Bitcoin – Page 3 – Financial Treason & Crime

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”

04/02/202104/03/2021

Article: Morgan Stanley backs Bitcoin for 12 mutual funds

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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”

04/02/202104/03/2021

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

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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”

03/31/2021

Article: Bitcoin’s Price Is Not the Only Risk to Riot Blockchain

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Bitcoin’s Price Is Not the Only Risk to Riot Blockchain

Vince Martin, 31 March 2021

Less than four years ago, Riot Blockchain (NASDAQ:RIOT) was a failed animal health company named Bioptix. What is now RIOT stock was then BIOP stock — and it traded for less than $4 per share.

That wasn’t because investors put much value on the business: Bioptix in fact had more than $2 per share in cash at the end of 2017’s second quarter. BIOP was basically just another penny stock in the biotech space.

But in October of that year, Bioptix rebranded to Riot Blockchain. It was a move that invited a huge rally — and quite a bit of skepticism.

Blockchain and other cryptocurrencies were hot then, with Bitcoin (CCC:BTC-USD) at one point rising from $900 to $20,000 during 2017. Riot was not alone in moving into crypto and blockchain: Eastman Kodak (NYSE:KODK) infamously was involved in a “KodakCoin” project which never came to fruition. That didn’t stop KODK stock from soaring. Continue reading “Article: Bitcoin’s Price Is Not the Only Risk to Riot Blockchain”

03/31/202104/01/2021

Article: No Surprise Here: Institutions Could Run Bitcoin’s Price Higher

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No Surprise Here: Institutions Could Run Bitcoin’s Price Higher

ETF Trends, 31 March 2021

Institutions are slowly warming to Bitcoin, which many market observers believe will lead to substantial long-term price appreciation.

Institutional investors are playing an increasingly prominent role in the Bitcoin market, and that role is likely to continue growing. For smaller investors, there are tangible benefits to this scenario. Continue reading “Article: No Surprise Here: Institutions Could Run Bitcoin’s Price Higher”

03/31/202104/01/2021

Article: Financial Crime Reporting Rules Extended To Cryptoasset Firms

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Financial Crime Reporting Rules Extended To Cryptoasset Firms

Kevin Pratt, 31 March 2021

The UK’s financial regulator, the Financial Conduct Authority (FCA), has announced a shake-up of its anti-money laundering activities which will see firms dealing in cryptoassets obliged to file annual reports on their trading activities.

The FCA will use the information to determine the potential risk of financial crime, enabling it to target its supervisory resources where it identifies the greatest risk.

Cryptoasset ‘exchange tokens’ such as Bitcoin, Litecoin, Ether and other virtual currencies are only regulated in the UK for money laundering purposes. This means that you have little or no protection if something goes wrong and, as the FCA points out, you should be prepared to lose all the money you invest. Continue reading “Article: Financial Crime Reporting Rules Extended To Cryptoasset Firms”

03/30/202103/31/2021

Article: Freeman considered flight risk, remains locked up

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Freeman considered flight risk, remains locked up

Damien Fisher, 30 March 2021

CONCORD, NH – Free Keene leader Ian Freeman isn’t getting out of prison pending trial on federal money laundering charges after Judge Andrea Johnstone found he is a flight risk, and he poses a risk to the community.

Part of the allegations against Freeman is that he was laundering money through his Bitcoin business and Shire Free Church that criminal scammers got through various crimes. Johnston writes that Freeman knew for years his business was under investigation and that did not stop him from allegedly doing more harm. Continue reading “Article: Freeman considered flight risk, remains locked up”

03/27/2021

Article: A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain

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A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain

Jeff John Roberts, 27 March 2021

This time it’s different.

For years, Bitcoin companies have been banging on the SEC’s door in hopes of launching a Bitcoin ETF—only to have the agency reply with a hard no. But now one of the companies at the door is the mighty Fidelity Investments, and that’s likely to be a game changer.

