäftsmodells des Unternehmens Beschreibung des internen Kontrollsystems des Unternehmens Im Falle einer juristischen Person Angaben zu den Eigentümern des Unternehmens, die eine Mehrheitsbeteiligung halten. Die FMA prüft Anträge auf Registrierung innerhalb von 3 Monaten. Wird dem Antrag stattgegeben, wird das Unternehmen in das FASP-Register eingetragen.

Ausländische FASP, die auf dem österreichischen Markt Dienstleistungen erbringen, sind ebenfalls verpflichtet, sich bei der FMA registrieren zu lassen. Die FMA berücksichtigt bei der Prüfung solcher Anträge folgende Faktoren:

• Das Unternehmen hat eine österreichische Kontaktperson oder Vertretung.

• Nutzung eines österreichischen Vertriebsnetzes.

• Das Unternehmen verfügt über eine österreichische Niederlassung oder ein Büro.

• Auf den österreichischen Markt ausgerichtete Gestaltung der Website des Unternehmens.

• Werbemaßnahmen des Unternehmens in Österreich.

Ausländische Dokumente, die bei der FMA eingereicht werden, müssen ins Deutsche oder Englische übersetzt und beglaubigt werden.

Illegale VASP-Aktivitäten in Österreich werden mit Verwaltungsstrafen von bis zu 200.000 EUR geahndet.

Nutzen Sie bewährte AML-Lösungen mit AMLbot.

Die AMLBot-Plattform automatisiert AML/KYC-Verfahren und reduziert die Kosten für die Einhaltung von Vorschriften.

*Integrierte Compliance-Plattform:

• AMLBot bietet KYT/Wallet Screening, KYC, AML und mehr für Kryptounternehmen.

• Die Risikobewertung von AMLBot basiert auf mehreren Datenquellen, die sicherstellen, dass wir über die zuverlässigsten Daten in der Branche verfügen.

• Die benutzerfreundlichen Dienstleistungen und Lösungen von AMLBot rationalisieren Ihre Unternehmensprozesse und beseitigen die Komplexität der Compliance-Anbieter.

Im Allgemeinen ist die Krypto-AML in Österreich recht streng. Unternehmen, die Dienstleistungen für virtuelle Vermögenswerte anbieten, sollten darauf vorbereitet sein, die FMA einzuhalten.

The data was compiled by me based on open statistics from:

https://defillama.com/hacks

Private Key Compromise:

Poloniex hacks - $126m

Multichain - $126m

Atomic Wallet - $100m

Heco Bridge - $86.6m

CoinEx - $55m

and a few small ones

That's a significant amount of money lost to DeFi hacks in 2023, and the prevalence of private key compromise as the main technique is concerning. It highlights the importance of robust security practices for both individual users and DeFi protocols.

Decentralized Finance has revolutionized the financial landscape, but with increased access comes increased vulnerability. Malicious actors like ransomware gangs, scammers, and drug traffickers are exploiting DeFi's open nature to launder their ill-gotten gains. From chain-hopping to liquidity pool layering, these criminals leave a trail of dirty money that threatens the entire ecosystem.

The degree to which a purported DeFi service is in reality decentralized is a matter of facts and circumstances, and this risk assessment finds that DeFi services often have a controlling organization that provides a measure of centralized administration and governance.

Money Laundering ( DeFi )

There have been several instances of actors, including ransomware actors, thieves, scammers, and drug traffickers, using DeFi services to transfer and launder their illicit proceeds. These actors use a variety of techniques and services to accomplish this, including exchanging virtual assets for other virtual assets that are easier to use in the virtual asset industry or less traceable, sometimes using cross-chain bridges to exchange virtual assets for others that operate on other blockchains; sending virtual assets through mixers; and placing virtual assets in liquidity pools as a form of layering.

Steps that criminals take involving DeFi services may not be for the specific purpose of obfuscation but could instead be to move illicit proceeds generated from thefts from DeFi services. For the purpose of this report, this is considered in the section on money laundering, as it is part of an overall process to enable criminals to profit from their crimes. While the objective of the money laundering process by malign actors using DeFi services remains the same, criminals may use new means to do so, for example through chain hopping. In many cases, criminals use DeFi services for these purposes without being required to provide customer identification information. This can make DeFi services more appealing to criminals than centralized VASPs, which are more likely to implement AML/CFT measures.

