Friday, October 19, 2018

Bitcoin Hedge Fund and CEO Slapped With $2.5 Million Penalty for Ponzi Scheme

A New York federal court has ordered cryptocurrency hedge fund Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published Oct. 18.


GBI is a New York-based corporation and denominated Bitcoin (BTC) hedge fund incorporated in 2014. As stated on the company’s website, by 2015 it had 85 customers and 2,367 BTC under management.

The order is the continuation of the initial anti-fraud enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) against GBI in September 2017. The CFTC charged GBI for allegedly running a Ponzi scheme from 2014 to 2016, telling investors that it had developed a computer algorithm called “Jigsaw” which allowed for substantial returns through a commodity fund. In reality, the entire scheme was a fraud.

Per the announcement, GBI and Gelfman fraudulently solicited over $600,000 from at least 80 customers. Moreover, Gelfman set up a fake computer “hack” to conceal the scheme’s trading losses. It eventually resulted in the loss of almost all customer funds.

The current order charges GBI and Gelfman to pay over $2.5 million in civil monetary penalties and restitution. GBI and Gelfman are ordered to pay $554,734.48 and $492,064.53 in restitution to customers and $1,854,000 and $177,501 in civil monetary penalties, respectively.

James McDonald, the CFTC’s Director of Enforcement, said that “this case marks yet another victory for the Commission in the virtual currency enforcement arena. As this string of cases shows, the CFTC is determined to identify bad actors in these virtual currency markets and hold them accountable.”

Last month, the CFTC filed a suit with the U.S. District Court for the Northern District of Texas against two defendants for the allegedly fraudulent solicitation of BTC. Per the suit, defendants Morgan Hunt and Kim Hecroft were running two fraudulent businesses and misleading the public to invest in leveraged or margined foreign currency contracts, such as forex, binary options, and diamonds.

Goldman Sachs Invests In Crypto Custodian Company

Is Goldman Sachs testing the crypto-waters before they dive in?
The financial services giant Goldman Sachs, has made yet another stake in the cryptocurrency industry by investing in cryptocurrency custodian BitGo Holdings Inc, according to an October 18 press release published on BitGo's website.


According to the press release, Goldman Sachs, along with Galaxy Digital Ventures LLC, contributed $15 million to Series B of BitGo's funding round. bringing the amount raised in that round to $57.5 million. This money will go toward the development of a $1 trillion crypto wallet.
The Dodd Frank Act requires that investors with customer assets worth over $150,000 to store the assets with a "qualified custodian." These custodians are usually mega-institutions that have maintained a proven track record in the financial industry such as State Street Corporation and BNY Mellon Corp.
But as most people involved in the cryptosphere know, most of the big names in the financial industry are wary of getting involved with cryptocurrency over fears of wild price fluctuations and security issues. This reticence gives smaller business such as BitGo the opportunity to go after the big-money clients.
The press release states that BitGo announced the launch of BitGo Trust Company earlier this month and is reportedly "the first qualified custodian purpose-built for storing digital assets."
"This strategic investment from Goldman Sachs and Galaxy Digital Ventures validates both our market opportunity and unique position," said Mike Belshe, CEO, BitGo. "No one is better positioned than BitGo to serve institutional investors who want to trade cryptocurrencies and digital assets. That's why we're focused on figuring out what it takes to secure a trillion dollars. The market's not there yet but our job is to be ready first."
To act as a custodian for crypto assets, BitGo must have a way to secure massive amounts of money. Hence their development of a $1 trillion wallet.
This news may come as some surprise to those who remember the August rumors that Goldman Sachs was planning to offer its own cryptocurrency custody services. Though, on that front, no official announcement ever emerged. In light of this news, the rumors appear less likely; it seems unlikely that they would be willing to provide funding to a competitor. 

Who One of Bitcoin’s Biggest Market Makers ?

One of Bitcoin’s Biggest Market Makers Calls a Bottom, Plus Ripple and XRP, Ethereum, Tron, VeChain and Monero

From an insider’s view on Bitcoin to the massive growth of Ethereum, here’s a look at some of the stories breaking in the world of crypto.


