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first_img The United Kingdom and the United States established a joint alliance to combat cryptocurrency fraud

The United States and the United Kingdom announced the establishment of the first joint law enforcement alliance aimed at combating fraud centers involving cryptocurrency and online investment scams. The U.S. Department of Justice stated that the U.S. Attorney's Office for the District of Columbia, the UK Crown Prosecution Service, and the UK's National Crime Agency have signed a memorandum of understanding to conduct parallel investigations on common objectives, share intelligence on organized crime groups, and negotiate jurisdictional prosecution rights for specific cases.This alliance expands upon the "Fraud Center Task Force" initiated by U.S. Attorney Jeanine Ferris Pirro in November 2025, focusing on Chinese organized crime networks primarily located in Southeast Asia that are involved in cryptocurrency investment scams, which are often linked to human trafficking and money laundering. The task force includes the FBI, U.S. Secret Service, IRS Criminal Investigation Division, Homeland Security Investigations, and the Department of Justice, and collaborates with the U.S. Department of the Treasury, the State Department, and private enterprises to dismantle fraud operations and recover victims' funds.The U.S. Department of Justice pointed out that losses reported due to cryptocurrency investment scams in the U.S. continue to rise, with losses reported to the FBI Internet Crime Complaint Center increasing from $4.57 billion in 2023 to $8.65 billion in 2025. Previously, international law enforcement agencies had conducted joint operations, with a raid led by Dubai police on April 29, involving the FBI and the Chinese Ministry of Public Security, resulting in the arrest of 276 individuals and the closure of at least 9 cryptocurrency scam centers. Several Southeast Asian countries are also strengthening domestic legislation, with Myanmar's military government releasing a draft on May 15 proposing a 10-year to life imprisonment for digital currency fraud, and the death penalty if a victim dies due to being coerced to work at a scam center; this bill was passed by parliament on July 28.

first_img 39 U.S. state banking associations have formed the BankChain alliance, aiming to launch a blockchain network by 2027

The bankers' associations from 39 states in the United States have jointly formed the BankChain alliance, planning to build an industry-owned blockchain network for tokenized deposits, stablecoins, smart payments, and automated settlements, with the goal of launching in 2027. The alliance is currently still selecting technical partners and has not yet become an operational payment network.The BankChain alliance states that the 39 member associations represent 3,283 banks, with total assets of $21.8 trillion. The board of the alliance is chaired by Kathy Kraninger, president and CEO of the Florida Bankers Association. Howard Headlee, president of the Utah Bankers Association, stated that governance is a differentiated advantage, and BankChain aims to allow member banks to "equally access a network owned by them and have their voices heard."The area that BankChain is entering has a bank tokenization deposit project led by The Clearing House, which was announced in June and aims to facilitate on-chain clearing and settlement of tokenized commercial bank money, connecting the RTP and CHIPS payment networks. In contrast, BankChain's product range is broader, covering stablecoins and automated settlements, but it is still in the early stages and needs to first identify technology suppliers and convert association-level support into commitments from member banks.

first_img Etherealize CEO warns Wall Street about the revival of alliance chains: Fragmenting the ecosystem will undermine blockchain interoperability

Vitalik Buterin and Etherealize co-founder and CEO Vivek Raman, supported by the Ethereum Foundation, warned that Wall Street's renewed enthusiasm for private, permissioned "consortium chains" is recreating a fragmented system, undermining the interoperability and liquidity that blockchain should bring, akin to "race to the bottom." He pointed out the rise of gated networks such as Digital Asset's Canton Network, Circle's ARC, and Stripe's Tempo, reminiscent of the R3 and Hyperledger consortium chains 2.0 from years past, where institutions will ultimately find themselves in a situation of competing consortium chains, needing permission or membership to participate.Raman emphasized that the Ethereum mainnet should serve as a globally open, permissionless foundation layer similar to HTTP, where institutions can overlay permission and privacy features at the application layer or L2 to achieve maximum interoperability and liquidity. Etherealize is committed to attracting TradFi to embrace Ethereum, which has already hosted billions of dollars in tokenized assets and supported a large amount of DeFi settlements. The company received seed funding from Buterin and the foundation in January 2025 and completed a $40 million Series A financing in the same year.He cited examples such as BlackRock's new fund based on Ethereum, stating that once regulations are clear, institutional funds are more inclined towards open network tracks that are not proprietary; choosing consortium chains would require paying the consortium and being bound by its rules, with incentives for non-early members quickly fading. Christian Catalini, founder of the MIT Cryptoeconomics Lab, also pointed out that if permissioned networks driven by enterprise sales become mainstream, some competitive benefits of blockchain may not be realized.
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