In case you missed it, the Boston-based financial giant dropped paperwork this week to create an ETF (exchange-traded fund) called the Wise Origin Bitcoin Trust—a name some say is derived from the Japanese kanji for Satoshi Nakamoto. If approved, Fidelity’s Bitcoin fund would be traded as shares on public stock exchanges alongside the company’s other ETFs dedicated to bonds, blue-chip stocks and other assets.

If this comes to pass, it would be a huge win not just for Fidelity but for everyone who owns Bitcoin. The approval of a Bitcoin ETF would add another sheen of legitimacy to cryptocurrency and, more importantly, it would lead to a flood of new investment from both retail and institutional clients. All of this would likely cause the price of Bitcoin to moon, as they say. Continue reading “Article: A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain”

03/25/202103/27/2021

Article: Fidelity Joins Race for US Bitcoin ETF

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Fidelity Joins Race for US Bitcoin ETF

THESTREET CRYPTO, 25 March 2021

Fidelity has made an application with the U.S. securities regulator to offer a Bitcoin exchange-traded fund (ETF), according to public filings. The Block was the first to report on the application.

The asset management firm lodged paperwork for the Wise Origin Bitcoin Trust, which would track the price of Bitcoin using data from predominantly U.S.-based exchanges: Coinbase, Gemini, ItBit, Kraken and Bitstamp.

“An increasingly wide range of investors seeking access to Bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” a Fidelity spokesperson told Bloomberg.

Fidelity is perhaps the highest profile name to apply for a Bitcoin ETF this year. Five other contenders are vying to become the first U.S. Bitcoin ETF, including VanEck, First Advisors/Skybridge and NYDIG. Continue reading “Article: Fidelity Joins Race for US Bitcoin ETF”

03/25/202103/27/2021

Article: FD Funds Management Backed by Fidelity Files for Bitcoin ETF with SEC

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FD Funds Management Backed by Fidelity Files for Bitcoin ETF with SEC

Steve Muchoki, 25 March 2021

Fidelity Investments, an American multinational financial services corporation based in Boston, Massachusetts, through its subsidiary FD Funds Management has filed for a Bitcoin ETF with the United States Securities and Exchange Commission. According to Form S-1 filed by Fidelity Investments, the ETF will be called Wise Origin Bitcoin Trust, if the SEC approves it.

Notably, the United States Securities and Exchange Commission has rejected two other applications for a Bitcoin ETF. According to the commission, Bitcoin is a very volatile asset that may put investors’ capital at risk.

However, with already two Bitcoin ETFs approved in the Canadian market, there are high chances the United States will move towards considering a similar move. Furthermore, more institutional investors are showing the will to hold digital assets as a hedge against the deflationary fiat currencies. Continue reading “Article: FD Funds Management Backed by Fidelity Files for Bitcoin ETF with SEC”

03/25/202103/26/2021

Article: Stocks Dump’n’Pump; Dollar Gains Amid Bitcoin, Bond Pain

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Stocks Dump’n’Pump; Dollar Gains Amid Bitcoin, Bond Pain

Tyler Durden,25 March 2021

Thanks to yet another big short-squeeze that began shortly ahead of the EU close. This was the biggest short-squeeze since late January. Small Caps went from down over 1.5% ahead of the EU close to up over 2.5%. Nasdaq ended lower as late day selling pressure hit…

Before today, the last six days have seen the market has dropped in the last hour. S&P and Dow are back to unch on the week, Nasdaq remains red and Small Caps still down over 4.3%.Value outperformed Growth today but both ripped off the EU close…

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03/24/202103/25/2021

Article: Six arrested in connection with Bitcoin ATM money laundering

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Six arrested in connection with Bitcoin ATM money laundering

Diebold Nixdorf, 24 March 2021

The FBI arrested six people in the town of Keene, New Hampshire, on money laundering charges. Agents removed a Bitcoin ATM from a local bar believed to be used in the crime, according to a report in the New Hampshire Union Leader.

Included in the six arrested was Aria DiMezzo, 34 of Keene, who ran for Cheshire County Sheriff in 2020, and Ian Freeman, believed to be the leader of the group calling itself Free Keene.

