On April 29, 2025, the UK Information Commissioner’s Office (the “ICO”) and the California Privacy Protection Agency (the “CPPA”) signed a declaration of cooperation regarding international privacy and data protection coordination The statement from the CPPA sets out the key aims of the declaration The ICO considers the declaration to be a “commitment to work together on common issues so people's privacy rights are respected across the UK and California.” Tom Kemp Executive Director at the CPPA stated that through the collaboration the CPPA “can deepen…[its] knowledge base and leverage best practices from other regulators whose citizens face many of the same privacy harms that Californians have.” The declaration marks the latest collaboration between the CPPA and international data protection authorities the CPPA entered into collaboration with the Republic of South Korea’s Personal Information Protection Commission the CPPA entered into collaboration with the French data protection authority the Commission Nationale de l'Informatique et des Libertés Read the CCPA press release  An original fire place on the second floor of t he penthouse characterised by Parisi's typical abstract morphology Villa Bolgiana's garden façade with an external staircase A dramatic Parisi fireplace incorporating floral wallpaper at Villa Bolgiana Villa Bolgiana's intriguing main staircase features a colour scheme and diamond-shaped handrail A built-in bed and bedside drawers by Parisi at Villa Bolgiana A string of sculptural sanctuaries by architect Ico Parisi on the banks of Lake Como helped cement the area as the heartland of Italian modernism; we explore his work in an article from the Wallpaper* archives It is the centre not because it has the most modernist buildings far from it – but simply because Como is where the architect and designer Domenico Parisi Parisi studied in Lausanne and then moved to Como in 1935 where he swiftly established himself as one of the area's key architecture and design scene movers and shakers Parisi joined the studio of Giuseppe Terragni an ambitious promoter of strict rationalism local modernist pioneer and designer of the (in)famous Casa del Fascio Terragni laid firm foundations for modernist Italian architecture but Parisi took his work to new heights after the war Como made regular appearances in Italian architecture magazine Domus thanks to several significant design exhibitions that took place there – including the 1957 show 'Colori e Forme nella Casa d'Oggi' (Colours and Forms in Today's Home) for which husband-and-wife team Ico and Luisa Parisi designed a holiday home concept – as well as the construction of a string of local modernist residences Como's Sant' Antonio apartment block and Villa Bolgiana were both designed by Parisi and are both highly representative of the architect's approach after the war He and his then-wife-to-be Luisa Aiani established their La Ruota studio in 1948 committed to incorporating all fields of art into a single design expression are characterised by a fine integration of sculpture Situated in the narrow lanes of Como's Monteolimpino neighbourhood along with three other Parisi-designed residences Villa Bolgiana is a first-class example of the architect's typically lyrical style It takes the formality of Terragni's pre-war designs and makes it more human shifting architecture away from being a 'machine for living' and more towards a fine-art form of hedonistic enjoyment of life that reflects both the international organic design styles of the time and the Italian post-war optimism infused with a hefty dose of local atmosphere Villa Bolgiana and the three neighbouring villas were all constructed between 1951 and 1953 Luisa and architect Giampaolo Allevi worked towards a Gesamtkunstwerk ('total work of art') exercise; the complex not only works with its surroundings but showcases a series of artistic collaborations in the form of the villas' unique escapism and design stories from around the world direct to your inbox Parisi's furniture is perfectly documented at Villa Bolgiana overhung cornices and freestanding architraves create a dynamic expressive structure reminiscent of South American villas from the same period Parisi's villas are further enriched with sculpture by the likes of Fausto Melotti Mario Radice and Francesco Somaini (his abstract ceramic plates still feature in the villa) an abstract painting panel by Mario Radice and a colourful staircase with its flowing wooden ribbon of a bannister are just a few of Villa Bolgiana's intriguing features in which the architect lived until his death in 1996 provides a unique insight into his entire body of work from the early post-war modernism days to the radical thinking of the 1970s and 1980s artist-philosopher situated at the top of his Sant' Antonio block and reached by private elevator at the time of Wallpaper’s visit in 2011 who religiously kept her relative's legacy almost untouched 'I attempt to preserve the atmosphere of my ingenious great-uncle There are many of his paintings on the walls complemented with works of art by my mother who is also a competent artist,' said the owner with her eyes on a miniature model of one of Parisi's automobile installations from the 1980s This modernist residential building on the steep slopes of Como is undoubtedly one of the architect's masterpieces with prefabricated concrete units applied on the façade and bannisters the apartment feels almost like an independent object an attic refuge with dynamically shaped windows and a terrace offering breathtaking lake views It is home to a unique selection of artworks but there is also a discreet Lucio Fontana piece on concrete tiles on the terrace floor Fontana created an intimate relief painting on which he incorporated decorative glass marquetry Parisi makes extensive use of dark varnished wood found not only in some of his most iconic furniture creations but also in tiling and built-in storage systems in the apartment An accordion door between the living room and bedroom and a small open staircase leading to the attic study area with its original crystal-shaped fireplace create privacy between spaces yet at the same time maintain a spacious feel in the relatively small apartment It's this combination of art and design in every project that makes Parisi's architecture distinct and his legacy clear and all the objects that moved him and contributed to his unique creative and theoretical explorations This article first appeared in the October 2011 issue of Wallpaper* Adam Štěch is an architectural historian, curator, writer and photographer, based in Prague. He is the author of books including Modern Architecture and Interiors (2006) editor of design magazine Dolce Vita and a contributor to titles including Wallpaper* and Frame while also teaching at Scholastika in Prague Practical considerations for handling children's data in financial services the Information Commissioner’s Office (ICO) published its review on the use of children’s data in the financial services sector risks to data protection compliance and areas needing improvement This review followed the ICO’s engagement with various organisations within the sector.  This article summarises some of the key findings from the ICO’s report and provides practical tips for financial services organisations to consider Children were identified by the ICO as a vulnerable group within its ICO25 strategic plan The protection of children’s data is therefore a current priority for the ICO (and an area where we are likely to see more regulatory scrutiny in the future) Children are also important customers for financial institutions as they represent their future customer base Children’s products are therefore a key area of development and focus for many organisations the ICO’s review highlights the complexities faced by organisations from a compliance perspective when processing children’s data.  We identified the following key themes from the ICO’s recent review: (a) Lack of governance for ongoing compliance It is evident from the ICO’s findings that many organisations treat compliance as a one-time exercise Organisations should ensure that they incorporate appropriate touchpoints in their product lifecycle for younger customers and assess appropriate intervals at which to seek refreshed consent (directly from the child) and remind children of their right to withdraw consent.  Whilst half of organisations reported having age-appropriate privacy information the ICO found that (in reality) the number was lower Several organisations were also found to pass their transparency responsibilities onto parents which increased the risk that children are recorded as having agreed to terms and conditions and privacy information that they do not understand.  it isn’t the case that organisations can simply amend their general customer privacy notice to make it more child-friendly Organisations should also ensure that only relevant information is provided to children– this will likely involve creating supplementary notices and a product roadmap to understand when information on processing activities will become relevant (c) Assessing a child’s competence  Children have the same data protection rights as adults under the UK GDPR 88% of organisations lack processes to assess a child's understanding of these rights (the child’s so-called ‘competency’).  It is important to note that there isn’t a “one size fits all” approach to assessing competency Whilst setting an age limit could be a useful factor the ICO is clear that this cannot be used to prevent children accessing their information rights unless there is good reason to think they are not competent This means that organisations should focus on the nature of the request rather than relying on a fixed age limit.  8% of participants provided marketing communications to children whilst there is nothing in the UK GDPR that prohibits profiling or marketing to children children’s data merits specific protection Organisations should therefore undertake a DPIA to evaluate risk and consider their practices in this area (including ensuring that children understand how their data is used for marketing/profiling) It is clear from the ICO’s review that there are some significant improvements for organisations to make in order to comply with the UK GDPR in this area there is also a real opportunity for financial institutions to differentiate themselves in the sector and to empower the data protection rights of children.  