Bulgarian authorities have arrested two men for illegally siphoning off more than $1.5 million in electricity to operate two crypto mining farms. According to an Aug. 14 report from Bulgaria Today, two men have been detained in connection with the theft of $1.5 million in electricity used for mining Bitcoin (BTC) in the small town of Kyustendil. Representatives from the Oblast Directorate of the Ministry of Interior Affairs (ODMVR) and CEZ Electro Bulgaria spoke at a news conference, stating that the two Bulgarian nationals from Sofia, aged 31 and 38, were caught funneling power to their two illegal crypto mining …

A new blockchain-based platform says it has bold plans to transform the events industry — eliminating middlemen to reduce costs for organizers, promoters, entertainers, suppliers and consumers alike. Evedo argues that the sector’s scalability has been dramatically affected by a “lack of innovation” in the way events are organized. A multitude of platforms are often used to bring concerts and conferences to life, causing unnecessary delays and sometimes resulting in costly mistakes. In addition, the startup says the industry is riddled with middlemen who often charge large fees but “do not add value to the process” — occasionally resulting in …

Top Stories This Week U.S. District Attorney Charges OneCoin Founders With “Billions” in Alleged Fraud The founders of international cryptocurrency pyramid scheme OneCoin have been charged by a United States district attorney. Both Konstantin Ignatov and his sister Ruja Ignatova were reportedly arrested on March 6 in Los Angeles after being accused of “wire fraud, securities fraud, and money laundering offenses” after luring investors into putting billions of dollars into the fraudulent OneCoin cryptocurrency. The crypto organization — established in 2014 and based in Sofia, the capital of Bulgaria — works as a marketing network in which members receive commissions …

A United States District Attorney has charged the founders of an international cryptocurrency pyramid scheme that involved the marketing of an allegedly fraudulent digital currency called “OneCoin.” The announcement was published by the U.S. Attorney Office of the Southern District of New York on March 8. The founders and leaders of OneCoin, Konstantin Ignatov and his sister Ruja Ignatova, were reportedly arrested on March 6, 2019, in Los Angeles. The siblings were accused of “wire fraud, securities fraud, and money laundering offenses,” wherein they allegedly lured investors to contribute “billions of dollars in the fraudulent cryptocurrency.” OneCoin was established in …

The British financial regulator, the Financial Conduct Authority (FCA), has issued a warning against illegal crypto-related firm Next Coin Market, according to an official statement released on March 6. According to the FCA, Bulgaria-based Next Coin falsely claims to be authorized with the U.K. financial authority to offer cryptocurrency-related services to British residents. The FCA elaborated that Next Coin was sending users a link to a fake website that gives the impression that the firm is officially authorized by the FCA. However, Next Coin is not registered with the authority, the FCA said, claiming that the firm is involved in …

The Bulgarian National Revenue Agency (NRA) has announced the launch of inspections of cryptocurrency-selling companies, English-language Sofia-based news outlet novinite reports on Jan. 14. The objective of the investigation is to assure compliance with tax and social security regulation, as the agency is reportedly worried about the use of crypto-assets for revenue concealment and tax evasion. The Bulgarian RSA reportedly conducted a survey of the companies that own online platforms for the sale and purchase of cryptocurrencies — like cryptocurrency exchanges — and already assigned control actions (which presumably means checks) to nine companies. After the completion of the checks, …

Bulgarian Gendarmerie forces and specialized prosecutors have arrested three hackers allegedly involved in stealing $5 million in crypto, Sofia-based newspaper 24 Chasa reports Monday, Nov. 26. Bulgarian police reportedly seized cryptocurrencies worth around $3 million, as well as the equipment allegedly used by the thefts, including computers, flash drives, and a hardware portfolio for storage of crypto data. Apart from notebooks containing crypto accounts, the prosecutors have also seized a car that was allegedly purchased with stolen funds and worth about 60,000 in Bulgarian Lev (BGN) (about $35,000). According to prosecutors, the suspects implemented new hacking methods and performed advanced …

The last four suspects in a two year case against alleged pyramid scheme OneCoin have been prosecuted in China’s Hunan Province, government-supported local news source the Justice Network reports Wednesday, May 23. The Zhuzhou Country Procuratorate of the Hunan Province examined 106 people, publicly prosecuted 98, and recovered around 1.7 bln yuan (around $266 mln) from over 20 provinces across China in the course of the case. Those prosecuted have received up to 10,000 - 5 mln yuan in fines (about $1,500 - $782,000) as well as four years or less of prison time. In 2016, Chinese authorities had already …

Sofia, Bulgaria – On April 2, the Bulgarian Tax Service published an assessment on crypto-currencies. The National Revenue Agency, as the Bugarian Tax Service is officially called, has published a press release on its website under the straightforward title of “Revenue from Bitcoin Transactions are to be Declared and Taxed.” The fact that transactions which involve cryptocurrencies are subject to taxation is nothing new. Soon, many countries will look to the decision of the US and follow in its footsteps. But what is remarkable is that the tax service in this article refers to Bitcoin as a “virtual currency” and …