US & Canada Archives - Black Blockchain Consultants

Chainalysis Says BitForex Trading Volumes Could Be Fake

Asia-Pacific, BitForex, Capital Markets, Crime, News, Philip Gradwell, US & Canada / By Black Blockchain / 3 minutes of reading

BitForex exchange could be faking its bitcoin trading volume, according to a report released Friday by crypto auditors Chainalysis. For every one bitcoin recorded entering on-chain between January and November, BitForex claims some 40,000 bitcoins trades traded, the Chainalysis report said. That compares to most leading exchanges average with about 6 bitcoins traded to one on-chain. “There should be a relationship with the bitcoin moving onto the exchange and how much it is traded,” Philip …

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Stablecoin Crisis Could Wreck Global Finance, Fed Warns in New Report

Capital Markets, Central Bank, Central Banking, Federal Reserve, Financial Stability Report, News, Regulation, Stablecoin, US & Canada / By Black Blockchain / 2 minutes of reading

The U.S. Federal Reserve Board on Friday warned that a stablecoin crisis could wreak havoc on the global economy and outlined the steps issuers must take to protect the status quo. The central bank’s prognosis – buried deep in the November edition of its semiannual “Financial Stability Report” – rests on a stablecoin worst case outcome: a run on the issuers, in which coin holders panic en-masse and demand the return of the fiat they …

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Fintech Arm of Chinese Insurance Giant Files for US IPO After Blockchain Push

Asia-Pacific, Business News, Capital Markets, China, fintech, IPOs, OneConnect, US & Canada / By Black Blockchain / 2 minutes of reading

OneConnect Financial Technology, the fintech arm of China’s largest insurance company, filed a prospectus on Wednesday for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm plans to list its shares on NASDAQ. OneConnect’s filing with the SEC today called for a target raise of $100 million, though that figure could go higher. Reuters reported in September that the company was looking for a New York listing after it failed to …

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Kik Suffers Setbacks With ‘Void for Vagueness’ Defense in SEC Case

Court Cases, Kik, Legal, News, Regulation, SEC, US & Canada / By Black Blockchain / 3 minutes of reading

Kik is struggling to mount a strong defense in a case brought by the U.S. Securities and Exchange Commission (SEC) over its $100 million initial coin offering. As reported last month, Toronto-based Kik’s legal team attempted to persuade the district court of the Southern District of New York that the SEC’s case – alleging the 2017 token sale violated securities laws – was void based on the premise that the legal definition of an “investment contract” is …

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BitGo Says It’s Now Processing 20% of Bitcoin Transactions

BitGo, Business News, invest, Mike Belshe, News, Security, US & Canada / By Black Blockchain / 2 minutes of reading

BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference today. The announcement by the crypto custodian and issuer of hot and cold storage wallets means that a sizable share of on-chain transactions pass through its services, a sign of consolidation, and power, in the crypto space. It also raises questions about market collapse: If BitGo goes down, would those assets be at risk? But when asked …

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Despite Denials, Tron Founder Confirms Investment in Poloniex Crypto Exchange

Asia-Pacific, Business News, Capital Markets, News, US & Canada / By Black Blockchain / 2 minutes of reading

Justin Sun, founder of crypto platform Tron, said he is part of the investor group that recently acquired Poloniex from fintech firm Circle, after denying his involvement initially. Speaking at a joint Tron-Poloniex event live-streamed over Twitter on Tuesday, Sun said Tron was among several investors in the exchange, but the exchange is operated independently from his company. Founded in 2014, Poloniex was acquired by Circle in early 2018 for $400 million. The exchange, which …

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The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

Bitcoin ETFs, Legal, News, Treasury Bills, US & Canada, Wilshire Phoenix / By Black Blockchain / 3 minutes of reading

One company thinks it knows how to get a bitcoin exchange-traded fund (ETF) approved by U.S. regulators. Wilshire Phoenix, a relatively young financial firm in New York, filed to launch the United States Bitcoin & Treasury Investment Trust ETF in May with NYSE Arca. At that point, a dozen bitcoin ETF proposals had already been swatted down by the U.S. Securities and Exchange Commission (SEC) – including nine in one day. But unlike other ETF applications, …

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Silk Road Seller Pleads Guilty to Money Laundering $19 Million With Bitcoin

Brian Haney, Crime, Money Laundering, News, Silk Road, US & Canada / By Black Blockchain / 2 minutes of reading

A former narcotics trafficker pled guilty to charges that he laundered $19 million in profit through Silk Road. Prosecutors with the Southern District of New York announced a plea deal with Hugh Brian Haney on Thursday, adding another postscript to the infamous dark web marketplace’s history. According to a press release, Haney was accused of laundering close to $20 million using bitcoin in early 2018. Silk Road was among the dark web’s earliest drug marketplaces and …

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FBI Director: Cryptocurrency Is ‘Significant Issue’ for Law Enforcement

Crime, Cryptocurrency, FBI, News, U.S. Senate, US & Canada / By Black Blockchain / 2 minutes of reading

Federal Bureau of Investigation Director Christopher Wray says cryptocurrency is a “significant issue” that is likely to become a “bigger and bigger” problem for the law enforcement agency. Speaking in front of the U.S. Senate Homeland Security and Governmental Affairs Committee on Tuesday, Wray responded to questions from U.S. Senator Mitt Romney (R-UT) about cryptocurrency, law enforcement and terrorist deterrence, saying: “We are looking at it from an investigative perspective, including tools that we have …

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What’s Next in the Securities Case Against Ripple Over XRP

Class Action Lawsuit, Features, Legal, Ripple, US & Canada, XRP / By Black Blockchain / 8 minutes of reading

The Takeaway: Monday is the deadline for an XRP holder to file a response to Ripple’s motion to dismiss his suit against the company. That motion largely sidestepped the plaintiff’s argument that Ripple sold XRP as an unregistered security, instead contesting the case on procedural and evidentiary grounds. The suit is unlikely to settle the security question. While Ripple presented a strong defense, the case is likely nowhere near complete, and the company will remain …

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