The ICO’s review highlights that there are some challenges and complexities in this area and organisations in the financial services sector should review their current practices and processes in light of the ICO’s review TLT’s Data Privacy and Cybersecurity team are extremely well-placed to support you with this review and any next steps - if you would like to talk to us in more detail Authors – Grace Roddie and Georgina Hands This publication is intended for general guidance and represents our understanding of the relevant law and practice as at May 2025. Specific advice should be sought for specific cases. For more information see our terms & conditions Grace Roddie In a crypto world where many projects promise the world but few deliver Solaxy is quickly emerging as one of the rare projects poised to make a real impact For investors who believe in Solana’s potential Solaxy stands out as a project that could lead the next wave in the ongoing bull run Solaxy has officially become the largest ICO of its kind — entering uncharted territory in the crypto market Source – Cryptonews YouTube Channel Solaxy is building the world’s first Layer 2 solution for Solana bringing scalability improvements similar to Ethereum’s successful Layer 2s like Arbitrum However, Solaxy stands apart as the only major player currently focused on scaling Solana positioning it as the frontrunner in the ecosystem’s next phase of evolution Designed to tackle Solana’s key challenges — including failed transactions and performance slowdowns — Solaxy uses advanced scaling technology to deliver faster and more reliable transactions for both users and developers The team has already launched a testnet block explorer that provides real-time visibility into Layer 2 activity and is preparing to roll out additional features like its cross-chain bridge Currently priced at just $0.0017 per token Solaxy’s presale is generating massive interest Supporters believe the project could deliver substantial returns after launch with some speculating on potential 50x to 100x gains sentiment around scaling solutions like Solaxy continues to heat up Solaxy’s roadmap highlights plans to operate as a multi-chain asset compatible with both Solana and Ethereum ecosystems This cross-chain flexibility could give the project a distinct edge as the crypto industry moves toward more interconnected platforms Branding itself as “the next evolution in Layer 2 technology,” Solaxy aims to unlock the full potential of Solana’s infrastructure As new features roll out and token listings draw nearer the project is poised to attract attention from both Solana loyalists and the broader crypto investment community Investor demand is clearly strong — with Solaxy emerging as one of the most heavily funded presales in the market today HyperSpeed Achieved!🔥🚀33 Million Raised! 🛸🪐 pic.twitter.com/HgswKcnnVM the project offers staking rewards reportedly reaching up to 123% providing both a technological and financial incentive for early adopters Best Wallet has been spotlighted by crypto platforms as a preferred non-custodial wallet supporting over 60 blockchains Beyond secure storage, Best Wallet offers portfolio management tools and reward opportunities without the need for KYC — features that are likely to resonate with the growing Solaxy community With record-breaking presale figures and strong early technical progress Solaxy is quickly establishing itself as a leading project in the ecosystem Having raised over $33 million and becoming the largest ICO to date it stands out as the first true Layer 2 solution designed to enhance transaction speed As the network looks toward its next wave of scalability solutions Solaxy’s continued development could position it as a dominant force in the space Supported by growing platforms like Best Wallet, the project is positioning itself as the frontrunner in scalability — making now a great time for investors to get involved before its full launch. Visit Solaxy This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article Stay updated on all the news about cryptocurrencies and the entire world of blockchain Updates on Developments in Data Privacy and Cybersecurity The UK Information Commissioner’s Office (“ICO”) recently announced a new online tracking strategy which aims to ensure a “fair and transparent online world where people are given meaningful control over how they are tracked online.” Online advertising is one of the ICO’s current areas of strategic focus (others areas of focus include AI and children’s privacy) The ICO has identified four key areas of concern—all of which the ICO states mean that individuals do not have sufficient control over their personal data: the ICO states that it will take the following actions in 2025: The ICO also stated that it will investigate potential non-compliance in the data management platforms that connect online advertisers and publishers and publish guidance for the public on how they can understand and control the use of their information online *          *          * The Covington team continues to monitor developments related to online advertising If you have questions about any aspect of the ICO’s strategy Mark Young is an experienced tech regulatory lawyer and a vice-chair of Covington’s Data Privacy and Cybersecurity Practice Group He advises major global companies on their most challenging data privacy compliance matters and investigations Mark also leads on EMEA cybersecurity matters at the… Mark also leads on EMEA cybersecurity matters at the firm he has worked closely with some of the world’s leading technology and life sciences companies and other multinationals Mark has been recognized for several years in Chambers UK as “a trusted adviser – practical results-oriented and an expert in the field;” “fast thorough and responsive;” “extremely pragmatic in advice on risk;” “provides thoughtful strategic guidance and is a pleasure to work with;” and has “great insight into the regulators.” According to the most recent edition (2024) “He’s extremely technologically sophisticated and advises on true issues of first impression Paul Maynard is special counsel in the technology regulatory group in the London office He focuses on advising clients on all aspects of UK and European privacy and cybersecurity law relating to complex and innovative technologies such as adtech He also advises clients on how to respond to law enforcement demands particularly where such demands are made across borders Paul advises emerging and established companies in various sectors His practice covers advice on new legislative proposals for example on e-privacy and cross-border law enforcement access to data; advice on existing but rapidly-changing rules such the GDPR and cross-border data transfer rules; and on regulatory investigations in cases of alleged non-compliance including in relation to online advertising and cybersecurity Shóna O’Donovan is an associate in the technology regulatory group in the London office e-privacy and online content issues under EU Shóna advises multinational companies… Shóna advises multinational companies on complying with EU and UK data protection and e-privacy rules She regularly defends clients in regulatory investigations and inquiries and provides strategic advice on incident response She advises clients on existing and emerging online content laws including those affecting intermediary services and audiovisual media services she regularly advises clients on the intersection between online content and privacy rules Shóna also counsels clients on policy developments and legislative proposals in the technology sector and the impacts of these developments for their business Shóna gained experience on secondment to the data protection team of a global technology company she spent seven months on secondment to the European data protection team of a global social media company Shóna’s recent pro bono work includes providing data protection advice to the International Aids Vaccine Initiative and a UK charity helping people with dementia and working with an organization specializing in providing advice to states involved in conflict on documenting human rights abuses Repeatedly ranked as having one of the best privacy practices in the world Covington combines exceptional substantive expertise with an unrivaled understanding of the IT industry and of e-commerce and digital media business models in particular User login the ICO Museum will host an exhibition that sets up a dialogue between the masterpiece of engraving and a selection of engravings and paintings by artists like Juan Genovés Miguel Ángel Campano or Darío Villalba. This double exhibition covers 20th century Spanish engravings from the ICO Museum’s Collection Curated by the ICO Foundation’s Art Department and made up of works acquired by the Official Credit Institute (ICO) in the 1990s this exhibition is related to the museum's objective to conserve and disseminate its collections This exhibition is a unique opportunity to see one of the world’s few full sets of Picasso's Vollard Suite which was last exhibited in its entirety at the ICO Museum in 2012 considered to be the most important series of contemporary engravings is made up of one hundred works created between 1930 and 1937 at a time when the there was a  close collaboration between the dealer and gallery owner Ambroise Vollard and Pablo Picasso This series is the result of a friendly and commercial relationship between them since Vollard obtained the initial series of 97 copper engravings of the Suite in 1937 in exchange for a significant number of paintings owned by him and which Picasso wanted for his private collection This exhibition is divided into several themed blocks that analyse the evolution of Picasso’s creative and personal obsessions:  The Sculptor's Studio The Minotaur or Portraits of Ambroise Vollard The engravings offer a journey through the different techniques used by the artist from Malaga in this discipline Check out which exhibitions are currently showing in Madrid This museum located near Paseo del Arte (Art Walk) is dedicated to hosting exhibitions centring around architecture and photography These are some of the most outstanding art galleries in the city The city’s new official sightseeing and tourist travel pass Our online store (in Spanish) sells artisan souvenirs 2025 SEC bids to drop securities suit against Dragonchain over crypto ICO The Securities and Exchange Commission said in a joint stipulation with Dragonchain that it wants to drop its lawsuit News COINTELEGRAPH IN YOUR SOCIAL FEEDThe US Securities and Exchange Commission is looking to drop its unregistered securities lawsuit against blockchain firm Dragonchain in the agency’s latest crypto-related backdown In a joint stipulation filed with Dragonchain on April 24 in a Seattle federal court, the SEC said it “believes the dismissal of this case is appropriate,” citing the work of the agency’s Crypto Task Force in helping “develop the regulatory framework for crypto assets.” “The Commission and the Defendants stipulate that this Litigation be dismissed with prejudice [...] and without costs or fees to either party,” the filing reads The SEC sued Dragonchain, Inc.; its backer the Dragonchain Foundation; The Dragon Company; and Dragonchain’s founder claiming they raised $16.5 million through a crypto token that was an unregistered securities offering The SEC said a further $2.5 million worth of DRGN was sold between 2019 and 2022 which it alleged was used to cover business expenses and develop the firm’s tech Meanwhile, the DRGN token has jumped 95% over the past day to over 8.5 cents on news of the SEC’s planned dismissal, but it’s still down around 98.5% from its $5.46 peak in January 2018, according to CoinGecko It’s the latest case involving crypto that the SEC has abandoned under the Trump administration The SEC spun up a Crypto Task Force in January the day after Trump re-entered the White House to lead the regulator’s engagement with the crypto industry Related: SEC task force met with Trump-supporting firms to discuss crypto regulation  An agency memo shows its task force met with Dragonchain representatives on March 24 to discuss how the SEC should approach handling crypto The SEC has also dismissed some of its most high-profile lawsuits against crypto firms It’s also dropped investigations into other crypto firms Magazine: SEC’s U-turn on crypto leaves key questions unanswered  The UK Information Commissioner’s Office (ICO) and the Office of the Privacy Commissioner of Canada (OPC) have called for the protection of the sensitive personal data of 23andMe’s customers during and after the genetic testing company’s bankruptcy proceedings.  The regulators have written a joint letter to the U.S overseeing case administration and litigating to enforce the bankruptcy laws The letter highlights the requirements under UK and Canadian law for both 23andMe and any potential buyer of either the company or its customers’ personal data to adhere to UK GDPR and PIPEDA (Canada's federal private-sector privacy law) whilst warning that they will take action if this data is not properly protected.  