Category: cryptocurrency

Iranian gov reportedly offering bounties to those who rat out illegal Bitcoin miners


The Iranian government is reportedly offering a bounty for anyone that dobs illegal Bitcoin mining businesses to the authorities. A spokesperson from Iran‘s Energy Ministry reportedly said that anyone who outs those using subsidized electricity for cryptocurrency mining will be rewarded with up to 20 percent of the funds recovered from the miner, PressTV reports. Damages are based on how much electricity the cryptocurrency miners have used. Energy Ministry spokesperson Mostafa Rajabi made the announcement in an interview with the IRIB News yesterday. Rajabi said that using the national grid to mine cryptocurrencies during peak hours will be outlawed under…

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President of UN affiliate pleads ‘not guilty’ to selling fake cryptocurrency


The president of the UN-headquartered World Sports Alliance has pleaded “not guilty” to a wire fraud charge related to the selling of an allegedly fake cryptocurrency, Law360 reports. Asa Saint Clair, a resident of New York, is now reportedly under house arrest in Arizona, having been released from US federal custody on a $500,000 bond. Prosecutors sought strict conditions for his release, as he’d bought a one-way ticket to Madagascar in the wake of investigator interviews. Authorities arrested Saint Clair at the airport. According to Law360, prosecutors allege Saint Clair defrauded at least three investors out of thousands of dollars with claims that…

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This cryptocurrency exchange was actually a $384 million Ponzi scheme


The CEO of South Korean cryptocurrency “exchange” CoinUp has been sentenced to 16 years prison for his role in defrauding investors out of 450 billion won ($384 million), Yonhap News reports. Mr. Kang-mo, alongside a raft of his executives, were found to have deceived thousands of CoinUp customers by promising returns of up to 200 percent on cryptocurrency investments, just 4-to-10 weeks after purchase. A judge also sentenced the firm’s chief financial officers, Mr. Kwon and Mr. Shinmo, to 11 years in prison. CoinUp’s “governor” Mr. Yunmo was given 7 years imprisonment, alongside his mother-in-law. Several other executives were reportedly…

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Cops to dream up ways of ending Bitcoin crime at major Australian conference


More than 200 police officers and legal professionals are gathering in Australia this week to put their heads together and find ways of ending cryptocurrency-based crime. Law enforcers from all over the world are set to attend the National Proceeds of Crime Conference, in Brisbane this week, according to an Australian Federal Police (AFP) statement. The event was last held in 2009, so I guess police forces are due an update. Especially considering that Bitcoin wasn’t even a thing before 2009. Delegates will hear from representatives from the Australian Federal Police, United States Department of Justice, Singapore Police Force, New…

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Switzerland gets another ‘Bitcoin bank’ that holds cryptocurrency for customers


A Swiss bank set up to handle both traditional financial products and new digital currencies has been given the go-ahead by the country’s regulators. SEBA, the Swiss-based cryptocurrency bank, is now officially operational, The Block reports. The bank reportedly shared a statement with The Block yesterday that said its Swiss clients can now open accounts with the bank. This goes for corporate businesses, asset managers, and professional private investors. Launched earlier this year, the bank received its banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August. SEBA says it’s trying to bridge the gap between traditional and…

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Deepdotweb admin says $15.5M Bitcoin ‘kickback’ scheme didn’t exist


An arrested Deepdotweb admin has refuted claims that he’d earned 8,000 BTC (worth $15.5 million at the time) through an affiliate marketing scheme for dark web marketplaces, Bitcoin News reports. Earlier this year, a co-ordinated police effort led to the arrest of several individuals around the world for their role in maintaining Deepdotweb, a dark web portal. It prominently featured an index of dark web marketplaces, including reviews. It also hosted information related to Tor-hidden services, interviews with prominent dark web developers, and published news of police raids on illegal marketplaces, Bitcoin, and other privacy matters. Among them were two Israeli citizens,…

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