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At a Bitcoin conference in July, President-elect Donald Trump, a digital asset advocate, announced at a Bitcoin conference in July that in addition to the approximately 203,000 Bitcoin (BTC) currently held by the US government, which had been procured through asset confiscation, ” will be established. Freed from high-profile criminal sting operations to ensure the United States becomes “the crypto capital of the planet and the world’s Bitcoin superpower.” world. ”
To lead the U.S. Treasury Department, one of the most influential departments in the government with comprehensive oversight of tax policy, public debt, international finance, and sanctions, President Trump has announced the issuance of a U.S. dollar-denominated stablecoin. After making the announcement, he nominated former George Soros. Macro hedge fund manager Scott Bessent shorted the fiat pound from the European Exchange Rates Organization on September 16, 1992 (information based on my interview) In 2000, Scott Bessent of Soros Management Appointed. )
Since the US election, the price of BTC has increased by 40%, hitting an all-time high of $99,121 on Thursday, November 21st, approaching the $100,000 milestone (reaching $100,000 for the first time in December) . Following Scott Bessent’s words, some BTC whales also shorted MicroStrategy stock, BTC ETF stock, and BTC Mining stock as whales sold and guppies bought during the historic BTC rally. “As the use of cryptocurrencies becomes more widespread among investors, criminals are deploying increasingly complex tactics to deceive and exploit the public,” warned Wayne A. Jacobs, FBI Special Agent in Charge of Philadelphia. did. He continued:
“We urge consumers to remain vigilant as they navigate this situation and to report any suspected fraud to the Federal Bureau of Investigation (FBI) through the Internet Crime Complaint Center (ic3.gov) .”
According to the 2023 Cryptocurrency Fraud Report, the FBI’s Internet Crime Complaint Center reports that the FBI’s Internet Crime Complaint Center is investigating the general public regarding cybercrime and financial fraud involving the use of virtual currency in any scheme, including data breach/identity theft and government impersonation. We received over 69,000 complaints from people. Fraud, SIM Swap Enabled Cryptocurrency Theft, Tech Support, Confidence and Romance, Investment and Business Fraud As a result, reported losses exceeded $5.6 billion. With the rise in cybercrime, people are increasingly wary of handing over their personal data to centralized companies due to security concerns. For example, when downloading or signing up for Internet services, users will likely have to register a combination of the following information: personal name, email address, home address, telephone number, etc. We keep this personal information consistently secure against hacker attacks.
The FBI recently indicted five people. Four of them are American and one British, and are reportedly members of a notorious hacker group called Scattered Spider (also known as Octo Tempest, Muddled Libra, 0ktapus, and UNC3944), who have stolen large amounts of data. Allegedly related to infringement/extortion of personal information. Campaigns against 100 multinational corporations in gaming, outsourcing, telecommunications, and other areas, as well as SIM-swapping cryptocurrency theft In the cryptocurrency space, we often collaborate with the notorious Black Cat/ALPHV ransomware group. Scattered Spider gained particular notoriety in September 2023 when community members infiltrated and blocked the networks of casino operators Caesars Entertainment and MGM, demanding large ransom payments. According to reports, Caesars paid about $15 million to restore the network, but MGM did not respond, resulting in a $100 million loss in profits.
The FBI said the quintuplets, all in their early 20s, were part of a series of sophisticated individuals who tricked employees of targeted companies into using stolen information to gain access to company systems and extract intellectual property. Charged in connection with information theft/phishing scheme. They then used the employees’ personal data to hack into their cryptocurrency wallets and amass millions of dollars in stolen funds. “We allege that this group of cybercriminals executed a sophisticated scheme to steal tens of millions of dollars worth of intellectual property and proprietary information, and stole personal information belonging to hundreds of thousands of individuals. ” said U.S. Attorney Martin Estrada. He continued:
“As this incident shows, phishing and hacking are becoming increasingly sophisticated and can result in huge losses. If something doesn’t seem right about a text or email you receive, or a website you’re visiting is probably wrong.”