These laundering methods can create challenges for investigators attempting to trace illicit proceeds, and many actors will use more than one of the techniques below. The level of sophistication will likely depend on the individual actor’s technical experience and familiarity with virtual assets and DeFi services. However, law enforcement has observed even lesser-skilled actors using some of the techniques below.

U.S. DEPARTMENT OF THE TREASURY

How criminals get clean at DeFi?

• Criminals exchange stolen crypto for less traceable assets, often hopping between different blockchains to further obfuscate their tracks. Imagine a thief swapping ill-gotten Bitcoin for Monero on a decentralized exchange, then whisking it through multiple blockchains before cashing out.

• Like a digital laundromat, mixers obscure the origin of funds by pooling and redistributing them. Criminals throw their dirty crypto into the mixer, receiving untraceable coins in return.

• Criminals can launder funds by depositing them into DeFi liquidity pools. These pools act as reservoirs for trading pairs, making it challenging to pinpoint the source of specific coins. Picture a criminal parking their stolen assets in a pool alongside legitimate funds, then slowly withdrawing them over time, effectively "cleaning" them.

The toughening rhetoric of the US authorities towards cryptocurrency mixers potentially threatens criminal cases against their developers, but is unlikely to solve the problem of money laundering, drug trafficking and terrorism financing in practice.

According to Chainalysis research, in 2023, the most popular crypto money laundering mixers were:

• Bitcoin Blender

• MixTum

• CoinMixer

• BestMixer

• Mixer99

Also, we should not forget about Tornado Cash, which has contributed to the development of the crypto money laundering.

According to Chainalysis, a company that analyzes blockchain transactions, over $3.5 billion has passed through Tornado Cash since its launch, of which up to $1.2 billion is directly related to theft, hacking and money laundering.

Example: Over the past two years, Israeli authorities have confiscated millions of shekels in crypto accounts they suspected of having ties to Hamas and other militant organizations in the Middle East.

https://www.wsj.com/world/middle-east/militants-behind-israel-attack-raised-millions-in-crypto-b9134b7a

Bringing Purity to DeFi

Bringing Purity to DeFi is an important step for the development of the DeFi market, as it will allow investors to feel safer and more confident.

Projects like PureFi & AMLbot are making the DeFi market much cleaner and safer with their products.

PureFi tackles the laundering challenge head-on by analyzing on-chain data and identifying suspicious activity. Using AI and machine learning, PureFi tracks transaction patterns, flags high-risk wallets, and alerts DeFi platforms and law enforcement to potential money laundering rings.

AMLbot empowers DeFi platforms to proactively implement AML measures. It integrates seamlessly with existing protocols, automates KYC checks, and monitors transactions for anomalies. Think of AMLbot as a tireless compliance officer, working tirelessly behind the scenes to keep bad actors out and good actors safe.

DeFi's promise lies in its democratization of finance, but that freedom shouldn't come at the cost of harboring dirty money. By embracing innovative solutions like PureFi and AMLbot the DeFi community can ensure that its revolutionary technology remains a force for good, not a playground for criminals.

Drug Trafficking

Drug trafficking organizations are growing more comfortable with darknet markets and the use of virtual assets generally to launder funds, including increased use of DeFi services, according to law enforcement assessments and analysis by blockchain analytic firms.

For example, one blockchain analytics company identified that drug-focused darknet markets generated nearly $2 billion in virtual assets in 2021 through sales, representing a steady increase in revenue since 2018. Still, the size and scope of drug proceeds generated on the darknet and laundered via virtual assets remain low in comparison to cash-based retail street sales.

In addition to darknet market sales in drugs, law enforcement assesses that certain drug traffickers are increasingly converting fiat currency proceeds into virtual assets for laundering.

U.S. DEPARTMENT OF THE TREASURY

DeFi protocols, which operate without traditional intermediaries, are increasingly being used by criminals to launder money.

These services can disguise the origin and destination of funds, making them attractive to illicit actors.

