The Securities and Exchange Commission (SEC) has ordered the Telegram Group Inc. (Telegram) and its wholly-owned subsidiary, TON Issuer Inc to repay $1.2 Billion to investors for violating federal securities laws in their unregistered offering of digital tokens called “Grams.” Telegram must return more than $1.2 billion to investors and to pay an $18.5 million […]
Continue reading…Cryptocurrency exchange Coinbase seeking to license its blackchain analytics to the IRS and DEA to identify crypto users worldwide
Cryptocurrency exchange Coinbase is seeking to license its blockchain analytics software to two U.S. government agencies, the Drug Enforcement Administration and the Internal Revenue Service . Those agencies are considering purchasing a use license from Coinbase for a cloud-based software called Coinbase Analytics. According to the prospective DEA contract, Coinbase’s software will provide “identity attribution” for crypto addresses […]
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What Is Cryptocurrency?
Cryptocurrency is a popular digital medium of exchange. Cryptocurrency is not controlled by a central authority, such as the Federal Reserve. This theoretically makes cryptocurrencies immune to government control and interference, which is an attractive feature to cryptocurrency investors. In addition, cryptocurrencies can be transferred directly between two parties via the use of public and […]
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Scams Involving Cryptocurrency Expected to Increase in Wake of COVID-19 Pandemic
Cryptocurrency is more popular than ever. Unfortunately, however, as the popularity of cryptocurrency has grown, so has the temptation for scammers to capitalize on it. Given the tendency for fraud to increase during times of crisis, experts predict cryptocurrency scams to increase in the wake of the COVID-19 pandemic. The FBI recently issued guidance on […]
Continue reading…As COVID-19 tanks stock market, cryptocurrency interest accounts drawing investors some high as 15% ; but better read the small print
As the stock market has sustained a direct hit by the CORONA-19 Virus, investors are seeking alternatives like precious metals and cryptocurrencies like BITCOIN and now cryptointerest accounts some of which are offering up to 12% interest on stable coins. One company, Crypto.com offers investors earning up to 6.5% on Bitcoin, 12% on stablecoins and […]
Continue reading…The Internal Revenue Service hiring independent consults to help find cryptocurrency tax evaders
The IRS sent out a statement of work (SOW) on May 12 requesting help from independent consultants to crack down on cryptocurrency tax non-compliance. According to the SOW, the IRS is seeking help from technology companies with crypto tax software to reconcile taxpayers’ reported cryptocurrency gains and losses on the tax returns. The process includes […]
Continue reading…Securities and Exchange Commission rejects Wilshire Phoenix bid for Bitcoin based exchange traded fund (ETF)
The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix’s bid for a bitcoin-based exchange-traded fund (ETF). In SEC Ruling, the Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section […]
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Cryptocurrency Fraud and the SEC Whistleblower Program
Cryptocurrency is a digital medium of exchange that has exploded in popularity in recent years. For example, Bitcoin, which is probably the most well-known type of cryptocurrency, peaked at a price of $20,000 per coin in 2017. And although the price of bitcoin has since dropped, cryptocurrency remains a popular choice for investors seeking big […]
Continue reading…IOTA shuts down entire network after hackers target IOTA wallet app to steal $1.6 million of IOTA cryptocurrency user funds
The IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency, has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds. The attack happened on February 12, 2020, according to a message the foundation posted on its official Twitter account. According to published […]
Continue reading…U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system
The U.S. Treasury has issued a new report which says that a lack of requirements to disclose a company’s beneficial ownership information is one of the most critical vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The Treasury’s Financial Crimes Enforcement Network, or FinCEN, in 2018 issued a […]
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