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Several of South Korea’s top crypto exchanges have found themselves in hot water, with executives at a couple of exchanges facing criminal charges and jail time.
According to a news report on the Korean website Blockinpress, the CEO of Komid, a Korean crypto exchange, has received a three-year prison sentence for committing fraud against investors by artificially inflating the exchange’s actual trading volume. Another company executive also received a sentence of two years for his role in these crimes.
U.S. presidential candidate John McAfee announced on Tuesday that he has fled the country. According to McAfee’s recent Twitter video he’s “living in exile” on a boat because he’s been charged with felonies handed down by the Internal Revenue Service (IRS).
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Pomerantz Law Firm has issued a shareholder alert and, it says, is investigating Activision Blizzard and its “officers” for possible securities fraud or other “unlawful business practices.” Activision Blizzard announced its split from Destiny creators Bungie on January 10. Immediately following the announcement Activision shares plummeted nearly 10%. Investors are concerned over the loss of
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Over a dozen firms in the cryptocurrency sector are under investigation by UK’s financial regulator, reports the Financial Times. According to the business publication, the Financial Conduct Authority (FCA) disclosed on Sunday that 18 companies were being investigated over their involvement in selling cryptocurrencies. Additionally, alerts and warnings had been sent to another dozen or … Continued
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Bitcoin Private has confirmed the allegations made by CoinMetrics, reported by CCN yesterday. Calling them “mathemetically accurate,” the development team says that no one on their team knows where the extra coins wound up. Again, CoinMetrics stated that at least 300,000 of them had already been moved through exchanges. Due to the low take-up by
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South Korea’s top financial regulator has formally filed fraud charges against executives of one of the Asian country’s biggest cryptocurrency exchanges. Three senior executives of Upbit including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul, according to nocutnews. Specifically, the senior Upbit executives
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Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $ 226 billion and sold 11,550 BTC to around 26,000 investors. Upbit has denied the charges and insisted that it did not commit fraud, engage in wash trades, or trade cryptocurrencies it did not own.
Three officials at South Korea’s largest cryptocurrency exchange, Upbit, have been “indicted for offering fraudulent transactions and swindling money from investors,” Yonhap reported Friday.
Several Notches Above Ransomware An extortion scheme which sought to terrorize people into paying over BTC made global headlines over the course of the week. The threats happened worldwide, at a minimum being reported in the US, New Zealand, and Australia. The bomb threats demanded $ 20,000 in BTC in exchange for the terrorists to “give
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, had transferred the company’s tokens from the cryptocurrency exchange where they were kept into his wallet address.
Three Thai siblings who are being prosecuted for defrauding a 21-year-old Finnish investor of bitcoin worth 797 million baht (approximately US$ 24 million) in the Criminal Court of Bangkok have pleaded “not guilty” for the charges. At the hearing, prosecutors accused the siblings, Prinya, Supitcha and popular Thai actor Jiratpisit Jaravijit of convincing Finnish investor Aamai
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The U.S. Securities and Exchange Commission (SEC) has released a report detailing actions taken against fraudulent ICOs and financial ventures, and, indeed, the year has been wrought with cases. The report details actions for 2018’s fiscal year, which ended on September 30, and offers insight into the ICO-related fraud that has seemingly come to light over the past several months.
Misconduct actions against ICOs and similar cryptocurrency ventures are led by the organization’s Cyber Unit, which became fully operational this year. The SEC explains in the report, “We believe our approach to enforcement in this space has been thoughtful and consistent. Importantly, it has provided a template for authorities in other countries, where fraud and misconduct targeting U.S. investors often have been based.”
The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist. Belgium’s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99. The agency found that despite their prior warnings concerning the risks associated with crypto
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Boxing superstar Floyd Mayweather and rap producer DJ Khaled face a legal battle for serving as celebrity endorsers to an initial coin offering (ICO) accused of fraud. The founders of the allegedly fraudulent ICO were arrested by American criminal authorities back in April.
ICO Promotion Blowback
Celebrity gossip tabloid TMZ reports that Floyd Mayweather and DJ Khaled have been slapped with a lawsuit from investors who accuse them of participating in a multi-million dollar scam. The lawsuit revolves around the Centra Tech ICO that raised more than $ 32 million from thousands of investors last year, supposedly to build a suite of financial products including a cryptocurrency-backed debit card supported by Visa and Mastercard.
Major global ticket sales and distribution company Ticketmaster has acquired Upgraded, a blockchain startup using DLT and “smart tickets” to combat fraud within the industry. Share of Controversy Ticketmaster — which merged with Live Nation in 2010 to form Live Nation Entertainment — is a live music behemoth that either leases, operates, or has equity
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Binance, the world’s leading crypto exchange, has partnered with Chainalysis, a provider of cryptocurrency tracking tools to companies and law enforcement, to better monitor fraudulent transactions on its platform. According to the announcement, Binance has adopted Chainalysis’ compliance software, Chainalysis KYT (“know your transaction”), which works to raise live alerts on transactions involved in suspicious activity. This system […]
Ten months after a Finnish national filed a complaint after losing 5,564 bitcoins to fraudsters in Thailand, the family of the Thai television actor Jiratpisit ‘Boom’ Jaravijit is now the target of the country’s anti-money laundering agency in relation to the scam. According to The Nation, Thailand’s Anti-Money Laundering Office (AMLO) has seized assets worth … Continued
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The Commodity Futures Trading Commission (CFTC) has bolstered its police actions in the last fiscal year, driven largely by cryptocurrency cases, according to The Wall Street Journal. Under President Trump, the federal derivatives market regulator levied about $ 900 million in civil penalties in 2018 alone, exceeding the annual amount in five of the eight years
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