The report says a victim, who goes by the name Zhang, approached police in the northwestern city Xi’an after he allegedly lost crypto assets worth $14.5 million. He gave a complaint in March.
The police investigated the matter with the help of many internet firms. They learned that a person Zhou (surname) hacked Zhang’s personal computer and stole his crypto assets. The investigating officers later identified Zhou’s partners, apparently highly-skilled hackers, the report stated.
The trio had been accused of breaking into the networks of corporations and individuals and getting away with 600 million yuan ($87 million) as per estimates.
Earlier, 20 persons were arrested in Dalian city of China for allegedly using crypto mining malware to infect over a million computers. They reportedly earned over $2 million in a span of two years.
$300 mn Bitcoin scam: Indian cops nab two more in ponzi scheme case
The crime branch police have arrested two more involved in the ponzi Bitcoin scheme that duped thousands of cryptocurrency investors. The duo is said to be close aides of Amit Bhardwaj, the kingpin of the multi-million Bitcoin [BTC] scam. They are accused of marketing the schemes to lure gullible consumers.
Pune police arrested Amit Bhardwaj on April 5 from the Delhi airport. He is believed to be the mastermind behind scamming thousands of Indians. He allegedly made a fortune of $300 million (approximately 2,000 crore INR).
“The duo were involved in marketing the scheme. They had lured hundreds of people and then disappear. We are investigating the case and are also finding out the number of people that have been duped,” a police official said.
So many of you may know that crypto currencies like Bitcoin will become ubiquitous in our lives, just like the internet is ubiquitous in our life.
Electroneum is a brand new British cryptocurrency launched via an Initial Coin Offering (ICO) in September 14th 2017. Developed to be used in the mobile gaming markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.
Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
So this makes it possible to mine Electroneum for FREE from your android phone while running in the background of your smart phone. [IOS version coming soon]
The Android mining app [IOS soon to follow] has only been available since the 5th March 2018 so, as of writing this blog post, we are only 6 weeks into mining, if you could have started Bitcoin mining 6 weeks into launch would you have joined?
Each referred person will get a 1% bonus on top of what they mine. Please feel free to use my referral code 8ACEB6 so you will get the bonus…
How to earn free Electroneum?
For every user you refer, you get 5.00% bonus ETN based on what they are mining. In addition, your referrals will get a 1% bonus on top of what they mine when entering your referral code. So for every 10 ETN mined by one of your referrals, you will receive 0.5 ETN and they will receive 0.1 ETN as a bonus.
After registration login to the Electroneum App and go to More option
Click on Earn FREE Coin and then Enter this Code 8ACEB6 and Submit, then click on Show My Referral Code / QR and promote your Referral Code. Once your friends have signed up, have them scan the QR code that is displayed on your phone. You need 5 referrals in a week to have a chance to win 5000 electroneum coins.
Is Electroneum worth it?
✓It has a single-minded development team behind it, with the clear goal to break into and dominate the mobile currency market
✓Electroneum is set to become the first digital coin to enter common usage due to its groundbreaking ease-of-use for the ordinary mobile user
✓Huge potential because of the 2.2 billion smartphone users around the globe
✓First cryptocurrency mining app in the world
✓Electroneum wallets can easily be managed on a smartphone, and the coins can be generated by the unique mobile miner running as a background activity
✓Maximum coin volume of 21 billion, which will mean transactions have only two decimal places and have a ‘real money’ feel that Bitcoin lacks
✓It enables very fast micro transactions and currency can be transferred between different apps, games and users
✓Electroneum relies on its own purpose-built blockchain, unlike many other currencies launched in 2017 so far
✓Offline Wallet (a completely secure, unhackable, offline wallet)
Credits (CURRENCY:CS) traded 10.4% lower against the US dollar during the 1 day period ending at 21:00 PM Eastern on August 1st. Over the last week, Credits has traded 18.8% lower against the US dollar. Credits has a total market capitalization of $26.85 million and approximately $1.42 million worth of Credits was traded on exchanges […]
Your ICO or one that you are looking at participating in, does it pass the Howey test and will it remain in compliance?
