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Authorities in Italy have seized bitcoins from the company wallets of controversial exchange BitGrail as part of standard pre-bankruptcy proceedings. BitGrail was hacked in February 2018, with $ 170 million dollars’ worth of Nano stolen — which subsequently lead to a major price crash for the coin.
BitGrail’s blog was updated today, June 15, 2018, with the following announcement:
On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding.
In recent mining news, Venezuelan authorities are cracking down on mining operations – with one Venezuelan telling reporters that he was forced to leave his home country after becoming the victim of extortion. In other news, a Taiwanese miner was shot by gangsters after failing to deliver on returns on the gang’s investment into his mining operation, and a state-owned wind farm in Estonia has begun mining cryptocurrency.
The small Baltic nation of Estonia has backed down on its plan to create a national cryptocurrency after drawing heat from Italian economist and President of the European Central Bank Mario Draghi, as well as local banking authorities. Now, the Estcoin will simply be used as an incentive for e-residents.
Estonia’s cryptocurrency project, Estcoin, will “definitely not be a national ‘cryptocurrency,” after receiving pressure from banking authorities. According to Estonia’s head of IT strategy, Siim Sikkut, the digital token will now merely be offered as an incentive to foreigners using Estonia’s electronic identification to sign documents and set up companies remotely.
Authorities have found a new scapegoat to blame for the ongoing opioid drug epidemic going on in the United State: Bitcoin.
Eagle Scout Turned Drug Dealer
Aaron Shamo is a Utah native who discovered Bitcoin and cryptocurrency in 2009, soon after it was created. He began mining for Bitcoin while he was a student a Utah Valley University. He continued to accumulate more of the cryptocurrency as he made his way through life over the next few years, seeing his investment culminate with Bitcoin’s highest recorded price amidst a crypto-craze late last year.
Police in Tianjin – a city in Northern China – seized some 600 computers used for bitcoin mining. The authorities’ attention was attracted by the abnormal surge of electricity usage by the local power grid operator. Five people are being investigated and one is already being detained.
Reuters cites local Chinese media Xinhua, which reported the specifics around a local police officer who noted that “Eight high-power fans were also seized,” adding that it was the “largest power theft case in recent years.”
The European Supervisory Authorities (ESAs) have issued a press release alerting consumers to the risks associated with buying cryptocurrency. The release follows previous statements issued that warned investors of the risks associated with participating in ICOs and trading digital assets.
Lack of Regulation and a ‘Pricing Bubble’
Just yesterday, the ESAs issued a statement to consumers, warning them of the risks associated with cryptocurrency due to their non-regulated status. Their main concern for investors deals with the potential for a cryptocurrency exchange to be hacked or shut down, and the inability for the government to cover the associated losses.
Japan’s Financial Services Agency raided the offices of the hacked Coincheck cryptocurrency exchange to see if they had adequate funds to repay customers.
The recent hack of the Coincheck cryptocurrency exchange in Japan sent a shock wave through the crypto world. The total value of the loss was staggering, coming in at around $ 530 million. The Financial Services Agency (FSA) originally gave the exchange essentially a slap on the wrist, but due to the seriousness of the situation, FSA regulators raided the offices of Coincheck today.
With countries across Asia making moves to regulate and clamp down, few remain as beacons of freedom when it comes to cryptocurrencies. India, Russia, China, South Korea, Vietnam, and Indonesia have all issued restrictions on exchanges, but one unlikely country in Asia remains open: Thailand.
Thailand is a surprise as it is in the grips of a military dictatorship that does not look like it wants to return the country to democracy at any time in the future. With sweeping clampdowns on everything else across the nation, the military seems open towards crypto and are even planning on starting to educate the public about it.
A number of crypto news outlets are starting to report on news coming out of China about a squeeze of cheap power and possibly a ban on Bitcoin mining:
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