By CCN Markets: A Florida judge ordered Craig Wright — the self-proclaimed inventor of bitcoin — to put up or shut up if he wants to prove that he’s Satoshi Nakamoto. In a June 14 motion to compel, federal magistrate judge Bruce Reinhart ordered Wright to produce a list of all the bitcoin he mined prior to December 31, 2013. The judge set a June 17 deadline for Wright to produce the list of his bitcoin holdings — or else face court-ordered sanctions. Judge to Craig Wright: Show Me the Money In his decision, Judge Reinhart said Wright has not
Crypto Exchange Bits of Gold Wins Court Dispute Against Bank
Israel’s Supreme Court has ruled in favor of crypto exchange Bits of Gold in its legal battle with Bank Leumi, the country’s second-largest bank. The ruling means Bank Leumi has to open banking services to the exchange, although the bank has objected to the decision in principle, per a report on Finance Magnates.
The news outlet quotes Bits of Gold CEO Yuval Roash who commented on the ruling and what it meant for the crypto community in Israel.
“We worked hard to set up a company which met regulatory requirements, in a new industry, and those efforts paid off. I am proud to be a part of this flourishing industry and push it towards the right regulation,” he said.
Israeli Supreme Court Stops Bank From Closing Crypto Exchange’s Account
In February 2018, the Supreme Court of Israel issued a temporary injunction order forbidding a major bank in the country from halting the activity of a local cryptocurrency exchange. Now the bank has been forced to accept that the company’s account will remain open indefinitely.
Also Read: Community Funding and Bringing Smart Contracts to BCH in the Weekly Update From Bitcoin.com
Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court
When cryptocurrency exchanges fail, a seismic shock shudders through the cryptosphere. With thousands of users, from traders to companies, left out of pocket, litigation is inevitable in a bid to claw back some of the losses. Cryptopia is the latest in a long line of exchanges to face a litany of lawsuits from anguished creditors.
Also read: Mixing Service Bitcoin Blender Quits After Bestmixer Takedown
Supreme Court Advocate Suggests How to Regulate Cryptocurrency in India
An Indian supreme court advocate has shared some thoughts on the kind of cryptocurrency regulation India can benefit from. The right regulatory framework “would ensure transparency, oversight and accountability,” but a “one size fits all” regulation would be a mistake, she explains. Meanwhile, the Indian crypto community and industry bodies have urged the central bank to allow crypto businesses to participate in its new regulatory sandbox.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
Israeli Court Rules Bitcoin Is an Asset
An Israeli court has ruled that bitcoin is an asset, confirming the central bank’s stance. The case involves the country’s tax authority and the founder of a blockchain startup who argues that profits from the sale of cryptocurrency should be tax-free. The court has ruled in favor of the tax authority, endorsing the central bank’s definition of currency.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
Latest Court Ruling on Nature of Bitcoin
An Israeli central district court reportedly ruled in favor of the country’s tax authority Monday, recognizing bitcoin as a financial asset and not a currency. Profits on its sale in Israel are therefore subject to capital gains tax.
Tether Partly Backed by Bitcoin, Court Transcription Reveals
Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.
As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.
This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of legal letters after the NYAG petitioned the New York Supreme Court to stop the exchange from drawing on a $ 900 million line of credit it established with Tether to cover $ 850 million in losses it incurred when its fiduciary relationship with payment processor Crypto Capital went south.
Bitfinex, Attorney General Legal Sparring Continues With New Court Filings
Bitfinex and the New York Attorney General’s (NYAG) legal sparring in relation to $ 850 million in missing funds escalated with another round of court filings this past weekend.
The top exchange and New York’s principal legal advisor went back and forth with each other in two new letters submitted to the New York Supreme Court. Within the fresh filings, each a response to a previous filing by the other, the same ole song and dance.
In Fourth Report, QuadrigaCX Court Monitor Recommends Bankruptcy Proceedings
QuadrigaCX monitor Ernst & Young suspects that the beleaguered exchange’s late CEO, Gerald Cotten, may have been financing personal expenditures with company funds, and it is now recommending that the assets in Cotten’s estate be placed under a preservation order.
In January, the exchange announced that it was insolvent, owing clients roughly $ 250 million CAD, after Cotten died of septic shock while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. Since Cotten’s death, the exchange filed for creditor protections in the Nova Scotia court system and the court has appointed a dual counsel in Miller Thompson and Cox & Palmer to represent clients who lost money to the exchange.
Indian Supreme Court Set to Hear Crypto Case on March 29
The four-week window that the Indian supreme court has given the government to come up with crypto regulation is coming to an end. According to the court’s Advance List, the crypto case is listed for March 29. Meanwhile, the community is ramping up efforts to bring about positive crypto regulation and the end of the banking ban imposed by the central bank.
