New York Court Cracks Down On Crypto Fraud
A New York court has ordered defendants to pay $4.25 million in penalties for investment fraud involving the cryptocurrency ATM Coin. On Nov. 1, the United States Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Eastern District of New York has entered an order against several entities for committing fraud and misappropriating client funds. The defendants include a couple of individuals, and four related corporate entities: United Kingdom-based Blue Bit Banc, Turks and Caicos-located Blue Bit Analytics and two firms from New York — Mercury Cove and G.
Researchers Say 1 Crypto Whale May Have Triggered 2017 Crypto Explosion
Researchers have continued with their claims about market manipulation in winter 2017, now stating that a single whale was responsible for Bitcoin’s historic price surge. The development was reported by Bloomberg on Nov. 4. John M. Griffin and Amin Shams — of the universities of Texas and Ohio — they made the case that market misconduct was allegedly behind Bitcoin’s bull run to an all-time high of $20,000 in December 2017. They reportedly argue that an analysis of Tether and Bitcoin transactions from March 1, 2017, through March 31, 2018, consolidates their view that a single entity — transacting via Tether’s sister firm, crypto exchange Bitfinex — is behind the manipulation.
Maltese Government Working With German Blockchain Company
The Maltese government agency supporting business development, Malta Enterprise, signed a memorandum of understanding with Blockchain-as-a-Service service firm T-Systems, parent company Deutsche Telekomin recent days. Deutsche Telekom launched the Blockchain Ecosystem (GBE) in October 2019. Now, the Maltese agency will become T-System’s first partner gaining access to the Blockchain Ecosystem, which can reportedly be used to track a product’s value chain from raw materials to delivery alongside other tools that can facilitate blockchain development.
Bitfinex Exchange Supports BTC bench23 Addresses
The crypto exchange Bitfinex now supports Bitcoin (BTC) bech32 addresses generation and deposits to bech32 addresses. Following the launch of Bitcoin withdrawals on bech32 addresses on Oct. 29, and the Bitfinex official announcement on Nov. 4 that the exchange now also supports Bitcoin deposits to bech32. A bech32 Bitcoin address is a Segregated Witness (SegWit) address format specified by Bitcoin Improvement Proposal (BIP) 0173.
DX.Exchange Is Looking To Merge Or Sell
Less than a year after launch, the Nasdaq-powered digital trading platform DX.Exchange is temporarily shutting down as it looks to complete a merger or outright sale. The Estonia-based platform announced on Nov. 3, informing users that “the costs of providing the required level of security, support, and technology is not economically feasible on our own.”
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.