a US bankruptcy judge ordered the appointment of a Consumer Privacy Ombudsman to oversee the handling of 23andMe’s customers’ personal information during the bankruptcy proceedings The ICO and OPC welcome this development and plan to engage with the ombudsman once their appointment has been finalised.  “23andMe holds some of the most personal and highly sensitive information possible about its customers health reports and self-reported health conditions Trustee to call for the protection of this sensitive data during and after the company’s bankruptcy “The UK public need to trust that the bankruptcy proceedings and any potential sale of the company or its assets will safeguard their personal data from unauthorised use or misuse We are here to advocate on their behalf and we will not hesitate to take action against 23andMe or any potential purchaser should data protection legislation not be adhered to.”    “23andMe holds the highly sensitive personal information My Office is closely following the sale of 23andMe to ensure that any personal information relating to individuals located in Canada is handled in compliance with our federal private-sector privacy law This is of the utmost importance given the significant concerns that Canadians may have about the protection of their personal information going forward especially given that some of the data has previously been subject to a breach.”  23Andme joint letter to US officials a Notice of Intent to impose a fine of £4.59m and a Preliminary Enforcement Notice The ICO will carefully consider any representations from 23andMe before taking a final decision.   The ICO and OPC are concerned about the protection of sensitive personal data of 23andMe's UK and Canadian customers during and after the bankruptcy proceedings We want to prevent unauthorised use or misuse of consumers personal data What specific types of personal data are the ICO and OPC worried about?  The ICO and OPC are particularly worried about the protection of highly sensitive information and self-reported health conditions of 23andMe's customers.  What actions have the ICO and OPC taken in response to the 2023 data breach at 23andMe?  The ICO and OPC have been jointly investigating the 2023 data breach a Notice of Intent to impose a fine of £4.59 million We are currently considering representations from 23andMe before making a final decision.  What are the legal obligations of any potential buyer of 23andMe or its assets under UK law?  Any potential buyer of 23andMe must comply with UK GDPR including the restrictions imposed on the use or disclosure of personal information for purposes other than those for which it was originally collected Buyers must also implement strong security measures to protect the personal information they hold What measures are the ICO and OPC suggesting to ensure the protection of personal data during the bankruptcy proceedings?  The ICO and OPC have welcomed the appointment of a Consumer Privacy Ombudsman to oversee the protection of personal data during the bankruptcy proceedings We also remind any potential buyer of 23andMe that they must adhere to data protection legislation.  How have the ICO and OPC communicated their concerns to the US Trustee?  The ICO and OPC have written a joint letter to the US Trustee expressing their concerns and outlining the privacy law requirements that apply to the personal information of 23andMe customers in the UK and Canada They have also indicated their willingness to investigate and take appropriate action if there is evidence of any future non-compliance by a buyer of 23andMe and/or its customers’ data but any purchaser of their data must remain compliant with data protection legislation.  What are the potential consequences for 23andMe or any potential purchaser should they fail to comply with data protection laws?  The ICO and OPC have made it clear that they will not hesitate to investigate and take appropriate action against 23andMe or any potential purchaser who acquires 23andMe should there be evidence of non-compliance with applicable data privacy laws.  the British Library reported a ransomware attack to us which escalated because of the lack of multi-factor authentication on an administrator account We have fined AFK Letters Co Ltd (AFK) £90,000 for making more than 95,000 unsolicited marketing calls to people registered with the Telephone Preference Service (TPS) in a clear breach of electronic marketing laws.  We have fined Merseyside-based DPP Law Ltd (DPP) £60,000 following a cyber attack that led to highly sensitive and confidential personal information being published on the dark web It’s 1984 and nestled away on Charles Street the Information Commissioner’s Office (ICO) has been founded - responsible for overseeing a new law to uphold people’s privacy rights when sharing their personal information More can be done by the financial services sector when dealing with children’s data Statement given yesterday from the ICO on data protection complaint response times We have fined Advanced Computer Software Group Ltd (Advanced) £3.07m for security failings that put the personal information of 79,404 people at risk © Copyright 2006-2025 Law Business Research an early Ethereum ICO participant sold another 1,500 ETH worth $1.76 million six hours ago bringing his total sales since April 17 to 16,500 ETH ($29.35 million) at an average price of $1,779 The participant still retains 13,500 ETH valued at approximately $24.82 million These large-scale sales from a dormant wallet have increased short-term selling pressure on ETH and may impact price dynamics for traders monitoring whale movements Source: Lookonchain (x.com/lookonchain/status/1918906158112293037) Welcome to your premier source for the latest in AI and AI search tools—driving tomorrow's innovations today the UK Information Commissioner’s Office (ICO) published the report of outcomes from its consultation on generative AI (genAI) The report sets out key themes that emerged from responses to the ICO’s five-part genAI consultation series that launched in January 2024 As the European Data Protection Board’s (EDPB’s) recent guidance on legal bases for web scraping does the ICO reiterates that the long-standing three-prong test for legitimate interest applies to AI development But meeting the three-step test presents a high bar in practice: Meagher & Flom LLP and its affiliates for educational and informational purposes only and is not intended and should not be construed as legal advice This memorandum is considered advertising under applicable state laws the ICO continues to “support” the DUA Bill as “improving the effectiveness of the data protection regime in the UK providing regulatory certainty and clarity for organisations and improving the way the ICO regulates.” The DUA Bill is now being considered by the House of Commons It is expected that the DUA Bill will be finalized in the coming months Read the full response from the ICO and the draft Bill an early Ethereum ICO participant sold another 1,500 ETH valued at $1.76 million just six hours ago this holder has liquidated a total of 16,500 ETH worth $29.35 million at an average price of $1,779 per token and still retains 13,500 ETH (approximately $24.82 million) steady sales by a long-term holder could increase short-term supply and potentially pressure ETH prices lower making close monitoring critical for traders seeking to gauge market sentiment and potential price volatility 2025 Bankera founders used ICO funds on global property buys: Report The OCCRP reports Bankera’s founders channeled around half of the $114 million the firm raised in its 2018 ICO to a Vanuatu bank to buy real estate in France and Lithuania News COINTELEGRAPH IN YOUR SOCIAL FEEDThe founders of the crypto fintech firm Bankera used funds from the project’s 2018 initial coin offering to purchase luxury properties worldwide according to a report by the Organized Crime and Corruption Reporting Project The OCCRP reported on April 28 citing leaked company records and bank statements that nearly half of the funds from Bankera’s 100 million euro ($114 million) ICO were transferred to a bank in the Pacific Island country of Vanuatu that was purchased by the project’s founders Justas Dobiliauskas and Mantas Mockevičius the Vanuatu bank reportedly began issuing millions of euros in loans to companies owned by the trio to build a luxury real estate portfolio — including a villa in the French Riviera and high-end property in Lithuania The leaked records and statements reportedly show that the funds were used to underwrite loans to other companies which were then used to purchase high-end real estate The Vanuatu bank also loaned millions more directly to the three founders for “personal use,” according to the OCCRP report Lawyers representing the founders reportedly denied that the ICO was fraudulent but declined to comment on specific transactions Cointelegraph contacted Bankera for comment but did not receive an immediate response Bankera pledged to become the “bank for the blockchain era,” offering a suite of retail and institutional investment services while holding and exchanging most of the largest cryptocurrencies. Many investors were attracted to the Bankera (BNK) token ICO by the promise of discounted rates on Bankera’s services and products along with the opportunity to earn weekly BNK payouts an investor in Bankera’s ICO told the OCCRP that those weekly payouts began to “drop significantly below the promised amount.” The revenue-sharing scheme was reportedly halted in 2022 Related: Tether scales crypto payments in Eastern Europe with new investment Bankera also reportedly promised to obtain a European Union banking license, which is yet to materialize Despite the 100 million euro ICO raise, the fully diluted value of the BNK token is currently at $975,710, CoinGecko data shows Bankera continues to provide crypto-related banking services and maintains an active social media presence on LinkedIn and Magazine: Financial nihilism in crypto is over — It’s time to dream big again According to Ai 姨 (@ai_9684xtpa) on Twitter a prominent Ethereum whale who participated in the 2015 ICO and originally held 76,000 ETH has now fully liquidated their ETH holdings this whale deposited 2,000 ETH (approximately $3.66 million) to Kraken has reportedly sold 14,000 ETH worth $24.75 million This large-scale sell-off from an early investor may increase market supply and short-term selling pressure which could prompt traders to monitor ETH price action closely for potential volatility Ai 姨 is a Web3 content creator blending crypto insights with anime references which acknowledges the intersect between data protection and intellectual property rights and sets out key considerations and recommendations for policy makers.  The ICO states that its response aims to provide support and ensuring legal clarity for developers of AI whilst also balancing the rights of content creators and promoting trust and transparency The response focuses on a number of key areas the data protection implications of AI development and training There has been an increasing prevalence of automated web scraping and data mining practices across the internet in recent years in part due to the demand for large volumes of data needed to train AI models Web scraping refers to the extraction of data from websites whilst data mining is the advanced analysis of extensive data sets which are often obtained through web scraping.  