Also read: Indian Exchange Launches Lending Program for 5 Cryptocurrencies
Israeli Court Rules Against One-Size-Fits-All Bitcoin Ban by Bank
An Israeli court ruled on March 17, 2019, that banks can't enforce a blanket ban against all accounts linked to cryptocurrency. Instead, the court said, banks need to consider the specific type and scope of crypto-related activity before determining whether or not to open an account.
The case involved a lawsuit begun in May 2018 by Israminers, a bitcoin mining company based in Ukraine, against the Union Bank of Israel. The bank refused to accept deposits into the company's account, and ultimately shut the account down because much of the money in the account was related to bitcoin.
As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets
As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.
QuandrigaCX has been entrenched in a solvency scandal ever since its founder’s untimely death on December 8, 2018. Gerald Cotten passed away while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. According to his widow and his company, he died with the sole knowledge of the exchange’s cold storage private keys and seed phrases. The exchange filed for creditor protection on February 5, 2019.
Mark Karpeles Fails to Halt US Court Case Over Mt Gox Losses
The former CEO of collapsed bitcoin exchange Mt. Gox has been refused a motion to stay a U.S. court case brought by former investors.
CoinDesk
Indian Supreme Court Gives Government Deadline to Reach Decision on Crypto Regulations
The Supreme Court of India made a decision on February 25, 2019, to present the government with an ultimatum: Develop crypto regulations within the next four weeks or the court will make its own judgement.
In addition to setting this deadline, the court has refused to hear further argument from parties in the ongoing legal battle, instead forwarding the issue to the Union of India, the legal term for the federal government of India, per local media sources.
Court Reconsiders Ruling After SEC Proves Tokens Are Securities
After failing to convince a federal court regarding the nature of Blockvest tokens in the previous hearing, the U.S. Securities and Exchange Commission (SEC) has finally convinced the same judge that these tokens are securities. The agency alleges that the firm and its founder made several false claims regarding their token’s regulatory status.
Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval
SEC’s Motion Finally Granted
The SEC announced on Thursday that the U.S. District Court for the Southern District of California has reconsidered its prior order regarding the Blockvest token. The court subsequently granted the agency a “preliminary injunction against Blockvest Llc and its founder Reginald Buddy Ringgold III aka Rasool Abdul Rahim El for making fraudulent offers of securities.”
Court Grants QuadrigaCX Bankruptcy Protection
Today, February 5, 2019, a court in Nova Scotia, Canada, granted bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) to the embattled Vancouver-based cryptocurrency exchange QuadrigaCX. The court appointed Ernst & Young as monitors to help the exchange locate any funds it could use to reimburse users and ordered a 30-day stay of proceedings.
The exchange initially made the news on January 14, 2019, when the company announced its CEO Gerald Cotten had died in India on December 9, 2018, from complications from Crohn's disease. News website CoinDesk obtained what appears to be a copy from the Indian government of Gerald Cotten’s death certificate, although his name is misspelled.
Italian Court Orders Bitgrail Founder to Refund $170M of ‘Missing’ Cryptocurrency
An Italian court has ruled that Francesco Firano, founder of defunct cryptocurrency exchange Bitgrail, was at fault for the disappearance of $ 170 million worth of the nano digital currency on his exchange last year. Firano, who called himself “The Bomber,” is now “required to return as much of the assets to his customers as possible.”
Also read: Just Because Cryptocurrency Isn’t Legal Tender Doesn’t Make it Illegal
Court Seizes Firano’s Personal Assets to Repay Victims
In its ruling, the Italian Bankruptcy Court, which enlisted the services of a court-appointed technical expert, concluded that both Bitgrail and Firano personally be declared bankrupt and forfeit their assets.
Indian Supreme Court Pushes Crypto Case Against RBI to End of February
The case against the crypto banking ban by the Reserve Bank of India (RBI) was unexpectedly heard at the country’s supreme court on Thursday. However, senior advocates for the parties were reportedly absent, so a new date has been set and the crypto case will be “top of the list” on that date.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Caught by Surprise
The Indian supreme court was scheduled to hear the petitions against the crypto banking ban imposed by the country’s central bank, the RBI, on Tuesday after repeatedly postponing it last year.
South Korea: Dangerous Precedent Set – Court Finds Bithumb Not Financially Responsible for Crypto Exchange Hack
A South Korean court has acquitted Bithumb from all wrongdoings after the company was accused by one of its clients in a hacking incident that saw the customer lose thousands of dollars, according to a report filed earlier this week, in the Korea Economic Daily. The customer who brought the lawsuit against the exchange was
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Chinese Internet Court Uses Blockchain To Combat Online Plagiarism
An Internet Court launched in Eastern Chinese City Hangzhou will now use blockchain to fight plagiarism for online writers, local Chinese news outlet China.org.cn reported. China launched its first internet court in the city of Hangzhou to deal with internet related cases, save time and reduce overhead costs of getting justice out of the system. At … Continued
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