UAE In–Focus — Dubai’s economy drives Tecom Group’s Q2 profits up 54%; mansion sold for $15m

UAE In–Focus — Dubai’s economy drives Tecom Group’s Q2 profits up 54%; mansion sold for $15m
UAE In–Focus — Dubai’s economy drives Tecom Group’s Q2 profits up 54%; mansion sold for $15m

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Jeddah - Yasmine El Tohamy - RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, rising by 1.07 percent to $23,092, as of 7:59 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,654 rising by 2.40 percent, according to data from Coindesk.

US crypto firm Nomad robbed of $190 million

Researchers have revealed that US crypto firm Nomad was robbed of $190 million, the latest heist in the digital asset sector this year, Reuters reported.

In a tweet, Nomad stated that it was “aware of the incident” and was currently investigating, without providing further details.

Reuters reported that $190 million worth of Ether and USDC were stolen, according to crypto analytics firm PeckShield. Over $150 million has been estimated by other blockchain researchers.

Nomad said Wednesday it is working with law enforcement and blockchain analysis firm TRM Labs “to trace stolen funds, identify recipient wallets, and coordinate the return of funds.”

No specific law enforcement agencies were mentioned.

Nomad, which raised $22 million last week from investors including Coinbase Global, makes software for connecting blockchains.

In this case, the heist targeted Nomad’s “bridge” — a tool that allows users to transfer tokens between blockchains.

Brazil may approve crypto law this week

The Brazilian government is getting closer to regulating cryptocurrency assets and virtual asset service providers, reported Bitcoin.com. Cryptocurrency bill 4.401/2021 will be discussed this week along with other time-sensitive bills.

According to Ricardo Barros, the leader of the Federal Government in the Deputy Chamber of Congress, the bill can be voted on this week, Bitcoin.com said.

Brazil is preparing for its presidential election on Oct. 2, meaning the issue could be avoided by congress to avoid swaying the electorate, Bitcoin.com added.

The cryptocurrency bill would have to be remitted to President Bolsonaro for final approval if it is finally passed.

Aside from legalizing cryptocurrency mining, the project establishes tax exemption rules for mining institutions that establish mining farms using 100 percent renewable energy, Bitcoin.com added.

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