Tag Archives: crypto

Romanian Central Bank Official Says Crypto Will Not Fulfil Basic Roles of Currency

Romanian Central Bank Official Says Crypto Will Not Fulfil Basic Roles of Currency

                                

An official from the Romanian central bank has stated that cryptocurrency

will not replace currency issued by central banks as it is not necessarily a currency. The news was published by local media outlet Business Review on April 16. Daniel Daianu, a member of the Romanian National Bank (BNR)’s Administration Council, reportedly stressed the necessity to be aware of the difference between institutions and their roles, ensuring that those roles will not disappear. Daianu also addressed the importance of making the distinction between blockchain technology and digital currencies.

Daianu said:

“In my opinion, these are financial assets, not cryptocurrencies, and they won’t be able to fulfil the basic roles of currency. […] Cryptocurrencies will never be able to substitute the currency issued by a central bank. What can happen is for central banks to have a digital currency, but that will also be issued by the bank, and commercial banks will receive digital currency that can multiply. I do agree, however, that new technologies lead to disintermediation and this feature of decentralization shows us the merits of networks.”

Romania — which became the first Eastern European chapter affiliate of American nonprofit corporation Bitcoin Foundation back in 2014 — released a draft Emergency Ordinance that regulates the issuance of electronic money (e-money) last July. The draft reportedly described electronic money as “monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money.” A recent report from the World Economic Forum (WEF) revealed that at least 40 central banks globally are conducting research projects and pilots with blockchain technology that aim to address such issues as financial inclusion, payments efficiency and cybersecurity. The WEF provided ten use cases for distributed ledger technology ?t central banks including the development of retail central bank currency, among others.

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Ana Alexandre

Total change in her career took Anastasia into the world of analytics and business information as a researcher and translator in 2010. Some time later she got into FinTech, a dynamically developing segment at the intersection of the financial services and technology. Ana joined Cointelegraph in September 2017.

https://cointelegraph.com/news/romanian-central-bank-official-says-crypto-will-not-fulfil-basic-roles-of-currency

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Coincheck Owner Mulls Addition of Crypto to Its Retail Offerings

Coincheck Owner Mulls Addition of Crypto to Its Retail Offerings

                                 

Online brokerage Monex Group Inc.,

owner of the hacked Japanese crypto exchange Coincheck, is considering adding crypto to its retail client offerings in a bid to become more competitive in the local brokerage market. The news was reported by Bloomberg on April 15. As previously reported, Monex acquired Coincheck in April 2018 in the wake of the exchange’s industry record breaking $532 million hack in January of that year.

According to Bloomberg, Monex now sees its Coincheck involvement as potentially instrumental in restoring its erstwhile market dominance. Founded in 1999, Monex was reportedly once the country’s most popular online brokerage, but has since reportedly been eclipsed by rivals such as Rakuten, SBI Holdings and Mastui. Monex’s brokerage unit is thus mulling the addition of digital currencies to its offerings for retail clients in collaboration with Coincheck. Monex Securities Inc.’s new president, Yuko Seimei, conceded that a new strategy is critical to

reviving the firm:

“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap.”

Amid increasing competition in the brokerage market, Japanese investors’ enthusiasm for cryptocurrencies could help the organization reclaim clients, Bloomberg notes. The Japanese yen currently accounts for ~46.5% of national fiat currencies traded for bitcoin (BTC), according to crypto statistics site Coinhills. As reported, under the stewardship of Monex, Coincheck took a series of measures to improve its protection and trading systems, as well as reimbursing those customers affected by the hack. In mid-November 2018, Coincheck resumed crypto trading and was granted an operating license from Japan’s Financial Services Agency in December 2018. Monex Group’s financial report on Q3 for the 2019 fiscal year revealed that Coincheck had halved its losses in Q3, as compared with the preceding quarter.

