These 12 artificial intelligence startups are poised for success, particularly in a post-COVID world, according to experts – Business Insider

Artificial intelligence once relegated to academic studies and sci-fi nerds has become one of the hottest technologies, infiltrating every industry.

AI adoption was already accelerating before the COVID-19 crisis, but experts say that demand for AI tools is now is poised to grow even faster.

"The entire industry of AI is getting a huge boost from this unfortunate crisis," David Blumberg, founder and managing partner at Blumberg Capital, told Business Insider in May. "There is a silver lining to this dark cloud that we've all been living in for over two and a half, three months."

Former Cisco CEO John Chambers, who now runs his own venture firm JC2 Ventures, told Business Insider in an interview in May that he expects one to five major AI players to emerge from the current crisis.

AI has helped businesses take on big and small tasks, from making long-term sales growth projections to the automation of routine, time-consuming tasks.A 2019 Gartner survey found that major organizations planned to double their number of AI-related initiatives in the following year, from an average of 4 to 10. But as they pandemic has forced businesses to try to adapt to major changes, like the sudden pivot to remote work and tightening budgets, they're looking for ways to streamline and operate more efficiently.

"AI is best at solving all these really boring meat-and-potato problems," James Cham, a partner at Bloomberg Partners, told Business Insider. Many of the opportunities for using AI involve "straightforward process engineering," he said, where the technology can be used to shorten or streamline a process.

Industries like collaboration, shipping logistics, and manufacturing and warehousing will be particularly keen on using AI, said Sandeep Bhadra, a partner at Vertex Ventures.

Jake Saper at Emergence Capital had a similar prediction, that "vertical" specific AI software will be in more demand.

Here are 12 startups that analysts and investors say are well-positioned to grow thanks to a surge in demand for AI tools:

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These 12 artificial intelligence startups are poised for success, particularly in a post-COVID world, according to experts - Business Insider

UAE Press: UAE shows the way in Artificial Intelligence – WAM EN

ABU DHABI, 15th June, 2020 (WAM) -- The UAE is constantly pushing the envelope as far as innovation and creativity are concerned, specially in the realm of Artificial Intelligence, AI, and automation.

"Robots, in fact, are increasingly becoming handy tools and great assistants for human beings in key services," noted UAE daily Gulf Today, before adding that "Emiratis are breaking new ground with their trailblazing creations that have captivated many people, regardless of their walks of life, particularly during coronavirus times."

It continued, "Recently, a young Emirati photographer and astrophotographer from Abu Dhabi tested a sterilisation robot in the emirate.

"Ateeq Alsuwaidi succeeded in developing the robot that could be used in the sterilisation drive to stem the spread of coronavirus in the country."

The paper further noted that a female Emirati student from the Khalifa University of Science and Technology, Mohra Wessam Al Sayegh has invented a model for a spacecraft which uses steam energy to accelerate the launch process. "It takes advantage of the high temperatures of the spacecrafts internal engines while preparing for its launch. It produces a gas called hydroxy, which can be used to accelerate the spacecraft," the paper explained.

It added, "The student, who has specialised in aerospace engineering, said the speed of the spacecraft amounts to 2,900 km per hour, while its weight is approximately 2,200 tonnes, accommodating seven people, and carries about 2,200kg.

"A few days ago, Abu Dhabi Civil Defence General Authority used a remote control system, TAF35 Firefighting Robot, to control a fire.

"The authority explained that the robot pumps large quantities of water, from 1,500 litres to 4,500 litres per minute in the regular system and water spray system. It can also be used to pull weights up to 3.8 tonnes and is characterised by the presence of a bulldozer at the front.

"The first Emirati humanoid robots Samit and Sidra were launched at Gitex last year. The launch of the two robots came in conjunction with UAEs vision for the year 2031.

"The main purpose of the two robots is to provide assistance, interact with clients, and accomplish daily tasks without any human interference."

The paper went on to note that three years ago, Dubai Police welcomed a new member on to its force, the worlds first operational robot policeman. "He doesnt need a visa, medical insurance or hours of training, and he is ready to engage with Dubais residents and millions of tourists across the citys streets."

