Gujarat bitcoin case: Rs 25 lakh recovered from Ex-BJP MLA’s aide

Cash worth Rs 25 lakh was today recovered from former BJP MLA Nalin Kotadia’s aide by Gujarat CID (crime) officials probing the case of alleged “looting” of 176 bitcoins worth over Rs 9 crore from a builder in apparent connivance with policemen, the recovery of the cash “clearly establishes” Kotadia’s role in the case, a senior officer said. The cash was recovered from one Nankubhai, a resident of Rajkot, said Deputy Inspector General of Police (DIG), CID, Crime, Deepankar Trivedi.

Deepankar Trivedi said the cash was “delivered” to Nankubhai at the behest of Kotadia, who is yet to record his statement in the case. “This recovery of cash is a hard evidence in the case. With this, Nalin Kotadia’s role is clearly established now. We are looking for him and we are confident that he will be arrested soon,” Trivedi told reporters in Gandhinagar today. The Deputy Inspector General of Police (DIG) said that Kotadia has not presented himself before the CID for recording his statement despite two summons issued to him. Kotadia had served as the MLA of Dhari in Amreli district during 2012 to 2017.

In his complaint filed with the CID (Crime) three months back, Surat-based builder Shailesh Bhatt had alleged that Amreli policemen had kidnapped him and his business partner Kirit Paladia from Gandhinagar and extorted bitcoins (virtual currency), which was in the possession of Paladia. Shailesh Bhatt had also alleged that Kotadia was also involved in this conspiracy of extorting bitcoins worth over Rs 9 crore.

The CID had arrested Kirit Paladia on May 4 as it turned out during the probe that he was the mastermind behind the entire conspiracy to ‘loot’ 176 bitcoins and distribute money generated from selling them amongst himself, policemen, and a middleman. Deepankar Trivedi said Paladia had sold 34 bitcoins and gave a portion of cash to Kotadia’s aide Nankubhai as well as to Kotadia’s brother-in-law, Navneet.

North Korea / bitcoinnewsboards

North Korea may have made 200m over Bitcoins!

Priscilla Moriuchi, an ex-US National Security Agency officer, made the claim on a radio program called Radio Free Asia where she said North Korea was using ransomware to harvest cryptocurrency.

Here’s what she said: “I would bet that these coins are being turned into something – currency or physical goods – that are supporting North Korea’s nuclear and ballistic missile programme.”

Moriuchi believes North Korea’s hacking techniques could have reaped as many as 11,000 bitcoins.

She believes that during the cryptocurrency’s stratospheric December price rise, where the cost of a single Bitcoin shot up to $US 20,000, that haul could have been worth as much as $US 220m.

Moriuchi said North Korea operates from multiple bases across the world and not just from its home. “North Korea cyber operators sent to these foreign operations bases have two jobs. One, to conduct the operations that the North Korean regime tells them to conduct. And two, to earn money. The majority of that money, about 80 to 90 percent, is sent back to the regime, and only a small amount is for the operators themselves to keep,” she added.

As per certain security analysts, hacker cells have operational hubs in international locations. There are even inquiries on whether North Korea hackers are operational in other countries aside from China and India.

There also have been noted speculations that the North is possibility forming a state-sponsored army beyond the range of traditional banking systems to concentrate in the stealing of cryptocurrencies. South Korean cryptocurrency exchange was a target for North Korean criminals in December, swindling about $7 million worth of cryptocurrency and driving Youbit into bankruptcy.

Read this for more details: https://www.telegraph.co.uk/news/2018/03/05/north-korea-may-have-made-much-200-million-bitcoin-according/

Previously, North Korea has already been accused of a number of cyber-related crimes, which has involved payment being made through bitcoin for the release of files. One example is the 2017 WannaCry ransomware attack, which affected more than 230,000 computers in over 150 countries. In December, the U.S. accused North Korea of the cyber attack, which saw malicious malware bringing businesses, schools, and hospitals to its knees.

The hacking at Coincheck has been the biggest recorded cryptocurrency theft so far. Tokyo-based Mt Gox filed for insolvency in 2014 after having lost $480m in a hack.