This March, Monex announced major changes to its management composition, appointing three Coincheck executive directors to Monex roles to enhance cooperation between the two firms. This week, Money Forward Inc., the operator of one of Japan's most popular personal budgeting apps, announced a decision to halt its plans to launch a crypto asset exchange, citing profitability concerns amid the bear market. Japanese e-commerce giant Rakuten has meanwhile just opened registration for users of its crypto exchange Rakuten Wallet, which is set to go live in June.

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Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/coincheck-owner-mulls-addition-of-crypto-to-its-retail-offerings

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94 of Surveyed Endowment Funds are Allocating to Crypto Investments: Study

94% of Surveyed Endowment Funds are Allocating to Crypto Investments: Study

                                  

94% of endowments have been allocating to crypto-related investments

throughout 2018, a new survey published on April 12 reveals. The study was conducted in Q4 2018 by trade publications Global Custodian and The Trade Crypto, in partnership with blockchain security firm BitGo. Out of 150 surveyed endowments, 89% of the respondents were reportedly based in the United States, with the rest either in the United Kingdom or Canada.

The survey indicated that despite widely-reported concerns around regulation, custody and liquidity, endowments will continue to allocate investments to the new asset class — with only 7% of respondents saying they anticipated any decrease in their allocations over the next year. Jonathan Watkins, managing editor at Global Custodian and The Trade, remarked on the results of the survey,

stating that:

“All the talk over the past 18 months has been around when institutional investors will begin participating in cryptocurrency investments, but it turns out they had already arrived, in the form of endowment funds.”

The survey reportedly revealed that 54% of respondents were directly investing in crypto assets, with 46% investing via various kinds of funds. Over the next 12 months, 50% revealed they expect to increase their crypto investments, with 45% anticipating their allocations will remain at their current levels.

According to the survey, the top three characteristics that endowments are seeking when they select crypto funds are that they comply with robust regulation, have sufficient capital flow and liquidity and offer account security. The Trade suggests cautious optimism is an apt overall summary of endowment sentiment in regard to the nascent asset class, citing one respondent’s belief that crypto “is the future of investing,” and others’ characterizations of the process as “a very wild ride” and “hair-raising.” As reported, this February, the University of Michigan’s $12 billion endowment unveiled plans to bolster its investment in a crypto fund managed by U.S. venture capital firm Andreessen Horowitz.

Details of reported crypto fund investments from Ivy League titans Yale and Harvard surfaced in fall 2018 — the latter of whose ~$39.2 billion endowment for the 2018 fiscal year was the largest of any university endowment globally. Crypto investment claims have also been made for Stanford University, Dartmouth College, the Massachusetts Institute of Technology and the University of North Carolina. As reported this month, Harvard’s endowment is set to become a direct investor in a planned $50 million token sale from decentralized computing network Blockstack. If approved, the sale would be the industry’s first Securities and Exchanges Commission-qualified offering.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/94-of-surveyed-endowment-funds-are-allocating-to-crypto-investments-study

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Cryptocurrency Price Trends Could Signal End of Bear Market Says Binance Research

Cryptocurrency Price Trends Could Signal End of Bear Market, Says Binance Research

                               

Bitcoin (BTC) prices and altcoin prices could have already hit their lowest point,

new analysis from cryptocurrency exchange Binance concluded on April 11. In the latest edition of its research bulletins, the exchange’s dedicated analytics arm, Binance Research, investigated various current phenomena and trends within cryptocurrency markets. Among them was correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history. According to historical behavior, such periods tend to trigger trend reversals. The 90 days to mid-March incorporated Bitcoin’s drop from $6,500 to around $3,100, leading Binance to suggest that markets could now rebound following the end of the record correlation period.

“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” the exchange summarized. As Cointelegraph reported, Binance had previously eyed the changing relationship between Bitcoin and altcoin prices, concluding altcoins were becoming less correlated with Bitcoin but more so against USD. The latest bulletin also held insights about cryptocurrency’s investor makeup: institutional investors control around 7% of the supply, Binance says, roughly equal to one-thirteenth of the institutional control of the United States stock market.