"It is these inventions that pitchfork the UAE into the frontline of global technological brilliance," the editorial said. "The robots, programmed by Artificial Intelligence, will interact with and evaluate satisfaction of clients through provided services," it further noted.

"The influence of AI and smart services has increased around the world while robots, drones and electronic services have become key global tools for controlling the emergence of coronavirus, COVID-19, and preventing its spread.

"The UAE has developed an integrated system of electronic and smart services, which has reduced the number of required auditors and physical customers of relevant authorities," the Sharjah-based paper added.

The paper concluded, "The UAEs electronic services system has also carved a trailblazing path. It is one of the best in the region, providing leading services, such as clearing government and private transactions, banking services and electronic shopping. This system has played a key role in reducing waiting lines and assisting various government and private entities.

"At the root of this remarkable electronic headway is the thirst for exploring new and uncharted terrain in the field of science and technology. The UAE seeks to map the space frontier with its ambitious Hope Probe. The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, recently announced the scheduled launch of its Mars Hope Probe in a 495,000,000km journey to reach and orbit the Red Planet. The launch of the Hope Probe into space is scheduled for July 15 in just about a months time."

Excerpt from:
UAE Press: UAE shows the way in Artificial Intelligence - WAM EN

UAE shows the way in Artificial Intelligence – Gulf Today

Picture used for illustrative purpose only.

The UAE is constantly pushing the envelope as far as innovation and creativity are concerned, specially in the realm of Artificial Intelligence and automation.

Robots in fact are increasingly becoming handy tools and great assistants for human beings in key services. Emiratis are breaking new ground with their trailblazing creations that have captivated many people, regardless of their walks of life, particularly during coronavirus times.

Recently, a young Emirati photographer and astrophotographer from Abu Dhabi tested a sterilisation robot in the emirate.

Ateeq Alsuwaidi succeeded in developing the robot that could be used in the sterilisation drive to stem the spread of coronavirus in the country.

An Emirati female student from the Khalifa University of Science and Technology named Mohra Wessam Al Sayegh has invented a model for a spacecraft which uses steam energy to accelerate the launch process. It takes advantage of the high temperatures of the spacecrafts internal engines while preparing for its launch. It produces a gas called hydroxy, which can be used to accelerate the spacecraft.

The student who has specialised in aerospace engineering said the speed of the spacecraft amounts to 2,900 km per hour, while its weight is approximately 2,200 tonnes, accommodating seven people, and carries about 2,200kg.

A few days ago, Abu Dhabi Civil Defence General Authority used a remote control system, TAF35 Firefighting Robot, to control a fire.

The authority explained that the robot pumps large quantities of water, from 1,500 litres to 4,500 litres per minute in the regular system and water spray system. It can also be used to pull weights up to 3.8 tonnes and is characterised by the presence of a bulldozer at the front.

The first Emirati humanoid robots Samit and Sidra were launched at Gitex last year. The launch of the two robots came in conjunction with UAEs vision for the year 2031.

The main purpose of the two robots is to provide assistance, interact with clients, and accomplish daily tasks without any human interference.

Three years ago, Dubai Police welcomed a new member on to its force, the worlds first operational robot policeman. He doesnt need a visa, medical insurance or hours of training, and he is ready to engage with Dubais residents and millions of tourists across the citys streets.

It is these inventions that pitchfork the UAE into the frontline of global technological brilliance. The robots, programmed by Artificial Intelligence, will interact with and evaluate satisfaction of clients through provided services.

The influence of Artificial Intelligence, AI, and smart services has increased around the world while robots, drones and electronic services have become key global tools for controlling the emergence of coronavirus, COVID-19, and preventing its spread.

The UAE has developed an integrated system of electronic and smart services, which has reduced the number of required auditors and physical customers of relevant authorities.

The UAEs electronic services system has also carved a trailblazing path. It is one of the best in the region, providing leading services, such as clearing government and private transactions, banking services and electronic shopping. This system has played a key role in reducing waiting lines and assisting various government and private entities.

