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From Covid Bounce Back Loan Fraud to Cryptoassets

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  • 2023’s Top Trends In Corporate Crime And Financial Investigations

LONDON – The Investigations and Resolutions team at leading Chambers 4-5 Gray’s Inn Square predicts key trends.

1. Public inquiries
The Public Inquiries team at 4-5 Gray’s Inn Square has long been associated with high profile and sensitive Public Inquiries. Ramya Nagesh, a barrister who has worked on some of the largest inquiries and inquests of the last decade, including the Undercover Policing Inquiry, the Grenfell Inquiry, the Post Office Inquiry and the Hillsborough Inquests, is clear this area isn’t likely to slow down next year:

“In 2010, the number of simultaneously open public inquiries reached its peak at 16 concurrent open inquiries. Over ten years later, it would be fair to say that the appetite for inquiries has not significantly diminished. In the last few years alone, we have seen the Grenfell Inquiry, the Undercover Policing Inquiry, the Infected Blood Inquiry, the Independent Inquiry into Child Sexual Abuse and we are soon to see the start of the UK Covid-19 Inquiry.”

2. Cryptoassets go mainstream
Rowena Wisniewska Sethi, a barrister specialising in financial regulation, predicts increased regulation on crypto will bring a real need for better understanding of blockchain and DLT (blockchain-based registration system).

She says: “Over the next year, the focus in crypto is likely to be not only on the virtual assets themselves but on the clever ways we can use DLT; for example, as a ‘block’ storage mechanism for digital records across a network, and bulk storing smart contracts (such as travel insurance). HM Treasury announced in April that it will bring stable coins into the UK regulatory perimeter; we will also see an increasing focus on the regulation of some cryptoassets in financial services. Ultimately, this means that cryptoassets are likely to become more mainstream as a form of payment and so it will be important for advisors to have a deep understanding of blockchain and the uses of DLT as well as how cryptoassets are stored and regulated.”

3. Billions in Covid bounce back loan fraud
One area likely to be under scrutiny is fraud emerging from the Government’s Covid-19 financial support packages.

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White-collar crime expert barrister Raoul Colvile, says:

“Around £47 billion of loans were issued, and it is estimated that around 11% (£4.9 billion) were potentially fraudulently obtained. From a legal perspective, there are various routes that may be open to enforcement agencies, in both the criminal and civil spheres. There is obvious scope for fraud charges, and there are examples of Account Freezing Orders being obtained. Outside the criminal sphere, director disqualifications, bankruptcy restrictions, and winding up petitions have all been pursued.”

A barrister specialising in investigations, Max Shephard, says: “The government recently announced that it will be closing down the Taxpayer Protection Taskforce, a unit charged with the recovery of stolen money from Covid support schemes, in March next year. Given the ongoing cost of living crisis, and the highly political nature of preserving public funds, it will be interesting to see what lies ahead in a counter-fraud landscape.”

4. Non-financial misconduct
In the aftermath of both MeToo and 2020’s racial justice protests, there will continue to be scrutiny on non-financial forms of misconduct, including sexual misconduct, racism and bullying or harassment.

Public and regulatory law expert Thomas Francis, says: “In recent years the FCA has opened several investigations into alleged non-financial misconduct, of which some high-profile examples include the financial penalty imposed on the former CEO of Barclays in relation to attempts to unmask a whistle-blower and the prohibitions sought and obtained against three IFAs convicted in 2018 of serious sexual offences. This heightened focus, carrying with it the possibility of enforcement action, has had an industry-wide effect – and will continue to do so over the coming years.”

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5. The battle against money laundering in offshore jurisdictions
Nikesh Pandit, a barrister specialising in financial services, says: “Our barristers are regularly instructed by offshore clients, including offshore financial regulators. A key area of instructions in this regard is anti-money laundering (AML) and combating terrorist financing (CTF) investigations. This reflects an increasing drive in offshore jurisdictions to counter money laundering and the financing of terrorism through the implementation of international standards and enhanced resources for national authorities to take action.”

Regulatory specialist Iulia Şaran, says: “Whilst challenges remain, recent MONEYVAL (Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) reports have highlighted improvements. For example, the application of corrective sanctions for infringements of legislation in Gibraltar, Estonia, Jersey and Malta, which aim to make sanctions for violations of anti-money laundering standards more effective and dissuasive. Jersey has been recognised for introducing a digital register which leverages AI technology and third-party KYC (Know Your Client) data for improved vetting of beneficial ownership and control.”

— ENDS–

FOR MORE INFORMATION CONTACT Kathryn Adamson, [email protected], Mobile (+44) 0771 713 3595

NOTES TO EDITORS
4-5 Gray’s Inn Square is a leading public and commercial law chambers. The core areas of law are public, commercial, planning & property, dispute resolution, international, regulatory & disciplinary and sports. The Investigations & Resolutions team has considerable expertise in different regimes and sectors. In particular, our business crime and financial regulation specialists have significant first-hand experience of working with prosecutors and regulators at every stage. In addition, 4-5 Gray’s Inn Square’s public inquiries team have been involved in some of the most notable cases in recent times.

