Posts by CryptoDude

    Report: Financial Criminal Allegedly Revealed as Figure Behind 'Blockchain Terminal' ICO


    The man behind the “Blockchain Terminal” (BCT) Initial Coin Offering (ICO) has been ousted as a financial criminal who concealed his former identity from employees and investors alike. An investigation into the circumstances were published Dec. 11 on news outlet The Block Crypto

    The BCT project and its affiliated firm, CG Blockchain, are alleged to have raised as much as $31 million in an ICO to launch a crypto-focused version of the ubiquitous “Bloomberg Terminal” — a highly-successful financial data and trading tool for the traditional financial sector.

    According to the report, BCT’s glossy “institutional-grade” tool for crypto “trading professionals” had at its helm a man who operated as “Shaun MacDonald,” but was in reality a convicted fraudster, Boaz Manor, who had received a four-year prison sentence in Canada in 2012 for siphoning $106 million from a Toronto-based hedge fund he co-founded.

    The Canadian fund reportedly had $800 million in assets under management at its peak from 26,000 investors: Manor was also found guilty of using investors’ money to purchase $8.8 million worth of diamonds that later disappeared.

    Having agreed to a lifetime ban from the securities industry, Manor-turned-MacDonald withheld his conviction and identity from his colleagues at BCT, reportedly “growing a beard and [dying] his hair red.” While formally assigning the company’s presidency to Bob Bonomo — former chief information officer at $500 billion asset management firm AllianceBernstein — MacDonald was reportedly the primary driver behind the BCT venture.

    Although it marketed its $999 “Blockchain Terminal” to crypto hedge funds — a 32-inch “HD Terminal” with a hardware private key — the company is alleged to have raised most of its funds via a lucrative $31 million ICO for its native BCT token, which launched in September 2017.

    One of the project’s purported investors is the high-profile crypto analyst and host of CNBC’s show Cryptotrader Ran Neuner, who tweeted his endorsement of the Blockchain Terminal in June, and is alleged to have invested as much as $1.3 million in the company’s ICO, according to two unnamed sources.

    NeuNer yesterday stated he had “lost a ton” of his own cash investing in the BCT “fraud,” but accused The Block of “defamatory” misreporting, and falsely claiming to have reached out to contact him for comment on the story.

    NeuNer has not responded to Cointelegraph’s request for comment by press time.

    Besides MacDonald’s misrepresentations, the Block reports that Bonomo “quietly resigned” from BCT in summer, following which MacDonald revealed himself as Manor to his employees, and purportedly ceased to pay them. With Manor’s whereabouts “unclear,” BTC has now rebranded as BCT Inc., and announced in late October its Terminal would go on sale in to the public.

    In June, the Bloomberg Terminal announced that it would begin listing crypto exchange Huobi's Cryptocurrency Index, as well as nine crypto-trading pairs.


    Ex-Mt. Gox CEO Karpeles Denies Embezzlement as Prosecutors Call for Ten Year Jail Term


    The former CEO of defunct Japanese Bitcoin exchange Mt. Gox, Mark Karpeles, could spend ten years in jail over alleged embezzlement, Japanese daily news outlet Nikkei reported Dec. 12.

    Karpeles, who presided over the major hack of Mt. Gox in 2014 that resulted in the loss of 850,000 BTC ($2.87 billion), has repeated denied any wrongdoing.

    In a Tokyo court on Wednesday, prosecutors read out an indictment against the embattled executive, who is currently confined to Japan as a condition of his bail, claiming he stole funds worth 340 million yen ($3 million). The prosecution has asked for a ten-year prison sentence for Karpeles’ alleged embezzlement.

    While not connected to the hack itself, Karpeles has attracted the attention of authorities as part of the investigation into how Mt. Gox lost so much money.

    He has often protested his innocence and publicly appealed to affected traders, speaking to his regret at the events.

    The exchange continues to conduct civil rehabilitation proceedings, which should see victims compensated for their losses.

    According to Nikkei, Karpeles today denied he “hacked and stole” money on his own, as well as manipulated Mt. Gox ledgers and used the embezzled funds to pay for property rent, furniture and business acquisitions.

    It remains unknown when the trail will conclude, the publication added.

    Japan continues to safeguard its local exchange sector after another major hack this January saw crypto exchange Coincheck lose over half a billion dollars of altcoins to malicious parties.


    TRXMarket: A New Decentralized Exchange on the Tron (TRX) Network Is Now Live

    Earlier today at 4am UTC, the first decentralized exchange on the Tron (TRX) network that offers TRC20 token trading was launched. The exchange known as TRX.Market, is also the first Decentralized exchange that is outside the platform that currently only caters for TRC10 standard tokens. The team at TRX.Market made the announcement via twitter as […]

    The post TRXMarket: A New Decentralized Exchange on the Tron (TRX) Network Is Now Live appeared first on Ethereum World News.

    Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market

    Currently, when crypto believers generalize every Wall Street banker to be a Bitcoin critic, a celebrated hedge fund manager and former Goldman Sachs executive changed his perception. Mike Novogratz is a now a name beyond the mainstream finance, and perhaps among the only consistent voices speaking in favor of bitcoin even after its 80 percent-plus...

    The post Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market appeared first on NewsBTC.

    Reports: Crypto Exchange Kraken to Plan Private Offering After '$4 Billion' Valuation


    United States cryptocurrency exchange Kraken is considering a private offering to high net worth investors, Finance Magnates reported Dec. 12, quoting emails sent by the company.

