CEO of South Korean Crypto Exchange CoinUp Imprisoned for 16 Years for Fraud

CEO of South Korean Crypto Exchange CoinUp Imprisoned for 16 Years for Fraud

“Everyday for the thief, one day for the owner,” they say. Well, that proved true in the case of this South Korean crypto exchange, CoinUp, which the police found to be a fraudulent scheme. According to local South Korean news reports, the crypto exchange was involved in an elaborate scam worth over $380 million. The firm allegedly deceived its investors into committing to a worthless digital coin, in the hope of getting a bigger return….

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IRS: Reinvested Crypto Holdings Are Not Exempted from Taxation

IRS: Reinvested Crypto Holdings Are Not Exempted from Taxation

According to an official from the United States Internal Revenue Service (IRS), ‘like-kind’ tax exemption has not been applied for taxpayers with crypto transaction records. This holds true for transactions even before 2018. After changes were introduced to the 2017 taxation structure, taxpayers were prohibited from utilizing the tax exemption scheme to defer the payments. A like-kind exchange can be defined as a tax-deferred transaction that allows for the disposal of an asset and the…

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Vietnam-Based Crypto Exchange VinDAX Loses at Least $500K to Hack

Vietnam-Based Crypto Exchange VinDAX Loses at Least $500K to Hack

VinDAX, a Vietnam-based crypto exchange, became the target of a sophisticated hacking attack that saw it loses $500,000 (and perhaps more) in digital assets, the company acknowledged on its Telegram group. The attacker(s) stole 23 digital assets, most of which belonged to the customers and investors of VinDAX. Although VinDAX is little known in the crypto industry, it has registered itself as the seventh digital exchange that has fallen to a cyber attack this year….

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Crypto Exchange Bitfinex Cancels the K.im Token Sale Over Regulatory Issues

Crypto Exchange Bitfinex Cancels the K.im Token Sale Over Regulatory Issues

The infamous cryptocurrency exchange and trading platform Bitfinex has announced on November 5 that it has halted the sale of K.im token on its Bitfinex Token Sale platform for an uncertain period of time due to regulatory issues. Bitfinex further affirmed that the developer of K.im will keep users notify about the token sale once the K.im platform will be fully functional and that everything that surrounds it will comply with current regulations. K.im might…

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Crypto Exchanges in Hong Kong to Need Regulatory License to Operate

Crypto Exchanges in Hong Kong to Need Regulatory License to Operate

The Chief Executive of Hong Kong’s Securities and Futures Commission, Ashley Alder, announced at a fintech conference in Hong Kong that the region’s financial regulator is going to develop a framework for digital asset exchanges. The framework was to be released on Wednesday. Hong Kong is the hub for many of the largest cryptocurrency ventures, with several of the largest crypto exchanges operating in the region. Alder says that until now these exchanges had not…

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Canadian Regulator Seizes Assets of Defaulting Einstein Crypto Exchange

Canadian Regulator Seizes Assets of Defaulting Einstein Crypto Exchange

The British Columbia Securities Commission (BCSC) announced through a blog post that it has taken action against a Canadian crypto exchange firm called Einstein Exchange. The BCSC is an independent provincial government agency that is in charge of regulating capital markets in the Canadian state of British Columbia. The BCSC said that it has taken the steps in order to protect the customers of the cryptocurrency exchange, which had stored their funds with the exchange….

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Crypto Exchange FTX Slapped with $150M Lawsuit; Calls It ‘Bullshit’ by ‘Assholes’

Crypto Exchange FTX Slapped with $150M Lawsuit; Calls It ‘Bullshit’ by ‘Assholes’

The parent company of the crypto derivatives exchange FTX, Alameda Research, has been slapped with a $150 million lawsuit for market manipulation. The mysterious plaintiff is known as the “Bitcoin Manipulation Abatement LLC,” an entity about which currently there are no details online, either to secure its anonymity or to suggest that a group of people is involved. The lawsuit came into light through social media when Samuel McCulloch, host of podcast show “End of…

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Research: One Buyer on Bitfinex Manipulated Bitcoin’s Price in 2017

Research: One Buyer on Bitfinex Manipulated Bitcoin’s Price in 2017

Bitcoin(BTC)trade touched its all-time high of nearly $20,000 in December 2017, and now researchers at the University of Texas and Ohio State University believe that this rally was fueled by a single big money movement in a new research paper. The academic paper also alleges that the USD-backed stablecoin Tether (USDT) is responsible for the astronomical rise in the BTC price in 2017, allegation which has already been raised previously and that is investigated by…

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Huobi Global Crypto Exchange Slams the Door on US Users

Huobi Global Crypto Exchange Slams the Door on US Users

If you can’t stand the heat, you’re supposed to leave the kitchen, right? Well, the Singapore-based crypto exchange Huobi is ready to step out of all the heat and drama surrounding the U.S. crypto industry for good (or at least until the U.S. would present clear crypto regulation). Huobi Global is unarguably one of the largest crypto exchanges across the globe. Although it was originally founded in China (which is not very crypto friendly), it…

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Zimbabwean CEO Supposedly Loses Private Key to Crypto Exchange’s Wallet

Zimbabwean CEO Supposedly Loses Private Key to Crypto Exchange’s Wallet

Tawanda Kembo, the founder and CEO of the Zimbabwe-based crypto exchange Golix, is claiming that he has lost the private key to his company’s digital wallet. As a result, the customers of the cryptocurrency exchange are unable to access their funds. The timing of the announcement hints at a sinister motive. Over the past few months, Kembo and his company have been embroiled in a legal battle against the Reserve Bank of Zimbabwe (RBZ), who…

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