Day: November 14, 2019

BRICS Nations Discuss Creation of New Crypto For Unified Payment System

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According to one official in attendance, members of international association BRICS discussed the creation of a new cryptocurrency at a recent summit. On Nov. 14, Russian financial news outlet RBC reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council supported the idea of creating a single payment system for settlements between the member countries at the 11th annual BRICS Summit in 2019, held in Brazil. Creating a “BRICS” cryptocurrency? The member nations — namely, Brazil, Russia, India, China and South…

Kik “Void for Vagueness” Plea Against SEC Dismissed by Judge

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Kik, the former messaging app now shifting its focus to cryptocurrency, has been involved in a court case with the SEC, which alleges that a 2017 ICO breached the commission’s regulations due to the fact that its coin, Kin, is actually a security. Kik Legal Team Struggle for Plausible Explanation The legal team for Kik has argued in the court of the Southern District of New York that the case against it is null and void based on the premise that the legal definition of an “investment contract” is unclear. However, the…

Kik “Void for Vagueness” Plea Against SEC Dismissed by Judge

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Kik, the former messaging app now shifting its focus to cryptocurrency, has been involved in a court case with the SEC, which alleges that a 2017 ICO breached the commission’s regulations due to the fact that its coin, Kin, is actually a security. Kik Legal Team Struggle for Plausible Explanation The legal team for Kik has argued in the court of the Southern District of New York that the case against it is null and void based on the premise that the legal definition of an “investment contract” is unclear. However, the…

Two US Men Arrested For Stealing Social Media Accounts and Crypto via SIM Swapping

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The United States Department of Justice has arrested and charged two Massachusetts men for allegedly taking over victims’ social media accounts and stealing cryptocurrency. According to the announcement on Nov. 14, the two — Eric Meiggs and Declan Harrington — were charged with one count of conspiracy, eight counts of wire fraud, one count of computer fraud and abuse and one count of aggravated identity theft.  Attempt to steal over $550,000 in crypto The Massachusetts residents were allegedly targeting executives of cryptocurrency companies thought to own significant amounts of cryptocurrency…

Blockchain.com Loan Desk On Track to Lend Over $120 Million In November

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United Kingdom-based cryptocurrency data and wallet provider Blockchain.com is reportedly on track to lend out more than $120 million this month. On Nov. 14, the Block reported that Blockchain.com has been quietly building its loan desk to be competitive with firms like Genesis Global Trading and BlockFi. CEO of Blockchain.com, Peter Smith, said that his lending business initially started out by making loans to other cryptocurrency lending firms on a “case-by-case basis.” While the company lent out around $10 million in new loans during the month of August, by the…

Andreessen Horowitz Leads $25M Funding Round for Crypto Lending Startup

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Venture capital firm Andreessen Horowitz has led a $25 million funding round for crypto lending startup Compound. On Nov. 14, Fortune reported that Compound, a decentralized finance (DeFi) lending protocol, secured $25 million in an investment round led by Andreessen Horowitz’s a16z, with participation from other top investors including Paradigm, Bain Capital Ventures and Polychain Capital. To integrate with crypto exchanges, custodians, wallets Compound CEO and co-founder Robert Leshner said in an interview with Fortune that the company now has over $150 million in assets on its platform and that…

Bitcoin Price Defies ‘Death Cross’ as Bulls Pin Hopes on $9.1K Bounce

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Bitcoin (BTC) price continues to trend lower, marking 5 consecutive lower highs as the price makes a stairstep decline in a falling wedge. Interestingly, the pattern is interpreted by many analysts as a signal of a potentially bullish outcome so perhaps there is still hope. Crypto market data daily view. Source: Coin360 BTC USD daily chart. Source: TradingView The price has pierced the $8,674 support three times over the past 4 days, increasing the chance that the price will drop to the lower trendline of the falling wedge at $8,480.…

OneCoin Co-Founder Pleads Guilty, Faces up to 90 Years in Jail

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Konstantin Ignatov, co-founder of alleged crypto scam OneCoin, has pleaded guilty to participation in the multi-billion dollar fraud. According to a BBC report on Nov. 14, Ignatov signed a plea on Oct. 4 and now faces up to 90 years in prison. The news was made public on Nov. 12, the BBC says. After being arrested at Los Angeles International Airport in March 2019, Ignatov pleaded guilty to several charges, including money laundering and fraud. While facing up to 90 years behind bars, he has yet to be sentenced and…

Walmart Canada Rolls Out Blockchain-Based Freight and Payment System

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Walmart Canada — the retail giant’s Canadian branch — has rolled out an automated blockchain-based network for freight tracking and payments management, according to a Nov. 14 press release. The new system, which was developed in collaboration with blockchain company DLT Labs,  is designed to improve freight and payment processing, enabling users to automatically trace deliveries, verify transactions and handle payments and reconciliation. Integration with each company’s legacy systems The release further states that the network can be integrated with a business’s legacy system and “manages, integrates and synchronizes all…