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Japan To Recognize Cryptocurrencies As Legal Financial Products

• Written by Andrea Miliani Former Tech News Expert
• Fact-Checked by Sarah Frazier Former Content Manager

The Japanese financial regulator is allegedly working on a plan to consider cryptocurrencies as financial products under law. The information has been shared by a local newspaper.

In a rush? Here are the quick facts:

• The Japanese Financial Services Agency is planning on changing cryptocurrencies’ status to financial products, as reported by Nikkei.
• A new bill is expected to be submitted by 2026.
• The new criteria could be similar to traditional financial products.

According to Reuters , this Sunday, the Japanese newspaper Nikkei—a respected publication in the financial industry—said that Japan’s Financial Services Agency (FSA) will revise the Financial Instruments and Exchange Act to change cryptocurrencies’ status to financial products.

The report shared by the Japanese paper explained that a new bill will be submitted to the parliament by 2026 to adjust the law with a new amendment for this. However, no specific sources were cited.

According to CoinDesk , the new criteria will consider similar regulations to conventional financial products, although no details were provided. At the moment, cryptocurrencies are considered “means of settlement” under the law and can be used as a payment tool, but the FSA has noticed gaps that are not being regulated and can encourage unregulated activities.

The new initiative comes after a rise in scams related to cryptocurrencies and recent private discussions among experts.

On March 6, the North American Securities Administrators Association (NASAA) warned about the increasing scams related to digital currencies and the use of new AI-powered technologies.

“This year, the most critical threats include financial scams tied to digital assets and cryptocurrency, social media apps, and marketing tactics designed to play on emotions.”

A few days ago, a new crypto-scam affecting Reddit users was unveiled by cybersecurity experts, and Microsoft recently warned about the StilachiRAT malware targeting digital wallets .

These new regulations also come after other countries have made some changes in their cryptocurrency management. In January, the United States announced a plan to develop cryptocurrency regulations and, a few days ago, a cryptocurrency reserve including seized Bitcoin as well as other currencies.

Image by Aubrey Cottle, from Wikimedia Commons

Hacker Linked To Anonymous Charged In Texas Republican Party Breach

• Written by Kiara Fabbri Former Tech News Writer
• Fact-Checked by Sarah Frazier Former Content Manager

The United States Department of Justice filed charges against Canadian hacker Aubrey Cottle, also known as “Kirtaner”, for allegedly breaking into the Texas Republican Party website in 2021.

In a rush? Here are the quick facts:

• The investigators established Cottle’s identity through his social media activity combined with his Discord chat participation.
• The search of his residence revealed 20 terabytes of stolen data.
• The identity theft charges against Cottle could result in a maximum prison sentence of five years.

Federal authorities revealed last week that Cottle stands accused of defacing the party website along with stealing private information which he distributed through the internet. Cottle allegedly broke into the Texas GOP website through Epik security vulnerabilities while he was an ex-Anonymous member.

He accessed the web server backup data, which included private information, and later distributed the 180-gigabyte file through BitTorrent. The website displayed two messages which read “JET FUEL DOESN’T MELT STEEL” and “Trans demon hackers are coming to get you,” as reported by Cyber Scoop .

According to the complaint , the investigation identified Cottle through an IP address that retrieved the stolen data. Additionally, the complaint claims that a TikTok account, called “ Kirtaner ,” released videos where Cottle appeared bragging about the hacking incident.

FBI agents discovered proof in the Discord channel Cottle launched during his 2005 time on the platform. The document shows how he wrote “OH I GAVE THE CHILDREN THE SQLI EXPLOIT VULN GAB CODE ALREADY” followed by the statement “epik hosting’s f—ed,” as reported by Cyber Scoop.

A search of Cottle’s Ontario home uncovered 20 terabytes of information, which included his claims of obtaining “root access” to Epik’s network through emails. A message with the topic “oops I control the Texas GOP” was found among his emails, says Cyber Scoop.

A solid-state drive from his residence included a folder called “EpikFailYouLostTheGame” which contained personal data from the Texas GOP website, reports Cyber Scoop.

The hacker frequently admitted his involvement in past break-ins through public statements. During his 2022 conversation with CyberScoop , he explained that Canadian law enforcement agents took his home computers and storage devices as well as his Guy Fawkes mask during their raid. According to Cottle, Epik deserved the attack because it provided services to right-wing extremist websites.

According to The Record , a conviction would result in five years of prison time for Cottle due to identity theft and unauthorized access to a protected computer. The Texas Republican Party along with Epik maintain absolute silence about this legal matter.