Bitcoin
The CEO of one of the biggest over-the-counter market makers in crypto says $6,000 appears to be Bitcoin’s bottom.
“As the price has sort of approached this magical $6,000 – $5,900 support level, we see the short guys closing out their positions and buying back in,” Genesis Trading CEO Michael Moro told CNBC’s Fast Money. “So we see that on the lending side, which actually correlates to some of the price performance that you’re seeing on the spot side.”
Genesis Trading launched its lending business in March, and says it has loaned more than half a billion dollars in crypto to institutional investors, including hedge funds and financial firms.
Moro says he believes Bitcoin is heading back to $10,000, but won’t offer a timeline for how long that may take.

Ethereum
Ethereum is the one of the fastest growing open source projects on the planet.
According to the world’s leading software development platform GitHub, Ethereum is now the fifth fastest growing project overall.

Ripple and XRP
Ripple’s chief marketing strategist Cory Johnson just gave a wide-ranging interview at the company’s headquarters in San Francisco.
Johnson talks with Cointelegraph about the SEC’s views on XRP, Ripple’s xCurrent, xRapid and xVia, and more.

VeChain
VeChain’s country manager in Singapore says the company just gave a new proof-of-concept demonstration to BMW.
Back in March, BMW announced that VeChain is “participating in the BMW Startup Garage programme. As a venture client, the BMW Group becomes a customer of the start-up at a time when the product, technology or service is not yet ready for the market.”

Tron
Since its mainnet launch in June, Tron has added more than half a million accounts to its new blockchain.
According to Tron CEO Justin Sun, the platform is adding more than 100,000 new addresses a month.
Monero
Monero has successfully forked without missing a beat.
The new release is designed to improve the coin’s privacy features, increase transaction speeds, lower transaction fees, and increase the coin’s resistance to ASIC mining.

United States Marshals Service to Auction Bitcoins Worth $4.3 Million

The United States Marshals Service (USMS) is set to auction bitcoins worth $4.3 million next month. The government agency outlined that it plans to sell bitcoin seized during a wide range of criminal cases.

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660 Bitcoins to Go for Auction

The USMS announced that it would put 660 bitcoin up for auction, with the sale slated for November 5, 2018. To participate, potential bidders are required to submit a $200,000 deposit after fulfilling registration requirements before October 21, 2018. The money will be deposited back to bidders account if they do not land a winning bid. The enforcement agency’s bitcoin auction announcement reads:
“The deposit of the winning bidder will be retained by USMS and credited towards the purchase price. If the winning bidder fails to close on the transaction through no fault of the USMS, the winning bidder will irrevocably forfeit the deposit to the USMS. The deposit of any bidder whose bid is not selected as a winning bid will be returned to the original account from which the deposit was received.”

The upcoming auction of the seized bitcoin will go up for sale in two series, with six blocks of 100 bitcoin in series A and one block of the remaining 60 bitcoin in series B. Bidders will not be able to alter the bid once submitted, and and will not have the privilege to view proposals made by other auction participants.


USMS on a Bitcoin Auction Spree

According to USMS, the bitcoin were confiscated in relation to various civil forfeitures and criminal cases. The auction document released by USMS indicates that the provenance of the seized bitcoins comes from recent cases. Solely the FBI Administrative Forfeiture accounts for over 110 bitcoin from different cases.

Among the notable cases is that of “Bitcoin Maven,” a fifty-year-old woman named Theresa Tetley, who laundered bitcoins and operated an illegal money transmission business. At the time of arrest, federal prosecutors hoped to seize over 40 bitcoins along with cash and gold possessions.
Another notable case involved a former cryptocurrency trader named Thomas Mario Costanzo, who was charged for laundering drug money with bitcoins. Enforcement agents had seized 80 bitcoins at the time of apprehending Costanzo.
Auctioning seized digital currencies seems to be a full-time duty of USMS. Earlier in 2018, the USMS sold 3,600 and 2,100 bitcoin in January and March respectively. The sale of both auctions amounted to over $50 million.

Wednesday, October 17, 2018

Download Spotify Music Premium 8.4.75.670 Apk + Mod

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Saturday, September 8, 2018

Tiny Troopers 2: Special Ops v1.4.8 Apk Mod

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Saturday, September 1, 2018

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