At the root of this remarkable electronic headway is the thirst for exploring new and uncharted terrain in the field of science and technology. The UAE seeks to map the space frontier with its ambitious Hope Probe. The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, recently announced the scheduled launch of its Mars Hope Probe in a 495,000,000km journey to reach and orbit the Red Planet. The launch of the Hope Probe into space is scheduled for July 15 in just about a months time.

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UAE shows the way in Artificial Intelligence - Gulf Today

3000 Bar using artificial intelligence technology to check temperatures of patrons – WSMV Nashville

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3000 Bar using artificial intelligence technology to check temperatures of patrons - WSMV Nashville

What are the latest artificial intelligence trends? – YourStory

Introduction :

There is something so awe-inspiring and sublime about watching unmanned drones or flying cars or the stuff of dreams. Now, you don't need to worry as the future of Artificial Intelligence is here. From visors to Virtual Reality or Augmented Reality headsets to mechanized robots which would replace humans in the immediate future. One prominent example of the lure and reach that Artificial Technology has is that we grapple with it daily; we are oblivious to that fact. A restaurant in Indira Nagar in the hinterland of Bangalore is robot-centric wherein your food is served by this. I marvel at the replacement of humans with these efficient robots whenever I visit this joint in Indira Nagar.

That being said, the industry trend and business propositions nowadays are veering towards utilizing remnants of nano tech and A.I to keep up with the ever-changing and growing demands of the concrete jungle. Artificial Intelligence is a desperate bid to renew our relationship with technology and to instil a sense of wonder into this world. The current trends that have led to efficient sustenance of the global conglomerates and the all-pervasive industry rely solely on the power of A.I

Robotics and A.I proliferate at light speed with the advent of technology in almost sphere of our pertinent lives. Something out of movies wherein the dystopian era world's are unified with the help of modern-day advancements are all within our reach now. The vast and untapped market is up for grabs. Technical ingenuity and know-how have enabled a broader market for A.I growth. A. I have untravelled divisive market trends and cultural idealization into a kind of immersive melting pot of culture.

The immersion of A.I based services into the mainstream is what every business is on the lookout for. These emerging trends really redefine our global village and the consortium it affects, with its surplus revenue generation. My family and lineage have a lot of business people whose careers went into doldrums because they weren't accustomed to A.I based tech interfaces. It pages way to a fruitful and unencumbered future sans(without) risks and is hassle-free. A.I am the stuff of dreams that utilizes an individual's farsightedness and will to succeed and reach Zenith's of success. They can also be used as key marketing ploys to garner adequate traction and can never be disposable. What many people tend to overlook is that it runs on haptic feedback and motion-censored technicalities. Therefore, owing to its nature, it's practical applications are immense and hugely beneficial.

Within any domain is a supervisor who has to be on the lookout for newer and greener pastures that deliver and are the best bang-for-your-buck technological services thriving out there. Many of these A.I interfaces have downsides though. It runs the risk of collaboration which has led to an increase in a mish-mash of ideas that eventually lead to the product or the end-result going down the drain.

Why Artificial Intelligence?

Artificial Intelligence, as the name suggests is a vast and predominantly enterprising series of great tech leaps which include nanotechnology and allied activities, Automated robots like Sophia and so forth which progress to revolutionize the workspace that we abundantly thrive in. Moreover, the pros outweigh the cons. They are this emerging piece of technological advancement whose navigation and ultimate maneuvering is a minefield but the goldmine of opportunities that it leads to is worth the struggle.

Artificial Intelligence is an effective coping mechanism to traverse this glass ceiling of the concrete world. Google with its plethora of A.I inspired inventions have already reached a high career trajectory with a staggering empirical(numerical) growth. Unscrewed cars and drones and chat tools to assist us on the cyber front or be it the digital navigation guides available in your SUV's are groundbreaking examples of some really prominent A.I flagships.

The era of Cloud computing and digital computer mapping: Who would forget the Black Mirror episode which showcases the pertinent discoveries involved in A.I

One such episode from this legendary TV series or Netflix series depicts an AI-powered chip implanted into a person's brain that logs memories, stores it for further recall and can also be recorded, controlled and manipulated according to the wearer's personal intentions and at his/her own will. Be it cherished memories or harmful ones used against you and your dear ones, it portrays a bleak dystopian near future where this might be possible, after all.