Conclusions

Every year the popularity of decentralized finance only grows, attracting not only investors but also dishonest market players who try to use DeFi tools for their dirty deeds. DeFi needs market regulation, but without losing decentralization, freedom and anonymity.

TON20 is the TON inscription token protocol, which is responsible for standardizing the inscription token protocol. Anyone can deploy his tokens, mint tokens, and trade tokens on TON20.​

TON20 makes token creation and management accessible to everyone. A user-friendly and accessible interface and standardized allows anyone to deploy, mine and trade tokens on TON20.

TON20 is built on the TON, which boasts unparalleled speed and scalability. This means that TON20 tokens can be used for a wide range of applications, from simple payments to complex DeFi protocols.

The TON20 protocol has developed a set of convenient and fast indexes based on TON and a standard for saving gas fees. Each event will use hexadecimal to permanently store information in the text comment, and each data will be stored on the chain to complete the information that cannot be tampered with.

The use of hexadecimal data storage ensures that all information is tamper-proof and transparent. This can help to build trust and confidence in blockchain applications.

The TON20 protocol is designed to scale to meet the demands of a growing number of users. This will help TON20 to grow rapidly, evolve and attract new users and developers.

First token in the TON20?

NANO is the first token in the TON20 ecosystem.

Tonano - service for creating blockchain inscriptions inspired by Bitcoin Ordinals and using the TON20 token standard on the TON blockchain.

NEWS:

Early last week on the TON blockchain, the introduction of a protocol inspired by Bitcoin Ordinals caused a flurry of activity on the TON, leading to delays in transaction processing.

The recent network slowdown was attributed to insufficient hardware resources allocated by certain validators. Their failure to anticipate potential load growth resulted in significant performance bottlenecks once activity increased by 50-100 times in a short timeframe. In response, a patch has been deployed and stricter penalties will be enforced against validators experiencing performance issues in the future.Report

https://twitter.com/Ton_scription/status/1732751326873026951?s=20

TON20 vs Bitcoin Ordinals

Comparison of TON-20 and Bitcoin Ordinals

Thank you for reading, I hope you found this information useful. Subscribe and click on the article's minting. Thank you!

The problem is a conflict between two wallets Metamask and Phantom. If you use Chrome browser for example, then having two of these wallets, only one will be available when you connect.

Sometimes it happens that you want to connect Phantom and you have Metamask connected, this causes confusion.

How to solve this problem?

I would suggest using not only Chrome, but for example Brave as well. Leave Metamask in Chrome and Phantom in Brave. Use wallets in different browsers. This issue is not a 1inch bug.

This solution will solve your 1inch Support connectivity issue, and you won't have to ask support that you have a bug.

Thanks for reading!

Klip Wallet - is a Korean product that provides a crypto wallet that is designed with all security regulations in mind and is one of the most convenient in its market. Klip allows you to buy, sell, exchange and store cryptocurrency using your mobile device.

The main audience of the crypto wallet is the citizens of South Korea. As statistics shows, this figure exceeds 95%. According to the press release, the app has an audience reach of over 2 million users.

This partnership is beneficial to both parties where Klip will get 1inch Swap API t support from the 1inch community.

For 1inch, the new partnership is in line with the company's vision to expand its presence in the APAC region.

1inch Swap API

The 1inch Swap API v5, Pathfinder, is a cutting-edge discovery and routing algorithm, which offers asset exchanges at the best rates on the market. Pathfinder finds the most efficient paths for a token swap, able to split between different protocols and even different market depths in within one protocol in the shortest possible time.

Let's make a comparison:

Comparison table between Klip Wallet and Klip Wallet with integrated 1inch Swap API:

The integration of 1inch Swap API into Klip Wallet will improve the token process.

It will provide more features, better liquidity, advanced customization and enhanced security. It will provide users with a more convenient and efficient token exchange experience in Klip Wallet.

