DOJ seizes $34M in Crypto From S. Fla. Dark Web Dealer; Will Smith, Paris Hilton VC Firms Back Boba Network

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By PYMNTS

US federal prosecutors in the southern district of Florida have seized around $34 million in cryptocurrency tied to illegal dark web activity, a press release said Tuesday, April 5.

Law enforcement agents have identified a South Florida resident who had been reportedly bringing in millions via an online alias which netted him over 100,000 sales of illicit items and hacked online account information on various dark web markets.

One example in the press release says he sold hacked online account information for various online services like HBO, Netflix and Uber.

Meanwhile, Singapore has passed a new law to tighten rules on crypto providers, showing that it might be starting to appreciate the industry, Bloomberg reported.

The law will require virtual asset service providers in the city-state to be licensed to do business overseas. Firms aren’t regulated for anti-money laundering or terrorism financing, as of right now.

Bloomberg wrote that the tightening of the rules also comes as the regulator has discouraged companies in the crypto space from advertising, which shows how cautious Singapore has been.

In Georgia, there are new crypto rules possibly coming down, an interview with Koba Gvenetadze, governor of National Bank of Georgia, at Finchannel said.

The NBG is reportedly planning to regulate crypto, and has developed a draft of the legislative changes required.

Gvenetadze said they’re benefiting from technical assistance of the International Monetary Fund staff. But he said there were some measures already being done.

“In particular, financial institutions have been banned from providing virtual asset exchange and transfer services,” he said. “Also, persons that carry out activities related to virtual assets should be classified by financial institutions as high-risk clients and should be subject to appropriate enhanced preventive measures.”

Finally, Ethereum blockchain scaling platform Boba Network raised $45 million in its Series A round, a report said. Among the investors were venture capital firms led by Will Smith and Paris Hilton, along with the exchange Crypto.com and former NFL quarterback Joe Montana.

The funding round gives Boba a valuation of $1.5 billion.

Boba lets users develop decentralized apps on the blockchain with more features and cheaper fees. It also allows for transferring NFTs.

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