Binance-Initiated Blockchain Charity Foundation Goes Live, As UN Turns to Blockchain Tech

Binance, supported by the TRON foundation and several other cryptoasset projects, has launched the portal for charitable donations to its recently-announced Blockchain Charity Foundation (BCF). The portal launch was announced during the Blockchains For Sustainable Development (B4SD) conference, part of this year’s United Nations Conference on Trade and Development (UNCTAD) World Investment Forum (WIF).

Beyond alphabet soup

As CryptoGlobe recently reported, the BCF publicized its ambition to raise $100 million during its first year of existence. And consonant with the BCF’s previously stated intention to “[focus] on Africa as a pilot to begin,” a donation channel has already been opened to aid flood victims in the Bududa district of Uganda, according to Yahoo Finance.

The aim of the BCF is to, naturally, remove all possible intermediaries between donors and recipients. This aspiration comes in response to numerous cases, in the past few years, of charity malfeasance and impropriety in dealing with donors’ donations; the American Red Cross stands as a notable example of this trend. The BCF will direct 100% of donations, it says, to beneficiaries.

To that end, the new platform will have a minimum of one, and a maximum of two layers between donors and recipients, according to a recent Medium post by Binance founder and CEO Changpeng Zhao (“CZ”). The BCF itself will be the primary layer, developing its own programs with “very [careful] due diligence” which can receive and directly send donations; followed by an optional secondary layer - for example a U.N. program - which can also direct donations.

All transactions will be transparently visible via a planned blockchain explorer website, which will need to “track transactions on different blockchains, and potentially handle user registration and verification, and KYC and AML, etc.”

CZ has stated that the BCF will take the lead in financing the platform’s development, and in troubleshooting eventual issues with getting beneficiaries set up with wallets, adding “we welcome others to provide their support as well.”

A number of donations can already be seen, in the form of various cryptoassets (complete with transaction IDs), on the BCF’s new website. A tab for “Allocation Records” remains blank, but will presumably contain data showing final Ultimate Beneficiary receipts of funds, in the near future.

The TRON (TRX) foundation is notable for being perhaps the first high-profile donor to the new endeavour, giving $3 million to further develop the program.

FBI Arrests Russian Rapper for Crypto Laundering After Flaunting Wealth on Instagram

  • The FBI arrested Russian rapper Maxim Boyko on charges related to cryptocurrency laundering.
  • Authorities say Boyko, who has ties to now-defunct exchange BTC-e, was flaunting "substantial" sums of money on social media.

The Federal Burea of Investigation (FBI) has arrested a Russian rapper in the United States on charges of cryptocurrency laundering. 

According to a report by The Moscow Times, authorities arrested Maxim Boyko, 29, in a Miami condo on Friday. Boyko first came to the US with his wife and January and told customs agents his earnings came from bitcoin investments and rental properties in Russa. Boyko also operated several social media pages promoting himself as a rap artist under the alias Plinoffiical. 

The report claims Boyko’s Instagram page showed him flashing large sums of money, giving authorities a tip-off. 

In a request for an arrest warrant on Mar. 27, an FBI agent wrote, 

[Boyko’s] Instagram social media and Apple iCloud accounts include photographs of him with substantial sums of U.S. and foreign currencies dating back as far as 2015.

Authorities were able to trace the Russian rapper’s iCloud account to now-defunct crypto exchange BTC-e. According to the report, Boyko’s account had received almost $388,000 and withdrawn 136 bitcoin until the exchange was seized by authorities in mid-2017. 

The FBI alleges that Boyko is linked to an organized crime group by the name QQAAZZ which has facilitated the theft of “tens of millions of dollars.”

Boyko faces up to 10 years in prison if convicted. 

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