The digital currency economy has regained some strength bouncing back from a low of US$186 billion to $205 billion on Saturday, September 15.
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The Indian economic intelligence agency, the Enforcement Directorate (ED), has reportedly seized assets worth $ 60 million in connection with its probe against Amit Bhardwaj in the alleged Bitcoin Ponzi fraud of $5.26 billion.
According to a PTI report, the agency said that it has issued a provisional order for the attachment of properties under the Prevention of Money Laundering Act (PMLA). The properties include six offices of the owner of GainBitcoin.com and the alleged kingpin of the scam in Dubai and India. It also includes the residential apartments and bank balances of two of his associates Pankaj Adlakha and Hemant Bhope. This is the first attachment in the case where Bhardwaj started a company in Singapore — Ms Variabletech Pvt Ltd — in 2015 and duped around 8,000 people into investing in his Bitcoin trading Ponzi scheme, according to the ED investigation. The alleged scammer lured people to invest in his fraudulent Ponzi scheme – he would hold marketing events at various hotels across the country and his associates would attract attendees towards their schemes. “Through this, Bhardwaj and his marketing agents were able to collect investments worth about 80,000 bitcoins,” the agency told PTI.Instead of paying back the returns in bitcoins, as promised to the investors, returns were offered in Bhardwaj’s own newly launched crypto-currency token, which had almost no value on crypto-currency exchanges, the ED mentioned. “There are large numbers of investors who got cheated in this way,” it said. In fact, Bhardwaj even roped in Bollywood celebrities, including Shilpa Shetty, Bipasha Basu,and Nargis Fakhri in order to promote his ebook — Cryptocurrency for Beginners. Shilpa Shetty’s husband, Raj Kundra, celebrated Indian businessman also faced the ED over his monetary involvement in the company of Bhardwaj. Bhardwaj was arrested in April by the Pune police at New Delhi airport when he was returning from Dubai. See also: UNICEF France to accept Bitcoin [BTC], Ethereum [ETH], XRP & other cryptos as donations Sending cryptocurrency through radio waves is now possible with off-grid solar-powered system Image via Shutterstock Join our Telegram group
Coinsquare has taken a decision to go in for exchange-traded fund business, its subsidiary has launched two exchange-traded funds.
One of the most popular soccer clubs in the world is launching a crypto token that it says will boost fan numbers by allowing them to “be heard.”
U.S. Rep. Tom Emmer (R-MN) is planning to introduce three bills in support of blockchain technology and cryptocurrencies on the floor of the house. The three bills are titled, “Resolution Supporting Digital Currencies and Blockchain Technology,” “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”
Secrecy and intractability are some of the key tenants of what make cryptocurrencies popular. Their adherents want to detach themselves from mainstream networks of finance where identity is public. Hence, it came as no surprise that crypto-traders were displeased when ShapeShift, the cryptocurrency exchange announced its controversial decision requiring its customers to hone user identities. The CEO of ShapeShift, Erik Voorhees lamented that this decision wasn’t pushed upon them but was a “proactive” measure to guard themselves against legal threats. Voorhees, in conversation with CoinDesk, acknowledged the backlash from the community when ShapeShift had made the user identity call. The earlier policy didn’t warrant any user ID and hence safeguard the private information of users. Speculation persisted that the new Shapeshift’s ‘membership’ model, announced earlier this month was the result of constant struggles with regulators. This speculation arose from an Erik Voorhees’ tweet where he mentioned that the new ID system as “something we’re building under duress.” His complete tweet is mentioned below:
Tone – KYC and FOX have nothing to do with one another, other than both are aspect of our platform that are rolling out in a similar timeframe. FOX is something we’re building because it’s useful and cool, and KYC is something we’re building under duress.
— Erik Voorhees (@ErikVoorhees) September 5, 2018
Voorhees has always been a firm believer in the libertarian principles of freedom of choice and complete authority over personal data hence posing with the privacy rights argument, he has even voiced his opinion against know-your-customer (KYC) regulations that constantly wrangle investors. “KYC was not added as a result of any enforcement action, but rather as a proactive step we took to de-risk the company amid uncertain and changing global regulations,” said Voorhees to CoinDesk. He further added, “it was a strategic decision as we believe the risk of not doing so had gotten too great. It was not made lightly.” Speaking on the legal protection that such an update brings about, Voorhees said, “months of legal work and over a million dollars of legal expenses on this topic alone. That is money and time that would’ve been better spent building things to protect and serve customers.” Regulatory issues were, no doubt, significant to their incorporating this feature. However, Voorhees mentioned that this was added towards the end of the update and was initially deemed to be an optional feature. Voorhees said, “KYC was thus stuck on to the Membership platform, and while optional membership and account-based features are certainly desired by many of our customers, there is nobody (including us) who desires forced KYC.” His critics have berated him because they think that Voorhees has abandoned the sacred principle that ties together most cryptocurrencies, privacy. The ShapeShift CEO retaliated that he was reluctant to make this change and he is still opposed to government’s invasion of privacy, especially in financial affairs. “We remain committed to the struggle for financial privacy and sovereignty for all humans, and will continue to be tactical about how we further that cause,” he said. He further went on to attack to current system saying, “The status quo is to invade the privacy of millions of innocent people in order to potentially decrease the risk of a few bad actors. We think this is both unjust and ineffective.” In conclusion, Voorhees understands that one individual government’s regulations cannot hold ShapeShift down as it operates in a marketplace that encompasses the globalized world, he finished off by stating, “Ultimately, ShapeShift is a corporate entity, and we have to abide by laws around the world.” See also: Bitcoin’s decline is necessary to build market foundation: Erik Voorhees See also: ShapeShift’s new Bitcoin [BTC] swapping tool is beneficial in twofold Image via Shutterstock Join our Telegram group
A merger of two chains would be a curious experiment, but it would create three chains, not one, according to Ethereum co-founder Vitalik Buterin.
Die Finanzaufsichtsbehörde Singapurs widmet sich dem Thema Regulierung von Bitcoin und anderen Kryptowährungen.
Opera is launching today a “Labs” beta edition of its desktop web browser with built-in crypto wallet functionality, according to an exclusive blog post shared with Cointelegraph Monday, September 24. Opera first announced it would be integrating a built-in crypto wallet for its desktop browser in early August, and “Labs” is today open for private …
This is an excerpt. To hear the full interview with Andrew Yang, please click the Soundcloud or Youtube links. No matter which side of the aisle you sit on, you know one thing for sure–for the last two years, the politics in the United States have been wild. Never before in recent history have tensions …
Earlier this year, Bitcoin bull Mike Novogratz said that “a herd of institutional investors” was headed straight for the cryptosphere. He was right. A growing number of banks and other financial institutions have shown public interest in the blockchain space. However, the cryptosphere has received a series of harsh blows from the United States SEC …
Die Kryptomärkte verzeichnen eine weitere grüne Welle – Bitcoin bei über 5.690 Euro und 19 von den Top-20-Coins im Plus.
Brazilian brokerage Grupo XP is making a foray into the crypto business with a BTC and ETH trading platform slated for launch in the coming months.
The Smart Dubai office, a government initiative led by the Crown Prince of Dubai, is integrating blockchain technology into its retail payments smartphone app DubaiPay, enabling reconciliation and settlement transactions in real-time.