It is an aspect of human life that is made up of such minute yet intangible data that it enlivens the scientific curiosity in me. I have personally been to a myriad range of A.I seminars and conferences and let me tell you, and it surely is the future of tomorrow.The reality show entitled "Shark Tank" dabbles into the A.I milieu which is a bunch of tech-savvy investors who put up a percentage of stock into upcoming businesses and also some major players in the A.I industry.

It is also about inculcating a sense of or ushering in an era of indubitable change, utmost job prosperity and also claims for a lot of industry resources and capital intensity.

Conclusion:

A.I has led to increased potential from the tech aspects as well as human labour and smarts and will continue to rule the roost for many more impressionable years to come.The spectrum that it has majorly concentrated and dominated itself into is akin to the greatest and the most earth-shattering technical innovations there is.

Humanity has to swear by the rules of Artificial Intelligence and for all you know, it can lead to the next big breakthrough and could also potentially produce Nobel laureates.

Step onto this bandwagon and put all your faith into what A.I could entail as it encapsulates a slice of great grit and hard scientific work that great minds have put painstaking efforts to concoct. I am an avid believer that it could morph the world and replace boring and mundane activities by adding a certain spark into our existence. So join me in solidarity to change the world, piece by piece and spool by spool until it gives rise to something oh-so magical and tantalizing.

Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.

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What are the latest artificial intelligence trends? - YourStory

Current and Future Analysis of Global Artificial Intelligence in Retail Market Trends, Growth, Share and Forecast to 2026 – Jewish Life News

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Current and Future Analysis of Global Artificial Intelligence in Retail Market Trends, Growth, Share and Forecast to 2026 - Jewish Life News

Cryptocurrency: Redefining the Future of Finance – Visual Capitalist

Many people are familiar with blockchain technology, but did you know that Ethereum has the largest and most active blockchain community in the world?

Unlike many other blockchain networks, Ethereum is programmable. This customizable feature has enabled developers to solve problems ranging from digital identification and privacy, to corporate ownership and data security.

When the blockchain community disagrees on what changes the network needs to function smoothly or when such changes should take place, developers plan for a fork (an offshoot) of the underlying code rules.

Todays graphic maps out the major Ethereum blockchain forks that have occurred to date, highlighting key events that surrounded each of these updates. It also includes details on the highly anticipated Istanbul hard fork, planned for December 2019.

Forks are common practice in the software industry, and happen for one of two reasons: split opinions within the community, and required changes to the blockchain code.

When either reason is discussed, four major types of forks can occur.

There are currently three types of hard forks:

Lets dive into the timeline of major Ethereum forks, and explore a few of their defining moments and characteristics.

Below are some of the most prominent and important forksboth hard and softon the Ethereum blockchain since its launch.

Vitalik Buterin, founder of Ethereum, and his team finished the 9th and final proof of concept known as Olympic in May 2015. The Ethereum blockchain, also known as Frontier, went live shortly after, on July 30, 2015.

Also known as Frontier Thawing, this was the first (unplanned) fork of the Ethereum blockchain, providing security and speed updates to the network.

Homestead is widely considered Phase 2 of Ethereums development evolution. This rollout included three critical updates to Ethereum: the removal of centralization on the network, enabling users to hold and transact with ETH, and to write and deploy smart contracts.

The Decentralized Autonomous Organization (DAO) event was the most contentious event in Ethereums short history. The DAO team raised US$150 million through a 2016 token salebut an unknown hacker stole US$50 million in ether (ETH), prompting the developer community to hard fork in order to recover the stolen funds.

Widely regarded as the only Ethereum fork of any significance, this hard fork was based on the controversial DAO event. The original chain became known as Ethereum Classic, and the new chain moved forward as the main Ethereum chain.

This September 2019 hard fork event required all software users to upgrade their clients in order to stay with the current network. Enhancements included better security, stability, and network performance for higher volumes of traffic.

Regarded as the third phase of Ethereums evolution, the Metropolis-Byzantium soft fork functioned more like an operating system upgrade, rather than a full split.