Last week, another well-known voice meanwhile endorsed the narrative that crypto markets had bottomed. Thomas Lee, senior market analyst and co-founder of Fundstrat Global Advisors, pointed to three-year high readings on his so-called “Bitcoin Misery Inde (BMI) as potential proof that no further downside would occur. “The main takeaway is […] further evidence the bear market for Bitcoin likely ended at $3,000,” he wrote on Twitter on Thursday.

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William Suberg

William Suberg got into Bitcoin while completing his Masters degree and hasn't looked back since, writing about anything crypto-related which makes him sit up and pay attention. He started working with Cointelegraph in October 2013.

https://cointelegraph.com/news/cryptocurrency-price-trends-could-signal-end-of-bear-market-says-binance-research

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Ethereum Core Developers Consider More Frequent and Smaller Hard Forks

Ethereum Core Developers Consider More Frequent and Smaller Hard Forks

                                 

Ethereum (ETH) core developers are considering implementing

more frequent and smaller hard forks, according to the most recent bi-weekly meeting held on April 12. The question of time between hard forks — or network updates — was brought up by the meeting’s moderator, Tim Beiko, who referenced it as an ongoing topic of discussion. Another dev then began the discussion by referencing core developer Alexey Akhunov’s previously expressed position in favor of shorter periods between forks.

To “check the temperature” of the devs’ position on hard fork timing, the dev asked if anyone on the call was “open to hard forks as short as three months.” The first three responses to the question were negative or tentative, with dev Joseph Delong calling three months “too quick […] for turnaround.” Another developer, Martin Holst Swende, then summarized the sentiment,

stating:

“as long as we’re not tied to large hard forkes every three months. So, more like opportunity windows, when things are finished.”

Another dev then pointed out that the team had yet to complete a hard fork within six months, suggesting that “there a couple of things we probably need to automate to be able to do that really well.”

The devs also referenced the topic as being previously discussed on the Ethereum developer forum Ethereum Magicians. In the discussion’s initial post, dated March 15, Beiko laid out the pros and cons of smaller and more frequent hard forks, noting that the team had discussed the topic on its dev call that same day. Some of the arguments in favor include that such a move would bring more frequent updates to the protocol and would also allow the team to separate concerns and isolate changes better and decrease the deployment time of updates that require multiple forks. Further, the testing process would be arguably easier since there would be fewer EIPs to test and fewer EIP interactions to check.

Still, arguments for larger and less frequent hard forks were also presented, such as the fact that they leave ample time for security evaluation. Less frequent hard forks require less frequent client updates and user coordination. In the case of frequent hard forks, a bug in a fork also risk delaying the next fork. As Cointelegraph reported earlier this week, a report released by decentralized application (DApp) analytics website DApp.com revealed that Tron (TRX) has the fastest growing DApp user base while Ethereum’s DApp user base is shrinking. Also this week, Charles Hoskinson, the co-founder of Ethereum and IOHK, the company behind Cardano (ADA), criticized Ethereum and Eos’s (EOS) approach to development.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/ethereum-core-developers-consider-more-frequent-and-smaller-hard-forks

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US Justice Dept Convicts Two Romanians of Cybercrimes Including Cryptojacking

US Justice Dept. Convicts Two Romanians of Cybercrimes Including Cryptojacking

                                 

A federal jury has convicted two Romanian alleged cybercriminals

of spreading malware to steal credit card credentials and illicitly mine cryptocurrency, an announcement from the official website of the United States Department of Justice revealed on April 11. The malware allegedly spread by the suspects was reportedly used for cryptojacking and to steal credit card and other data that the suspects would have sold on darknet markets and used to engage in online auction fraud. As the Justice Department press release reports, Bogdan Nicolescu, 36, and Radu Miclaus, 37, were convicted after a 12-day trial. The two individuals were charged with wire fraud, conspiracy to traffic in counterfeit service marks, aggravated identity theft, conspiracy to commit money laundering and 12 counts each of wire fraud.