Klip Wallet API:

New benefits:

• access to the best rates

• expanded list of swappable asset pairs

• improved trading opportunities for users

• optimal paths for token swaps

• ability to execute transactions in the shortest possible time

and many others benefits …

_

For a better understanding of how Klip Wallet works, I suggest further reading their documentation:

https://en.docs.klipwallet.com/

I would also advise you to delve into the 1inch API process:

https://portal.1inch.dev/documentation/swap/introduction

I'll be writing more about Klip Wallet in the near future as I follow its development and how the 1inch Swap API can impact the growth of the product.

You can also expect more reviews from me on 1inch partners in the future, especially if they utilize the 1inch API.

Thanks for your attention!

On July 19, 1inch co-founder Anton Bukov spoke at EthCC, where he presented the concept of token plugins. Before reading this article, I recommend you to watch Anton's presentation on YouTube:

Token plugins are ERC20 extensions that allow token holders or liquidity providers to extend the possibilities of their assets by connecting to onchain smart contracts and notifying them of user balance changes ( quoted from 1inch Blog ).

How do token plugins work?

1/ Inherit token: contract MyToken is ERC20Plugins { … }

Or wrap it; contract my wrapper is ERC20Wrapper, ERC20Plugins { … }

2/ Create/deploy a plugin smart contract

3/ Wallets an plugin: My Token.addPlugin(plugin)



 Plugin can track balance changes, non-participant balances and addresses considered as zeroes.

To use a token plugin, you inherit it in your token contract. For example, you have a contract called "MyToken" that inherits from the ERC20Plugins contract. This inheritance will help your token contract to access the features provided by the plugin.

contract MyToken is ERC20Plugins {

  // Your token contract code goes here

  ...

}

The next one is the Wrapping Token Contract. In this case, you will have a contract, let's call it "My Wrapper", which inherits two contracts at once: ERC20Wrapper and ERC20Plugins. This allows us to add additional functionality to the token contract.

contract MyWrapper is ERC20Wrapper, ERC20Plugins {

  // Your wrapper contract code goes here

  ...

}

Examples of token and plugin

Below is the example of token implementing plugin support and a simple plugin that mints and burns its own token based on the parent’s token balance.

Anton Bukov, in his speech at EthCC, highlighted two of the most promising options for using token plugins: farming and delegation in the onchain. But there is no need to focus only on these two options. I will try to give you as many examples as possible of the use of token plugins.

Farming is an interesting option for using token plugins, we have the opportunity to create a plugin that will automatically redistribute tokens between farms and liquid pools. The purpose of this plugin is to maximize profitability, it will be useful for users who want to automate their strategies and reduce risks.

"Previously, when you gave your tokens to a farm, you had to trust the farm," says Anton Bukov.

My opinion: You also need to understand that token plugins do not guarantee 100% risk reduction, so when using plugins, you will need to calculate the risks and conduct your own research, this is very important. Yes, when using token plugins, the risks of hacking, transferring your assets or other manipulations are impossible, but when using plugins in different strategies, LP, the plugin will not guarantee a return.

An interesting use of plugin tokens is to extend voting and governance capabilities. Plugins can allow for a greatly enhanced governance and voting capabilities in protocols. This will increase the influence of token holders on protocols and allow them to vote on proposals for changes to the pool protocol or strategic decisions.

Let's continue with LP and token plugins. Plugins can improve the automation of management processes in LP. A plugin can automatically redistribute tokens between different pools to maximize yield. It can also affect risk mitigation, but not its complete absence.

Token plugins can also take into account various factors, such as the riskiness of the pool, risk management, and reallocation to changes in market conditions.

To get a better understanding of the processes, I recommend checking out GitHub:

https://github.com/1inch/token-plugins

https://github.com/1inch/delegating

https://github.com/1inch/farming

It's important to note that the processing logic of plugins consumes additional gas, and operations that change an account balance will be more expensive in terms of gas. To mitigate this, the library implementing the plugin system sets a gas limit that a plugin can spend.

I am confident that the plugin system will become a powerful tool for creating flexible and innovative solutions

The key feature of Turbo ETH is leverage. Leverage is a technique that allows you to control a larger position in the market with less capital. With Turbo ETH, you can maximize your potential gains or losses by using leverage.

Many may wonder why exactly ETH is used on Polygon. I give you the answer:

Turbo ETH is implemented on the Polygon network, it does rely on the Ethereum blockchain for some functionality. Ethereum is known for its reliability, security, and liquidity, making it the preferred choice for many dAap.

