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Cryptocurrencies are commodities, according to four court cases involving the U.S. Commodity Futures Trading Commission (CFTC). A federal judge recently ruled that a token is a commodity, certifying the CFTC’s authority to prosecute fraud and manipulation in the crypto space. In her ruling, the judge cited three other crypto-related cases that arrive at the same conclusion.
Barely before the ink had dried on the news that Japanese cryptocurrency exchange Zaif had been hacked and slightly less than US$ 60 million stolen, the National Police Agency (NPA) of Japan has released a report highlighting the vulnerability of Japan’s crypto space. According to the NPA, the number of incidents involving the theft of funds
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Bitcoin believers and enthusiasts beware, you could be unwitting members of a cult if Bill Harris is to be believed. Speaking on CNBC’s Fast Money program, the former CEO of payments services firm PayPal claimed that bitcoin’s supposed advantages are non-existent. “The cult of bitcoin make many claims — that it’s instant, free, scalable, efficient,
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The head of a government watchdog in Thailand has admitted that domestic cases of cryptocurrency crime are few and far between despite calling for increased preparedness to combat it in the future. Speaking at a joint seminar with the United Nations Office on Drugs and Crime (UNODC) in Bangkok on Thursday, Thailand Institute of Justice
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North American regulators have revealed that more than 200 cryptocurrency-related cases are being actively investigated, with 46 enforcement actions taken. The coordinated efforts by over 40 jurisdictions in the U.S. and Canada are part of Operation Cryptosweep, aimed at cracking down on unregistered and fraudulent crypto-related investment products.
200+ Cases, 46 Enforcement Actions
The North American Securities Administrators Association (NASAA) announced Tuesday that “more than 200 active investigations of initial coin offerings (ICOs) and cryptocurrency-related investment products are currently underway by state and provincial securities regulators in the United States and Canada.”
Although smart contracts are of great interest to a lot of people, finding the real use cases for this technology is still very challenging. Hundreds of potential applications of smart contracts exist, and some industries are getting more attention than others. Below are some examples, in random order.
#6: Multiparty Smart Contracts
In the world of cryptocurrency, multisignature solutions have become the new normal over the past few years. This does not just apply to wallet solutions, but also to smart contracts. A multiparty smart contract allows user A to lend money to user B to buy a property, car, etc. In this instance, a smart contract can serve as a legally binding agreement between the involved parties.
The Federal Bureau of Investigation has reportedly revealed that it is working on 130 cryptocurrency-related investigations, citing an increase in illegal activity facilitated by crypto payments. These cases “encompass crimes such as human trafficking, illicit drug sales, kidnapping and ransomware attacks.”
FBI’s 130 Crypto-Related Cases
The Federal Bureau of Investigation (FBI) reportedly “has 130 cases tied to cryptocurrencies,” according to Supervisory Special Agent Kyle Armstrong. Speaking at the Crypto Evolved conference Wednesday in New York, he was quoted by Bloomberg:
While women in the blockchain industry want to focus on the technology, a lack of women is hurting the industry.
Some blockchain applications are solutions looking for problems, but there are other issues that are just begging for help from decentralized technology. Managing and authenticating identity is one of the latter.
Traditional authentication processes in many industries use easily guessable identity questions, forgeable documents and unwieldy manual checks. As such, they are ripe for disruption. Armin Ebrahimi, CEO and founder of the blockchain-based ID management company ShoCard, said that the real challenge is focusing the lens.
“There are so many areas where solutions can apply; one of the challenges has been focusing on fewer verticals so that we can do a better job and not spread ourselves too thin,” he said.
Just recently Japanese investigators revealed they had obtained 669 reports concerning “suspected money laundering” tied to cryptocurrency transactions and domestic digital currency trading platforms. The linked data was derived from investigations spurred by the recent transaction reporting statutes licensed exchanges are required to follow.
Also read: Bitcoin Is Finding Its Way into High Schools
Japanese Police Are Reviewing 669 Alleged Money Laundering Cases Tied to Cryptocurrency Trading Platforms
This week Japanese police told the press that they are reviewing 669 cases that involve possible money laundering and cryptocurrency exchanges. The cases stem from transactions that took place between April and December of 2017. According to the regional reports, the data came from digital currency exchange ‘transaction reporting,’ a licensed cryptocurrency exchange requirement now tethered to the country’s existing AML/KYC laws.
Cryptocurrency opponents have long argued that digital currencies are tools for money launderers. If the National Police Agency in Japan is to be believed, that may indeed be the case — though it’s not as prevalent as one might think.
Minimal money laundering
According to reports, the National Police Agency in Japan suspects 669 cases of cryptocurrency-utilized money laundering between the months of April and December.
The reports come directly from the cryptocurrency exchange operators themselves, which are obligated under Japanese regulatory measures to report suspicious transactions which may signal money laundering. The measure has been established to prevent criminal transactions — one of the biggest fears associated with digital currencies.