The two are scheduled to be sentenced on August 14 this year in the Northern District of Ohio. The activity was allegedly conducted as a “criminal conspiracy” from Bucharest, Romania, by the aforementioned suspects and another person who pleaded guilty. The malware itself was reportedly developed in 2007 and then spread via emails posing as legitimate communications from entities like Western Union, Norton AntiVirus and the Internal Revenue Service.

As the press release explains, the recipients that clicked on the attached file in such an email had malware installed on their devices. The malware also harvested email addresses from the contact lists of the victims. The infected computers also reportedly registered over 100,000 AOL email accounts that were used to spread the malware further with millions of emails sent to the stolen addresses.

The virus also purportedly redirected traffic to major websites such as Facebook, PayPal, eBay to a near identical version meant for phishing to obtain access credentials. The stolen credentials were reportedly used to rent server space, register domain names and pay for anonymization services. Lastly, the report also specifies that the case was jointly investigated by the U.S. Federal Investigation Bureau and the Romanian National Police.

As Cointelegraph reported earlier this week, Bitcoin (BTC) wallet service Electrum is facing an ongoing Denial-of-Service attack on its servers and users have reportedly lost millions of dollars. In a report from last month by AT&T Cybersecurity, it was revealed that cryptocurrency mining is one of the most observed objectives of hackers attacking businesses’ cloud infrastructures. At the end of March, news broke that a new strain of Trojan malware for Android phones is targeting global users of top crypto apps such as Coinbase, BitPay and Bitcoin Wallet, as well as banks including JPMorgan, Wells Fargo, and Bank of America.

Article Produced By
Adrian Zmudzinski

Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.

https://cointelegraph.com/news/us-justice-dept-convicts-two-romanians-of-cybercrimes-including-cryptojacking

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Goldman Sachs CEO Refutes Bank Ever Had Plans to Open Crypto Trading Desk

Goldman Sachs CEO Refutes Bank Ever Had Plans to Open Crypto Trading Desk

                                  

Goldman Sachs CEO David Solomon has categorically refuted

that the bank ever had any plans to open a crypto trading desk and stated that earlier media reports suggesting otherwise were incorrect.  Solomon made his remarks before the United States House of Representatives Financial Services Committee on April 10, during a hearing entitled “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.”

As previously reported, Goldman Sachs’ alleged plans to create a crypto-focused unit by the end of June 2018 were originally covered in a December 2017 report from Bloomberg. In September 2018, unnamed sources told Business Insider that the project had been put on hold. Several days later, the firm’s chief financial officer, Martin Chavez, told reporters that the recent reports were “fake news.” In his remarks, Solomon said that Goldman Sachs has engaged with clients that are involved in clearing physically-settled crypto futures, but that alleged trading desk plans

were false:

“The first [Bloomberg article] wasn’t correct. Like others, we are watching and […] doing work to try to understand the cryptocurrency market as it develops […] but we never had plans to open a cryptocurrency trading desk.”

Notably, the CEO did not rule out such a move from the bank in the future,

stating that:

“We might at some point in time, but there’s no question, when you’re dealing with cryptocurrency, it’s a new area […] it is unclear from a regulatory perspective, it’s unclear whether […] in the long run, as a currency, those technologies are going to work and be viable.”

