Joel Khalili’s Post

The seriousness of the incidents described in the article goes beyond crypto. A couple of observations: ◾ Paying attention to financial discrimination is crucial in terms of fostering a fair and equitable society. ◾ The impacts of financial discrimination are far-reaching, touching upon both individual lives and broader economic systems. ◾ Marginalized groups, such as racial minorities, women, immigrants and sex-workers, among other, face unequal access to financial resources and opportunities. ◾ Financial discrimination perpetuates cycles of poverty and exclusion, inhibits wealth accumulation, widens income disparities and elevates social shaming. ◾ Discriminatory practices in lending, housing, and employment persist, hindering social mobility, access to fair job opportunities and equity. ◾ It is important to address financial discrimination, so that societies can harness the full potential of their diverse populations, fostering innovation, inclusion and economic growth. ◾ Beyond its moral imperatives, tackling financial discrimination is a strategic move for governments, businesses, and institutions alike. ◾ Efforts to promote financial education, inclusive policies, and diverse representation are slowly gaining traction, showcasing a paradigm shift towards a more inclusive financial landscape that benefits everyone. ◾ Despite the fact that cryptocurrencies offer promising features, they are not a one-size-fits-all answer to financial discrimination due to both internal and external factors, especially due to the lack of consistent regulatory frameworks for cryptocurrencies raising concerns about fraud prevention, and compliance with anti-discrimination laws. #financialdiscrimination #fintechinnovation #cryptocurrency #cryptoESG #fintechESG #financialinclusion

Defeating the whole point! #Altcurrencies #Crypto #Fiat #BlameTheFed #EndTheFed Crypto was initially an alternative financial system... it's all or nothing. #NoHalfMeasures Turning Crypto into a securitized instrument, traded on exchanges, by intermediaries who aggressively place their interests before everything else is the exact opposite of the goal of its inventors. Co-opted #DeFi In 2009, there is no way #Satoshi thought to himself: 'hmm, we need another currency that gets abused and leveraged just like the dollar. That'll solve the fiat currency problem. Only this time, we'll make it finite, so 1st movers and anyone with a lot of dollars can buy it and monopolize access to it. That'll show those bankers!' Any question of convertibility or securitization should be shown the door, quite quickly, there's no place for it in #Altcurrencyland (maybe it'll be #Altcurrencistan, or the #Altcurrencipelago). There's a sob story in there somewhere, too. #Whambulance "Given the systemic discrimination throughout the banking sector, many sex workers have turned to cryptocurrencies as a means of both storing wealth and accepting payment. For a while, things were great. Digital currencies allowed customers to pay discreetly without supplying personal information, while sex workers now had a way to bypass the banking system entirely." "Now, thanks to regulatory scrutiny which has gone into overdrive since the collapse of crypto exchange FTX, sex workers are 'bumping up' against limitations - and are finding that 'decentralized' crypto is no more detached from the banking system than traditional currency - as sex workers are finding it increasingly difficult to convert crypto into dollars. Typically, this is done via an exchange, which then allows one to withdraw to a traditional bank account. Sex workers are now being banned from crypto exchanges."

Where there is vulnerability and greed, human trafficking emerges. The latest manifestation of trafficking is taking place in scam centers full of victims who are reaching out to lure us into an online romances. Anti-Human Trafficking Intelligence Initiative (@TeamATII) specializes in on-chain and dark web investigations specifically related to human trafficking. I had an opportunity to do some investigating with them in the last Darkweb-a-Thon, and it is undeniably gut-wrenching to witness what humans are doing to each other in the dark web…global transactions made possible through crypto. This is a tricky space for Web3 folks who value the anonymity of blockchain, even for totally legitimate reasons. Ultimately, abuses like these will necessitate regulatory responses that may neutralize some of the benefits of crypto. As a society, we have to decide what trade-offs we are willing to accept when emerging technology becomes ubiquitous. Blockchain and crypto are here to stay. I am pro-crypto at the core and I am skeptical of proposed centralized digital currencies which place control of our individual finances in the hands of government. Crypto exchanges are complying with Know Your Customer and Anti-Money Laundering regulations and will deanonymize your transaction data for investigators if connected to suspicious activity, which helps to deter some illicit activity. It’s a drop in the bucket, but begs the question: how much public surveillance will we tolerate to prevent these horrific abuses? Curious to hear your thoughts.

It’s great to see Australian organisations, law enforcement agencies and high profile individuals posting content to raise awareness and prepare Australians to defend against current and emerging cyber threats. If you want to learn more about “pig butchering” - have a listen to the latest darknet diaries episode. Please note - cyber crime stories can be quite confronting and graphic. The darknet diaries episode is accompanied by a warning - and I would not recommend listening to this episode with minors. Stay alert, be ready and help protect those around you by making cyber crime and e-safety a regular topic of conversation.

Ahead of Valentines Day, the AFP is issuing a warning about a manipulative and costly scam called ‘pig butchering’ or ‘romance baiting’, targeting Australians with the promise of friendship and financial windfalls. Traditional romance scams are often initiated on dating apps - but pig butchering often starts with cold texting individuals on messaging apps in order to initiate a connection. Offenders often spend months sometimes years gaining a victim’s trust, before encouraging them to invest in the share market, cryptocurrency or foreign currency exchanges. For the first time, the AFP is releasing details from a seized pig butchering how-to manual to further inform the community what tactics conmen and women were using to target multicultural communities and the wider public. The seized manual has four key steps: packaging, raising, killing/investment scam and cash out. Read more about these steps in the comments. With Valentine’s Day quickly approaching, lonely hearts should be wary of organised criminals, as statistics show Australians lost up to $4500 every hour to romance scammers in 2022 and up to $3800 every hour in 2023.

