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Bitcoin Plunge to $1000 Not Out of the Question, Exchange Founder Arrested

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Published on:
Feb/22/2018

Bitcoin Could Plunge to $1000 - A plunge to US$1,000 or lower is not out of the question. Almost every commodity that has seen such sharp climbs has seen equally sharp falls. Eric Reguly reports on the rise and fall of bitcoin so far.

Bitcoin’s post-peak tumble shows unavoidable doom ahead for cryptocurrencies, The Globe and Mail suggests. 

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US Government Arrests Bitcoin Stock Exchange Founder - The owner of BitFunder, a long-defunct, bitcoin-denominated stock exchange, has been arrested by the U.S. government.

The charges against Jon Montroll, also known as "Ukyo," were unveiled Thursday by the U.S. Justice Department following an investigation that involved the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC). The SEC is pursuing civil charges against Montroll in a separate action, alleging that he operated an unlicensed securities exchange and defrauded investors.

The complaint reveals that Montroll was the target of a hacking effort that enabled those behind the attack to credit themselves funds. This resulted in the withdrawal of roughly 6,000 bitcoins from WeExchange, rendering the services insolvent.

Montroll was arrested Wednesday, according to the U.S. Attorney's Office Southern District of New York.  Source: CoinDesk.com

Some Cryptocurrency Stability Thursday - While cryptocurrency trading was trending downwards Thursday, Bitcoin had dropped just below the $10,000 mark by evening.  That represented a less than 1% drop.

Bitcoin Cash, Ethereum and Litecoin were all seeing between a half point to one-and-a-half-point 24 hour dropoff.  Not bad!

- Aaron Goldstein, Gambling911.com

Business/Financial News

California Fintech, Founders Settle SEC Crypto Fraud Claims

California Fintech, Founders Settle SEC Crypto Fraud Claims

The SEC said in filings in Los Angeles federal court on Wednesday that Uulala Inc and founders Oscar Garcia and Matthew Loughran raised $9 million from investors between 2017 and 2019 through an unregistered initial coin offering.

Bitcoin Ecosystem Rallies to Repel Doomed Re-Org Attacks

Bitcoin Ecosystem Rallies to Repel Doomed Re-Org Attacks

The attacks work like this: a miner accumulates hash power and creates a chain of competing BSV blocks in secret, which contain transactions written to benefit the attacker, such as by double-spending BSV by appearing to deposit it into an exchange wallet.

What Do Broken Down McDonald's Milkshake Machines Have to Do With a Bitcoin Mastercard Conspiracy?

If franchisees want to switch solutions, the only option that the parent corporation allows is to switch to a software “upgrade” called “Powerhouse Dynamics,” which is owned by the parent company of Taylor, so you can't really escape the system.  Enter Mastercard's similar setup with Bitcoin.

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

Plus EU’s ban on anonymous digital currency transfers—a deep dive....cryptocurrency won't be so anonymous any more. 

Bloomberg: DOJ Probing Tether of Bank Fraud

Bloomberg: DOJ Probing Tether of Bank Fraud

A U.S. probe into Tether, a digital token widely used to trade Bitcoin, is looking into whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market, according to a report filed by Bloomberg News Monday morning.

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