Posted on

Article: Israeli pleads guilty to money laundering on dark web, faces 20-year sentence

Article - Media, Publications

Israeli pleads guilty to money laundering on dark web, faces 20-year sentence

Neta Bar, 02 April 2021

Tal Prihar, a 37-year old Israeli living in Brazil, pleaded guilty Wednesday to operating illegal transactions on the darknet, including purchasing firearms, heroin, and other contraband.

According to court documents, Phihar and his partner, another Israeli named Michael Phan, earned $8.4 million through running DeepDotWeb, a website that provided users with direct links to illegal darknet marketplaces. In return, Phihar and Phan received payments from the marketplaces in the form of bitcoin virtual currency.

To conceal the payments, Phihar transferred them from his bitcoin wallet to other accounts he owned in the names of shell companies. Continue reading “Article: Israeli pleads guilty to money laundering on dark web, faces 20-year sentence”

Posted on

Article: Matt Gaetz Says He Won’t Resign as Pressure Mounts

Article - Media, Publications

Matt Gaetz Says He Won’t Resign as Pressure Mounts

Siobhan Hughes and Sadie Gurman, 02 April 2021

WASHINGTON—Rep. Matt Gaetz (R., Fla.) on Friday said he wouldn’t resign in the face of rising pressure over reports that the FBI has been investigating him since last summer, in part over whether he broke federal sex-trafficking laws.

“Of course not,” Mr. Gaetz said in a text message Friday, addressing whether he would leave office. He declined to say more, citing Good Friday. His lawyer also said Mr. Gaetz wouldn’t step down.

With the House in recess, members have been largely silent about Mr. Gaetz since Minority Leader Kevin McCarthy (R., Calif.) earlier in the week referred to “serious implications” in connection with the Federal Bureau of Investigation inquiry. But in the state capital of Tallahassee, Republicans were already discussing who would replace Mr. Gaetz, people familiar with the conversations said. Continue reading “Article: Matt Gaetz Says He Won’t Resign as Pressure Mounts”

Posted on

Article: US courts dismiss manipulation allegations involving Bitcoin Cash

Article - Media, Publications

US courts dismiss manipulation allegations involving Bitcoin Cash

Shaurya Malwa, 02 April 2021

US courts dismissed an antitrust lawsuit that alleged prominent investors and individuals schemed to hijack the Bitcoin Cash network, the world’s thirteenth largest crypto network by market cap.

A controversy around Bitcoin Cash

The complaint, amended in March 2020 and filed by crypto company United American Corp (UAC), named Bitcoin Cash proponent Roger Ver, crypto exchange Kraken founder Jesse Powell, BTC mining giant Bitmain and CEO Jihan Wu, and Bitcoin Cash developers Shammah Chancellor and Jason Cox as the alleged participants in the scheme.

UAC first brought its suit in December 2018 and alleging the named individuals had effectively manipulated and devalued Bitcoin and pushed the firm out of the network after it had invested over $4 million. Continue reading “Article: US courts dismiss manipulation allegations involving Bitcoin Cash”

Posted on

Article: Flourishing Financially: Corporate Finance In Switzerland

Article - Media, Publications

Flourishing Financially: Corporate Finance In Switzerland

RHEA WESSEL, 02 April 2021

Switzerland is reasserting its reputation as a stable and resilient economy in times of turbulence. While markets elsewhere are concerned about overleveraged companies and ballooning public debt, credit and capital markets in Switzerland appear to be quietly ticking along with the reliability of a proverbial Swiss watch.

It is not for nothing that the country and its currency are considered among the safest of havens. After the Alpine republic and its internationally oriented companies weathered the 2008 global financial crisis, the Swiss National Bank (SNB) tackled the relentless appreciation of the Swiss franc by massively intervening in the currency market, opening Switzerland to accusations of currency manipulation.

