Tokyo Police Arrest 8 Men Allegedly Involved in $68 Million Crypto Pyramid Scheme

Tokyo police have arrested eight men that are suspected of collecting a total amount of $68.4 million in cash and cryptocurrency using a pyramid scheme, Japanese daily newspaper Asahi Shimbun reports Wednesday, Nov. 14. The suspects claimed to run a U.S. investment company dubbed “Sener,” conducting seminars with foreign speakers. The police report that at least one of the meetings has been recorded, with video uploaded on YouTube. During the seminars, the group of suspects promised monthly returns from 3 to 20 percent for the investments. The suspects also asked…

American Man Sentenced For $1.1 Million Bitcoin (BTC), Litecoin (LTC) Scheme

Cryptocurrency traders and investors may be hurting, but that hasn’t stopped regulators from bringing crypto-related criminals to justice. Just recently, a leading financial regulator has brought an Arizona-based man to justice for stealing upwards of $1 million in Bitcoin (BTC) and Litecoin (LTC). CFTC, U.S. Courts Charge Arizona-based Man For Stealing Bitcoin, Litecoin On November 9th, the U.S. Commodity Futures Trading Commision (CFTC), issued a press release to reveal that it was sentencing one Joseph Kim, a Phoenix, Arizona native, to jail for his affiliation with a Bitcoin- and Litecoin-related…

Bitmain Sues Anonymous Hacker Over $5.5 Million Theft

Chinese mining giant Bitmain is suing an anonymous hacker that allegedly stole $5.5 million in cryptocurrency last April from the company’s account on the digital exchange Binance. The hacker’s identity is still unknown, and he’s described only as “John Doe” in official court documents, which were filed in accordance with the lawsuit on November 7, 2018, with the U.S. District Court for the Western District of Washington in Seattle. The documents state that the hacker managed to take over the company’s Binance account, then use bitcoin stored in the account…

Trader Jailed and Fined Over $1 Million for Bitcoin and Litecoin Fraud …

The U.S. Commodity Futures Trading Commission (CFTC) issued a press release on Friday, November 9, 2018, stating that it had fined Arizona resident Joseph Kim for perpetrating a fraudulent cryptocurrency trading scheme against his former employer and other investors. The same day, a District Court in the Northern District of Illinois sentenced Kim to 15 months on wire fraud charges. Misappropriating Employer’s Funds According to the release, Kim had misappropriated his employer’s funds between September and November 2017. Kim, who was employed by a Chicago-based trading firm at the time,…

US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

U.S. citizen Joseph Kim of Phoenix, Arizona has been fined $1.1 million and sentenced to 15 months in jail for misappropriating Bitcoin (BTC) and Litecoin (LTC) from several people, the U.S. Commodity Futures Trading Commission (CFTC) reports Friday, Nov. 9. The CFTC found out that Kim defrauded his employer, a Chicago-based proprietary trading firm, transferring approximately $601,000 worth amount of BTC and LTC to his own accounts in 2017. When asked about missing cryptocurrencies, Kim falsely claimed that security issues made him transfer digital currencies to several accounts. Shortly after,…

McAfee: Bitcoin (BTC) At $1 Million By 2020 Is “Conservative”

The True Value Of Bitcoin (BTC) Is Escalating Tremendously John McAfee, a well-known tech-centric entrepreneur turned crypto diehard, recently sat down with CoinTelegraph in an exclusive interview to discuss his views on the current state of crypto. Interestingly, even as prices stagnate and remain 72% under the infamously funny “McAfee Dick Line,” the eccentric crypto savant has maintained his thought process that Bitcoin (BTC) will somehow surpass $1 million during 2020, a mere ~18 months away. Late into the interview, the Cointelegraph interviewer posed a tough question — asking McAfee how…

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million in Crypto

China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits. Bitmain…

BBVA and Co-Lenders Complete $150 Million Syndicated Loan on a Blockchain

Twitter Facebook LinkedIn Two European and one Japanese bank one have completed the first blockchain-based syndicated loan. Together with France’s BNP Paribas and Japan’s Mitsubishi UFJ Financial Group, Spain’s banking behemoth BBVA utilized a private blockchain network in arranging a syndicated loan amounting to US$150 million for grid operator Red Electrica. Initially reported by the Financial Times, legal advisers were also granted access to the private blockchain network allowing instant exchange of information among all the parties to the deal. According to BBVA, the blockchain pilot is proof that distributed…

Square’s Bitcoin Revenue Increases by $6 Million in Q3, Profits Top $500,000

U.S. financial services company Square revealed it generated $43 million in Bitcoin (BTC) revenue for Q3 2018 in its most recent shareholder letter Nov. 8. Presenting a digest of its total earnings and financial activities, Square, which introduced Bitcoin support in its Square Cash payment app earlier this year, saw cryptocurrency revenue grow by a total of $6 million compared to Q2. “Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the letter confirms, stating:…

US Elections Push Augur’s Total Ether Bets Over $2 Million

U.S. elections drama may be dragging Augur out of the doldrums. The decentralized betting platform built on ethereum enjoyed a promising launch in July but then stagnated due to its clunky user experience and a general decline in the use of decentralized applications. As Tuesday’s mid-term elections in the U.S. approach, however, money is pouring into the platform. The market for “Which party will control the House after 2018 U.S. Midterm Election?” has 3,517 ether or nearly $727,000 staked on it at the time of writing, according to Predictions.Global, a…