The group was brought up on charges related to an unlicensed cryptocurrency exchange that they allegedly ran through churches.

Additionally, DiMezzo was charged with participating in a conspiracy to operate an unlicensed money-transmitting business. Continue reading “Article: Six arrested in connection with Bitcoin ATM money laundering”

03/21/202103/22/2021

Article: Coinbase pays $6.5M to settle government investigation into false reporting

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Coinbase pays $6.5M to settle government investigation into false reporting

DUNCAN RILEY, 21 March 2021

Cryptocurrency exchange Coinbase Global Inc. has been fined $6.5 million by the U.S. Commodity Future Trading Commision to settle allegations that it undertook reckless false, misleading or inaccurate reporting as well as so-called wash trading between 2015 and 2018.

Along with the fine, announced Friday, Coinbase is also subject to stop any further violations of the Commodity Exchange Act or CFTC regulations.

Between January 2015 and September 2018, Coinbase is said to have operated two automated trading programs, Hedger and Replicator, that generated orders that at times matched one another on the GDAX electronic trading platform operated by the company. Although the GDAX rules did disclose that Coinbase was trading on the GDAX it failed to disclose that Coinbase was operating more than one trading program and trading through multiple accounts. Continue reading “Article: Coinbase pays $6.5M to settle government investigation into false reporting”

03/20/202103/22/2021

Article: Coinbase Expected to Pay $ 6.5 Million Fine Following Market Manipulation Allegations

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Coinbase Expected to Pay $ 6.5 Million Fine Following Market Manipulation Allegations

EXPLICA.CO, 20 March 2021

The Commodity Futures Trading Commission (CFTC) issued on Friday (19) a request to file and resolve charges against Coinbase, the San Francisco, California-based exchange, for “reckless, false, misleading or inaccurate reports, as well as negotiations for employee laundering in the GDAX (current Coinbase Pro) of the Coinbase platform. ”The order requires the broker to pay a civil penalty of US $ 6.5 million (R $ 35.69 million) and stop any other violation of the Commodity Exchange Act or CFTC regulations, as charged.

“Reporting false, misleading or inaccurate transaction information undermines the integrity of digital asset pricing,” said Chief Inspector Vincent McGonagle. “This enforcement action sends the message that the Commission will act to safeguard the integrity and transparency of such information.”

Understand the case:

According to the prosecution, between January 2015 and September 2018, Coinbase “recklessly delivered false, misleading or inaccurate reports on transactions in digital assets, including Bitcoin, on the GDAX e-commerce platform that it operated.” During these 3 years, Coinbase operated two trading bots, Hedger and Replicator, which generated orders that sometimes coincided with each other. The GDAX trading rules specifically disclosed that Coinbase operated on GDAX, but did not disclose that Coinbase operated more than one trading program and was effectively generating volume across multiple accounts.

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03/19/202103/27/2021

Article: The future of bitcoin with Max Keiser, plus the US’s bombing addiction, and surveillance capitalism

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The future of bitcoin with Max Keiser, plus the US’s bombing addiction, and surveillance capitalism

RT NEws, 19 March 2021

Max Keiser is Lee Camp’s guest this week, for a conversation about bitcoin. Keiser argues that bitcoin has the potential to change the world in a progressive direction by replacing government-controlled fiat currencies and democratizing the economy. They discuss the future of bitcoin, market manipulation by the oligarchs at the top of the system, how cryptocurrencies can make imperialist wars irrelevant, and the real inflation rate.

After that, Lee explores the results of a new study by the women’s peace organization CODEPINK, which found that, over the past 20 years, the US has dropped an average of 46 bombs a day.

Finally, Natalie McGill reports on the surveillance system Flock, which is similar to the Amazon Ring, but offers extra, creepier methods of invading the privacy of your neighbors. She also looks into a new web search engine from the browser Brave, which allows you to surf anonymously, block third-party vendors from scraping your info, and prioritize independent news sites in search results.

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