Two Israeli brothers have been arrested in connection with a cryptocurrency scam involving “tens of millions” of dollars. Jerusalem-based Eli and Assaf Gigi were involved in a scheme were they accessed traders’ wallets and took the coins for themselves, Finance Magnates reports. The brothers are also reportedly suspected by investigators of links to the 2016 Bitfinex exchange hack. The incident led to the loss of around $ 65 million in bitcoin in 2016. A police spokesperson refused to further discuss the link with the publication. How the Brothers Conducted the Scam According to Posta, the brothers gained access to wallets through
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.
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.
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.
A leading Israeli university is suing one of its own senior staff members for allegedly creating a zero-knowledge proofs technology company based on the intellectual property the professor developed while working for the institution.
The Technion Wants a Piece of Starkware
The Technion – Israel Institute of Technology, a research university established in 1912, has filed a lawsuit in the Haifa District Court against computer science lecturer Prof. Eli Ben-Sasson, claiming that he acted in violation of the institution’s intellectual property regulations. Ben-Sasson is the co-founder and Chief Scientist of the blockchain technology startup Starkware and the Technion now demands from the court the transfer of 50% of all his shares in the company.
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.
With the bitcoin price trading more than 80 percent below its all-time high, not even Bitmain, the world’s largest cryptocurrency mining firm and the crypto industry’s most valuable company, has been immune from the slaughter. According to Israeli business publication Globes, the China-based Bitmain has closed Bitmaintech Israel, the development center it set up two … Continued
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Ehud Barak served as the prime minister of Israel from 1999 to 2001. These days he makes a lot of money as an investor and co-founder of startup companies in such fields as cyber espionage and cannabis. However, he seems to think that investing in cryptocurrency is less legitimate.
One of Israel’s leading entrepreneurs in the cryptocurrency field, Moshe Hogeg, is facing accusations of embezzling funds raised from two Initial Coin Offerings consequently rendering the company for which the funds were raised for insolvent. As a result, 17 individuals who claim to be shareholders of IDC Investdotcom Holdings, the company associated with Hogeg and
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Israeli cryptocurrency mining company Bitfarms wants to become a public company in Canada. According to its press release, the mining company revealed that it had filed a preliminary prospectus with the Ontario Securities Commission, as it commences with the regulatory process for offering public shares on the Toronto Stock Exchange. Bitfarms, the crypto mining farm
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Bits of Gold – local Israeli cryptocurrency exchange – has agreed to pass on information to the country’s Tax Authorities on deposits and trading activity.
Israel Tightens the Knot
In what seems to be a step towards tightening up the cryptocurrency trading environment in Israel, the local Tax Authorities have reached an agreement with a local digital exchange Bits of Gold. As reported by local tech-related media outlet Calcalist, the cryptocurrency exchange has agreed to pass on information concerning larger deposits.
Supposedly, the purpose behind the agreement is to prevent acts of tax evasion and money laundering. Apparently, the anonymized and encrypted nature of cryptocurrencies intimidates the regulatory bodies of the country.
A massive anti-money laundering action has been carried out by the cyber department of the State Attorney’s Office. It filed an indictment, alleging that Hilmi Git had managed to commit more than 20,000 fraudulent transactions using Israeli credit cards, laundering the money through the Bitcoin network.
1,071 BTC Seized by Israeli Police
Halmi Git, a resident of Hebron, has been accused of multiple offenses of credit card fraud, providing means for committing a crime, carrying out fraudulent trade activity, and laundering the proceeds through Bitcoin. It is reported that the Git managed to accumulate a total of 1,071 Bitcoin over the course of his crimes.
An Israeli shell company, Apollo Power, had its stocks soar after revealing that they had harnessed solar power for crypto mining. However, such claims turned out to be exaggerated, and they are now being sued.
One of the most intriguing debates about cryptocurrency is the power used in mining and for transactions. Some have said that the total power consumption used by Bitcoin miners is more than the total of 19 European countries. Then there’s the fact that most of Bitcoin mining occurs in China, which uses coal to fuel their power plants. Such issues are why people are looking very hard for ways to reduce power consumption when mining cryptocurrencies. It seemed that a solution had appeared when an Israeli company said that they had completed a successful experiment using solar power for crypto mining. However, the company is now being sued as such a claim is being labeled as misleading.
A major Israeli broker has defied central bank Bitcoin warnings to advocate Bitcoin trading options on the country’s largest stock exchange.
What’s Good For CBOE Is Good For Us
In comments to local media outlet Globes, Julien Assous said there is “definitely room” for listing Bitcoin futures on the Tel Aviv Stock Exchange (TASE).
Assous is CEO of IBI Brokerage, as well as chairman of an association made up of non-banking TASE members.
In stark contrast to Israel Securities Authority chairman Shmuel Hauser, who this week said he would “not allow” cryptocurrency companies to list on TASE, Assous sees a major advantage for Israel in doing so.
Three government officials in Israel’s Ministry of Finance have confirmed they are considering issuing a state-sponsored cryptocurrency, the Shekel, to reduce the number of cash transactions within the middle eastern country.
The Push for a Regulated Digital Currency
The Bank of Israel is looking into the possibility of a state-sponsored digital currency, according to a few government officials that agreed to comment with the requirement of anonymity. The aim with this initiative is to reduce the country’s cash transactions, which are often viewed as being used for increased tax evasion and money laundering.