But it worked. The SNB’s efforts stemmed the franc’s rise, protecting Swiss companies’ competitiveness and creating favorable funding conditions in the country. Corporate bond spreads hardly budged throughout the financial crisis, a stark contrast to the adverse environment CFOs faced in the eurozone and the US. Continue reading “Article: Flourishing Financially: Corporate Finance In Switzerland”

Posted on

Article: ‘Voltswagen’ April Fools Stunt Could Backfire Spectacularly

Article - Media, Publications

‘Voltswagen’ April Fools Stunt Could Backfire Spectacularly

TooFab Staff, 02 April 2021

Volkswagen said the name change was a joke — but not everybody is laughing.

Volkswagen broke a few April Fools rules with its name change prank this week; namely it not even being April Fools Day, and continuously insisting it wasn’t a prank when called out.

But it may have broken even more serious rules after the stunt caused share prices to soar… leading some business experts to predict an investigation into possible stock market manipulation.

The controversy began on Monday (note: that’s March 29, a good deal short of April 1) when the company “accidentally” leaked an incomplete press release, revealing its intention to change its name to Voltswagen to mark its move towards electric vehicles. Continue reading “Article: ‘Voltswagen’ April Fools Stunt Could Backfire Spectacularly”

Posted on

Article: Morgan Stanley backs Bitcoin for 12 mutual funds

Article - Media, Publications

Morgan Stanley backs Bitcoin for 12 mutual funds

EXPLICA .CO, 02 April 2021

US investment bank Morgan Stanley has filed an update to its prospectus related to bitcoin (BTC) with the Securities and Exchange Commission (SEC). The institution applied for 12 of its funds to have exposure with the first cryptocurrency.

According to the bank, the funds would have indirect exposure to bitcoin in two ways: through cash-settled futures and through the Grayscale Bitcoin Trust (GBTC), one of the world’s largest trusts focused on digital assets.

On the type of futures that funds can invest in, Morgan Stanley noted: “The only bitcoin futures that a fund can invest in are cash-settled bitcoin futures that are traded on listed futures exchanges. CFTC ‘.

In the document, the bank explains that the Selected funds will be able to invest up to 25% of their assets in bitcoin. The institution also stressed that this type of operation implies a risk of illiquidity since bitcoin futures are not traded so “intensely” because they are relatively new. Continue reading “Article: Morgan Stanley backs Bitcoin for 12 mutual funds”

Posted on

Article: High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit

Article - Media, Publications

High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit

Andrew Asmakov, 02 April 2021

A federal court in Florida has dismissed an antitrust suit filed against Bitcoin.com founder Roger Ver and several other prominent figures in the crypto industry, accused of market manipulation during a contentious split of the Bitcoin Cash network in November 2018, Law360 reported.

Other defendants in the case included Kraken CEO Jesse Powell, former CEO of Bitmain Technologies Jihan Wu, as well as Bitcoin Cash developers Shammah Chancellor and Jason Cox.

First filed by United American Corp (UAC) in December 2018 and amended in March 2020, the lawsuit claimed that the defendants colluded to manipulate the cryptocurrency market to favor Bitcoin Cash as some participants on the network were engaged in creating a competing clone called Bitcoin SV. Continue reading “Article: High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit”

Posted on

Article: Ex-Nike manager admits wire fraud, money laundering

Article - Media, Publications

Ex-Nike manager admits wire fraud, money laundering

KOIN 6 News Staff, 02 April 2021

PORTLAND, Ore. (KOIN) — Facing 60 years in prison and $3 million in fines, a former marketing manager at Nike pleaded guilty Friday to federal charges of wire fraud, false statement on a loan application and money laundering.