Senate / bitcoinnewsboards

Senate Hearing- something positive in the cryptoworld

Just about yesterday (6th February 2018), in a hearing before the Senate Banking Committee, Securities and Exchange Commission Chairman Jay Clayton and Commodity Future Trading Commission Chairman Christopher Giancarlo spoke about what the near-term US regulatory fate of cryptocurrency might look like.

After a massive period of pessimism, plunging prices and bad news in the crypto-street, this hearing turned to be surprisingly optimistic to the coin watchers.

“Bullish.” “A sigh of relief”: These were just some of the comments that came from industry observers in the wake of a hearing held yesterday by the U.S. Senate Committee on Banking, Housing and Urban Affairs, one that addressed the question of how lawmakers should consider cryptocurrency regulation.

Over the opening of the hearing, Clayton and Giancarlo raised their thoughts over what can be regulated, what should be regulated and how, while offering a broader outlook on the long-term future of cryptocurrency market and blockchain technology.

They said that the onus was on the government to respect cryptocurrencies as an emerging market popular with America’s younger generations and develop a positive outlook for its future.

Giancarlo also highlighted that scammers and fraudsters in the crypto-market had to face the full front of the law if cryptocurrency and the technology behind it were to develop any further. A working group made up of the Securities and Exchange Commission (SEC), Financial Crimes Enforcement Network (FINCEN) and the Commodity Futures Trading Commission (CFTC) are working to identify scams.

His exact words were quoted as follows, “We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology”, “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”

The hearing took a “do no harm approach” to the cryptocurrency market, but will be monitoring activity in the ICO market closely. Bitcoin picked up around 8% while lesser known altcoins such as NEO and NEM rose over 21%. Almost all cryptocurrencies in top 100 are in the green territory at the time of filming. The market participants took cues from US regulators who appear to see the transformative potential within blockchain technology and cryptocurrency.

Read more about it here: https://motherboard.vice.com/en_us/article/evmdnm/the-sec-chairman-will-tell-congress-he-supports-regulating-cryptocurrency-bitcoin

Certainly and finally bullish!

cryptocurrencies / bitcoinnewsboards

South Korea has no plans to ban cryptocurrencies.

Worldwide, the cryptocurrencies are increasingly into the spotlight. South Korea is nothing that has refrained from commenting. The country has also come up and announced its views, happenings, regulations on cryptocurrencies. Here goes:

Recently, the country has thrown down the gauntlet on cryptocurrency speculation. In the initial days of this week, the country’s Financial Services Commission enacted a series of rules that it hopes will reduce room for cryptocurrency transactions to be exploited for illegal activities such as crimes, money laundering, and tax evasion.

Learn more about South Korea’s problem of illegal activities here: https://www.forbes.com/sites/jessedamiani/2018/01/31/south-korean-customs-reveals-nearly-600m-in-illegal-crypto-trading/#48c8c0c3101d

In the country, a defense sector did come into the picture:

  • The Defense Ministry has reportedly warned soldiers against trading cryptocurrencies.
  • The military may view cryptocurrency trading as a form of gambling as crypto exchanges have gone largely unregulated in the country.

Earlier this month, the government proposed banning all cryptocurrency trading. The move set bitcoin prices plummeting and caused mass panic. But finally, a disclosure is out which concludes that the country has no plans of banning cryptocurrencies but will closely regulate them.

The announcement follows reports earlier this month that the country was considering shutting down trading because of tax evasion (as mentioned above), which led to massive disruption on trading platforms around the world. However, the government does plan to tighten regulation and crack down on illegal practices within the area.

It’s not yet clear exactly how the government plans to tighten regulation, although it has now imposed new rules that stipulate only real-name bank accounts can be used for trading, which it hopes will help tackle money laundering and other crimes.

The FM’s exact words were, “There is no intention to ban or suppress cryptocurrency” and highlighting that the government’s immediate task is to regulate exchanges.

Reinforcing Seoul’s intent to tighten the screws on a market widely seen as opaque and risky by global policymakers, the country’s customs earlier this week announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million.

Therefore in conclusion: Rules in South Korea that tackle anonymity and money laundering in the cryptocurrency space take effect this week.  The rules bring greater legitimacy to the cryptocurrency markets and are positive in the long term, market participants say. Plans to introduce regulations in South Korea had spooked investors earlier this month.

Let’s see whether or not South Korea well with the crypto-world.