extracting via web scraping) of works protected by copyright without an appropriate licence to do so is prohibited There is a limited exception to this prohibition which permits copying for the purposes of non-commercial research As the practices of web scraping and data mining typically involve collation and processing of data on a mass-scale using automated processes they are inherently at odds with this legal prohibition against copying of works protected by copyright as well as data protection law principles such as data minimization The Government’s consultation proposes a new exception to the prohibition against copying of materials protected by copyright allowing these materials to be used for commercial purposes unless the relevant content creator has reserved their rights or ‘opted-out’ of such uses their works could therefore be freely scraped mined and used for the training of AI models This proposal would bring the UK in line with the current approach in the EU pursuant to copyright laws and also remains consistent with the UK Government’s pro-innovation approach to AI regulation.  The ICO points out that reliance on this new exception for commercial purposes where creators have not ‘opted-out’ should not be seen as a determination of a lawful basis for the processing of any personal data included in the mined data The opt-out would allow the AI developers to use the data without infringing copyright law but it would not constitute a lawful basis under the UK GDPR which would still need be appropriately determined for any personal data contained therein Whilst the lack of an opt-out would essentially be ‘consent’ from the creator to copy the material it would not necessarily constitute consent in a UK GDPR sense from the data subject(s) to which the personal data may relate AI developers will also remain subject to a range of other data protection obligations in relation to any personal data collected and processed by web scraping and data mining and must establish processes to ensure compliance with these AI developers will need to reflect such processing in its privacy notices conduct legitimate impact assessments and data protection impact assessments where appropriate and ensure that data subjects are able to exercise their rights in relation to their personal data being processed An element of the Government’s proposals which will aid developers in their data protection compliance is that the proposed commercial exception will be coupled with increased transparency requirements for AI developers AI developers will need to be more transparent about the datasets used to train their AI models including providing information on how these datasets are obtained and used These increased transparency obligations will also assist content creators and publishers to understand the extent of data mining of their content and help them to make informed decisions on whether the opt-out is the right choice for them The ICO unsurprisingly welcomes the focus on transparency in its response but also notes the need for greater transparency in relation to web scraping and data mining practices in general The ICO proposes the introduction of technical measures allowing digital publishers to exercise greater control over access provided to web crawlers depending on their intended purpose the public opacity with which web scraping and data mining operates adds to the complexity and challenges with ensuring related compliance with both data protection and intellectual property laws Introducing more robust transparency obligations on web scrapers and data miners should help to improve clarity and encourage legal compliance with laws across the board The Government’s consultation closed on 25 February and although we will not know the outcome for some time it is already clear that the practical details for implementing the proposals will be critical to trying to find alignment between the creative industries and those looking to further AI technologies through data scraping and data mining the consultation notes that work will need to be carried out to ensure that appropriate technical tools are in place to allow the opt-out rights to be exercised in practice Rights holders will be particularly interested in receiving this clarity including how the opt-out will be enforced in order to ensure that their rights are respected.  The consultation’s proposals have been met with some criticism from various sides including both rights holders as well as other interested parties across the creative sector Sony Music in its submission questioned the possibility of a robust and workable opt-out mechanism in practice; and pointed out the music industry’s existing technical and financial challenges with tackling AI-generated deep fake tracks Sony Music claimed that the proposed ‘weakening’ of copyright protection will only serve to exacerbate these.  Only time will tell whether the Government is able to strike the correct balance on copyright with regulations that can encourage continued AI innovation in the UK market whilst simultaneously offering meaningful protection for the creative industry Subscribe to Ropes & Gray Viewpoints by topic here Ropes & Gray attorneys provide timely analysis on legal developments court decisions and changes in legislation and regulations Stay in the loop with all things Ropes & Gray initiatives and everything that’s happening We regularly notify our clients and contacts of significant legal developments webinars and teleconferences that affect their industries a wallet linked to a 2015 Ethereum ICO whale recently deposited 2500 ETH (worth approximately $4.59 million at current rates) to the Kraken exchange within the past 14 hours The acquisition cost of this ETH was as low as $0.31 per token raising the risk of further significant sell-offs in the near future On-chain data from intel.arkm.com confirms these movements and holdings This development is likely to increase short-term selling pressure on ETH and traders should monitor Kraken inflows and whale wallet activity closely for potential volatility A lack of multi-factor authentication (MFA) which leads to a preventable data breach could result in substantial financial penalties the Information Commissioner’s Office (ICO) has warned The ICO’s Deputy Commissioner Stephen Bonner told Infosecurity there is no longer any excuse for not deploying MFA across all external connections “It’s now a well-developed and mature technology that can be deployed relatively straightforwardly and the benefits far outweigh any costs,” he noted “We want to add to the costs of not doing it by having this kind of consequence [financial penalties] being there,” Bonner added Bonner’s comments followed the ICO’s announcement that it had fined IT software provider Advanced £3.07m ($3.97m) after a 2022 ransomware attack that put the personal information of 79,404 people at risk Advanced provides data processing services to a range of organizations including the NHS and other healthcare providers The incident resulted in significant disruption to health services in the UK The compromised data included details of how to gain entry into the homes of 890 people who were receiving care at home Hackers were able to access systems of Advanced’s health and care subsidiary via a customer account that did not have MFA implemented Bonner revealed that the ICO’s investigation found that Advanced may not have fully rolled out MFA across its external accounts due to concerns that customers may have objected to the extra authentication method Such concerns are not a legitimate reason for not implementing MFA “If you're entrusted with this kind of data there's a minimum set of standards you have to achieve and this is absolutely one of them,” he stated Other security failings that enabled the attack to succeed included a lack of comprehensive vulnerability scanning and inadequate patch management These failings also contributed to the large penalty issued This is the first time the ICO has fined a data processor with the regulator keen to send a message to these providers about their security obligations The ICO had announced a provisional £6.1m ($7.9m) fine for Advanced for the data breach in August 2024 This penalty was halved after the ICO and Advanced reached a voluntary settlement in which the IT provider agreed to pay the £3.07m penalty without appealing The ICO identified Advanced’s proactive engagement with government agencies including the National Cyber Security Centre (NCSC) and National Crime Agency (NCA) Bonner explained that this approach helped reduce the harm to those individuals and organizations who were impacted by the breach “That is exactly the behavior we want to encourage and one key message to take away from this is that there's a lot of good financial reasons to engage correctly with the authorities,” he noted Bonner added that reaching a voluntary settlement is in the wider public interest as it draws the case to a close without costly appeals and delays The UK’s Information Commissioner John Edwards has previously outlined his belief that the levying of fines is not necessarily an effective way of improving data protection practices serving only to tie up the Information Commissioner’s Office (ICO) in litigation This is an approach that differs significantly from regulators in the EU, who have frequently issued fines worth hundreds of millions for data protection failings over recent years The ICO’s primary focus is to work with organizations to ensure that damaging incidents do not occur Issuing fines is “not our first choice” when breaches do occur he acknowledged that fines are sometimes necessary when there are serious consequences for people’s data One positive outcome from issuing financial penalties is that it can focus business leaders’ minds potentially leading to more resources for cybersecurity Bonner said: “We find that fines make headlines the coverage gets lots of attention and that puts it on the radar of boards across organizations Sending a message around implementing basic security controls such as MFA was a significant factor in the penalty handed to Advanced Bonner warned organizations that they can expect fines to increase in the future in cases like this where basic controls have not been implemented “This fine acts as dissuasive and effective message to the whole economy,” he commented The ICO conducted a series of voluntary audits from August 2023 to May 2024 all of which were accepted or partially accepted by the organisations involved These recommendations address areas such as: the ICO identified several areas for improvement for both AI recruiters and AI providers The key areas for improvement across both were: The ICO acknowledged that compromises must be made when weighing up the balance between statistical accuracy and data minimization and between transparency and understandability key considerations moving forwards will include: The Covington team continues to monitor developments in AI regulation and guidance Please feel free to reach out to a member of the team if you have any questions This post was written with the assistance of Erin Lynch Stacy Young is an associate in the London office She advises technology and life sciences companies across a range of privacy and regulatory issues spanning AI Martin Hansen has over two decades of experience representing some of the world’s leading innovative companies in the internet and life sciences sectors on a broad range of regulatory including related to artificial intelligence Martin has extensive experience in advising clients on matters arising under EU and U.S a whale investor from the 2015 Ethereum ICO with an average cost basis of $0.31 per ETH has sold 6000 ETH in the past 33 hours this sale would net a profit of $10.92 million for the whale (source: @ai_9684xtpa Traders should closely monitor this address and potential further sales as such large-scale liquidations can lead to short-term price volatility for ETH Sign Up for any (or all) of our 25+ Newsletters or