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UK dealer charged in US over multimillion-dollar fake Bitcoin site scam

US authorities on July 1 charged a British businessman with securities fraud, accusing him of deceiving investors over what turned out to be a fake trading platform for the cryptocurrency Bitcoin. The Securities and Exchange Commission (SEC) alleged “the clandestine” Renwick Haddow, a UK citizen living in New York, diverted funds invested in a phony Bitcoin site as well as from a flexible workspace firm Bar Works into accounts in Mauritius and Morocco, totaling $5m. It said he touted experienced senior executives as behind the operations who turned out to be phantoms and misrepresented the details and success of both companies. Andrew Calamari, director of the SEC’s New York office, said: “Haddow created two trendy companies and misled investors into believing that highly qualified executives were leading them to quick profitability.” “In reality, Haddow controlled the companies from behind the scenes and they were far from profitable.” Bitcoin Store claimed to be “an e...
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May 22 has come to be known as Bitcoin Pizza Day

May 22 has come to be known as Bitcoin Pizza Day because of its the day when a programmer used bitcoin to buy pizza.  Laszlo Hanyecz handed over 10,000 Bitcoin in return for the two Papa Johns back in 2010.  Now the sum would be worth a whopping $20million (£15.38m), as the currency today hit its highest ever level of $2,185 (£1,681). But back in 2010, Mr Hanyecz reportedly believed the coins he held were only worth around 0.003 cents each - so the 10,000 coins amount to around $30.  He asked a forum user to accept the coins for the pizza. While bitcoin's value has grown astronomically since 2010, it's price is at an especially high peak right now. On Tuesday morning, one Bitcoin was valued at $2,245, according to  CoinDesk . That one bitcoin today could buy you more than 100 $20 pizzas — let alone what the 10,000 bitcoins Hanyecz spent in 2010 could buy. That amount of the cryptocurrency was then valued at $41.   Hanyecz's pizza purchase was a big deal ...
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It's not just Bitcoin anymore...

The price of Bitcoin, a digital currency once located at the fringe of finance, has been rising to new records in recent months as digital assets move into the mainstream. On Tuesday, it shot past $2,200 (£1,700), more than doubling from just two months ago. And a newer currency, Ethereum, has climbed even faster. Industry members say uncertainty surrounding the value of global currencies, including the pound, is driving demand for alternative currencies. The kind of technology that underwrites Bitcoin and newer entrants such as Ethereum, is also gaining, well, currency, as it gets put to new uses by developers and others looking to beef up cyber-security. Policy changes in Japan and elsewhere in Asia have made it easier to trade. And of course, when it comes to price, interest generates its own momentum. "It's a promising technology," says Joshua Rosenblatt, 34, a Nashville-based attorney at Frost Brown Todd, a midwestern law firm with offices in eight states...
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UK Art Gallery becomes the First to Accept Bitcoin

A Mayfair art gallery has become the first in the U.K. to accept six digital currencies including bitcoin, ethereum, and ethereum classic. Dadiani Fine Art, located in Cork Street, London, is revolutionizing how buyers can pay for art by connecting the worlds of technology and art together. Including digital currencies as payment options to the fine art gallery was thought up by Eleesa Dadiani, the gallery’s owner. According to Dadiani, she hopes that by incorporating digital currencies such as Bitcoin to the world of art it will get other businesses to start thinking about how they can adapt to change to new technological innovations. Aside from offering bitcoin, the additional digital currencies on offer include ethereum, ethereum classic, ripple, litecoin, and dash. However, as more altcoins become widely recognized the art gallery plans on including those too. It will also be launching its own currency, the DadiCoin, in the f...
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blockchain applications being pursued by state governments in India

New details have emerged about some of the blockchain applications being pursued by state governments in India. Regional news source  The Economic Times  reports that the states of Andhra Pradesh and Telangana are both exploring the use of the tech to digitally rework their land registries. In Telangana – with support from the Centre for Development of Advanced Computing (C-DAC) – state officials are looking to apply blockchain to the revenue department as well. Notably, the land registry project there – aimed at boosting transparency and reducing the incidence of document forgery – is expected to reach full production stage sometime in the next year. In a similar capacity, across Telangana's southern border, Andhra Pradesh is also working to integrate the tech into its civil supply database. According to the report, these databases store information about public subsidies and land records that often become targets of cyber attacks. Andhra Pradesh...
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Indian Police Label $12 Million OneCoin Operation a ‘Clear Ponzi Scheme’

Indian authorities have filed a primary charge sheet against 30 individuals accused of promoting OneCoin in the country. The charge sheet, a formal document of accusation by law enforcement to a court of law, also includes Bulgarian national Rjua Ignatova, the founder and ‘CEO’ of OneCoin, according to the Indian Express. Tushar Doshi, deputy commissioner of crime at Navi Mumbai police stated: Filed at a court of law in Mumbai by local police, the charge sheet reveals details of the investigation amid a hardline crackdown by authorities. The money trail led investigators to 35 bank accounts belonging to OneCoin promoters to multiple states across Western and Northern India. the sweeping operation, the charge sheet further revealed, had amassed over 75 crores (approximately $12 million) from investing victims. So far, authorities have seized 25 crores (just under $4 million) from bank accounts. A police officer revealed that the accused had moved away the rest of the money whe...
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Japan Ends 8% Consumption Tax On Bitcoin

Bitcoin users in Japan no longer have to pay the 8% consumption tax on bitcoin transactions as of today, July 1.  Under the “Cabinet Order for Partial Revision of the Order for Enforcement of the Consumption Tax Act,” digital currencies are exempt from consumption tax. The revised law abolished consumption tax on digital currencies, but other taxes such as personal income tax, capital gains tax or corporate income tax still remain, according to Bitcoin.com. Currency, checks, and promissory notes fall under the payment methods governed by the Foreign Exchange and Foreign Trade Act and are exempt from taxation under the Consumption Tax Act, according to the National Tax Agency, cited by bitflyer. In addition, the prepaid methods of payment, which electronic money is generally considered to be, that were governed by the Payment Services Act are considered under the Consumption Tax Act to be “physical certificates” and are exempt from the consumption tax. Nu...
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