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Bitcoin News

Bitcoin and Crypto Currency News

Browse latest bitcoin news about new businesses that accepts bitcoin and other cryptocurrencies, blockchain technology, and regulations of bitcoin. We report on latest crypto currency news, prices, talks and new start up related to bitcoin and other crypto currency.




  • Coin.mx Bitcoin Exchange Fraud Mastermind Pleads Guilty; Faces Lengthy Prison Sentence

    ​Over Bitcoin’s history, the most destructive and insidious issue that has threatened the community has been bitcoin exchange risk, or outright fraud run through exchanges. Whether it has been Mt. Gox, Cryptsy, or even cloud mining service Hash Ocean, no other issue has affected more Bitcoin’s users or done more damage to Bitcoin’s global reputation. Yesterday, another bitcoin exchange issue has reached a legal resolution with the case of Coin.mx.

    Anthony Murgio, 33, of Tampa, Florida, has pled guilty to several felony charges in relation to the case against the administration of the Coin.mx bitcoin exchange. Murgio was arrested in July 2015 on charges of breaching federal anti-money laundering laws and regulations, as well as on the allegation that he enabled criminal activity by exchanging cash for bitcoins for victims of ransomware attacks.

    This is also just part of his alleged criminal activity. Murgio and criminal cohort, Yuri Lebedev, seemed to have also gained control of the Helping Other People Excel (HOPE) Federal Credit Union. The U.S. Attorney in Manhattan said they channeled funds from Coin.mx through bribery, including bribing Trevon Gross, a pastor and former chairman of the credit union.

    The criminal activity was ramped up in the volume of funds exchanged through the credit union’s services, and this caught the attention of the credit union regulators at the National Credit Union Administration, which then alerted authorities.

    Murgio faces a minimum of 12 1/2 years in prison, according to Reuters, after pleading guilty to three felony counts. These include conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud as part of a plea agreement.

    “By pleading guilty, Anthony Murgio accepts full responsibility for his conduct,” Murgio’s attorney Brian Klein told Coindesk via email. “Today, he was able to start the process of putting what happened behind him. In connection with his sentencing, we look forward to letting the judge know the many positive things about Anthony.”

    The case is also notable for Murgio’s attempts to have the charges dismissed by arguing that bitcoin was not a currency for the purposes of federal law prohibiting the operation of the unlicensed money transmitting businesses. A U.S. District Court judge ruled against the motion in September, finding that bitcoin qualified as the act describes “funds” versus fiat money, specifically. The judge also said that because bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account, therefore Bitcoins do function as currency.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • European Union Begins Crackdown on Bitcoin and Altcoins in the name of Fighting Terrorism

    ​The narrative that “terrorism” is a great reason to take everyone’s freedom’s and privacy is being played out in the E.U. on a daily basis. Whether it is women being taught to wear makeup over bruises from immigrant attacks to restrictions on cash and precious metal usage, the E.U. is quickly collapsing into a failing socialist state. As Bitconnect has reported previously, Bitcoin is certainly on the list of nice things the average citizen can’t be trusted with int he region, and even altcoins are under attack by the new E.U. regulations.

     

    The E.U. Council created an official draft last week outlining its position for more stringent EU rules set to prevent “money laundering and terrorist financing.” The draft directive has two main objectives: To prevent the financial system to finance criminal acts is used; the transparency rules should be tightened to prevent money be kept secret on any large scale.

    Using recent “terrorist” events, what some are calling “false flags,” as justification, this draft directive aims to ensure a balanced balance between the need for increased security and the need to protect fundamental rights and economic freedoms. The proposal is part of the Action Plan the Commission to combat the financing of terrorism.

    First on the list is limiting the “risks associated with prepaid cards and virtual currency.” The threshold for determining holders of prepaid cards has been reduced from € 250 to € 150 and the requirements for the review of customers have been extended. Exchange platforms for any and all virtual currencies and providers of electronic purses must comply with their due diligence and conduct customer checks to remove the anonymity of such exchange transactions. This is what they said about cataloging digital currency users:

    “The report shall be accompanied, if necessary, by appropriate proposals, including, where appropriate, with respect to virtual currencies, empowerments to set-up and maintain a central database registering users' identities accessible to FIUs, as well as self-declaration forms for the use of virtual currency users.”

    Of course, a central database can be hacked from the outside, or surveillance from the inside, which is safety features of Bitcoin and other digital currencies users are trying by being decentralized in practice, but this of course if of no concern to the E.U. Council or Commission.

    European Union Member States have 12 months to transpose the directive into national legislation. However, longer deadlines (24 or 36 months) apply to the implementation of the various provisions relating to the registers of economic owners.

