New Crypto Listings Recently | Where to Buy 2024-01-30
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1.48BTC
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3.53BTC
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6.84BTC
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4.51BTC
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5.12BTC
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44.21BTC
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17.92BTC
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1.39BTC
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1.46BTC
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0.674BTC
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3.06BTC
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4.13BTC
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2.73BTC
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15.5BTC
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37.51BTC
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8.31BTC
Finnish authorities traced Monero transactions in the Julius Aleksanteri Kivimaki trial, highlighting challenges in tracking privacy-focused digital currencies, a significant development in cryptocurrency-related cybercrime investigations.
In Finland, the ongoing criminal trial for Julius Aleksanteri Kivimaki has seen significant developments in cryptocurrency tracking. Kivimaki is accused of hacking the database of Vastaamo - a private mental healthcare firm - and demanding ransom in cryptocurrency. This high-profile criminal case has highlighted the complexity of dealing with digital currency crimes, particularly those that are designed to be private.
Kivimaki, in October 2022, demanded 40 Bitcoins, which was approximately 450,000 Euros at the time. He threatened to release records for over 33,000 Vastaamo patients. Kivimaki, when his demands weren't met, reportedly went after individual patients. The Finnish National Bureau of Investigation played a crucial role in tracing Monero transactions related to this case. This is a noteworthy achievement, given Monero’s reputation for privacy features such as Ring Confidential Transactions, and stealth addresses.
Investigators discovered that Kivimaki had received Bitcoin payments, and then transferred the funds to a non-Know Your Customer (KYC), exchange. The funds were then converted to Monero, and transferred to a Monero wallet. It appears that these funds were transferred to Binance and converted to Bitcoin before being distributed to different wallets. The authorities have kept their analysis on the chain confidential.
This case highlights the difficulties that law enforcement has in tracking transactions with privacy-focused cryptocurrencies such as Monero. These cryptocurrencies are designed to hide users and make them untraceable. This case shows how important it is to be able to track the crypto trail. It could set a precedent in future investigations that involve privacy coins.
The case of Julius Aleksanteri Kivimaki illustrates the changing landscape of cybercrime where digital currencies are a key component. It also highlights the efforts of law enforcement agencies in adapting and responding to these challenges. This trial has implications that go beyond the case at hand. It touches on issues such as cryptocurrency regulation, privacy and the balance of individual freedoms with the need for law enforcement effectiveness and security.
Image Source: ShutterstockAxiom has secured $20 million for a Series A round of funding, according to the official blog. The round of funding was led by Paradigm, Standard Crypto and Robot Ventures with investments from Ethereal Ventures and Robot Ventures. This milestone is a significant step forward in Axiom’s mission to revolutionize access to authenticated data via blockchain networks.
Axiom’s innovative strategy is based on the use of zero-knowledge encryption. Zero-knowledge technology allows a verification method that doesn't reveal the data used in the computation. This is different from traditional consensus mechanisms, which require that all nodes agree on the state of the data. This allows users to verify the accuracy of an assertion without disclosing underlying data, improving privacy and reducing data management costs.
The funding will help accelerate the development of Axiom’s first product. It will give smart contract developers greater access to on-chain data. The startup wants to tackle the problems posed by high data costs in on-chain apps, which can lead to features being removed or contract designs that are complex to optimize data usage. Axiom aims to improve data handling efficiency and privacy by leveraging zero-knowledgeproofs. This will allow on-chain applications manage greater volumes of data for lower costs.
Axiom’s commitment to the technology was demonstrated by its launch of its mainnet 2023. This launch gave developers unprecedented access to historic Ethereum data and enabled off-chain calculations backed by zero knowledge proofs. Zero-knowledge proofs are not limited to cryptocurrency. They can be used in other sectors, such as healthcare, energy and voting systems.
Axiom’s successful funding round, along with its technological advancements, positions the company at the forefront of an industry shift that could lead to more efficient and private blockchain data management. Axiom will play a key role in shaping future smart contract development, and the accessibility of blockchain data.