Constantinople is the current version of the Ethereum blockchain. This hard fork occurred concurrently with the St. Petersburg update. Important changes included closing a major security loophole that could have allowed hackers to easily access users funds.

Constantinoples most notable improvements include smart contracts being able to verify each other using only the unique string of computer code of another smart contract, and reduced gas feesnamely, the price users pay to process transactions more quickly.

The Ethereum community is preparing for the next hard fork event Istanbul, scheduled for release on December 4th, 2019.

Ethereums 4th and projected final stage of development is Serenity, which has yet to be scheduled. Community members have speculated what changes will come with Serenity, but many agree that the Ethereum blockchain will shift focus from Proof of Work to Proof of Stake.

Proof of Stake means that there is less competition for completing blocks of data, significantly reducing the energy required to process data. Currently, a single Bitcoin transaction consumes the same electricity as 1.75 American households do in a day.

Ethereum continues to be a leading blockchain platform, with the highest number of decentralized apps (dApps) and a massive, engaged community.

To date, cryptocurrencies have largely been the focus of news headlines. However, weve only begun to scratch the surface of what blockchain can offer, and the value it will create beyond the financial world.

[Blockchain] could be the foundation of a whole new era whereby our basic right to privacy is protected, because identity is the foundation of freedom and it needs to be managed responsibly.

Don Tapscott, Executive Chairman of the Blockchain Research Institute

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Cryptocurrency: Redefining the Future of Finance - Visual Capitalist

Cryptocurrency Regulations in times of COVID-19: A boon or bane to India? – Lexology

Launched soon after the 2008 financial crisis, the first ever cryptocurrency that took the world by storm was the bitcoin. Since then, over 3,000 cryptocurrencies have been mined and traded with a market capitalization of over $221 billion as per a report by Yahoo Finance. Fundamentally speaking, cryptocurrency is a digital or virtual currency designed to serve as a medium of exchange, which is aimed at decentralization and transparent financial transactions.

The ongoing COVID-19 crisis resulting in plummeting investment values in terms of equity, bonds and commodities have led to investors looking for assets that could withstand the slowdown triggered by lockdown and give them a run for their monies. While some hinge on the safety of government bonds, others are buying gold. Some investors in India have found Bitcoin attractive as a means to hedge the risks, diversify their portfolio and perhaps make a profit. Further, market experts believe that cryptocurrencies could remain untouched by the slowdown started by COVID-19 and may outperform other asset classes. One of the reasons is the non-correlated nature of cryptocurrency, which indicates that it is not directly impacted by the economic, geopolitical and pandemic like situations due to its decentralized nature.

Cryptocurrency Legislation in India

The Reserve Bank of India (RBI) took an over-protectionist stance and imposed a total ban in April 2018, which restrained cryptocurrency based activity in India in its entirety. This year, however, the Supreme Court quashed the RBIs ban on cryptocurrency transactions. Further, the court opined that in the absence of any legislative prohibition, the business of dealing in virtual currencies should be treated as a legitimate trade protected under Article 19(1)(g) of the Constitution, which affords a fundamental right to carry on any occupation, trade or business. However, as is often misconstrued by laymen, the Supreme Courts ruling should not be construed as one legalizing the trade of cryptocurrencies in India, as many laymen as have understood, rather the RBIs ban was smacked down due to its failure to pass the test of proportionality.

However, since the judgment, cryptocurrency-based activity on exchanges immediately shot up. In fact, Cashaa India, a crypto banking services platform, observed an increase of 800% in trading volumes in 2 days following the decision. Investment bankers at Goldman Sachs claim cryptocurrency as modern digital gold. Both gold and bitcoins are designed to be rare and difficult to acquire but the latters historical volatility makes it a risky investment option for many trader joes.

What other countries are doing?

At the outset, it is important to initiate a dialogue with Indian legislators and regulatory bodies and work towards creating a crypto-regulatory framework in India. In the recent past, the Greeks and Venezuelans were flocked to cryptocurrencies to protect their investment value from hyperinflation. Moreover, cryptocurrencies were recently legalized in South Korea and Japan., and many countries like Australia have a positive viewpoint. Moreso, countries like the UAE, Sweden, Ecuador also introduced state-backed cryptocurrencies to help them evade sanctions, ease accounting and reduce the cost for the nations.