    One of the many flaws in this pending legislation is that it has been proven that Bitcoin is not a source of terrorist funding. The HM Treasury in Great Britain spent 2015 doing an exhaustive review of all the sources of terrorism funding and Bitcoin came in at the bottom of the list, with cash and bank transfers being the primary sources. For details on this U.K. study on the matter,click here.

    The E.U. legislators have clearly not done nearly the research as the HM Treasury, and have provided no information showing Bitcoin to be a source of terrorism financing, but they intimate that it could be used in the future, so the spin is that are basically being proactive.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Global Cop Agency Interpol Trains For Major Bitcoin Crime Scenario

    Bitcoin does have somewhat of a public relations problem, particularly when it comes to cyber-criminal behavior, like ransomware. Ransomware has been around for decades, but this recent wave focusing on extracting Bitcoin from victims makes Bitcoin guilty, by association. Considering the anticipated values of Bitcoin in the future, and the relative ease of send it online, Bitcoin was the focus of a new cybercrime defense exercise by multinational policing organization Interpol last week.

    Interpol Conducts The Ransomware Games

    For those that don’t know, Interpol is the largest multinational crime policing agency on Earth. Almost 100 years old (created in 1923,) and with 190 member countries worldwide, it is only exceeded in scope by the United Nations. Their headquarters is in Lyon, France, but this exercise, known as “The INTERPOL Digital Cybercrime Challenge ,” was conducted in Singapore.

    Representatives from 26 countries had 64 law enforcement personnel spilt into eight teams to stop a cyber criminal looking for 10,000 Bitcoins as ransom. A mythical criminal known as ‘Cracker10000’ has published sensitive information from a blueprint stolen from the fictional oil refinery company on a major social media platform. Cracker10000 is threatening to post more classified information for the world to see unless the 10,000 bitcoin ransom demand is met.

    "Cybercrime investigations are becoming more and more complex and this challenge replicated some of the twists and turns which investigators face every day,” says Madan Oberoi, Director of Innovation and Outreach at the INTERPOL Global Complex for Innovation (IGCI). “There is a continuous need for experts from both the public and private sectors to come together to exchange expertise and best practice in combating cybercrime, and this challenge provided the ideal platform to achieve this ."

    It is basically an online war game for the eight teams to solve. Teams get points for finishing stages and doing it quickly, but lose points if they need clues or nits to move forward. They have 52 hours to find Cracker10000. These teams also had to gather evidence, present it to a mock court where they were assessed on both the investigative steps taken and their final prosecution report submission.

    Malware, chat apps and the Tor network were also utilized as crime tools in the mock threat that took four days of work and training at Interpol to complete. This was the first event of its kind and may become an annual event to sharpen skills.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Vietnam Issues Warning Against Bitcoin

    Countries around the world are talking about Bitcoin. Can Bitcoin’s Blockchain technology help them be faster and more efficient? Is Bitcoin used for criminal behavior? Is this something that can be taxed to benefit The State? New countries are coming into contact with it every day, and now Vietnam is weighing in with an official word of caution against its use in the small Asian-pacific country.

    Not illegal but definitely not legal

    Places like Russia are confused by Bitcoin but seem likely to ban it outright. Western nations have legal structures that will allow it and even make it taxable. According to Vietnam News , the Department of E-Commerce and Information Technology has also recommended that organizations and individuals should not make the transactions related to the kind of "virtual money.”

    Dating back to 2014, the State Bank of Vietnam has stated that the possession, sale and use of "virtual money,” like Bitcoin or other altcoins, as an underlying asset class is very risky for the people and are not protected by law. The other coins mentioned may have proven to show little real world value, or have been tied to previous digital currency scams in the region, including names like OneCoin, SwissCoin, and GemCoin.

    Of course, Vietnam’s central bank is not the first to come out publicly against a competing currency that they do not produce or manage. A similar warning has cropped up over the last two years in several countries. This usually is a prelude to some formal legalization about the legality of digital currency use, domestically. Generally, governments and central banks prefer to not have competition for the production and value of money within a given country.

    Vietnam Issues Warning Against Bitcoin“Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as Bitcoin,” said the Central Bank of Kenya in December of last year.

    “Bitcoin has no legal status or regulatory framework. Thus, it poses a number of risks for those that would choose to transact with it such as the lack of guarantee of security, convertibility or value,” said Hlengani Mathebula, head of the group strategy and communications at the South African Reserve Bank in 2014 .

    One in the Bitcoin community can take this as good news as well. Better for the local authorities to say “Use at your own risk” than that Bitcoin is illegal, in any way. BitConnect will keep our readers up to date on future announcements by central banks and governments in regards to the use of Bitcoin and other decentralized digital currencies.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University