Ohio Republican Congressman Warren Davidson, who was questioning Solomon over the media reports, himself voiced his belief that the U.S. is lagging behind other countries and failing to “take advantage of this thriving sector [crypto]” due to regulatory uncertainty. As Cointelegraph previously reported, other CEOs in attendance at the hearing included JPMorgan Chase CEO Jamie Dimon, who affirmed the value of blockchain technology but reiterated his belief that decentralized cryptocurrencies do not have any intrinsic value. A bipartisan bill to exclude cryptocurrencies from being classified as securities and foster more regulatory clarity for crypto — first proposed by Rep. Davidson and Democratic Congressman Darren Soto in December 2018 — was reintroduced in a revised form to Congress this week.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/goldman-sachs-ceo-refutes-bank-ever-had-plans-to-open-crypto-trading-desk

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Coordinator for Largest Group of Mt Gox Creditors Leaves Post Sells His Claim

Coordinator for Largest Group of Mt. Gox Creditors Leaves Post, Sells His Claim

                                 

Andy Pag, the founder and coordinator of Mt. Gox Legal (MGL)

— the largest group of creditors of the now-defunct Bitcoin (BTC) exchange Mt. Gox — has quit his post and decided to sell his claim. Pag announced his decision in a letter posted to the MGL contributor forum on April 4. Mt. Gox Legal —  a cooperative of over 1,000 creditors with claims reportedly totaling more than an estimated 125,000BTC (~$649 million at press time) — was formed to seek coordinated legal action to support Mt. Gox’s transition from bankruptcy proceedings to civil rehabilitation (CR).

This transition, which formally took effect in June 2018, should ensure that creditors are reimbursed in crypto, rather than in fiat currency equivalent to the value of their BTC holdings at the time of the exchange’s collapse. As previously reported, Mt. Gox was notoriously hacked in 2011, with around 24,000 creditors reported to be affected. The subsequent collapse of the exchange in early 2014 led to loss of a reported 850,000 BTC, valued at roughly $460 million at the time (~$4.2 billion at press time). Pag, who will leave his role as MGL coordinator at the end of April, also revealed his decision to sell his claim for an instant payout from a buyer offering $600 p/BTC, with a ~33% return in a year. While offering to put fellow MGL creditors in touch with the buyer, he emphasized it was a highly personal decision.

In his letter of resignation to MGL members, Pag cited his belief that reimbursement is likely to take a further 18-24 months or longer, despite recent indications from Mt. Gox’s CR trustee Nobuaki Kobayashi that decisions over creditors’ claims had been concluded in March. Pag gave several major reasons for this belief, foremost that prospective reimbursement and distribution of assets is likely to stall for a significant period of time as Japan’s judiciary assesses an outstanding $16 billion claim from CoinLab, which was allegedly filed in February.

As Cointelegraph has previously reported, in 2013, CoinLab — a former business partner of the exchange —  originally sued Mt. Gox with a bankruptcy claim of $75 million, claiming breach of contract. The figure has since risen to $16 billion amid the civil rehabilitation proceedings. In his letter, Pag said that his recent meeting with Kobayashi confirmed his fears that the trustee would delay filing a civil rehabilitation plan “until the Coinlab case is settled, and that means not just assessment, but through however many rounds of litigation they take it to.”

Pag further gave reasons for his distrust of Mt. Gox ex-CEO Mark Karpeles’ conduct in the CR proceedings, which he “suspects will be the source of more costs and delays.” As reported, a Japanese court recently served Mark Karpeles a suspended jail sentence after he was found guilty of tampering with financial records. He was, however, acquitted of embezzlement. A  separate so-dubbed “GoxRising” movement, is being spearheaded by controversial crypto figure Brock Pierce, who has claimed he can reboot the trading platform and accelerate compensation for creditors.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/coordinator-for-largest-group-of-mt-gox-creditors-leaves-post-sells-his-claim

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Lithuanian Finance Ministry to Introduce Legal Amendments for Crypto-Related Firms

Lithuanian Finance Ministry to Introduce Legal Amendments for Crypto-Related Firms

             

The Republic of Lithuania’s Ministry of Finance plans

to release legal amendments for operating crypto-related businesses in the country, Riga-based newspaper The Baltic Times reports on April 8. According to the report, the Lithuanian finance ministry wants to bring more legal certainty to the operation of companies relating to cryptocurrency exchanges, crypto wallet operators, as well as initial coin offerings (ICOs).