What is Rebalancing, Active and Pending in Turbo ETH:

Rebalancing - process by which the state of your position in Turbo ETH is automatically adjusted to maintain the required level of leverage.

Active -this means that you are actively participating in trading and your position is open. You can observe changes in the value of your position in real time and make decisions accordingly.

Pending - this means that your application to open or close a position has not yet been executed. Possible reasons for this state may include pending transaction confirmation or fulfillment of other conditions necessary to complete the transaction.

Now let's understand what Total staked, Strike price, Next rebalancing and Pool utilization are:

Total staked - total amount of ETH that users have frozen in the staking pool to participate in Turbo ETH trading. This amount represents the total amount of funds that are participating in this trading strategy.

Strike price - price at which an instrument will be executed if a certain price level is reached. In the context of Turbo ETH, this is the price that the instrument must reach in order for the option to be exercised and the trader to make a profit.

Next rebalancing - time or event when a strategy reviews its parameters and makes changes to its trading strategy. This may include changing rates, reallocating assets, or other adjustments to adapt to changing market conditions.

Pool utilization - percentage of total staking and available funds in the staking pool. It is a metric that measures how actively the pool is utilized and how effective it is in raising funds for Turbo ETH trading.

Choose the level of leverage:

When you select the leverage level: 25%, 50%, 75% or 100%, these values indicate how much of your available capital you are using to open a position.

If for example I open a position at 100% it means that I am using 100% of my available capital to open a position. In this case I am fully utilizing my capital to trade in Turbo ETH.

When using leverage, I advise beginners to start with a small level of leverage and gradually increase it as they gain experience and confidence.

Important: Higher levels of leverage can increase potential returns, but also increase the risk of capital loss.

Now let's go to an example. I decided to put 0.6 ETH into Turbo ETH, what happens next?

My funds will be used in the trading strategy. This strategy is based on the use of options and allows traders to profit from changes in the price of ETH.

The process of Turbo ETH operation includes several steps:

Staking: My 0.6 ETH will be frozen and used in the Turbo ETH trading strategy. I will be given an equivalent amount of Turbo ETH that will reflect my stake in the strategy.

Trading: The Turbo ETH strategy will actively trade based on changes in the price of ETH. If the price of ETH reaches or exceeds a set strike price level, my option will be exercised and I will make a profit.

Rebalancing: The Turbo ETH strategy will rebalance periodically to adapt to changing market conditions. This may include changing rates or reallocating assets within the strategy.

What happens next:

• If the price of ETH reaches or exceeds the set strike price level, my option will be exercised and I will profit according to the price change.

• If the price of ETH does not reach the strike price level, my option may not be exercised and I will not profit. In this case, my stake in the strategy will be retained for further trading.

Important:

Step-by-step instructions:

1/ Switch to Polygon Network

2/ Swap MATIC/USDC/USDT or other token → ETH ( W )

3/ Move to Earn → Strategies

4/ Move to Turbo ETH

5/ Enter the amount and choose leverage ( 25%, 50%, 75%, 100% )

6/ Click on Give permission + approve = done!

Take into account current market volatility and expected ETH price movements. Volatile market conditions may increase the risk of using high leverage levels. Be prepared for possible price fluctuations and choose a leverage level that is appropriate for current market conditions.

Additional materials:

https://help.1inch.io/en/articles/6162115-what-is-1inch-derivative-staking-and-how-does-it-work

In 2020, 1inch attracted significant attention in the DeFi sector because of its innovative approach to token swaps. It quickly became one of DeFi leading platforms, processing millions of dollars in trades every day. December 2020, 1inch launched its governance token, allowing users to participate in the management of the platform and receive a share of the commissions. This was an important step in 1inch development as a fully decentralized organization.

In 2021, 1inch continued to expand, adding support for new blockchains such as Binance Smart Chain and Polygon, which allowed it to attract even more users.

Overall, the success of 1inch can be attributed to several key factors:

• Innovative approach to token swaps

• Active community engagement through management tokens, and strategic expansion into new blockchains

This shows that 1inch understands its users well and is able to adapt quickly to changing market conditions.

