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Christie’s “encrypted” – Christie’s auction house enabling payments in cryptocurrency Ethereum

British auction house Christie’s is where spectacular auctions take place. Transactions that are carried out there are mentioned all over the world. Many Christie’s auctions attract interest due to the fact that they may be controversial, such as sale of an image created by artificial intelligence or the work entitled “Femme assise près d’une fenêtre (Marie-Thérèse)” by Pablo Picasso. Recently Christie’s announced that another innovative auction is planned.

Namely its October “Post-War to Present” auction will include the sale of 31 non-fungible tokens that are considered to be some of the oldest on the Ethereum blockchain. A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. This will be the first ever live auction with bidding conducted entirely in Ether. The NFTs that Christie’s is offering in the fall have distinct legacies of their own. They are also estimated to sell for between 250 and 350 ETH, which shakes out to approximately between $870,000 and $1.3 million. These NFTs are Curio Cards that were made in May 2017, so even earlier than CryptoPunks and CryptoKitties.  

Aside from the Curio Cards NFTs, Christie’s will be auctioning NFTs from the Art Blocks curated collection. Modern artists would have possibility to choose their favourite post-war artworks and pay for them in Ethereum. The tokens are representing real-world objects like art, music, in-game items, videos and other seemingly mundane everyday signifiers. Works by renowned artists such as Helen Frankenthaler, Elaine de Kooning, Joan Mitchell and Grace Hartigan will be part of the auction alongside works by Wayne Thiebaud.

The event definitely created a buzz among art enthusiasts.  NFTs are highly valued digital assets which uses blockchain to record the ownership status of the aforementioned items. After the transaction only the buyer of an NFT has the official of being its owner. However anyone can still view the item.

Recently, several large cryptocurrency-based auctions have brought in huge amounts of money in the art world. The upcoming “Post-War to Present” auction is sure to create a buzz among currency enthusiasts. One thing we can be sure of – a digital revolution is coming, and the world of cryptocurrencies will surprise us more than once.

Sources:

Christie’s Is Now Accepting Ether for Ethereum’s Earliest NFTs | Observer

Christie’s to Hold Auction of Some of the Oldest NFT Art — With Live Bids in ETH | Technology News (ndtv.com)

Christie’s na Twitterze: „Friday, 1 October at 9:30AM EDT, Christie’s New York presents Post-War to Present: The NFTs. This will be the first ever live auction with bidding conducted entirely in Ether. Featuring Curio Cards and Art Blocks Curated. https://t.co/Ydpr1zsr5Z https://t.co/zUaoY0pEXT” / Twitter

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Polish competition law and legal control on the Polish market of concentration of enterprises in Poland, including TECH companies, by way of merger, acquisition of control, acquisition of an organized part of property and creation of a new entrepreneur

Control of concentration of entrepreneurs is a legal term for: merger, acquisition of control, acquisition of an organized part of property and creation of a new entrepreneur. Its task is to prevent excessive consolidation, which, if left uncontrolled, could lead to a significant restriction of competition on the market by acquiring or strengthening a dominant position.

The control of concentration of entrepreneurs, performed mainly by the President of the Polish Office of Competition and Consumer Protection, covers transactions that have or could have had a significant impact on the market in Poland. The task of the President of the Polish Office of Competition and Consumer Protection is, inter alia, issuing consents to carry out a specific concentration in order to prevent any restriction of competition on the market. The President of the Polish Office of Competition and Consumer Protection may also issue a decision prohibiting merger. However, it is worth noting that concentration can be allowed under certain conditions. An example of this is the resale of part of the property. The Polish Act on competition and consumer protection of February 16, 2007 also allows for the approval of a merger leading to a restriction of competition, in certain very strictly defined situations. It refers to such events as a result of which there will be economic development; technical progress or simply they will have a positive impact on the national economy.

In accordance with the above-mentioned Act, there may be cases in which there will be no need to notify the intent of the concentration to the Polish Office of Competition and Consumer Protection, because this action will have little impact on the market. It should also include cases where the turnover of the enterprise which is the object of the takeover on the territory of Poland in none of the two financial years preceding the notification was equal to or greater than the amount of EUR 10 million. If the entities belong to the same capital group, there is also no need to notify the concentration to the Polish Office of Competition and Consumer Protection.

If the concentration has been carried out, without prior consent from the Polish President of the Office of Competition and Consumer Protection, the President may take specific steps aimed at restoring the state of effective competition. This effect can be achieved by ordering the division of the entrepreneur / enterprises or ordering the resale of a part of the shares. The President of the Office may also impose a financial penalty of up to 10% of last year’s revenue of the said enterprise, to entities that took part in an unauthorized concentration.

What is concentration control about?