By enforcing legal requirements in the industry, the authority reportedly seeks to ensure an efficient policy against money laundering and terrorism financing, as well as to guarantee a due level of consumer protection, the articles writes. The new amendments propose that crypto-related companies will have to be registered with the Center of Registers in order to operate as legal entities. The companies will also have to execute the Law on the Prevention of Money Laundering and Terrorist Financing, as well as to strictly observe Know Your Customer (KYC) laws including reporting high volume financial transactions to the Financial Crime Investigation Service (FCIS).

As The Baltic Times reports, operators are set to be required to identify users and check their identity prior to providing services if the operation value exceeds 1,000 euros ($1,120). Sigitas Mitkus, director of the finance ministry's financial market policy department, said that introducing limits for financial operations will be a new practice under the European Union directive. According to Mitkus, Lithuania might become the first country in the world to implement recommendations of the Financial Action Task Force (FATF) and apply requirements not only in terms of crypto-to-fiat conversion, but also in terms of internal crypto trading, the report notes.

Earlier this year, the Bank of Lithuania released an updated document on its official stance to cryptocurrencies and ICOs, claiming that financial market participants are still authorized to receive payments only in traditional fiat currencies, and prohibited to get paid in crypto. In early March, the FATF published preliminary guidelines for cryptocurrencies, urging countries to prevent money laundering and terrorism financing, as well as to introduce crypto-related licensing and setting up KYC processes.

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Helen Partz

Helen is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2017, she joined Cointelegraph as a writer.

https://cointelegraph.com/news/lithuanian-finance-ministry-to-introduce-legal-amendments-for-crypto-related-firms

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Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

            

The secretary of Hong Kong’s Financial Services and the Treasury

has stated that crypto mining operations are regulated by local trading law. His written response to Hong Kong’s Legislative Council was published on Wednesday, April 3. The Council has solicited information about the risks and fraudulent activities related to cryptocurrencies and underlying activity, such as mining. Moreover, the officials are interested whether mining is regulated under the Trade Descriptions Ordinance (TDO) — a bill passed in 2012 that prescribes penalties for unfair trading practices in Hong Kong.

Secretary James Lau has responded that the sale of mining equipment and any other products related to virtual assets falls under the TDO. The unfair practices he mentions in this regard include false trade descriptions, misleading omissions, aggressive commercial practices and wrongly accepting payment, among others. According to Lau, illicit mining activity can thus be subject to a $500,000 fine or five years in prison.

The secretary also mentions a particular fraud case, when Hong Kong police arrested three persons that allegedly lured 20 victims into investing over HK$3.7 million (around $471,400) in crypto-related equipment and services. As Cointelegraph previously reported, a similar amount of funds — HK$3 million ($383,000) — was mentioned in a criminal case involving a purported Bitcoin millionaire (BTC) Wong Ching-kit. The 25-year-old businessman and his 20-year-old-colleague were arrested at their office in Hong Kong for conspiracy to defraud 20 investors by selling them mining machines.

Wong Ching-kit is wide known for a publicity stunt in Hong Kong’s relatively poor district Sham Shui Po in December 2018. The entrepreneur appeared in a video posted on his firm Epoch’s Facebook page, asking whether anyone believed that money could fall from the sky. Immediately after his question, stacks of bank notes reportedly amounting to HK$6,000 ($764) were thrown from a nearby rooftop. Following an incident, Wong was arrested on suspicion of disorderly conduct in public, but later released on bail.

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Ana Berman

Moved by her interest to discover the world of decentralized technologies, Ana joined Cointelegraph in June 2018. Shortly after joining the team as a news writer, she focused on the major crypto stories from Latin America

https://cointelegraph.com/news/hong-kong-illicit-crypto-mining-operations-are-punishable-by-fine-or-imprisonment

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