1inch will continue to improve its algorithm to provide the best price and minimize slippage. This may include the introduction of new technologies and optimization techniques.

Given current trends in the DeFi sector, I am confident that 1inch will actively participate in the development of DeFi 2.0, including the introduction of new features and services that will improve the security, efficiency and availability of DeFi.

For example, proposals [1IP-30] 1inch Hardware Wallet production completion

The 1inch hardware wallet will be integrated into the 1inch, expanding the 1inch Mobile Wallet ecosystem. It will provide the safest option for storing and managing private keys in a simple, easy, and offline way. Moreover, by launching the hardware wallet under the 1inch branding, we aim to increase brand awareness and establish an additional touchpoint with the DeFi community.

This proposal will receive $2 million from 1inch DAO

_

I would also like to mention the work with local communities in different countries. 1inch launched a separate Twitter account for Spanish-speaking community members

1inch Español

This will promote the product in Spain and Latin America and attract more and more new users to the community.

List@ para dejar de perder dinero y tiempo en cada swap que haces?

Tenemos una herramienta que te permite ahorrar comisiones, conseguir el mejor precio de cambio y ahorrar tiempo. Te la contamos en 5 tweet para que te sumes a los 3.4M de usuarios que lo probaron

Español thread

_

One of the important things to gather in 2023 was the adoption of the 1inch DAO [1IP-28] Discontinue Swap Surplus Collection!

What exactly is a swap surplus?

It is the result of positive slippage, a unique market phenomenon. When the token swap rate changes in your favor between the transaction's sub-submit and confirmation, you get extra tokens (surplus).

Previously, collecting the swap surplus required additional data and calculations for all swaps, resulting in additional gas costs for all users.

But now these gas costs no longer apply per 1inch, making swaps more cost-effective for everyone!

_

The number of unique wallets that use @1inch has crossed the over 1 million mark. i would like to remind you that at the peak in 2021, it failed to cross that mark.

You can see the graph here. I indicated the peak in 2021 (the number of wallets) and in 2023.

Even though the market is in a bear market, 1inch makes sure that every user has the best conditions for swaps tokens, feeling safe and confident that their assets are safe.

_

I asked DeFi analysts and bloggers what they thought of 1inch:

Patrick | Dynamo DeFi :

Finish :

Andy :

Salazar.eth :

Charles :

1inch has been one of the best products on the DeFi market for years, constantly adapting to new challenges and giving a lot of attention to its community. Every year it increases the number of active wallets that use their product.

To build, help and protect!

Thanks for reading!

Fragmented liquidity is a situation in the DeFi market where liquidity is distributed among different trading platforms and is not centralised. Instead of having one large pool of liquidity, fragmented liquidity means that liquidity is divided into several smaller markets that may have a limited number of participants.

Example:

A user wants to sell assets, but there are not enough buyers in a particular market, he may face a problem finding a buyer or getting a low price for his assets.

Another example:

Protocol A with its own liquid pool and Protocol B with its own pool. Participants wishing to execute a trade between these protocols may face the problem of insufficient liquidity or slow execution speed.

This makes it difficult to ensure better price efficiency, fast trade execution, and high liquidity across different DeFi protocols.

Example for beginners:

Imagine you want to exchange your ETH for USDC using DEX. There are different liquid pools on DEX that supply liquidity for trading different tokens.

Fragmented liquidity occurs if there is not enough liquidity on DEX to allow efficient trading of ETH for USDC. This will lead to a problem with executing a trade at the desired price or even delay it for a long period of time.

Fragmented liquidity and 1INCH

1inch is a liquidity aggregator in the DeFi space. They combine liquidity from various DEX and protocols to provide the best price and most efficient transactions for users.

1inch algorithm searches for the best deals on different exchanges and protocols to ensure maximum liquidity and optimal price for the user. It uses smart contracts and different paths to exchange assets to minimize gas costs and ensure fast transaction execution.

1inch Aggregation Protocol plays an important role in solving the problem of fragmented liquidity.