Bitcoin/Bitcoinnewsboards

How is Bitcoin working in the US?

Cryptocurrency has raised up to 300% in over just a year. What has brought this wild storm? The Craze about the internet and the happenings on it has made cryptocurrency and Bitcoin a phenomenon. This cryptocurrency has created a mayhem worldwide. Regulators all around the world have begun to address the challenges given by it that mostly bypass regulated banks, financial firms, exchanges and the central clearinghouses. In the US, the Securities and Exchange Commission and the Commodity Futures Trading Commission have sent a number of announcements in the last few months regarding cryptocurrencies. It is still a huge topic on everyone’s fingers. At some places, it is accepted as a mode of payment whereas others are completely confused about what it really is.

The Securities and Exchange Commission (SEC) has not approved of any exchange-traded products holding cryptocurrency for listing or trading. In July, 2017, the SEC issued a notice about the Initial Coin Offering saying that they can be ‘fair and lawful investment opportunities’.  Several States plan to approve the acceptance or promotion of the use of Bitcoin and the decentralized blockchain technology, whereas some of them have already given their approval. The Internal Revenue Service say that the bitcoins must be treated as a property for tax purposes. Now, we all know that people become grumpy right at the mention of the word tax. Here as well, this means a ‘capital’ gain or loss would have to be recorded as if it were an actual exchange involving real property.

Electronic payments had been a part of US since 1871, but that is a lot different from virtual money. The difference is made in one single line; these virtual currencies do not ‘represent’ a claim of value like the traditional digital transfer, but rather the virtual currencies are the said value. The capital, ie, Washington DC is trying to regulate bitcoins but people are trying to stop it at all costs. The final call is yet to be made.

Blockchain Technology Is Changing The World. Does Your Investing Strategy Embrace These Changes?

It took some time, Blockchains, first introduced through Bitcoins have finally been able to grab the attention of everyone around the world. From students, to businessmen to housewives, everyone is talking about investing in Cryptocurrencies which are the biggest users of Blockchain technology.

Invest in ICOs

New ICOs are being launched every day. And if you are taking notice, then you would know how many investors have been able to earn good returns by investing in these ICOs. Of course, adequate knowledge of the ICO you are investing in is peremptory. Insufficient research work can lead investors to putting their money on scams or ICOs that generate poor returns.

Click here to go Icotokennews.com  and get updates, information and news on ICOs. It is one of the best websites we’ve come across which provides a lot of relevant and helpful information for investors.

When you invest in ICOs, make sure you do adequate research on the following:

  • Owners of the project
  • How usable is the technology which will be launched through the project
  • Are they promising too much for too less? They may be scamming you.
  • What is the goal of the ICO?
  • Do you see prospect in the project? Invest only if you think that you support the idea behind the project.

Invest Directly in Altcoins

But ICOs aren’t the only way that you can explore the growing Cryptocurrency market. An easy way to begin investing in Blockchain technology is by picking an Altcoin which shows promising growth and then investing on it.

If you have been following news and information on digital currency, you would know that people from different walks of life have enjoyed very high returns and have even turned into millionaires through small investments in different Cryptocurrencies.

The digital coins market is undergoing a transformation. With Blockchain technology promising efficiency of new levels to different industries, a number of companies around the world have their interests in it, and as the market matures, acceptance of Altcoins is on the rise.

New Investment Opportunities are beginning to Open

In fact, people now have the opportunity of buying Bitcoin Futures Contracts through Chicago Board Options Exchange which allows them to bet on or against Bitcoin. Just a day old, Bitcoin Futures, may open new possibilities and can also provide wider acceptance of digital currencies. The Cryptocurrency market is currently experiencing a lot of changes in the value of Bitcoin which is also impacting other coins in the ecosystem. But the overall trend is a positive one.

Is it a bubble or is it a new curve?

While some feel that Cryptocurrencies are overrated and it is a bubble which would soon burst, others think that it is currently going through a curve and may only grow bigger and better in the future.

Those who know the revolution Blockchain technology can bring by decentralizing many tasks, realize that digital coins are the future of money. If you are an investor or you are new to digital currencies then you will find it easy to begin here at Crypto Coin Judge. You will find lots of helpful information including reviews on exchange to register.