Day: December 10, 2019

Three Men Arrested for Running Alleged $722 Million Crypto Ponzi Scheme

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United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Department of Justice. The accusations against BitClub Network According to the press release, BitClub Network promised massive rates of return in exchange for investments in a shared cryptocurrency mining pool. The parties at the center of the scheme then allegedly misappropriated over $722 million of those funds into their own lavish…

MakerDAO Responds to Dev Accusing Network of $340M Vulnerabilty

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The Maker Foundation has announced a series of governance polls aimed at security after software developer Micah Zoltu explained how any hacker with $20 million at their disposal could stage an attack on the MakerDAO network and steal close to $340 million. In a Dec. 9 blog post, the Maker Foundation interim risk team announced a series of governance polls into its voting system, with one poll asking the Maker community whether the governance security module (GSM) should be upgraded from 0 seconds to 24 hours. Earlier on Dec. 9,…

Wu Jihan Resurfaces As Bitmain CEO After Co-Founder Is Forced Out

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Bitmain co-founder and tech billionaire Wu Jihan resurfaces at the helm of Beijing-based mining giant Bitmain at a recent meeting with clients. On Dec. 10, Bloomberg reported that Wu Jihan made a public appearance at a private event last Saturday in Chengdu, capital of southwestern China’s Sichuan province, where he announced that Bitmain co-founder Micree Zhan Ketuan had stepped down from his leadership role at the company. Zhan previously claimed that he was removed as a legal representative of the company without his consent after Wu Jihan had sent out…

US Arrests 3 in Alleged Crypto Mining Pool Fraud Scheme

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According to a press release, Matthew Brent Goettsche, 37, of Lafayette, Colorado; Jobadiah Sinclair Weeks, 38, of Arvada, Colorado; and Joseph Frank Abel, 49, of Camarillo, California were indicted on charges of conspiracy to commit wire fraud (Goettsche and Weeks) and conspiracy to offer unregistered securities through their participation in BitClub Network, a mining pool  Source

US Court Orders UK Judge to Depose Telegram’s Advisor About Token Sale

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“It has been demonstrated to this Court that justice cannot be done amongst the parties to the Action without the testimony of Mr. Hyman… This Court requests the assistance of an appropriate English judicial officer to compel the appearance of Mr. Hyman to give oral sworn testimony and to produce documents on the subject matters and for the date ranges as described in this Request,” the order says. Source

UK Court Orders US Judge to Depose Telegram’s Advisor About Token Sale

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8220;It has been demonstrated to this Court that justice cannot be done amongst the parties to the Action without the testimony of Mr. Hyman… This Court requests the assistance of an appropriate English judicial officer to compel the appearance of Mr. Hyman to give oral sworn testimony and to produce documents on the subject matters and for the date ranges as described in this Request,&# Source CryptoX Portal

SEC Seeks British Assistance in Getting Testimony of Ex-Telegram CIO

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The Securities and Exchange Commission (SEC) has filed a proposed order with the US District Court for the Southern District of New York to request the British High Court’s assistance in getting the testimony of Telegram’s former chief investment advisor, John Hyman. Telegram has been embroiled in a longstanding legal wrangle with the SEC over whether two ICOs conducted in 2018 should have been registered with the commission. Between January and March 2018, Telegram raised in excess of $1.7 billion USD from 171 investors, including $424.5 million USD from 39…