Monthly Archives: June 2020

Japanese Court Upheld Former Mt Gox CEO’s Conviction for Manipulating Data

A Japanese high court upheld the Tokyo-based lower court’s decision to reject the former Mt Gox CEO’s appeal. Mark Karpeles was arrested in 2015 and accused of “manipulating electronic data” and managed to duck embezzlement charges. The former boss of Mt Gox, Mark Karpeles, now has to face the music for his prior “manipulating electronic data” charges that stem from the Mt Gox investigation. Karpeles was arrested in August 2015 and he claims he didn’t take any money when 850,000 BTC was stolen from the platform. Last […]

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UPDATED: Wilshire Phoenix Files With SEC for Publicly Traded Bitcoin-Backed Fund

Investment firm Wilshire Phoenix just filed with the SEC for a tradeable Bitcoin fund similar to the Grayscale Bitcoin Trust. Alternative investment firm Wilshire Phoenix has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, or SEC, for a publicly traded Bitcoin Fund in line with regulation. The registration reads: “The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin.” Wilshire’s new Bitcoin Commodity […]

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South Korean Experts Say Crypto Is a Poor Safe-Haven Asset

A leading South Korean professor from the Hongik University does not believe cryptocurrencies are safe from market recession. On June 11, South Korean experts stated through local media that cryptocurrencies are a “poor choice” of safe-haven assets during the COVID-19 pandemic. According to The Scoop, Professor Hong Ki-hoon of Hongik University stated that crypto-assets like Bitcoin (BTC) should not be considered as “safe-haven assets,” at the level of Gold, dollars, or even the U.S. Treasury bonds. He does not deny, however, that volatility in the financial markets […]

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Coinsquare CEO Accused of Orchestrating Wash Trades

Leaked documents reportedly show the CEO of Canadian crypto exchange Coinsquare orchestrating wash trades to boslet volume. In the latest blow to the embattled Canadian cryptocurrency exchange Coinsquare, reports are accusing the platform’s top executive of orchestrating a wash-trading scheme in clear violation of securities law. Wash-trading refers to an exchange artificially inflating its trade volume through executing larger zero-fee market trades into their own orders, creating the appearance of large trading activity without any assets changing hands. The practice is illegal in traditional asset markets due […]

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Steve Forbes: ‘Bitcoin is a High-Tech Cry For Help’

Media magnate Steve Forbes has described crypto assets as “a high-tech cry for helpâ€� resulting from the failures of contemporary fiat money systems. In an interview with the Center for Natural and Artificial Intelligence, Forbes Inc chairman Steve Forbes weighed in on cryptocurrency and the future of money. Forbes described cryptocurrencies as a “high-tech cry for help” borne from “the instability of government-printed money today.” Crypto too volatile for currency Forbes criticized the volatility of crypto assets, describing Bitcoin (BTC) as looking like “steak” one day, and […]

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Bitcoin Price Volatility Expected as 10% Mining Difficulty Adjustment Looms

Bitcoin’s mining difficulty is set to adjust by 10% within 3 days, meaning operational costs for miners could spike. Bitcoin’s mining difficulty is set for a minimum increase of 10% in the 3 days, according to data from BTC.com. That means the cost to mine Bitcoin(BTC) will increase significantly in a short period of time.  This is significant as the increased operational cost to miners could pressure them to sell more BTC to offset the rise in expenses. The Bitcoin network is divided into three groups: users, […]

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Venezuelan Petro Payments May Be on the Rise

The government of Nicolas Maduro claims that 15% of fuel payments at petrol stations were made using the state-backed Petro token. The Venezuelan government announced on June 11 that almost 15% of all fuel payments at petrol stations across the country were made using the Petro (PTR). This rise comes during the first week of the new state-backed plan to promote widespread use of the token. According to a report from Ultimas Noticias, 40% of the PTR transactions passed through the foreign stations. Balancing Venezuela’s crypto environment? […]

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Blockchain Firm Pitches CBDC Operating System to Bank of England

As the monetary impacts of the coronavirus drive discussions surrounding central bank digital currencies, a U.K. blockchain firm has proposed a CDBD system to the Bank of England. United Kingdom-based blockchain firm L3COS has submitted a proposal to the Bank of England, or BoE, for a blockchain-based operating system to power a central bank-issued digital currency, or CBDC. L3COS described the proposal as a response to the consultation document on CBDC published by BoE in March — which identified several benefits and challenges associated with central bank […]

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Law Decoded: Dead Men Face No Charges, June 6-12

Blockchain for distributing votes and independent digital dollars take center stage in the this week’s regulation news. Editor’s note:  These are times strange enough that every conversation seems to include some verbal acknowledgment like “strange times, huh?” A quasi-anarchist police-free leftist separatist bubble has formed and is growing on Seattle’s Capitol Hill — a sentence that resembles a David Foster Wallace plot more than anything I ever anticipated treating as news.  Both India and Russia have been hemming and hawing over long-discussed crypto bans, while the latter […]

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Investor Claims There’s No Way to Cash Out From Grayscale’s Bitcoin Trust

An investor raised a major criticism about the way in which the Grayscale Bitcoin Trust is set up. Qiao Wang — Investor, analyst and head of product at crypto market data firm Messari — raised major criticism about the way in which the Grayscale Bitcoin Trust, or GBTC, is set up. In a June 11 tweet, Wang cites Grayscale’s official website, according to which “Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time.” He suggested that the absence […]

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