other content and links should not be construed as legal or professional advice or a substitute for such advice No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms or other professionals or organizations who include content on the National Law Review website If you require legal or professional advice kindly contact an attorney or other suitable professional advisor Some states have laws and ethical rules regarding 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The U.K.'s Information Commissioner's Office (ICO) has opened an investigation into online platforms TikTok and Imgur to assess the steps they are taking to protect children between the ages of 13 and 17 in the country the watchdog said it's probing how the ByteDance-owned video-sharing service uses the personal data of children in the age range to surface recommendations and deliver suggested content to their feeds "This is in light of growing concerns about social media and video sharing platforms using data generated by children's online activity in their recommender systems, which could lead to young people being served inappropriate or harmful content," the ICO said the data protection regulator said it's also looking into Imgur and Reddit to see how they are using children's information and the measures they are taking to assess the age of their users and tailor content based on that criteria The ICO noted that it's examining whether the services have infringed on data protection laws and that it will share discovered evidence to the companies to seek their "representations" before arriving at a final conclusion "The responsibility to keep children safe online lies firmly at the door of the companies offering these services and my office is steadfast in its commitment to hold them to account," John Edwards we are making it clear to the public what action we are currently taking to ensure children's information rights are upheld and we will provide updates about any further action we decide to take." The development comes in the aftermath of the enforcement of Children's code in September 2021 that requires online services to follow a set of standards when using children's data X (formerly Twitter) has stopped serving advertisements to users under 18 and removed the ability for those below the age of 18 to opt in to geolocation sharing Viber has also committed to disable personalized advertising for children and SOC security to respond quicker and stop breaches early AI agents boost business—but create risks and strategies from industry leaders – all for free The Register Biting the hand that feeds IT The Report covers issues that arise by the use of genomic technology across many sectors It explores various dimensions that arise from the use of genomic data in each of these contexts The Report emphasizes the intent of the ICO to continue engaging with stakeholders from industry both through the Regulatory Sandbox and by inviting comments on its Tech Horizons reports The ICO is currently accepting expressions of interest to enter the Regulatory Sandbox The Report is part of the ICO’s Tech Futures series which previously published reports on other emerging technologies such as quantum technologies and neurotechnology whale address 0xaDd deposited 3,000 ETH (approximately $5.53 million) into Kraken just 10 minutes ago with these coins originally acquired during the Ethereum ICO and held dormant for three years prior to this significant move (Source: @OnchainDataNerd on Twitter The whale still retains 2,000 ETH (about $3.69 million) in the same wallet This large-scale deposit could increase short-term selling pressure on Ethereum and traders should closely monitor Kraken inflows and the remaining whale balance for further price action signals The Data Nerd (On a mission to make onchain data digestible) most crypto tokens on the market lack strong fundamentals with the majority being created faster than new investors are entering the space The analysis stresses that ICOs (Initial Coin Offerings) are not equivalent to IPOs and warns traders that the vast majority—about 99.9%—of newly launched tokens are likely to fail due to weak project foundations and oversupply Milk Road recommends filtering tokens by assessing utility and actual user adoption before making investment decisions (source: Milk Road Get quality reporting directly into your inbox near the tail end of a major cryptocurrency boom a Lithuanian start-up called Bankera announced that it had managed to raise over 100 million euros in just six months by selling its own digital coin The company said the funds would be used to fashion a “bank for the blockchain era” — a fully fledged retail and investment institution holding and exchanging most cryptocurrencies and competing with existing banks “as an equal.”  More than 100,000 people had bought tokens in an “initial coin offering,” or ICO — a type of cryptocurrency fundraiser — and had started receiving weekly payments drawn from a share of the fees generated when others bought and sold the coin. Amid a wave of ICOs in 2017 and 2018 the Lithuanian token looked like a potentially lucrative investment and the Bankera project still hasn't achieved one of its self-proclaimed core objectives: acquiring a European Union banking license an investigation by OCCRP and its partner 15min has uncovered how the once-promising cryptocurrency project has funded loans benefitting the founders of the venture with investors left without the promised returns Reporters found evidence that a portion of the funds raised in the ICO appears to have been funneled into a sprawling real estate portfolio — including a villa on the French Riviera and high-end property in Lithuania — via a bank thousands of miles away in the Pacific nation of Vanuatu more than 45 million euros flowed from a Lithuanian firm owned by Bankera’s three co-founders into an account at Pacific Private Bank (PPB) – a Vanuatu-based bank the three had acquired just before the coin offering ended Leaked company records and bank statements show the funds were used to underwrite loans to other companies owned by the same three men were loaned directly to the three co-founders themselves who leads the Royal United Services Institute’s (RUSI’s) work on financial crime policy said the ICO proceeds should only have been used for the Bankera project “To extract funds and seemingly use them to finance personal spending raises suspicions that investors have been misled and [the co-founders] have profited personally,” she said “Fundamentally this seems to be about misrepresentation of what the [ICO] funds were going to be used for which raises the question of whether this was a fraud.” Reporters repeatedly tried to seek comment from Bankera’s three founders including by traveling to a conference in Malta to attempt to speak with one of them They sent multiple emails to him and the other founders but only received a response from lawyers acting for the Lithuanian firm Bankera UAB one of several companies in what the lawyers described as the “Bankera ecosystem.” reporters found several companies in various jurisdictions involved in the Bankera project or the ICO They sent requests for comments to these companies or their representatives The only substantive response came from lawyers representing the Lithuanian company Bankera UAB Those lawyers declined to confirm that they were responding on behalf of the Bankera co-founders or the other companies in what they referred to as the “Bankera ecosystem.” Bankera UAB provides IT and other services to other Bankera firms and Mockevičius were “the founders and majority owners of the …Bankera ecosystem.” They added that none of the three co-founders “own shares in every entity within the Bankera ecosystem Those lawyers declined to comment on specific transactions but cited the purchase of PPB as evidence that funds raised in the ICO “were used towards the development of an innovative neobank using blockchain technology.” The movement of funds into the Vanuatu bank’s account “had always been intended” and was carried out because “sums were given as grants to multiple Bankera ecosystem companies,” the lawyers wrote While the lawyers acknowledged that the Bankera crypto token’s value had “diminished significantly over time,” they said the “Bankera brand is now well known and successful” and denied that the ICO was in any way fraudulent They declined to comment on the specific transactions related to the loans to the co-founders and their companies Lawyers for PPB declined to comment on the transactions revealed in the leaked banking materials said the bank complied with all Vanuatu banking laws and regulations said: “The goal of acquiring Pacific Private Bank by Bankera was to transform it into a modern digital bank for the blockchain era which is being successfully done one step at a time.” PPB has always been compliant and a good example of a small independent private bank,” he said The Central Bank of Lithuania told OCCRP it had contacted law enforcement regarding the Bankera ICO but said it could not “disclose any details” due to legal restrictions and Mockevičius were all born in the late 1980s in Šiauliai a city of about 120,000 people in northern Lithuania Karalevičius is the son of a public health official and a plastic surgeon who became a politician and Dobiliauskas is the son of a public prosecutor and a senior banker Mockevičius’ father is a civil judge and his mother worked in school administration They were all in their late 20s when Bankera started offering its token was a co-founder of multiple “Bankera ecosystem” companies but sold his stakes in them to Karalevičius Šimelionis told OCCRP he sold his shares because his and the other founders’ “long-term visions for the company’s direction didn’t fully align,” and said he had no involvement in the ICO or any other Bankera activities since Bankera's co-founders as displayed on the Bankera website By the time of the ICO, Karalevičius, Dobiliauskas, and Mockevičius had already established multiple digital financial service companies serving hundreds of thousands of customers, according to a white paper published by Bankera in 2017 These included three companies that would play key roles in the Bankera ICO: Pervesk UAB and Spectro Finance UAB which was registered in the British Virgin Islands and Spectro Finance operated the “virtual currency exchange” — an online platform to trade digital currencies — where people could buy Bankera’s tokens using either traditional “fiat” currency or other cryptocurrencies Potential investors had to set up a wallet for their tokens with SpectroCoin and they sent payments for BNK to an account at Pervesk according to payment documents from multiple investors seen by reporters Pervesk is an “electronic money institution” — a company licensed to issue electronic money and process digital payments — which Spectro Finance used to handle proceeds from the ICO Bankera compared holding its tokens to owning shares in a publicly listed company in the sense that they could be bought and sold after the ICO (Lawyers for Bankera UAB told OCCRP it was incorrect to characterize the “ICO as being akin to the raising of equity.”) Token holders would be entitled to discounted rates for Bankera services and products Bankera would collect fees on transactions — and then it would put aside 20 percent of the remaining amount and distribute it to BNK holders in proportion to the share of the tokens they held Bankera’s resume was bolstered by the backing of prominent political and business figures the start-up’s advisers included two members of the European Parliament a former head of the Lithuanian tax authority a former president of one of the country’s largest banks and a globally recognized blockchain entrepreneur The advisory board for the Bankera ICO included ten senior figures from the worlds of politics, finance, and regulation, according to the Bankera white paper. At the time, some publicly sang Bankera’s praises five of the former advisers denied having any significant involvement in the venture Two claimed Bankera had simply used their names Antanas Guoga – Former member of European Parliament (2014–2019), businessman, and well-known poker player he said he left after his “views diverged” with the project’s founders Audrius Žiugžda – Former CEO of the bank SEB He also served as head of administration of Šiauliai Bank Žiugžda joined the ICO’s advisory board in 2017 "They never needed my advice,” he told reporters Modestas Kaseliauskas – Former director of Lithuania’s State Tax Inspectorate (2005-2014) He left the Bankera ICO advisory board after the coin offering ended and now works at the International Monetary Fund He said he did not take part in the “implementation stage” of the Bankera project and so could not comment on it Marc Kenigsberg – Founder of the cryptocurrency and gambling news portal Bitcoin Chase and an advisor to several blockchain businesses He left his role as an adviser to the Bankera ICO after he felt they were going a “more traditional financial route,” he told reporters Lon Wong – Entrepreneur and developer of blockchain technology they never sought advice from me,” he told reporters adding that he had since “lost touch with them totally.” Pre-sales of the currency appeared to be a hit Bankera tweeted: “Please lower your orders so everyone could get some tokens!”  