The U.S. Department of Justice announced that a group of hackers might face over 100 years in prison after stealing $2.5 million. The United States Department of Justice released a fifteen-count indictment on May 9 that charges a hacking group labeled “The Community” with SIM swapping in order to steal cryptocurrencies. U.S. Attorney Matthew Schneider […]
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The purported crypto ban represents the latest shaky step for the Indian government. A blow was struck to the crypto community in India in late April as reports circulated regarding a proposed ban on cryptocurrencies. India has a strong and passionate community of crypto enthusiasts, however, their steadfast belief in the value of cryptocurrency does […]
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Former OneCoin investor Christine Grablis is suing cryptocurrency firm OneCoin Ltd for fraud. Former OneCoin investor Christine Grablis is suing the cryptocurrency investment scheme for fraud, according to a complaint filed on May 7. Grablis is seeking damages and a class action suit to represent other investors purportedly defrauded by OneCoin. The full list of […]
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The French Autorite des Marches Financiers has warned the public against 118 crypto-related actors since March 2018. The French stock markets regulator AMF has seen over a 14,000% surge in enquiries related to fraudulent crypto offers in 2018 as opposed to 2016, the agency wrote in a new annual report released May 7. In the […]
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Judge Joel M. Cohen refused to dismiss the court order entirely, but took aim at the “amorphous and endless” nature of its accusations. The New York Attorney General cannot bring the full force of its court order against cryptocurrency exchange Bitfinex and stablecoin Tether (USDT), cryptocurrency news media outlet CoinDesk reported, quoting a judge on […]
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Tether, Bitfinex fight back against New York attorney general’s legal claims, as the stablecoin maintains stability. Tether has been one of the most controversial topics in the cryptocurrency community over the last two years — and things have come to a head over the past few weeks. The wider crypto community has been skeptical of […]
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How blockchain could be used to tackle internal fraud. Fraud impacts organizations of all types and sizes across a wide range of industries and geographies. Consequences can be direct, through financial losses, or indirect, through fines and reputational fallout. In 2018, firms worldwide lost more than $7 billion to internal fraud schemes, according to a […]
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A test ad campaign for PepsiCo found that using smart contracts increased efficiency by 28%. A test ad campaign for PepsiCo built on blockchain delivered a 28% increase in efficiency, according to a news release on May 6. Media agency Mindshare said the experiment was part of Project Proton, which uses smart contracts to ensure businesses only pay […]
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A top executive at one of Asia’s largest banks says trade finance needs to go digital because forged paper records have become too sophisticated. A senior executive at one of Asia’s biggest banks has said the $9 trillion trade finance industry needs to be digitized in order to tackle fraud, according to a Bloomberg article published on May […]
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A legal document says the case against the companies lacks basis and uses an incorrect legal standard. The operator of cryptocurrency exchange Bitfinex and stablecoin Tether (USDT) is planning to vacate the court order that accuses it of an $850 million funds loss, a document confirmed on May 5. IFinex, which received scrutiny from the […]
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