Alexander Vinnik, the alleged former operator of now-defunct crypto exchange BTC-e, will be extradited to France, according to a new decision from Greece. Following years of disagreement on what jurisdiction should care about the alleged Bitcoin (BTC) laundering suspect, the Ministry of Justice, Transparency and Human Rights has reportedly decided to finally extradite the Russian citizen to France. The news was reported by the Russian Embassy in Greece on Twitter on Dec. 20. Russian Embassy expresses regret over Greece “ignoring” requests to bring Vinnik to the country of his citizenship Noting that the decision was delivered by the Minister for …

Thailand, one of the most-visited countries in the world, will soon apply blockchain to its Electronic Visa On Arrival (eVOA). Thailand’s new blockchain-powered eVOA system intends to speed up and protect the digital visa application process and will soon be available for five million visitors from 20 countries. eVOA operator partners with Australian travel firm for the blockchain-enabled service The upcoming eVOA feature is a joint effort of Australian travel company ShareRing and Gateway Services, an entity that owns the license to process eVOA for Thailand, according to a press release shared with Cointelegraph on Dec. 19. According to the …

Two Canadian men who defrauded a Bitcoin (BTC) investor out of $140,000 by impersonating exchange HitBTC may serve two years in prison. According to court records on Dec. 16, brothers Jagroop Singh Khatkar and Karanjit Singh Khatkhar pled guilty to charges of conspiracy to commit wire fraud over a scam carried out via Twitter in July 2018. HitBTC victim: “I feel sorry for them” The case originally came to light in July this year, as per documents filed with the United States District Court in Portland, Oregon. Posing as the support service for HitBTC, the pair convinced a user, an …

In a filing with the New York State Supreme Court’s Appellate Division, New York Attorney General Letitia James roundly criticized the efforts of Bitfinex and Tether to halt her office’s investigation into the companies. Bitfinex and Tether are under investigation for an accounting coverup in which Bitfinex is alleged to have improperly transferred $625 million that had been backing the Tether stablecoin in order to conceal Bitfinex’s liquidity shortfall. In the filing from Dec. 4 but made public on Dec. 12, Attorney General James wrote that Bitfinex and Tether are attempting to stop the “ongoing investigation by the Office of …

The New York Attorney General (NYAG) Letitia James announced the conviction of Shopin founder Eran Eyal for orchestrating a fraudulent initial coin offering (ICO) following his guilty plea. As the NYAG announced on Dec. 12, the former CEO of Shopin pleaded guilty to felony charges for running a fraudulent initial coin offering that raised more than $42 million between August 2017 and April 2018. Eyal also pleaded guilty to defrauding investors of $600,000 by misrepresenting the staff and clients of his previous startup, Springleap. Quick turnaround in court Yesterday, the United States Securities and Exchange Commission (SEC) charged Eyal for …

The United States Securities and Exchange Commission (SEC) has charged Eran Eyal, the founder Shopin, with orchestrating a fraudulent initial coin offering (ICO). In a press release on Dec. 11, the SEC alleged that the businessman and his company defrauded hundreds of investors in an ICO that raised more than $42 million from August 2017 to April 2018. According to the SEC, Shopin’s actions constituted an unregistered securities offering of Shopin Tokens. Eyal told investors he would use the funds from the token sale to create blockchain-based shopper profiles. These profiles would then track customer purchase histories across online retailers …

United States authorities in New Jersey have announced the arrest of three men who are accused of defrauding investors of over $722 million as part of alleged crypto ponzie scheme BitClub Network, per a Dec. 10 announcement from the Department of Justice. The accusations against BitClub Network According to the press release, BitClub Network promised massive rates of return in exchange for investments in a shared cryptocurrency mining pool. The parties at the center of the scheme then allegedly misappropriated over $722 million of those funds into their own lavish living rather than the promised mining pool. Authorities further accuse …

Ugandan police have seized Samson Lwanga, one of the directors of the alleged cryptocurrency pyramid scheme Dunamiscoins Resources Limited. As domestic news publication Daily Monitor reported on Dec. 9, the police arrested Samson Lwanga, one of the four directors of Dunamiscoins. The company in question is allegedly a cryptocurrency scam, which involved over 10,000 people and reportedly managed to defraud victims of 10 billion Ugandan shillings ($2.7 million). Investigation into the case Patrick Onyango, a spokesperson for the Kampala Metropolitan police, said that the law-enforcement agency submitted a general inquiry file and is still conducting its investigation into the case. …

An alleged cryptocurrency pyramid scheme in Uganda has fled after defrauding dozens of victims that invested in and worked for the scheme. Dunamiscoins Resources Limited opened in Masaka last month and started inviting individuals to invest and become part of its “digital currency network,” independent Ugandan newspaper Daily Monitor reports Dec. 5. The firm’s offices closed down covertly just a month after opening, with employees reportedly coming to the office to find it empty. Dunamiscoins required employees to pay to start work A businessman who worked next to Dunamiscoins’ closed offices reportedly said that Dunamiscoins was convincing people to join …

In the last week of November, the saga of an alleged crypto Ponzi scheme that has been lingering for more than half a year took a new turn. A hobbyist blockchain researcher reported on Twitter that he’d tracked almost 200,000 BTC that had gone missing over the summer, when several million people invested in PlusToken — a South Korea-based exchange and a high-yield investment program — found themselves unable to withdraw their money. The researcher suggested that the embezzled funds have been gradually dumped on crypto exchanges, potentially suppressing Bitcoin market price. Here’s what is known about the monumental scheme …

It’s the clichéd rhetoric of choice for anyone seeking to discredit crypto. An ace in the hole for any argument against its proliferation. The go-to thesis for those who know very little about cryptocurrency but wish to appear otherwise. The idea that cryptocurrencies are solely utilized within illicit activities has become both a tool for mass media to disparage the industry and, for many, a reason to steer well clear. But besides being a tired stereotype, it may also be true. That’s one of the prevailing problems with stereotypes: While many derive from truth, they often represent an oversimplified — …

The food industry could save up to $31 billion in global fraud savings by tracking food on its way from farms to consumers via the blockchain. A Nov. 25 study by Juniper Research reveals that blockchain technology, in combination with Internet of Things (IoT) sensors and trackers, will greatly reduce retailers’ costs by streamlining supply chains, while simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud. The study points out that the increased adoption of blockchain and IoT in the supply chain industry will add significant value to the food business’s supply chain. By stacking these innovative technologies, …