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Blocks & Headlines: Today in Blockchain – May 5, 2025 – Arkham, Blockchair, Worldcoin, Maldives

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In an ecosystem defined by perpetual innovation and high-stakes regulatory scrutiny, the blockchain and cryptocurrency industry never pauses. Today’s briefing—“Blocks & Headlines: Today in Blockchain – May 5, 2025 – Arkham, Blockchair, Worldcoin, Maldives”—dives into five compelling stories shaping the narrative: a transformative $9 billion blockchain hub in the Maldives; Sam Altman’s Worldcoin orbs arriving stateside; AI‑enhanced onchain visibility via Arkham and Blockchair; the Blockchain Association’s plea for flexible SEC oversight; and Telegram’s blockchain‑inspired encryption for massive group calls.

Together, these developments spotlight five interlocking themes: diversification of traditionally tourism‑dependent economies, identity and trust models in Web3, the fusion of AI with onchain data, the evolving policy landscape, and privacy‑centric encryption. Across these stories, recurring SEO keywords—blockchain, cryptocurrency, Web3, DeFi, NFTs, tokenization, decentralized identity, onchain analytics, regulation, and privacy—underscore the connective tissue binding today’s headlines.


1. $9 Billion Blockchain Hub on Track to Transform Maldives

Source: U.Today

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The Maldives, an archipelagic nation whose economy is heavily tethered to tourism (approximately 30 % of GDP) and fishing (around 10 %), is confronting mounting fiscal challenges: public debt has breached national GDP levels (circa $7 billion), and deficits threaten sovereign stability. In a strategic pivot, Maldivian authorities signed a joint venture with MBS Global Investments—a $14 billion UAE family office—earmarking an $8.8 billion investment in a cutting‑edge blockchain hub. This initiative aims to catalyze a 200 % GDP surge within four years, spawning thousands of jobs and potentially averting sovereign default.

On the surface, relocating blockchain infrastructure to paradise may seem incongruous. Yet by repurposing the country’s geographically dispersed islands into a decentralized Web3 nexus, the Maldives could host data centers powered by renewable oceanic energy, attract DeFi startups, and incubate NFT marketplaces catering to affluent tourists. This diversification blueprint underscores a broader trend: small economies leveraging blockchain to transcend traditional growth constraints. However, critical questions loom—regulatory clarity, environmental footprint, and cybersecurity resilience will determine whether this hub becomes a scalable model or a stranded asset.

Implication: If executed judiciously, the Maldives’ blockchain hub could set a precedent for emerging economies seeking to harness decentralized infrastructure. But success hinges on transparent governance, sustainable energy sourcing, and robust legal frameworks.


2. Altman’s Eyeball‑Scanning Worldcoin Orbs Land in the U.S.

Source: The Register

On May 1, six Worldcoin “Orb” retail locations opened across the United States—Austin, Atlanta, Los Angeles, Miami, Nashville, and San Francisco—offering biometric iris scans in exchange for WLD crypto tokens. Co‑founded by Sam Altman (OpenAI CEO), Alex Blania, and Max Novendstern, Tools for Humanity champions World ID, a blockchain‑based proof‑of‑personhood system designed to authenticate humans versus bots or AI‑generated avatars. Users who scan their irises receive roughly $16 in WLD, enabling them to later verify identity on participating platforms.

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While touted as a breakthrough in decentralized identity, the initiative has incited privacy regulators worldwide: South Korea fined the project over $800,000, Hong Kong prohibited operations, and legal probes are active in Germany, Kenya, and Spain. Yet Worldcoin maintains that biometric data is encrypted on-device and purged post‑scan, and with 26 million users globally (12 million scanned), the network seeks to deploy 7,500 Orbs in the U.S. by year’s end.

Opinion: Worldcoin’s retail push exemplifies the friction between innovative identity solutions and privacy norms. The on‑chain distribution of WLD tokens may democratize crypto access, but it also risks normalizing biometric collection without exhaustive regulatory guardrails. The debate between security and civil liberties intensifies as Web3 projects blur lines between voluntary onboarding and pervasive surveillance.


3. AI and Blockchain Explorers ‘Arkham’ & ‘Blockchair’ Reshape Onchain Visibility

Source: Bitcoin News

Blockchain explorers have evolved from static transaction trackers to dynamic investigative platforms, especially with generative AI integration. Two frontrunners—Arkham Intelligence and Blockchair—are pioneering tools to render cryptographic ledgers comprehensible. Arkham’s AI correlates onchain flows with off‑chain entities, enabling analysts to dissect a Binance transaction involving 0.3065 BNB routed through WBNB and Pancakeswap in seconds. Blockchair’s AI assistant, Cuborg, fields natural‑language queries (e.g., “Which Bitcoin address dormant since 2017 just moved funds at block 895,197?”), surfacing actionable intelligence with remarkable speed.

