Blockvest, which is currently embroiled in a dangerous lawsuit with the SEC, obtained a small victory in a similar case filed by an elderly couple. However, the Jan. 21 court filing suggests that this is based on a legal technicality. The case against Blockvest was filed by Tommy and Christine Garrison, who alleged that the project violated securities law and regulations, and engaged in unlawful business conduct and financial elder abuse. The couple had filed the case against Rosegold Investments and Master Investment Group, the companies behind the project. They also cited Reginald Buddy Ringgold, III, aka Rasool Abdul Rahim …

The Financial Conduct Authority (FCA) is now the United Kingdom's sole Anti-Money Laundering (AML) authority for the crypto business. After a decade of compliance under a laissez-faire approach to AML legislation, U.K.-based crypto firms now face a significantly more stringent set of rules. With the FCA thrashing U.K. crypto regulation into shape, the consequences upon start-ups, user privacy and adoption will likely be wide-reaching. In its early stages, decentralized finance (DeFi) has uncovered a bounty of possibilities within the economic sector. From borderless banking to using blockchain technology, DeFi is leading a comprehensive coup d'état against an entrenched financial industry. …

The lawyers for Alexander Vinnik, the alleged operator of defunct crypto exchange BTC-e, have filed a complaint alleging violation of Vinnik’s rights. Written on behalf of Vinnik’s young children, the complaint has been filed with a Greek court to prevent the allegedly approaching criminal’s extradition to France and the United States. Vinnik’s extradition from Greece was allegedly scheduled for last weekend Timofey Musatov, the head of Vinnik’s legal representation alleges that Vinnik’s extradition had been scheduled for last weekend, Russian news agency RIA Novosti reported Jan. 17. Musatov suggested that Vinnik’s extradition had been planned for this past weekend based …

Over 5,000 victims of the alleged cryptocurrency pyramid scheme Dunamiscoins have petitioned the Ugandan Parliament asking to refund money lost in the scam. Arthur Asiimwe, the leader of the petitioning group who presented the request to the Parliament's speaker Rebecca Kadaga, claims that the government has licensed the alleged scam firm, according to an official announcement by the Parliament of Uganda on Jan. 16. Dunamiscoins victims are not satisfied with investigation results First spotted in early December 2019, Dunamiscoins is allegedly involved in defrauding over 10,000 people, causing them losses of around $2.7 million. The apparent scam company reportedly closed …

Suspected crypto con artists are once again using the likeness of British financial expert Martin Lewis to defraud unsuspecting victims. In 2019, Lewis settled a defamation suit against Facebook for similar Bitcoin (BTC) scam adverts. Instagram says deceptive advertisements have no place on its platform and plans to continue improving its detection protocols for such content. Social platforms have been known to censor crypto-related content, instituting blanket bans on crypto ads on several occasions. However, Facebook has recently relaxed this policy amid the roll-out of its own digital currency project. The social media giant is one of the main backers …

The United States Securities and Exchange Commission have argued in a Jan. 10 filing that Blockvest founder Reginald Buddy Ringgold III falsified and, in one case, forged signatures in documents critical to the case. The commission had previously charged Blockvest with falsely declaring that its initial coin offering (ICO) was registered with the regulator. A pre-ICO? In Oct. 2018, the SEC halted Blockvest’s ICO in an emergency court order. The project had nevertheless already collected more than $2.5 million in a pre-ICO sale of its BLV token. Though the Southern California court district initially claimed that the commission failed to …

One legal team looks to lead the three ongoing suits against IFinex alleging that illegal conduct involving iFinex’s subsidiaries Tether and Bitfinex was behind Bitcoin’s (BTC) 2017 bull run. Per a Jan. 13 filing with the court of the Southern District of New York (SDNY), the counsel for Eric Young, Adam Kurtz and David Crystal are asking to be deemed “Interim Lead Counsel” for a number of parties filing similar class-action suits. Young et al are represented by law firms Radice and Kirby McInerney. Meaning of the new classification for the case Such a classification would make Young’s counsel the …

Two directors of Dunamiscoins, an alleged cryptocurrency pyramid scheme in Uganda, appeared before court on Monday to face 65 counts tied to obtaining money by false pretense. Local news site The Observer reported on Jan. 8 that state prosecutors had logged over 4,000 complaints against Dunamiscoins Resources Ltd., a suspected fraud that ran its course between Feb. 2018 and Dec. 2019, before summarily collapsing. Inquiries are reportedly still ongoing. The scheme is thought to have defrauded dozens of victims of up to around $37,600 by promising them extraordinary returns on their investments. Earlier reports dating to the time of the …

The United States Commodity Futures Trading Commission (CFTC) is having trouble locating Benjamin Reynolds, who is allegedly responsible for a cryptocurrency Ponzi scheme worth over $140 million. Financial news outlet FinanceFeeds reported on Jan. 6 that the CFTC has filed a motion with the New York Southern District Court. More precisely, the regulator filed for the service of process on Reynolds by publication on The Daily Telegraph and extending for sixty days the time limit by which the service must be effected on him and his firm. A major Bitcoin ponzi scheme In mid-June, the CFTC launched action against the …

The United States Securities and Exchange Commission (SEC) announced that it has agreed to a settlement with the CEO of purported cryptocurrency company Longfin in a statement, Jan. 3. Venkata Meenavalli agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him, subject to court approval. The SEC’s complaint alleged that Longfin and Meenavalli falsely claimed that the company was based in the U.S. in order to gain a regulation A+ qualification for its offering. Over 400,000 Longfin shares were then allegedly distributed to Meenavalli’s affiliates, which was again misrepresented in order to gain a …

Chargebacks were originally designed to protect consumers. Today, it’s ironic that merchants often need protection against this very system put in place to protect consumers. A chargeback is the return of funds to the consumer, by the bank, to settle a debt. In the event of a filed chargeback, the bank then forcibly removes funds from the merchant’s bank account to “repay” the consumer. Chargebacks have long been a hindrance to e-commerce companies, sparking a rise in fraudulent behavior among consumers who attempt to defraud a company for their own monetary gain. While the payments sector grapples with bad actors, …

The right to privacy is a fundamental prerequisite for peace of mind and security. The idea that only criminals have something to hide is strange. Contrarily, privacy is sought by almost everyone. Yet, it still gets stigmatized as suspicious — reserved solely for criminals or deviants. Similarly sharing this unjust scrutiny are cryptocurrencies, which are — rather ironically — branded as a tool for felons, based largely on their anonymous hallmarks. However, no cryptocurrency is as disparaged for this discreet quality more than the privacy coin. But just what are privacy coins used for? How has crypto criminality changed in …