    Kraken, which is currently the subject of a lawsuit over its support of the competing forks of altcoin Bitcoin Cash (BCH), has reportedly valued its shares at $4 billion.

    According to Finance Magnates, executives are now offering select major clients to whom the email was sent a chance to acquire further equity, subject to a minimum investment of $100,000.

    “The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,” the email reportedly states.

    Those involved have until Dec. 16 to signal their interest, and will undergo vetting for eligibility prior to participating, Finance Magnates added.

    Kraken had not responded to a request for comment by Cointelegraph at press time.

    Last month, fellow exchange Coinbase informally ruled out holding an Initial Public Offering (IPO) after it was valued at $8 billion.

    Kraken has sought to upend ongoing regulatory demands in the U.S. in recent months, being one of just four exchanges to reject a request for information from New York authorities in September as part of their crypto exchange inquiry.

    The current Bitcoin Cash lawsuit focuses on alleged collusion to manipulate control of the altcoin and “centralize its network” following the contentious hard fork on Nov. 15.

    The fallout from the event continues, with rival factions laying blame on each other for various problems. CEO Roger Ver and Bitmain co-founder Jihan Wu are also named in the lawsuit.


    What to Expect from 'The 12 Days of Coinbase' Event

    The popular cryptocurrency exchange of Coinbase launched a new 12 day event similar to the popular Christmas carol of ‘The 12 Days of Christmas’. The Christmas carol has been long known to be a song that talks about giving gifts to loved ones in a 12 day period. In the classic song, the value and […]

    The post What to Expect from ‘The 12 Days of Coinbase’ Event appeared first on Ethereum World News.

    Interview: Stephen Innes Says Crypto, Bitcoin to "Grind Higher" Over Next Decade

    Just two weeks ago, “cross-asset trader” Stephen Innes, head of Pacific-Asia trading at Oanda, took to Bloomberg TV to convey his thoughts on late-2018’s crypto market tumult. After his short guest appearance on the network, he was quickly classified as a Bitcoin (BTC) bear, due to his expectation that the popular digital asset could fall below $2,500. Yet, through...

    The post Interview: Stephen Innes Says Crypto, Bitcoin to “Grind Higher” Over Next Decade appeared first on NewsBTC.

    Allianz GI CEO Kicks Bitcoin While it's Down, Wants Crypto "Outlawed"

    Although Bitcoin (BTC) has experienced an unquestionably dismal 2018, with BTC losing 80% of its value since its year-to-date high, there are still a number of skeptics hell-bent at putting the crypto industry six feet under. Case in point, the chief of a world-renowned financial institution, set in its traditionalistic ways, recently lambasted this nascent...

    The post Allianz GI CEO Kicks Bitcoin While it’s Down, Wants Crypto “Outlawed” appeared first on NewsBTC.

    Kraken Is Seeking 'War Chest' Investment at a $4 Billion Valuation


    Crypto exchange Kraken is on a fundraising drive, offering “select” investors a chance to purchase stakes in the firm.

    CEO Jesse Powell confirmed to CoinDesk that his company is looking to tap a small number of clients for a fundraising round valuing the firm at $4 billion.

    “There is presently a limited time opportunity available to a very small, select number of clients to purchase Kraken shares” at a $4 billion valuation with a $100,000 minimum, he told CoinDesk via email.

    The general public will not have access to these shares, and the exchange is not looking to make a public offering.

    The company has not so far determined how much it will look to raise, and any final number will depend on the amount of interest, Powell said. He added that “the amount of shares available is relatively limited,” and the exchange will close its offer on Dec. 16.

    An email sent to investors describes the move as “presenting our most valued clients with the opportunity to become equity holders in the company,” going on to say:

    “We’re profitable and sitting on significant reserves so fundraising is not a necessity, however, further aligning interests with our top clients while building a war chest for acquisitions in the bear market presents a win-win opportunity.”

    Asked what types of acquisitions Kraken might make, Powell pointed at the exchange’s previous purchases of Coinsetter, CAVirtex, CleverCoin and Cryptowatch.

    “We’d be looking for more along those lines, anything that would have strong synergies with our existing product/service offerings, and with great teams,” he explained.

    While he could not speak to any specific acquisitions at press time, he said the exchange’s venture arm “has been very active in the last year,” and may make some announcements at the beginning of 2019.

    The exchange will use the services of an undisclosed third party to verify that interested parties are accredited investors in the U.S., as well as oversee the actual transactions.

    Kraken joins its fellow U.S. exchange Coinbase in raising funds during the bear market. The latter raised $300 million earlier this year, with an $8 billion valuation.

    Like Kraken, Coinbase said it was building a “war chest,” with vice president of corporate and business development Emilie Choi saying the funds would be saved for a “rainy day.” Unlike Kraken, though, Coinbase is not looking at any specific acquisitions or other moves at this time, Choi said.

    Jesse Powell image via CoinDesk Consensus archive


    Bitcoin Dominance Grows to Three Month High as Altcoins Falter

    There have been no winners in crypto land this year, everything has been battered. Some have fared better that others, however, and Bitcoin remains on top of the pile despite having lost half its value over the past month or so. Highest Dominance For Three Months Bitcoin dominance has made it to a three month...

    The post Bitcoin Dominance Grows to Three Month High as Altcoins Falter appeared first on NewsBTC.