The convergence of machine learning and onchain analytics promises unprecedented transparency for DeFi protocols, NFT markets, and compliance teams. Yet this visibility shift also rekindles the age‑old privacy dilemma: as attribution sharpens, users may flee to privacy coins (e.g., Monero, Zcash) or sophisticated mixers, fracturing onchain provenance. Thus, the community must strike a balance—leveraging AI for due diligence without undermining pseudonymity, a bedrock of decentralization.

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Takeaway: Enhanced onchain visibility emboldens regulators and institutional custodians to adopt crypto, but it simultaneously pressures privacy advocates to innovate. The trajectory of DeFi scalability and AML compliance will pivot on how explorers calibrate the transparency‑privacy spectrum.


4. Blockchain Association Urges SEC to Adopt Flexible Crypto Regulation

Source: The Block Binance

On May 2, the Blockchain Association—representing heavyweights such as Coinbase, Ripple, and Uniswap Labs—submitted formal comments urging the U.S. Securities and Exchange Commission (SEC) to embrace an “incremental, flexible approach” under new Chair Paul S. Atkins. The association argued that equity‑style rule frameworks ill‑fit blockchain’s decentralized architecture, and that overly restrictive policies risk ceding global leadership in Web3 innovation. Key recommendations included:

  • Modernizing “best execution” by prioritizing diligence over prescriptive equity norms.

  • Leveraging public exchange APIs for oversight, eschewing bulk personal data collection.

  • Convening public‑private roundtables to iteratively refine tokenization guidelines.

As the SEC grapples with litigation against major crypto firms, the association’s plea underscores a broader policy shift—from adversarial enforcement to collaborative rulemaking. If embraced, this could catalyze a regulatory renaissance, aligning U.S. competitiveness with nascent markets such as the EU’s MiCA and Singapore’s digital asset frameworks.

Analysis: A flexible U.S. regime could anchor global capital flows in American markets. However, in the near term, ambiguity may persist, prompting projects to seek out friendlier jurisdictions. The evolution of DeFi, tokenized securities, and NFT financialization hinges on whether the SEC transitions from litigation‑driven oversight to principles‑based governance.

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5. Telegram’s Blockchain‑Inspired Encryption Empowers Massive Group Calls

Source: CCN.com

Messaging titan Telegram has rolled out a major security upgrade: blockchain‑inspired encryption for voice and video group calls, scaling to tens of thousands of participants. Published May 5, 2025, the update employs a distributed architecture reminiscent of blockchain’s consensus model, paired with end‑to‑end encryption and a novel four‑emoji verification system. Users can join calls via links, QR codes, or invites, accommodating up to 200 guests in peer‑to‑peer calls and vastly more in server‑mediated group sessions.

This enhancement cements Telegram’s Web3 orientation—from in‑app NFT galleries to integrated crypto wallets and June’s Grok AI chatbot. By emphasizing decentralized encryption, Telegram seeks to differentiate itself from legacy platforms and curry favor with privacy‑minded Web3 users. The $100,000 unclaimed bounty for encryption breaches further testifies to the platform’s confidence.

Perspective: As social channels become conduits for DAO assemblies, token launches, and remote governance, Telegram’s upgrade anticipates Web3 ’s communal demands. Secure, large‑scale calls could host multichain hackathons, decentralized grant panels, and NFT minting drop parties—ushering in an era where encrypted communications seamlessly integrate with onchain action.


Conclusion: Charting Tomorrow’s Web3 Horizon

Today’s headlines—from island‑wide blockchain sanctuaries to AI‑powered explorers, from biometric orbs to regulatory overtures and encrypted megacalls—illustrate the multifaceted momentum driving blockchain and crypto into mainstream orbit. Key takeaways include:

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  1. Economic Diversification via Blockchain: Smaller nations can pivot from tourism to tech‑led growth, provided they embed sustainability and legal clarity.

  2. Identity & Privacy Trade‑Offs: Worldcoin’s iris scans provoke essential dialogue on biometric ethics versus Sybil‑resistance in decentralized networks.

  3. AI‑Driven Transparency: Arkham and Blockchair spotlight the accelerating fusion of AI and onchain analytics, demanding new privacy paradigms.

  4. Adaptive Regulation: The Blockchain Association’s SEC proposal signals burgeoning alignment between policymakers and innovators—critical for U.S. leadership.

  5. Web3‑First Infrastructure: Telegram’s encryption upgrade underscores the imperative for platforms to bake decentralized security into every layer.

As the industry hurtles forward, stakeholders must navigate these cross‑currents with pragmatic vision—embracing decentralization, protecting user sovereignty, and fostering constructive policy engagement. Tomorrow’s decentralized economy may hinge as much on robust encryption and AI transparency tools as on visionary regulation and sustainable infrastructure projects.

 

The post Blocks & Headlines: Today in Blockchain – May 5, 2025 – Arkham, Blockchair, Worldcoin, Maldives appeared first on News, Events, Advertising Options.

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Valueex (VUEE) Exchange Opens IEO Window, Leading New Opportunities in Global Blockchain Investment

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UnitedStaking.com Launches Advanced Crypto Staking Platform with Global Reach and Real-World Impact

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