How it works:

1inch aggregates liquidity from different DEX/protocols, allowing you to concentrate more assets in one place. This eliminates the need to manually search for the very best prices on different DEXs. Distributes a single trade across different DEX liquidity pools. This means that even large trades can be split into several smaller transactions executed in different liquidity pools.

This helps to avoid high slippage rates and provides a better execution price for users.

This greatly facilitates the process of finding the best price and ensures more efficient trading in the DeFi space.

The core part of the protocol is the 1inch v5 smart contract, which performs runtime verification of transaction execution.

View all integrated protocols on 1inch: 

https://1inch.io/aggregation-protocol/

1inch is the perfect tool to facilitate the process of finding the best price and help you work and earn money in the DeFi market.

Impact of Dominant Projects:

The domination of projects like Lido in the market can have significant implications. Firstly, it centralizes power and control, contrary to the principles of decentralization. A single project controlling a substantial portion of staked ETH and TVL poses risks of collusion, manipulation, or a single point of failure.

Lido dominates Ethereum staking with over 7 million ETH staked, representing more than 36.8% of all staked ETH. It is the top protocol with over $12 billion TVL, close to 6% of all ether.

There is a need for a community initiative to address Lido dominance and prevent it from surpassing the recommended 15% validator share limit.

it creates a barrier for other projects to enter the market and gain traction. The dominance of Lido discourages competition and hinders the development of innovative and decentralized alternatives. This lack of diversity and competition can lead to complacency, reduced accountability, and slower progress in the ecosystem.

Furthermore, the heavy reliance on a single project for staking services introduces systemic risks. If issues or vulnerabilities are discovered within that project, it can have a cascading effect on the entire ecosystem. A failure or compromise in a dominant project could impact a large number of validators and stakers, causing disruptions and potential losses.

Regulating Dominant Projects and Decentralization:

While it may seem logical to regulate or limit the influence of dominant projects like Lido, such actions can have unintended consequences. Imposing regulations on specific projects goes against the decentralized nature of blockchain networks. Decentralization is about individual sovereignty and choice, where participants have the freedom to stake with any project they trust and find beneficial.

Regulating projects creates a slippery slope, potentially paving the way for more centralized control and intervention. It undermines the core principles of decentralization and shifts power to centralized authorities or regulatory bodies.

Maintaining a healthy and diverse ecosystem requires fostering competition, encouraging innovation, and empowering individual participants to make their own choices.

Instead of relying on regulation, a community-driven approach can be more effective. Educating stakeholders, raising awareness, and fostering competition among staking providers can lead to a more decentralized landscape. By promoting client diversity and encouraging responsible staking practices, the Ethereum community can work towards a more resilient and decentralized network.

Ultimately, it is through collective action and proactive measures that the Ethereum community can address the dominance of projects like Lido and ensure the long-term sustainability and decentralization of the network. By promoting diversity, accountability, and responsible governance, the community can strive towards a more robust and inclusive ecosystem that upholds the values of decentralization.

Problematic:

I think that one of the problems in reducing the dominance of the Lido will be the fact that most of the real projects at first glance will not be able to compete and provide better conditions than the Lido.

Will they be able to provide the level of security that the Lido has?

I am alarmed by the fact that in the last month more than 5 protocols have already lost their users' assets through hacking attacks.

The problem with Lido dominance is not Lido itself, but projects that simply can't provide competition in the DeFi market.

More:

https://metasleuth.io/result/eth/0xeb87ebc0a18aca7d2a9ffcabf61aa69c9e8d3c6efade9e2303f8857717fb9eb7

Here are a few tips on how to secure your protocol against this kind of attack:

Software updates!

Regularly update the software used in your protocol, including libraries and dependencies, to fix known vulnerabilities. Keep an eye out for security updates and install them as soon as possible.

Revise your key generation process!

Review and update your key generation process to make sure that it is reliable and secure. Include guidelines for using sufficiently long and random keys, and for changing keys regularly.

Monitoring!

Implement monitoring mechanisms to keep track of any suspicious activity or attempted unauthorized access to your keys. This will allow you to react quickly to potential attacks and take appropriate action.

These tips won't give you a 100% security guarantee, but they will help make your protocol safer!