BLOCKCHAIN

Gemcoin Founder Admits to Fraud in $147 Million Scheme

[ad_1] Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement.The 62-year-old Southern California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency called Gemcoin (or Gem Coins) that helped fleece $147 million from 70,000 victims.Chen, also known as “Boss,” reported an income of $138,000 in 2014 which is a far cry from the $4.8
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Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors

[ad_1] Since the new German crypto regulation went into effect, financial institutions in Germany have been preparing to offer crypto custody services. Among them is Boerse Stuttgart, the country’s second-largest stock exchange. Having obtained a provisional license from BaFin, the regulator in charge of licensing crypto service providers, Boerse Stuttgart is preparing to offer crypto custody services to institutional investors. Also read: 40 Banks in Germany Declare Intent to Offer
Business

Israeli Banks Should Not Deny Services to Crypto Firms: Attorney General

[ad_1] Israeli banks should not deny services to firms involved with cryptocurrencies, according to Israel's attorney general Avichai Mandelblit.Instead of halting financial services for all crypto firms, banks should closely examine each case for indicators of money laundering risks or other illicit financial practices, Mandelblit told the Tel Aviv District Court.Mandelblit’s stance purportedly opposed to a position by Israeli central bankMandelblit’s stance — reported by Israeli news agency Globes on
BLOCKCHAIN

It Is Real and It Is Here

[ad_1] Every week sears a new image of climate change into our collective consciousness. A few decades ago, we heard about ozone holes and ice melting at slightly higher rates than anticipated. Today, the reminders of climate change are more visceral and immediate: California’s hills and forests burn, Venice’s city council chamber floods, and Iceland holds a funeral for a glacier. The United Nations held a global Climate Summit at the
Business

BTC Price Plummets $800 in an Hour

[ad_1] Bitcoin (BTC) took an unexpected dive today, plunging $600 in a matter of minutes. The plunge saw 15 of the 20 largest crypto assets by market cap down 5% or more on this time yesterday.Crypto Market 1-Day Price Chart. Source: Coin360The price drop began around 21:45 UTC when Bitcoin lost $800 in an hour.  More than $100 million worth of long contracts were liquidated on BitMEX alone during the
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Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation

[ad_1] Cryptocurrencies are gradually becoming a viable alternative for savers in Switzerland, according to a new poll. The Alpine nation’s crypto-friendly business climate and increasing regulatory clarity makes them a relatively easy addition to investors’ portfolios. Many Swiss people can afford and regularly do put some money aside but bank accounts are no longer offering inflation protection. Also read: Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions
Business

US Bitcoin Miner Aims to Repatriate 30% of Hash Rate Citing National Security

[ad_1] Bitcoin mining startup Layer1 Technologies has begun operations at its West Texas facility, with an ambitious roadmap to secure 30% of the hash rate.Layer1, which raised $50 million in November from Thiel, Shasta Ventures and Digital Currency Group, said it has now brought multiple 2.5-megawatt liquid-cooled mining containers online.Its short term goal is to scale up to 100 megawatts and 2% of the hash rate over the coming months.But
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Tim Draper Invests $1 Million into ‘Digital Court’ Blockchain Project

[ad_1] Billionaire investor Tim Draper has invested a million dollars in Aragon, a blockchain-based startup aiming to facilitate the creation and management of DAOs, and create the first digital jurisdiction. Aragon wants to decentralize power by creating a blockchain-based court system for community members to settle disputes. Tim Draper Adds to His Crypto Portfolio The legal system may be the next societal institution facing disintermediation by blockchain technology. Blockchain startup
Business

HSBC to Drop 35,000 Jobs and Invest in Digital Finance

[ad_1] In an earnings call held on Tuesday, Feb. 18, an HSBC executive revealed the bank plans to cut 35,000 jobs by the end of 2022 and invest more in digital systems. The plan for HSBC in the next three years is to cut down on staff and branches and simplify the operation by investing in technology. Noel Quinn, group chief executive added in the earnings call that: “In Retail Banking, we
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SEC Forces Crypto Company to Return ICO Funds to Investors

[ad_1] The U.S. Security and Exchange Commission (SEC) has ruled that startup Enigma MPC violated federal securities laws when it conducted the ENG token ICO. The company must refund investors and pay a fine. SEC DECLARES ENG TOKENS AS SECURITIES  The ICO took place in November, 2017 and raised approximately $45 million dollars. ENG is an Ethereum token that, like many, quickly saw its value skyrocket only to decline quickly