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
The Dutch Financial Intelligence and Investigation Service (FIOD) has shut down cryptomixing site Bestmixer.io.
According to local media, Dutch authorities moved to shut down the site on May 22, 2019, as part of a joint operation with police agencies from several European nations, including France, Latvia and Luxembourg. Following concerns originally raised by the online security company McAfee in 2018, the FIOD has claimed that the service was used for money laundering.
As Dutch media reported, no arrests have yet been made in the Bestmixer case, as Europol officials attempt to determine the extent to which criminal money laundering was used on the site.
Famous American economist Joseph Stiglitz, who won the Nobel Prize for his 1995 Report of the Intergovernmental Panel on Climate Change, thinks we should “shut down” cryptocurrencies. In a recent interview with CNBC, Stiglitz cites his concern over the illicit use of digital currencies as reasoning to shut down crypto networks, including Bitcoin (BTC). “I […]
Breaker Magazine, an editorially independent site owned by SingularDTV, LLC, now operating as Breaker, is reportedly shutting down. According to a recent report by The Block’s Frank Chaparro, who cites individuals familiar with the matter, the decision to shut down operations comes amid a runaway burn rate and failure to find a proper, sustainable business […]
Chinese state television has sought to document the toll taken on South Korean cryptocurrency companies by 2018’s bear market, with Financial Channel (CCTV-2) producing a report detailing the challenges faced by Korean miners. According to the report, last year’s bear trend was further exacerbated by a 97.5 percent drop in Korean cryptocurrency premiums, driving between 70 and 80 percent of miners to desist operations.
The demise of 2017’s cryptocurrency bull market, the rapid collapse of ICOs, and the fizzling out of corporate blockchain hype have made 2018 a challenging year for many startups operating in the crypto sector. A new report from the U.K. helps quantify the global slowdown.
VanEck CEO Gabor Gurbacs has reacted furiously to a pronouncement by Allianz CEO Andreas Utermann calling for cryptocurrency to be outlawed. In a now deleted thread on his Twitter account, Gurbacs called out insurance giant Allianz for its treatment of his mother when she needed to make a claim following a serious car accident. Inferring that
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On December 13, Frank Chapparo at The Block reported that Basis, a crypto stablecoin project that raised around $ 133 million in April, is terminating its operations and is in the process of returning the capital it raised to its investors. The project was funded by some of the largest venture capital firms in the technology space
The post Top Stablecoin ‘Basis’ May Shut Down Due to Regulation, What Went Wrong? appeared first on CCN
Envion AG, a crypto-based firm that aimed to combine cryptocurrency mining with green power, has been shut down by the cantonal court of Zug, Switzerland. The company was reportedly dissolved due to an alleged unauthorized Initial Coin Offering (ICO) on November 28, local German news outlet Handelsblatt reports. Envion was established to serve as an off-grid
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Barely five months after Zeniex was launched, the South Korean cryptocurrency exchange is closing shop. The exchange, which was unveiled in May, has disclosed that it will cease all operations on November 23. Zeniex blamed the development on the problems facing its ZXG token. “… with recent issues regarding ZXG, we have gone through great
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Cryptocurrency mining operations in the Chinese provinces of Xinjiang and Guizhou were suspended so the government could conduct “very strict” tax inspections and real-name registration checks. Power to the mining farms was shut off on November 5, sources told local daily Cong News. As a result, the mines lost about 1 million yuan (or roughly $ 143,700) a day
The post Cryptocurrency Mining Farms In China Shut Down For ‘Strict’ Tax Inspections appeared first on CCN
This year has been filled with negatives for cryptocurrencies, or at least cryptocurrency investors. Trading at insane prices towards the tail end of 2017, crypto values have fallen closer to earth, with a large majority shedding as much as 80 percent of their value. This has led to quite a bit crisis talk, with some
The post Economist: It’s Time for Bitcoin to ‘Put up or Shut up’ appeared first on CCN
St. Francis Xavier University in Nova Scotia, Canada has been targeted by cryptocurrency mining malware in a cyberattack that has forced the institution to shut down its entire network for the better part of a week as system administrators struggle to root out the malware. Known as “cryptojacking,” the practice has become recognised as a
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1Broker, a Marshall Islands-based securities dealer and bitcoin trading platform, was recently taken down by the US authorities. The FBI seized the domain of 1Broker, shutting down the platform for allegedly violating money laundering regulations and distributing securities as an unregistered dealer. The official announcement of the US Securities and Exchange Commission (SEC) read: “The
The post 1Broker Shut Down, Will More Bitcoin Exchanges be Targeted by US Gov’t? appeared first on CCN
The Texas State Securities Board has issued an emergency action to halt the deceitful offerings of investments in three cryptocurrency related schemes. The agency entered a cease and desist order against Coins Miner Investment Ltd, DigitalBank Ltd, as well as Ultimate Assets, who is charged for offering Texans misleading ROIs and promising to grow an
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Norwegian bitcoin miner Kryptovault is facing a shutdown of its operations due to extensive noise complaints from locals and a lack of proper paperwork. The company, which is headquartered in a former paper mill in Norway’s capital of Oslo, uses more than 40MW of power to drive an arsenal of nearly 10,000 computers. The staff could mine several million Norwegian kroners’ worth of bitcoin per week, but financial promise isn’t enough to keep residents interested.
“The sound of the factory comes 24 hours a day, 365 days a year,” explains Trond Gulesto, one of the facility’s closest neighbors. “Our summer has been ruined.”
Barely a week after receiving bomb threats, Kryptovault now has to contend with another threat — forced closure by local authorities. According to the Norwegian edition of The Local, one of the bitcoin mining facilities that Kryptovault runs in Norway is at risk of being shut down by the local municipality following noise pollution complaints
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A Bitcoin miner project operating under the Kodak brand has collapsed. The company behind the scheme has said that it has been stopped from proceeding any further by the SEC.
Unrealistic Promises and Incorrect Math
In January, a Bitcoin mining computer called the Kodak KashMiner was unveiled at the CES technology show held in Las Vegas. Even though it was displayed at the official Kodak stand, the computer was actually a product from a company called Spotlite USA — one of several entities that operate under license to sell products under the Kodak’s brand.
Colombian banks have closed all the accounts of South American cryptocurrency exchange Buda.com without warning or explanation.
The company experienced a similar issue in Chile some months back, where several banks decided to close its account along with those of several other exchanges.
According to local news, the move by the Colombian banks was unexpected, and the banks didn’t disclose why it was closing the accounts. Buda.com sent an email to its customers where it explained the problems it was facing which were affecting withdrawals.
The initial coin offering industry is still under a lot of scrutiny by the SEC as of right now. That is only normal, as a fair few projects have violated securities laws or defrauded investors. The Titanium ICO is a perfect example of such a nefarious project, although some people feel the SEC should have shut it down a lot sooner than it did.
The Titanium ICO Raised Many Questions
When people found out about the Titanium ICO, there was a fair bit of excitement surrounding this project. Known as Titanium Blockchain, the company tried to offer a unique project in exchange for people’s contributions. Although hosting an initial coin offering is the cool thing to do these days, not all of those projects are created equal.