the company announced that it had reached its initial target of 25 million euros nine days ahead of schedule it said it raised a total of 100 million euros told OCCRP that the prospect of weekly payouts was a “key selling point” and helped convince him to buy about 2,000 euros worth of BNK Despite the apparently enthusiastic uptake of the BNK token its market capitalization — the total value of all issued tokens — has fallen to just $1 million according to data from the Ethereum blockchain But some investors say problems emerged much earlier a few months after the ICO launched,” Horb said “The payouts began to drop significantly below the promised amount.” Lawyers for Bankera UAB said that during the ICO the token was purchased “by speculators hoping for a ‘boom’,” and that the “relatively early abandonment of the BNK tokens by such individuals naturally played a part in the slide in value.” As weekly earnings from the revenue sharing scheme dropped Horb said he and his friends tried to contact Bankera’s founders and managers: “We had regular conversations with them at first but eventually they stopped responding after a wave of investor complaints.” told OCCRP he bought 4,000 British pounds worth of Bankera tokens “it quickly became clear that the token had lost all its value when they stopped paying the weekly returns.” The decline in the value of the BNK tokens underscores the risks of investing in cryptocurrency “Investing in cryptocurrency at that time was like buying magic beans,” said Ray Blake a financial crime expert and director of the Dark Money Files RUSI's Westmore described the rash of ICOs in 2017 and 2018 as “the epitome of the wild west of crypto,” adding that people facing losses from cryptocurrency investments often struggle to win compensation due to the lack of oversight of the sector The Bank of Lithuania told 15min that it had received “a few individual complaints” about Bankera’s ICO but said it had directed the complainants to the financial supervisory authorities in the British Virgin Islands and Mockevičius were also buying a bricks and mortar bank half a world away On its website PPB describes its mission as serving “wealthy private clients from around the world” with a focus on wealth and asset management and offering “tailored investment solutions.”  “We accommodate to [sic] the individual objectives of every customer by providing personalized private banking services.” Bankera’s co-founders heralded the purchase of PPB as a step toward becoming “a bank for the blockchain era and a one-stop store for all financial services,” a goal which would now be delivered “ahead of schedule.” The sale price was not disclosed millions of euros started moving from Spectro Finance’s account at Pervesk — where BNK purchasers had sent their payments for tokens — into an account also held by Spectro Finance at PPB The first transfer — 15 million euros — took place on February 14 Another 2.8 million euros were sent six weeks later followed by 12 million euros six months after that The leaked bank records give no purpose for the transfers which are listed only as “transfer between own accounts.” An additional 15 million euros were sent in other transfers between August 2020 and September 2021 Lawyers for Bankera UAB said it was “not disputed that funds were moved into accounts with Pacific Private Bank,” but added that there is no “obligation to publicly set out the use of all the funds raised by the ICO.”  25 million euros were sent from Spectro Finance’s PPB account to another PPB account held by Finalify the British Virgin Islands company that issued the Bankera tokens The credit was the first activity in the Finalify account the same Spectro Finance account also transferred 20 million euros to a PPB account held by Spectro Finance Systems Ltd. another firm registered in the British Virgin Islands in 2019 by Mockevičius All three PPB accounts — Spectro Finance’s, Finalify’s, and Spectro Finance Systems’ — pledged funds to back loans by PPB to Bankera’s three young co-founders or their companies it repeatedly borrowed money from Spectro Finance It then loaned the same amounts to Bankera’s three co-founders and to other companies they controlled Spectro Finance’s PPB account was debited 1.7 million euros for “B2B purposes,” a leaked bank statement shows PPB disbursed a loan for an identical amount to a Monaco-based company called Azur Estates (SCI) The money was paid into a previously empty account held by Azur at PPB Azur sent the 1.7 million euros to an account it held in Lithuania the company bought a four-bedroom villa in Èze Azur paid for the house in full using corporate funds according to French property records seen by OCCRP Azur intended the villa to serve a residential purpose The 1.7-million-euro loan matured a year later but Azur simply took out another loan from PPB Karalevičius and Mockevičius also repaid loans with new loans (It is not clear whether other loans were eventually fully paid back.) Experts said the use of such “back-to-back” loans offered potential advantages by creating paperwork to support property purchases and helping to keep the bank’s books balanced “The bank that is receiving funds for the French property would want to check the source of funds,” said Alison Jimenez a Florida company specializing in compliance and financial crime litigation A documented paper trail would indicate that the bank providing the loan has conducted due diligence on the recipient “If you have a pledge from a company that appears to be a separate entity then it doesn’t then appear to be simply taking money out of the bank,” said RUSI's Westmore “The opaque way these transactions were structured also raises questions about [their] legitimacy.” A bird's-eye view of the four-bedroom villa in Èze Reporters sent detailed questions to Finalify who is named as the representative for Azur Lawyers for Azur did not respond to questions by the time this article was published Azur took another three loans from PPB amounting to 800,000 euros between August 2021 and July 2022 These loans were guaranteed with part of the 25 million euros of ICO proceeds that Finalify received from Spectro Finance in 2019 Finalify agreed to deposit the full 800,000 euros at PPB for five years to guarantee Azur’s repayment appeared repeatedly in transactions related to the trio and their companies Kazlauskas — who was PPB’s managing director at the time — signed the pledge agreements on behalf of the Vanuatu bank he signed on behalf of Finalify while acting as a director of Rational Pacific Investments Ltd. Kazlauskas also signed a term deposit and a pledge agreement with himself to guarantee a loan of 100,000 euros to Mockevičius — the documents show his signature on both sides as PPB's managing director as well as the director of Rational Pacific Investments Ltd Rational Pacific Investments also made several payments to Kazlauskas for “kitchenware” and “fridge rubber fittings” to be supplied to Villa 25 a luxury property the company had bought in Vanuatu Kazlauskas said he lives in one of the three houses at Villa 25 and is "able to fix and or replace items if needed to maintain the value of the property," but did not comment on specific transactions PPB loaned money directly to the trio — again Finalify’s PPB account was debited for 360,000 euros in relation to a pledge agreement Mockevičius transferred 329,604 euros to yet another PPB account this one held by a Liechtenstein-registered foundation which company documents show was set up by two of Bankera’s co-founders and whose 2020 bylaws named family members of each of Karalevičius Eternity paid the exact amount to buy a plot of land in the Old Town of Lithuania’s capital Another 300,000 euros were debited from Finalify’s account on November 10 PPB disbursed a loan for the same amount to Mockevičius Eternity paid out just under 290,000 euros for more real estate in Lithuania Eternity received a total of just under 1.8 million euros from Mockevičius and Dobiliauskas between the summer of 2019 and the end of 2021 according to Eternity’s leaked PPB bank statements it bought a total of five properties in Lithuania for more than 1.3 million euros a Vanuatu-based company called Rational Pacific Investments Ltd. bought another local company — called Beachfront Properties — which in turn owned Villa 25 a luxury resort in a secluded seaside district just outside the capital according to registry documents from the Vanuatu Financial Services Commission promises “barefoot luxury by the sea,” and can be rented for up to 125,000 Vanuatu vatu (about $1,000) a night during peak season Lawyers for Bankera UAB declined to comment on the transactions involving Eternity They said the Vanuatu villa “is owned by Pacific Private Bank and has historically been let out to guests and used by/for staff (including management) We understand that it is currently being used as an office due to damage caused elsewhere by the Port Vila earthquake which the statements say are for “investment.” These amounts were almost all guaranteed by Finalify a dispute with Lithuanian tax authorities revealed that Mockevičius earned millions from the Bankera ICO before it had even begun Mockevičius signed a contract with Finalify Ltd — which he himself represented as director — to provide “advertising and marketing services” for the Bankera ICO according to a decision by Lithuania’s Supreme Administrative Court worth more than 2.5 million euros at the time He used a portion of the money to buy a 3-million-euro apartment in Monaco The tax authorities ruled that Mockevičius had misclassified the income and fined him over 32,000 euros for underpaying personal income taxes Karalevičius and Dobiliauskas were fined 38,000 and 36,000 euros respectively The three Bankera co-founders did not respond to reporters’ requests for comment But Lithuania’s State Tax Inspectorate confirmed the fines had been paid and Mockevičius remain public faces of Lithuania’s cryptocurrency industry appearing at — and sponsoring — conferences in Vilnius and internationally and purports to provide “a modern bank account alternative for individuals and businesses,” though it has yet to receive an EU banking license (Lawyers for