Scams involving the butchering of pigs are very common; according to #FBI estimates, victims in the #US lost $700 million in 2022, much of it in #cryptocurrency. Many people are unaware, though, that the individuals running the scams are frequently also victims who have been abducted and #trafficked to compounds where they are made to work long hours messaging potential victims under threat of torture. To investigate this conduct and identify ways to take advantage of cryptocurrency's transparency to uncover their financial #networks and seize their assets, we partnered with the International Justice Mission. Check out our blog for more on our investigation of gang behavior related to pig slaughtering, including on-chain tracking of #ransom payments made by #victims' families.

The rise of sextortion scams has led to devastating consequences. Within 18 months, over 20 teenagers committed suicide as a result of falling victim to these scams. Shockingly, these numbers only account for teen suicides and ended in March 2023, leaving the real number of suicides unknown. Unfortunately, we know that these numbers have only increased in the past year, and have also expanded to include several elderly victims. What's even more concerning is that these actors belong to rising transnational groups that are taking billions, not just in the United States but worldwide. It's not just about losing money anymore, it's about losing lives. This is why international cooperation is crucial in addressing this issue and putting an end to these heinous crimes. Let's work together to protect our communities and loved ones from these dangerous scams. #PigButchering #Cryptocurrency #Fraud #Chainalysis #TRMLabs #ProtectTheKids #EducateSeizeDisrupt https://lnkd.in/gtTvtyKE

#DigitalID - part 2: DigitalIDs go hand in hand with #DigitalMoney and #CBDCs. While lecturing about these topics during #courses to #regulators, #CentralBanks, and Universities, we've discussed the various alternatives for implementation, the risks, opportunities, major players, and ethical questions. One of the reasons for creating #DigitalIdentity, is #inclusion. Here is an interesting read on the subject, and the role of The World Bank and its #ID4D Initiative which is providing tailored support to strengthen the accessibility, design, and governance of #identification and civil registration in 57 countries.  The WorldBanks efforts strive to help those without an #ID obtain one and those with IDs to take full advantage of their #credentials. Would love to hear your thoughts on these matters 💭, and about how they connect to #decentralization, #bitcoin, #blockchain, and #fintech. To book a #lecture about the #Future of #Money with #MeiravHarel: www.mhfintechs.com #הרצאה #קורסקריפטו #זהותדיגיטלית #ביטקוין ו #עתיד ה #כסף

Senator Warren: Crypto Is The “Payment Of Choice” For Child Sexual Abuse, Urges DOJ Action https://ift.tt/BFW4xVv In a joint effort to combat the illicit trafficking of child sexual abuse material (CSAM), US senators Elizabeth Warren and Bill Cassidy have written a letter to the US Department of Justice (DOJ) and Department of Homeland Security (DHS) expressing concern about the alleged use of crypto to facilitate these activities.  Alleged Link Between Crypto And Child Sexual Abuse In the letter, the senators highlight the “pseudonymity” provided by cryptocurrencies, which they say has enabled the rapid movement of payments for CSAM into the crypto world. It was also stated that both Warren and Cassidy are committed to ensuring that Congress and the Administration have the tools necessary to end CSAM and hold those responsible for its distribution accountable. The legislators’ concerns are based on a January 2024 report from blockchain analytics firm Chainalysis, which identifies cryptocurrency-based sales of CSAM as “a growing problem.”  The report reveals that virtual currency has become the preferred payment method for buyers and sellers of commercial child sexual abuse content. Additionally, a Financial Trend Analysis by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) indicates an increasing trend of perpetrators using convertible virtual currencies to evade detection. The senators cite troubling findings from FinCEN, which discovered thousands of suspicious activity reports related to online child sexual exploitation and human trafficking offenses involving Bitcoin.  These reports allegedly identified over 1,800 unique Bitcoin wallet addresses associated with suspected offenses, with CSAM being specifically mentioned in 95% of the cases. Senators Demand Accountability The senators further pointed out that Homeland Security investigators played a critical role in the indictment of a South Korean national and numerous users in the United States for operating a dark web pornography site funded by Bitcoin. However, legislators note that the use of cryptocurrency in CSAM’s illicit trade appears to be increasing. The Chainalysis review further reveals that while the size of the crypto-based CSAM market has decreased, sellers have become more “sophisticated and resilient” to detection and takedowns. According to the report, Bitcoin remains the most widely used cryptocurrency for purchasing CSAM. To address these challenges, Senators Warren and Cassidy asked the DOJ and DHS a series of questions, seeking clarification on their current assessment of the alleged cryptocurrency’s role in facilitating CSAM, the sophistication of CSAM sellers, and the “unique challenges” posed by the use of crypto as payment in these crimes.  They also inquire about the agencies’ steps to combat CSAM sellers’ use of cryptocurrency, privacy coins, and obscurification methods. Senator Warren’s previous efforts i...

Good folks of LinkedIn, Are women just diversity agendas? It's disheartening that discussions about financial literacy for women often get relegated to token events like Women's Day, while topics like tax filing, cryptocurrency, and AI dominate everyday conversations. These are important, but they overlook a critical issue: enabling 50% of the population to manage their finances effectively. Today, a scam call targeted my mother, claiming she had an investment in an ICICI Lombard ULIP plan for Rs 50,000 in 2014 valued at Rs 1.98 lakh, promising a Rs 3.55 lakh payout if she paid 1 lakh immediately. Recognizing it as a scam,she handed over the phone to me, I intervened, but it made me reflect on how many educated women might fall victim due to unfamiliarity with financial products. It's time to integrate discussions on financial literacy into mainstream dialogues year-round. Enabling women with knowledge about financial products and scams is not just about protection—it's about fostering independence and informed decision-making. Let's ensure these conversations are prioritized alongside other essential topics in our communities and workplaces.