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Theft in the cryptocurrency environment

We usually associate the cryptocurrency environment with advanced security measures to secure financial resources. There are even companies that offer cryptocurrency holders advanced methods of securing their wealth through military technology. Nevertheless, the problem of theft is not a foreign topic in the cryptocurrency community.

The graph above shows the size of cryptocurrency theft over a period of 3 years. Different colors indicate different cases of cryptocurrency theft, while the black line shows the number of recorded incidents.

Almost all cases of cryptocurrency theft fall into one of the three theft categories. The categories mentioned are: Exchange attacks, attacks on individuals, DeFi exploits.

Exchange attacks

At this point, thieves have stolen billions of dollars worth of cryptocurrency by attacking exchange wallets. Many companies, including such large and respected companies as Bitpoint, Binance, DragonEx, have been the subject of keen interest from hackers. The question arises as to how hackers managed to break through such advanced security. One of the most common methods used by hackers is social engineering. A hacker typically tries to trick employees of a particular cryptocurrency security company’s customers into downloading special malware that will give them access to one or more accounts. If the attacker is sufficiently determined, he will wait for months or even longer, observing patterns of money inflows and outflows so that he can sense the right moment to steal as much money as possible. What does this look like in practice?  In one particularly audacious case, hackers set up a fake company, complete with website, social media presence and executive resumes.  On the fake website, the hackers posted that they had created an automated trading bot and sent out several messages to employees of the companies/exchanges asking them to download and try a free trial version. At least one of the recipients was tempted by the offer. As it later turned out, the “free trial” included malware that helped hackers obtain the keys to private cryptocurrency wallets of several users. Immediately after gaining access to these accounts, the hackers began siphoning funds from these wallets. Hacking activity is a major threat for exchanges.

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Illicit Actors and Organizations in the aspect of cryptocurrency market

Illegal organisations, or other illegal cryptocurrency entities, are groups transacting with cryptocurrency whose activities do not necessarily rise to the level of criminality, but are nevertheless considered risky due to activities balancing on the edge of legality or reputational risk. One example of such entities are implicitly sex-related sites such as RubRatings. The site in question allows massage therapists to publish advertisements encouraging clients to use their sexual services and includes Bitcoin as a payment option. While services offered by the said website are as a rule legal, the RubRatings website implies the availability of sexual services and the site itself is listed as a human trafficking intermediary, therefore the RubRatings organisation, can be categorised as illegal.

Domestic Extremism and Racial Hatred

Another example relates to the organisations and public figures associated with domestic extremism and racial hatred. Many of these organisations accept donations in the form of cryptocurrencies, and it can be expected that more will follow, as with the current interest in cryptocurrencies, organisations will continue to move away from conventional payment. Examples confirming this trend are publications such as the Daily Stormer, as well as the work of public figures such as Nick Fuentes. Extremist rhetoric itself is generally not illegal in most jurisdictions, but many of these groups have been linked to incidents involving outright violence. Examples of such incidents include: The 2017 Unite the Right rally in Charlottesville, Virginia or the 2021 riot in front of the US Capitol. In the latter case, Chainalysis found that several people with alt-right views, including some associated with the rally immediately preceding the riot, had received large donations in bitcoin one month earlier.

Who are Shadow Brokers?

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KIELTYKA GLADKOWSKI KG LEGAL takes part in the Business Mission for Organic Producers from the Netherlands to Poland

Due to its membership in the Netherlands Polish Chamber of Commerce, KIELTYKA GLADKOWSKI KG LEGAL will take part in the Business Mission for Organic Producers from the Netherlands to Poland organized on 26-27 October 2021.

Together with the Netherlands Embassy, the Netherlands Polish Chamber of Commerce participates in an incoming mission for organic producers from the Netherlands. The NPCC will be responsible for a tailor made matchmaking program for incoming companies.

The new EU Green Deal strategy, which aims to increase the area of organic farming in the EU to 25% of agricultural land by 2030, is a huge boost for this sector. In Poland, with the current share of 3.5% organic farming area, reaching the 10% ceiling by 2030 means tripling the current state.

On the other hand with 38 mln inhabitants Poland is a big market and with increasing knowledge and demand for good quality food, sales of organic products in Poland are steadily growing. Next to retail chains focused on eco certified products only, also shelfs of regular retail chains are being filled with products labeled with the EU green leaf. Also bottom up initiatives like bio trade fairs are more common and with well-developed delivery system in Poland also omni-channel solutions are very popular in this sector.

The Embassy in Warsaw together with the Polish Chamber for Organic Food prepared a report on the Polish organic production and current market for organic products in Poland. You can read the whole report under the following link: https://www.agroberichtenbuitenland.nl/actueel/nieuws/2021/09/21/digital-trade-mission-organic-to-poland

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