Bankera UAB said ICO proceeds were used to secure an “electronic money institution license within the EU” for Pervesk the e-money company involved in the Bankera ICO which lawyers described as “a Bankera ecosystem company.”) the company claimed to have processed almost 2.5 billion euros worth of transactions and reported 4.8 million euros in revenues And Spectro Finance’s virtual currency exchange which claimed to serve 300,000 customers at the time of the ICO now says it helps more than one million users “buy sell and exchange popular cryptocurrencies.” In 2018, Lithuania’s central bank fined Pervesk 700,000 euros for violations of Lithuanian banking laws Pervesk was blocked from accepting or making payments the central bank had lifted the restrictions after Pervesk provided more information improved its monitoring of business relationships and “addressed other deficiencies identified during the inspection.” Two years later a settlement between Pervesk and the Bank of Lithuania reduced the fine imposed on Pervesk to 244,000 euros and canceled the one on Karalevičius altogether The details of the settlement remain confidential Support from readers like you helps OCCRP expose organized crime and corruption around the world you’ll be directly supporting investigative journalism as a public good You’ll also gain access to exclusive insights and benefits The shell companies handled extravagant transactions on behalf of the former president while the bank turned a blind eye A storied bank helped Eastern European bankers loot their own institutions Russian businessmen used a network of shell companies to buy a South Carolina theme park before leaving it bankrupt a major Ethereum whale who participated in the 2015 ICO has sold another 3000 ETH The whale deposited 3000 ETH to Kraken five minutes prior to the sale and has now fully liquidated all ETH received in two batches This sizable sell-off may increase short-term selling pressure on ETH markets and signals that early investors are taking profits at current price levels (source: https://twitter.com/ai_9684xtpa/status/1917511115082457574) Traders should monitor ETH inflows to exchanges and whale wallet activity for potential price volatility Rising workloads and a shortage of staff means it's missing its targets - and things may get worse before they get better The UK's data protection authority has apologized for being slow to respond to data protection complaints saying it's been overwhelmed by increased workloads The figure was 65% at the beginning of last year and has been dropping steadily since the fourth quarter of 2023 "Anyone who has felt the need to make a complaint to us deserves a timely response Our current response times are not where we want them to be and we know how frustrating this is for people who are asking for our help," said a spokesperson "We want to thank people for their patience while we address this issue Our frontline staff continue to work hard to respond to all complaints and we are confident that our approach will bring about the necessary improvements Please be assured that we continue to triage cases and prioritize those that urgently need attention." A key factor in sluggish response rates were rising workloads, according to the ICO. The data protection watchdog said it received more than 10,000 complaints in the final quarter of 2024 - 746 more than in the same period a year earlier The watchdog also revealed it’s testing automated tools aimed at simplifying or speeding up various administrative tasks allowing case officers to spend more time on the complaint itself Sign up today and you will receive a free copy of our Future Focus 2025 report - the leading guidance on AI cybersecurity and other IT challenges as per 700+ senior executives things are likely to get worse before they get better Much of this workload comes from minor complaints CEO at ImmuniWeb and a fellow at the British Computer Society (BCS) said these issues highlight the fact that some operational aspects of the legislation “were not properly designed” “National DPAs are frequently understaffed and underfunded but flooded with the ballooning number of complaints," Kolochenko commented means the authorities are forced to prioritize major cases and that taking minor cases to court is often just a waste of money This then results in organizations adopting lax approaches to compliance invariable and equitable investigation and remediation of data protection violations both EU states and the UK should consider allocating additional funds to their national DPAs to be commensurable with the volume and complexity of incoming complaints," he said toothless enforcement regimes merely invite more violations of data protection law." Allen & Overy and Shearman & Sterling SHAREDOWNLOAD PDFEMAILCOPY LINKLINKEDINPublished DateMar 7 2025Related people Jane Finlayson-BrownOn February 20 the Information Commissioner’s Officer (the ICO) published the third edition of the Tech Horizons Report (the Report) The Report identifies four new technologies expected to emerge over the next 2 to 7 years examples of use cases and flags potential data protection risks. The Report discusses the following technologies: The Report also goes on to consider selected technologies covered in previous Tech Horizons reports and updates areas of significant development For example regarding consumer health tech next generation internet of things (about which we can expect guidance in the Spring) Given the uncertain nature of the technologies and their future development the ICO is clear that the recommendations made should not be treated as formal guidance or an indication of the ICO’s future regulatory approach to the technology the ICO considers that early identification privacy and data protection issues can support timely regulatory guidance and help organisations embed safeguards during design The Annex to the Report comments on the methodology used to create the Report.  Changing language to undefinedContent will show in when available.Some content may not be translated. Shadow of the Colossus dev is finally making another gameLet’s all hope it arrives within the decade by Ian Walker LinkIan Walker loves exploring niche communities and researching the development of classic video games.A teaser for Fumito Ueda’s next game premiered at The Game Awards 2024 Thursday. Okay, now that we’re all done levitating and emitting pure light like Beast at the end of Beauty and the Beast, let’s talk about what we just witnessed. Ueda is the visionary game developer behind games like Ico, Shadow of the Colossus, and most recently The Last Guardian. He and his team at GenDesign are developing Project: Robot with the publishers at Epic Games for the Epic Games Store as well as PlayStation and (for the first time in Ueda’s career) Xbox consoles. That said, the announcement doesn’t specify which PlayStation or Xbox, so we may be in for a long wait. Following the incident, the British Library published a cyber incident review in March 2024 which provided an overview of the cyber-attack and key lessons learnt to help other organisations that may experience similar incidents We commend the British Library for being open and transparent about its system vulnerabilities that contributed to the incident and the improvements made so far to protect people’s personal information Having carefully considered this particular case further investigation would not be the most effective use of our resources We have provided guidance to the British Library which has reassured us about its commitment to continue to review and ensure that appropriate security measures are in place to protect people's data Organisations must take proactive steps to assess and mitigate risks against cyber attacks such as implementing comprehensive multi-factor authentication (or an equivalent measure) regularly scanning for vulnerabilities and keeping systems up to date with the latest security patches All text content is available under the Open Government Licence v3.0 and how is data and privacy protection evolving The ICO is tasked with making sure that businesses within the UK are compliant with strict data protection principles The regulator has a number of roles and responsibilities including investigating organisations that have suffered data breaches and generally auditing companies for their data collection and storage practices The ICO also regularly publishes reports on the state of data protection in the UK emerging threats to the landscape and updates to how it operates seemingly out of fear of being as compliant with the legislation as possible Founded in 1984 as the Data Protection Registrar, the first leader of the organization was Eric Howe. Howe created the first database – the register of data users after the introduction of the Data Protection Act 1998 (DPA) Howe's work raised public awareness around the importance of data protection and the ways businesses collect data about their customers and commercial partners Howe was instrumental in raising the profile of the Data Protection Registrar leading the prosecution of several companies that were found to have inadequate systems to protect the personal data they were collecting These prosecutions sent a message to all businesses that the registrar had the power to investigate and fine companies in breach of the DPA Howe retired in 1994 after being awarded a CBE for his services The ICO we know today has a head office in London The management board of the ICO also includes several deputy commissioners and non-executive directors The ICO is primarily funded through the data protection fees paid by organizations which account for over 85% of its annual expenditure Government grants-in-aid supplement this funding to support the ICO's regulation of other laws organizations processing personal data must pay a data protection fee unless exempt Personal data includes information such as names the ICO collected approximately £66 million through the data protection fee up from £62 million in the previous year the ICO's regulation of other legislation is funded by grant-in-aid receiving £10,298,000 from April 2022 to March 2023 The Commissioner is the most senior official at the ICO Eric Howe1984 - 1994The first Data Protection RegistrarElizabeth France1994 - 2002She continued as the Data Protection Commissioner when the titled changedRichard Thomas2002 - 2009The first to serve under the title of Information CommissionerChristopher Graham2009 - 2016Notable for introducing significant enforcement powersElizabeth Denham2016 - 2021Played a vital role during the implementation of GDPR Denham was also instrumental in the investigation into privacy rights that led to the fine of $260,000 (£200,000) against Aaron Banks and Vote Leave over marketing breachesJohn Edwards2022 - presentThe current Information Commissioner focusing on post-Brexit data protection challenges Marketing campaigns have again been scrutinized which failed to manage offer opt-outs correctlyThe Commissioner is also not a neutral party the Commissioner oversees data privacy rights.  For example, with the rise of LFR (live facial recognition) technologies the Commissioner openly stated that the technology poses "a potential threat to privacy."  said: "We understand the purpose is to catch criminals these trials also represent thousands of people's widespread processing of biometric data as they go about their daily lives I believe that there needs to be demonstrable evidence that the technology is necessary and effective considering the invasiveness of LFR." the ICO is also the enforcement organization for several other pieces of legislation many news headlines covered the substantial fines businesses could face for any breach of the regulations.  