Alleged BTC-E CEO Claims Innocence Following Arrest - Global Coin Report
Connect with us

Uncategorized

Alleged BTC-E CEO Claims Innocence Following Arrest

Published

on

Alleged BTC-e CEO Alexander Vinnik maintains his innocence following his arrest for laundering more than $4 billion in bitcoin, as well as several other crimes.

Vinnik, a Russian national, was arrested in July while vacationing in Greece. Despite his protestations that he should stand trial in Russia, a U.S. grand jury has indicted him on 21 counts, most notably for laundering the funds stolen from Mt. Gox. If convicted, he could face up to 20 years in federal prison.

In a recent Russian-language interview with news outlet Russia Today, Vinnik maintained his innocence. As he explained:

Continue Reading
Click to comment

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges. 

Most of the leading exchanges adhere to…

Continue Reading

Don't Miss

VOLUM (VLM) Announces Commencement of Token Generation Event

Published

on

ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to exploit this opportunity due to a catch-22 network-effect obstacle: early-stage traction…

Continue Reading

Uncategorized

The Slippening: Ethereum, Bitcoin Prices in Free Fall

Published

on

As CCN reported, official Shanghai media source Yicai Global alleged that the Shanghai Financial Office has “verbally halted” bitcoin exchanges from operating within the city. Shortly after, Shanghai-based bitcoin exchange BTCC announced it is suspending trading effective at the end of September, although it cited last week’s initial coin offering ban as the reason for its trading platform closure.

Also this morning, China Internet Finance Association (NIFA) member Zero One Finance published a newsletter claiming that a government regulator had “asked the major currency exchanges to close the program,” according to a rough translation. Although the closures might not take effect for several months, the regulator stated that “Banning Bitcoin exchange is certain.”

As of writing, regional cryptocurrency news service cnLedger was reporting that OKCoin and Huobi had not received closure notices from regulators.
The Slippening: Market Plunges Below $120 Billion

These events sent the cryptocurrency markets into free fall. Less than a week ago, the total value of cryptocurrencies was above $160 billion. The markets declined throughout the week as the rumor mill grew, eventually resting at $135 billion on Wednesday.

Continue Reading

Press Release