DDID Network Prevents Identity Theft and Data Leakage
More than 100 countries use national IDs, and many are exploring the operation of decentralized digital ID (DDID) networks. Because identity is used in virtually every aspect of life, such as using online services, going to school, opening financial accounts, voting in elections, obtaining medical care, buying real estate, securing employment, attending concerts, and airline tickets. Because it affects every aspect. At the Devcon 2024 event in Bangkok, Ethereum (ETH) co-founder Vitalik Buterin pointed out that the DDID network is the key to an increasingly tokenized global economy, saying, “Ethereum is the world’s computer ( “It’s an incredibly large and diverse network.” An on-chain economy and an incredibly large and diverse global community have come together. ”
Digital ID is one of the world’s most important technology trends, with the total addressable market for reusable IDs estimated to be between $133 billion and $533 billion worldwide in 2026. . Governments around the world are moving away from traditional physical IDs to reusable IDs designed to put data in the control of its owners, reduce the risk of unauthorized access, and prevent identity theft. We recognize the strategic benefits of moving to a more adaptable digital identity system, including: These systems allow individuals to keep their personal data secure by storing it in a digital wallet on their device and sharing certain information with authorized entities only when necessary. control, which eliminates a central point of vulnerability where hackers can steal large amounts of data. As more governments adopt DDID networks, traditional document-based identity verification, which risks identity theft and data breaches, will become obsolete.
China launches RealDID system
In Hong Kong, at the DID-based Cross-Border ID Summit held on November 8, 2024, Red Date Technology collaborated with China Mobile, Open Wallet Foundation, IDA, Flare, and Terminal 3 to create a national-level blockchain We have successfully launched the base service. This system marks a turning point in privacy-focused blockchain-based identity solutions with four breakthrough cross-border usage capabilities:
Track #1: China RealDID for entry inspection at Hong Kong border. The unique relationship between Hong Kong and mainland China has fostered innovation in blockchain-based decentralized identity systems. Launched last year by China’s official identity management authority, RealDID is a national-level blockchain built by Red Date Technology, a Chinese government-backed blockchain-based service network (BSN) decentralized cloud infrastructure company. based decentralized identifier system.
The RealDID system uses real-name verification of cryptographic keys for both online and offline interactions, with zero leakage of personally identifiable information, allowing Hong Kong residents to enter China without submitting physical entry documents. Enter the mainland and allow Chinese residents to enter China. The RealIDID system is expected to issue 5 million IDs by 2024. “China RealDID represents a breakthrough in the way government-issued digital IDs are managed, and we are proud to lead the first application trial outside of mainland China,” said CEO Yifan He. says. Red date technology. He continued:
“This milestone reflects the international potential of China’s blockchain technology to protect user privacy without compromising compliance and lay a solid foundation for anonymous identity authentication and verification between the two countries. It will be.”
Tim Bailey, vice president of global business and operations at Red Date Technology, explained in an interview:
“China’s RealDID can be used across a variety of platforms and services, enabling seamless cross-border identity verification. Currently, China’s RealDID is the only platform for privacy-preserving identity authentication and verification. It presents a practical and cost-effective approach for countries to build their own national DID systems and a blueprint for global implementation to promote anonymity within countries and across borders. Possible identity data exchange.
Track #2 Anonymous Registration for Regulated Stablecoin Wallet Apps and Track #3 Purchase of Token-Based Financial Products with Built-in Tax Compliance were executed by blockchain companies Flare, IDA, and Red Date Technology.
Tim Bailey said: “These two use cases demonstrated the ability of the China RealDID system to verify identities across borders while maintaining anonymity when understanding customers and tax compliance processes. Identity verification through the platform allows you to sign up for regulated stablecoin apps and purchase tokenized financial products without submitting your passport or identification information.”
“This trial showed that compliance and privacy can be fused,” said Hugo Philion, CEO of Flare Labs. “We are excited to lead our decentralized solutions into new markets, especially China, where the potential is unparalleled.”
Track #4: Anonymous “travel rule” compliance between financial institutions.
Through RealDID, compliance with travel rules between financial institutions for anonymous stablecoin transfers has been achieved. ” Tim added.
“Each of these four trials addressed a real-world scenario in privacy and identity verification using China RealDID. We demonstrated how this encrypted ID (represented by a string of random numbers) can be used to enter Hong Kong and complete KYC (tax compliance procedures). These 4 digital asset financial services. During the trial, the identity of the Chinese visitor remained completely anonymous, and only designated government authorities could link the visitor’s DID and his true identity after going through legal due process. Protected from any data leaks or hackers.”