The maximum statutory fine is $23 million (£17.5 million) or 4% of the business's annual turnover – whichever is the higher The reality is that the ICO will consider many factors before deciding on the level of fine for the breach or infringement The ICO states: "Fines aren't suitable for every breach Our fines and penalties may grab the headlines but we know that our work with organizations helping you to make changes and improvements to comply with the law is the most effective way of reducing mistakes and misuse of people's data We're here to help you get data protection right through our events and our support and advice services we want to work with you to decide what improvements we expect from you and provide advice to help you get it right in the future." This will require developing advanced technical expertise to evaluate and regulate these technologies ensuring they are used responsibly and ethically The ICO can enhance its outreach programs and leverage digital platforms to engage with the public more effectively executive director of Regulatory Risk at the ICO "We are pleased that Meta has reflected on the concerns we shared from users of their service in the UK and responded to our request to pause and review plans to use Facebook and Instagram user data to train generative AI In order to get the most out of generative AI and the opportunities it brings it is crucial that the public can trust that their privacy rights will be respected from the outset We will continue to monitor major developers of generative AI to review the safeguards they have put in place and ensure the information rights of UK users are protected." Edwards stated: "People were simultaneously amused by the novelty of it and unnerved by its power Questions started being asked about where ChatGPT was getting its information from and the pros and cons of using personal data to train the model banned ChatGPT due to concerns over how it used people's personal information "AI and emerging tech can be a massive force for good The strides forward we've made in terms of healthcare Edwards concluded: "Ever since the ICO's inception in 1984 data protection law has been the principal form of regulation for new technologies The same principles apply now as they always have – you need to look after people's information be transparent about how you're using it and ensure its accurate." we're shifting our guidance away from 'don't do' to 'how to' our data strategy is setting an ambitious vision to 'show We aspire to be an exemplar for responsible innovation in the use of data – one that can inspire and guide others through our own transformation." David HowellDavid Howell is a freelance writer broadcaster and content creator helping enterprises communicate he has a particular interest in how enterprises are using technology to connect with their customers using AI His work over the past 30 years has appeared in the national press and a diverse range of business and technology publications. You can follow David on LinkedIn The crypto world is buzzing with excitement as Solaxy the first-ever Layer 2 blockchain built on Solana With more than $31.9 million raised to date and many investors believe it could become a major player in the next wave of blockchain innovation Unlike other projects attempting to improve on existing infrastructures and more scalable version of Solana itself and multi-chain compatibility—features that are drawing widespread attention from both retail investors and blockchain enthusiasts An X post from the Solaxy team captures the growing excitement: “It’s perfectly okay to think about SOLX at night This playful statement reflects the level of anticipation around Solaxy’s upcoming launch as users eagerly await a new era for the Solana ecosystem Solaxy is designed to address some of the critical pain points that have affected blockchains like Solana By introducing a Layer 2 solution specifically optimized for Solana Solaxy aims to eliminate these issues through a robust The Solaxy white paper goes into extensive technical detail about its roadmap It is a recommended read for those who are tech-savvy and looking for deeper insights into how Solaxy plans to revolutionize blockchain scalability and reliability which aims to become one of the top new cryptocurrencies by leveraging the growing popularity of Solaxy’s ecosystem Transparency and regular updates have been central to Solaxy’s community-building efforts Through its website and social media channels Solaxy frequently posts development updates Source – Solaxy Twitter These updates offer the community a closer look at the innovation happening behind the scenes Solaxy offers a detailed breakdown of its tokenomics and has a comprehensive FAQ section to assist new investors and developers interested in the project For those ready to participate, Solaxy offers simple buying options allowing users to purchase SOLX using cryptocurrency or traditional payment methods like credit and debit cards Solana purchases are also seamlessly supported making it extremely accessible for users at all levels of crypto experience When it comes to managing SOLX and other cryptocurrencies Praised for its emphasis on anonymity, Best Wallet allows users to buy and receive cryptocurrencies without undergoing Know Your Customer (KYC) verification processes This commitment to privacy is especially appealing to users who value true decentralization and freedom in the crypto space Best Wallet users can benefit from the ongoing BEST token airdrop campaign where they can claim free BEST tokens simply by participating Whether on iPhone or Android, Best Wallet offers a secure and user-friendly experience, making it a top choice for new and experienced crypto enthusiasts alike. Visit Best Wallet As the first Layer 2 solution built for Solana Solaxy is shaping up to be one of the most exciting crypto projects of the year along with the introduction of the Galaxy meme coin Solaxy has captured the attention of the broader crypto community With the presale nearing $32 million and a detailed roadmap guiding its future, Solaxy represents a bold step forward for Solana’s ecosystem—and possibly the next big opportunity for investors seeking the next major blockchain breakthrough. Visit Solaxy. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article On November 6, 2024, the UK Information Commissioner’s Office (“ICO”) published a report following consensual audit engagements conducted between August 2023 and May 2024 with developers and providers of artificial intelligence (“AI”) powered sourcing and selection tools used in recruitment (the “Report”) The Report covers the outcomes of the audits and a series of recommendations for recruiters and for developers and providers of recruitment AI tools that aim to better protect the data privacy rights of candidates The Report details how the audits identified good practices in several areas such as a lack of accuracy testing and unnecessary collection of personal data ICO auditors made 296 recommendations and 42 advisory notes across all engagements The recommendations contained in the Report relate to key areas and principles of data protection compliance such as transparency Examples of such recommendations include: which an organization can use to assess their compliance Erika Rasure is globally-recognized as a leading consumer economics subject matter expert She is a financial therapist and transformational coach with a special interest in helping women learn how to invest One of the easiest and most effective ways to accomplish this is by using web application firewall (WAF) services, such as Imperva granting companies improved control and oversight of who is accessing their files and website Firewalls protect these backdoors to website shells while delivering protection against common script injection and exploit techniques Initial coin offerings are legal in the U.S they are regulated and must follow a process to offer tokens and raise funds Ethereum initially raised funds using token offerings but was charged by the Securities and Exchange Commission with offering unregistered securities Ethereum paid its fines and continued to develop but they are not as popular as they were because securities regulators cracked down on the practice Coindash Team via Medium. "CoinDash TGE Hack Findings Report 15.11.17." Cryptonews.com. "OKEx and Bitfinex Suffer a DDoS Attack." The Information Commissioner’s Office (ICO) has embarked on a major review of cookie usage and compliance across some of the UK’s 1,000 most-frequented websites as it prioritises giving consumers more choice and confidence in how their data is collected The regulator has already investigated the top 200 UK websites and said it has found concerns with 134 of them – which have been communicated to their owners The ICO said it wanted to set out clearly the expectation that website operators must comply with data protection law by giving users meaningful choices and control as to how their data is used “Uncontrolled tracking intrudes on the most private parts of our lives and can lead to harm. For example, gambling addicts being targeted with more betting ads due to their browsing history or LGBTQ+ people altering their online behaviour for fear of unintended disclosure of their sexuality,” said ICO executive director of regulatory risk “Our ambition is to ensure everybody has meaningful choice over how they are tracked online and what we’re publishing today sets out how we intend to achieve that we saw significant improvements in compliance among the top 200 websites in what was a promising step forward for the industry we are expanding our focus to the top 1,000 websites – and beyond that to apps and connected TVs.  “We’ll continue to hold organisations to account but we’re also here to make it easier for publishers to adopt compliant we aim to create an environment where businesses can succeed and people can have trust and control over their online experiences,” said Almond The concept of giving end-users meaningful control is one to which the ICO is cleaving in its 2025 strategy through which it hopes to address the “significant harm” that can occur to ordinary people when online tracking practices are abused or misused Complementing this strategy are a number of new measures to support businesses in adopting privacy-friendly practices and business models These include the publication of draft guidance on tracking people using storage and access technologies such as cookies and fingerprinting; final guidance on the use of so-called consent-or-pay business models to help businesses balance tech innovation and revenue with data protection law; and potential reforms to support the use of new The final guidance on consent-or-pay models – which is now available for organisations to review via the ICO’s website – covers the practice of offering a choice between agreeing to receive personalised targeted advertising to access a service for free or paying for the service to avoid these adverts it clarifies how organisations can use these models to give website visitors meaningful control while still supporting their own economic viability It includes a set of best practices against which organisations should be prepared to assess their models to demonstrate their users have freedom of choice and consent “Tracking should work for everyone,” said Almond “Giving people clear choices and confidence in how their information is used while enabling businesses to operate fairly and responsibly Organizations must take steps to ensure compliance with emerging rules targeting foreign adversaries' access to U.S A former federal deputy CIO testified that reauthorizing the Technology Modernization Fund will help the government continue IT .. 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