Errol Amorin Andam of Beaverton worked as a manager in Nike’s North American Retail Brand Marketing division, where he was in charge of designing, building and managing “pop-up” retail venues at major sports competitions and other special events around the country. Continue reading “Article: Ex-Nike manager admits wire fraud, money laundering”

Posted on

Article: Another Wirecard? Invoices Backing Greensill-Issued Bonds Never Existed, Administrator Finds

Article - Academic, Publications

Another Wirecard? Invoices Backing Greensill-Issued Bonds Never Existed, Administrator Finds

TYLER DURDEN, 02 April 2021

As the collapse of Greensill Capital threatens to ensnare former PM David Cameron in a humiliating public probe, the Financial Times on Thursday reported some disturbing new details that appear to suggest Greensill wasn’t merely reckless, but potentially guilty of a Wirecard-style fraud.

According to the FT, Greensil’s administrator – who is responsible for winding down whatever assets remain and managing creditors’ claims -“has failed to verify invoices underpinning loans to Sanjeev Gupta, after companies listed on the documents denied that they had ever done business with the metals magnate.”

Read Full Article

Posted on

Article: Amazon, Stock Compensation & Equity Valuation

Article - Media, Publications

Amazon, Stock Compensation & Equity Valuation

TYLER DURDEN, 01 April 2021

Bloomberg News recently published an article, Amazon Fights Union Drive With Fact-Free Bombast, discussing Amazon’s alleged use of misinformation to prevent employees from unionizing. In the same manner Kailash recused itself from having a “bull” or “bear” thesis on Bitcoin, we will recuse ourselves from any discussion of unions. What we would like to draw our readers’ attention to however is the method by which Amazon pays many senior executives. In the Bloomberg article it noted that the former head of Amazon’s logistics business was awarded stock compensation worth $160 million dollars. Continue reading “Article: Amazon, Stock Compensation & Equity Valuation”

Posted on

Article: Software company sues IBM, Red Hat, claims they ‘conspired’ to ‘crush’ competitors

Article - Media, Publications

Software company sues IBM, Red Hat, claims they ‘conspired’ to ‘crush’ competitors

Lauren Ohnesorge, 01 April 2021

A software firm is suing Red Hat and its parent company, IBM, claiming they “conspired to illegally corner a market and crush competition.”

In a copyright infringement and antitrust lawsuit filed Wednesday in a district court in the Virgin Islands, software firm Xinuous claims IBM “stole” its intellectual property “and used that stolen property to build and sell a product to compete with Xinuous itself.” Continue reading “Article: Software company sues IBM, Red Hat, claims they ‘conspired’ to ‘crush’ competitors”

Posted on

Article: Suez Canal blockage: Captain of Ever Given not aiding probe; calamity’s cost tops $1B

Article - Media, Publications

Suez Canal blockage: Captain of Ever Given not aiding probe; calamity’s cost tops $1B

John Bacon, 01 April 2021

The cost of blocking shipping for almost a week through one of the most crucial waterways on earth apparently comes in at right around $1 billion.

And that’s just the bill Egypt could soon be trying to collect. It does not include damages for the owners of more than 400 boats delayed by the calamity on the Suez Canal, nor compensation that could be sought by companies whose materials or products were on those boats. Continue reading “Article: Suez Canal blockage: Captain of Ever Given not aiding probe; calamity’s cost tops $1B”

Posted on

Article: U.S. trade chief voices concern to Vietnam over currency practices

Article - Media, Publications

U.S. trade chief voices concern to Vietnam over currency practices

Eric Beech, 01 April 2021

WASHINGTON (Reuters) -U.S. Trade Representative Katherine Tai, in a call on Thursday with Vietnam’s minister of industry and trade, highlighted U.S. concerns about Vietnam’s currency practices, a USTR statement said.

Tai and the Vietnamese minister Tran Tuan Anh also “discussed U.S. concerns on illegal timber practices, digital trade and agriculture,” the statement said.

Vietnam’s Ministry of Industry and Trade in a statement on Friday said Vietnam and the United States “will continue to actively cooperate to comprehensively address the concerns to maintain a stable trade relation.” Continue reading “Article: U.S. trade chief voices concern to Vietnam over currency practices”