Month: September 2023

AirBit Club ‘ponzi’ co-founder gets 12 years prison

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The co-founder of AirBit Club — a cryptocurrency pyramid scheme that swindled investors of over $100 million — has been sentenced to 12 years in prison for his role in a $100 million “pyramid scheme”  that purported to be involved in crypto mining.  The sentencing comes nearly seven months after Rodriguez — the co-founder of AirBit Club — pleaded guilty to wire fraud conspiracy charges in a United States District Court in March. In a Sept. 26 statement, Damian Williams, United States Attorney for the Southern District of New York…

Mastermind Behind Massive Crypto Ponzi Scheme AirBit Club Receives 12-Year Prison Sentence

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In a landmark verdict, Pablo Renato Rodriguez, the co-founder of AirBit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels.  According to the US Department of Justice (DOJ), Rodriguez, along with his co-conspirators, masterminded a sprawling global pyramid scheme that defrauded investors of millions of dollars through false promises of cryptocurrency trading and mining profits. AirBit Co-Founder Convicted For $100 Million Crypto Fraud Per the DOJ’s investigations, the elaborate scheme involved luring unsuspecting and often inexperienced investors into purchasing AirBit Club memberships with…

Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge

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Prosecutors from the United States Department of Justice will be allowed to surface the details of Sam Bankman-Fried’s political donations as the evidence is directly relevant to his fraud charges, ruled U.S. District Judge Lewis Kaplan. The decision was part of a series of rulings made by Kaplan in a 16-page pretrial order on Sept. 26, where he cleared up which evidence would be admissible in court during the FTX founders’ fraud trial, currently scheduled to begin on Oct. 3. Federal prosecutors initially charged Bankman-Fried with conspiring to break United…

SBF’s lawyers file another request for temporary release from jail

Lawyers for FTX founder Sam Bankman-Fried have filed a new request to temporarily release him from prison to prepare for legal battles. Defense attorney Mark Cohen asked Judge Lewis Kaplan, who is presiding over the case, to grant Bankman-Fried temporary release, stating that it’s necessary to prepare his defense. Lawyers asked the judge to temporarily release the former head of FTX on Oct.2, the day before the start of the trial. “We submit that we are finding it exceedingly difficult as a practical matter to adequately prepare for trial with…

Bitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming?

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Bitcoin price is up 30% versus Ethereum (ETH) in 2023, and bulls appear not to be slowing down, looking at the performance in the weekly chart. BTC is on the brink of pushing ETH lower at spot rates, registering new 2023 lows and extending gains from early this year. The Downtrend Remains: Will Bitcoin Extend Rally? Bitcoin bulls are in the driving seat. Candlestick arrangement in the weekly chart shows that BTC pushed on, extending its rally against the second most valuable coin despite attempts for higher highs in mid-August. …

Ethereum censorship concerns raised amid rising OFAC compliance

More and more Ethereum blockchain operators have complied with sanctions from the OFAC, raising censorship concerns among decentralization proponents and network participants. Toni Wahrstätter, an Ethereum researcher, noted that five of the six largest block builders on Ethereum’s blockchain actively censor certain transactions in line with the Treasury Department’s Office of Foreign Assets Control (OFAC) directives.  Most of these censored transactions originate from decentralized mixer Tornado Cash, according to Wahrstätter, a protocol blacklisted by the Treasury Department due to its use by bad actors, including the North Korean hacker organization…

Analyst Uncovers BlackRock Long Interest In Bitcoin Mining

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Based on a recent report by Bloomberg analyst Jamie Coutts, asset managers’ interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. In particular, Coutts speaks about BlackRock, describing the asset manager’s application with the US Securities and Exchange Commission (SEC) to offer a Bitcoin spot ETF as “unsurprising.”  The analyst stated that BlackRock and other prominent global asset managers, namely Vanguard and State Street, have been involved in the Bitcoin mining industry for over three years.  In hindsight, #BlackRock‘s massive #Bitcoin spot ETF play shouldn’t have been…

Thailand’s SCBX and Korea’s Hashed Ink Web3 R&D Partnership

“This partnership amalgamates the expertise of a reputable institution with the technological and philosophical foundations of Web3,” Simon Seojoon Kim, CEO & Managing Partner, Hashed, said in a release. “I am confident that this partnership will significantly nurture the growth of the Web3 ecosystem, extending its influence not only across Southeast Asia but also on a global scale.” Source

Data breaches put domestic abuse victims’ lives at risk, UK Information Commissioner warns

Warning comes after the ICO reprimands seven organisations in the past 14 months for data breaches affecting victims of domestic abuse. Most cases related to organisations inappropriately disclosing the victim’s home address to alleged perpetrators. Commissioner urges organisations to take responsibility for training their staff and putting appropriate systems in place to avoid such incidents. The action is supported by organisations including Women’s Aid and the Domestic Abuse Commissioner for England and Wales The UK Information Commissioner has today called on organisations to handle personal information properly to avoid putting…

Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

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The Ethereum open interest has been on an upward trajectory that has culminated in it crossing the $5.2 billion mark. This surge is important to Ethereum’s native token ETH in a number of ways as it could point to how investors are viewing the cryptocurrency at this point. Ethereum Open Interest Sees Rapid Rise Data from Coinglass shows that the Ethereum open interest has risen rapidly in recent times. Over the last week, the open interest has grown, eventually crossing $5.2 billion at a time when the crypto market continues…