Therefore, experts believe that taking a similar trajectory is likely to benefit India with a rise in blockchain-focused startups, more employment opportunities, and added avenues for tax collection. Having said that, price predictions have failed miserably and as much as it appears to be the ideal disaster asset, there isnt sufficient empirical evidence to reach a definite conclusion. The saying, "What goes up, must come down" as is applicable to stocks, bonds and commodities also applies to cryptocurrencies at large and regulation of this asset class will keep a check on underground trading in this regard.

In the current governments pursuit of a cashless economy backed by the Supreme Courts judgment setting aside RBIs ban on cryptocurrency trading implicitly supports innovation and is a major step in the right direction. Having said that, the industry is in its nascent stages and is wise for RBI to wait and watch how the crypto market handles its first financial crisis before incentivizing or disincentivizing cryptocurrency based activities, which could potentially impact financial advancement of the nation. Thus, meticulous implementation and regulation of the crypto market may be a boon to the India economy, but any oversight could have disastrous consequences on the economy starved for revenues in times of crisis.

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Cryptocurrency Regulations in times of COVID-19: A boon or bane to India? - Lexology

A Cryptocurrency User Paid $2.6M In Transaction Fee To Send $136 Twice – Benzinga

An anonymous user paid approximately $2.6 million in transaction fee to transact small amounts of money in the Ethereum (ETH) cryptocurrency two times over the last 24 hours at press time.

The first transaction of 0.55 ETH, or $136.26, according to ETH's price at press time, was made at 5:47 am on Wednesday, according to data from Etherscan.

To make this transaction, the user paid 10,668.73 ETH, or $2.6 million, in "gas," as the transaction fee at the Ethereum network is called. A similar transaction was repeated at 11:30 PM later in the day. This time 350 ETH, or $86,712.5, were transferred for the exact same fees.

Gas is charged by miners on the Ethereum blockchain network based on the amount of computing it takes to verify a transaction. If the users agree to pay a higher gas price, the transaction becomes more lucrative to minersand is completed rapidly.

ETH Gas Station recommends paying $0.155 for a standard transaction that can take up to five minutes and $0.2 for a fast transaction that will be expected to complete in less than two minutes.

Paying $2.6 million for a transaction is extremely unusual and doesn't make operational sense, giving rise to speculation of accidental error, money laundering, or a technical glitch.

Some cryptocurrency community members on Twitter suggested that the transaction was more likely to be a technical error since the ETH transaction fee in both cases was exactly the same, which would be extremely unlikely to be an accident.

The transactions on blockchain can't be reverted, but the mining pool which verified the transaction can choose to return the money to the original owner by creating a new transaction. The first transaction was approved by Chinese mining pool "Spark Pool," and the second by "Ethermine."

Sparkpool said in a statement that it "has had the experience of handling similar issues properly. There will be a solution in the end."

Ethereum traded 1.2% higher at $247.75 at press time on Thursday. The apex cryptocurrency Bitcoin (BTC) was up 1.1% at $9,873.64.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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A Cryptocurrency User Paid $2.6M In Transaction Fee To Send $136 Twice - Benzinga

Justice Gets 15 Guilty Pleas for International Crime Ring that Laundered Money Through Cryptocurrency Exchanges – Nextgov

Fifteen people entered guilty pleas for involvement in an international scam that posted fraudulent auctions online and laundered money through cryptocurrency exchanges, according to the Justice Department.

One expert says the case could serve as a template for nation-state actors using cryptocurrency exchanges to cover their tracks more in the future.

Todays modern cybercriminals rely on increasingly sophisticated techniques to defraud victims, often masquerading as legitimate businesses, said Assistant Attorney General Brian A. Benczkowski of the Justice Departments Criminal Division in a press release Thursday. These guilty pleas demonstrate that the United States will hold accountable foreign and domestic criminal enterprises and their enablers, including crooked bitcoin exchanges that swindle the American public.

Law enforcement officials have noted that increased use of cryptocurrencies like Bitcoin has made it especially challenging to nail down cybercriminals. But while cryptocurrency exchanges encode transactions hiding the identity of the parties, those codes are permanently and publicly recorded across a large number of computers. Its possible to study them and identify patterns in transactions that could eventually lead to the identity of a suspect, and law enforcement might be getting better at this.

Compared to 2016, in 2019 and 2020, were seeing more cases where its clear that law enforcement is following this stuff and is not totally dumbfounded because something involves a Bitcoin address, Yaya Fanusie, a former CIA analyst and current senior fellow at the Center for New American Security told Nextgov. It gives us the assurance that at least U.S. federal law enforcement is capable of doing an investigation that involves cryptocurrency.

In the case Justice highlighted Thursday, the defendantsindividuals in their 30s based both in Romania and the United Statesadmitted their involvement in a scheme where they established their own cryptocurrency exchange and used it as a passthrough for traditional payments they got from advertising non-existent high-value items such as cars on auction sites such as eBay and Craigslist.

According to court documents, members of the conspiracy created fictitious online accounts to post these advertisements and communicate with victims, often using the stolen identities of Americans to do so, the press release noted.

The defendants also used IP addresses anonymizing services, according to court documents. Fanusie said cryptocurrency exchanges are part of an ecosystem primed for cyber malfeasance.

Cyber services like domain names, [virtual private networks], servers, that infrastructure is ready-made to be leveraged through cryptocurrencies, he said. Its already an environment that invites anonymous use. Cryptocurrencies are the native money of the internet. So if we know that were going to have more cyber threats, it makes sense that cryptocurrencies are going to play a part.

So its good that law enforcement doesnt seem daunted by the changing landscape of criminal activity, he says, because this time [a cryptocurrency exchange] was being used by criminal fraudsters, but there are definitely parallels in what weve already seen from nation-state actors.

Fanusie has written about how cryptocurrency exchanges were used to launder and steal money and delay law enforcements identification of suspected hackers in high-profile cases involving persons affiliated with China and North Korea and Russia.

He said the 2018 indictment leading up to Thursdays guilty pleas is almost a blueprint for how nation-state actors could be thinking about running their operations, adding that the case confirms that the main thing to look out for is not so much fundraising, the biggest thing is that cryptocurrency is one part of a laundering process. Its to move the money to somewhere else so you lose the trace.

For now, law enforcement officials seem empowered by their success after an investigation that involved the U.S. Secret Service, Kentucky State Police, Lexington Police Department, IRS Criminal Investigation, and U.S. Postal Inspection Service, the Justice Departments Organized Crime Drug Enforcement Task Forces and International Organized Crime Intelligence and Operations Center, as well as the Romanian National Police Service for Combating Cybercrime and the Romanian Directorate for Investigating Organized Crime and Terrorism.

Through the use of digital currencies and trans-border organizational strategies, this criminal syndicate believed they were beyond the reach of law enforcement, said Assistant Director Michael DAmbrosio, U.S. Secret Service, Office of Investigations. However, as this successful investigation clearly illustrates, with sustained, international cooperation, we can effectively hold cybercriminals accountable for their actions, no matter where they reside. I commend the hard work and perseverance of all those who joined together in this investigation and prosecution. This includes our partners in Europe, as well as those closer to home.

It was also helpful that Romanian officials secured and coordinated the arrests and extraditions from that country of more than a dozen defendants, the release said.

The 15 defendants who have pleaded guilty in this case have yet to be sentenced, the release notes. Two other defendants in the case are scheduled for trial starting on Sept. 14, 2020, before the Honorable Robert E. Wier of the U.S. District Court for the Eastern District of Kentucky. Three others are fugitives. This case is being prosecuted by Senior Trial Attorney Timothy C. Flowers and Senior Counsel Frank H. Lin of the Criminal Divisions Computer Crime and Intellectual Property Section and Assistant U.S. Attorneys Kathryn M. Anderson and Kenneth R. Taylor of the U.S. Attorneys Office for the Eastern District of Kentucky.

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Justice Gets 15 Guilty Pleas for International Crime Ring that Laundered Money Through Cryptocurrency Exchanges - Nextgov