As for the USA… You and your team should have a firm grasp of what you are proposing to offer the public and where.
The Supreme Court, in issuing its decision finding that the defendants’ leaseback agreement is a form of security, developed a landmark test for determining whether certain transactions are investment contracts (and thus subject to securities registration requirements). Under the Howey Test, a transaction is an investment contract if:
It is an investment of money
There is an expectation of profits from the investment
The investment of money is in a common enterprise
Any profit comes from the efforts of a promoter or third party
Although the Howey Test uses the term “money,” later cases have expanded this to include investments of assets other than money. The term “common enterprise” isn’t precisely defined, and courts have used different interpretations. Most federal courts define a common enterprise as one that is horizontal, meaning that investors pool their money or assets together to invest in a project. However, other courts use different definitions.
The final factor of the Howey Test concerns whether any profit that comes from the investment is largely or wholly outside of the investor’s control. If so, then the investment might be a security. If, however, the investor’s own actions largely dictate whether an investment will be profitable, then that investment is probably not a security.
Substance Over Form
In deciding Howey, the Supreme Court created a test that looks at an investment’s substance, rather than its form, as the determining factor for whether it is a security. Even if an investment is not labeled a “stock” or “bond,” it may very well be a security under the law, meaning that registration and disclosure requirements apply. After the creation of the Howey Test, some promoters masqueraded securities to try and escape registration requirements (such as by calling an offer of securities an interest in a general partnership). To deal with these charades, courts look at the economic realities behind an investment scheme, rather than at its name or form, to determine whether it is a security.
If an investment opportunity is open to many people, and if investors have little to no control or management of investment money or assets, then that investment is probably a security. If, on the other hand, an investment is made available only to a few close friends or associates, and if these investors have significant influence over how the investment is managed, then it is probably not a security. Source: https://consumer.findlaw.com/securities-law/what-is-the-howey-test.html
Blockchain startups like many starts ups are cash strapped. One of the things that in the early stages that goes neglected is a legal budget. If your ICO whitepaper is showing real promise and value, an early stage partner that happens to be in law could well be a perfect match for you if you have not made already made plans for in house or general counsel.
In the crypto space it is not odd to offer a lawyer or law firm your token in lue of cash or tokens and cash or a mix of various instruments. They could well see that shaving off the legal bill in whole or in part depending on what you negotiate could well be in thier best interest and yours if they have a stake substantial enough. Just like any other “partnership” or venture agreement.
Choosing the right jurisdiction is key.
Given the data, we will look at the following countries/territory for our analysis:
Though not a country, this British Overseas Territory boasts itself as being one of the most interesting regions for structuring an ICO. Through its stable political and legal platform, it has seen many offshore company formations, many of them being institutional clients as they prefer vigorous regulatory and legal frameworks pertaining to the international standards, rather than operating under a merky regulatory environment which would be more adapted to speculative initiatives.
This strong regulatory and legal ethos naturally makes this BOT one of the most attractive and reliable areas to start an ICO.
At the same time, one of the concerns for those thinking of starting an ICO campaign is to understand the nature of the token issued. Specifically, if it passes the Howey test (as described above) it will be considered as security, potentially exposing itself to the purview of SEC and other regulatory bodies’ oversight. However, some experts suggest that the definition of “security” as specified by the Cayman Islands’ related legislation does not apply to an ICO token, a favourable factor that facilitates the token sale process.
Although there still exists certain degree of legal ambiguity in its crypto ecosystem, we see this as the country’s regulatory authorities taking time to ensure that the supervisory structure for all the blockchain initiatives is properly set forth instead of them trying to delay the structural implementation in an attempt to attract as many fintech entrepreneurs as possible in a shadowy legal environment.
ICO initiatives with a clear set of goals and well-structured roadmaps will see the most success because of the Cayman Islands’ vigorous legal and regulatory ethos, not despite it.
It appears the Cayman’s are a great place to domicile if not then just to incubate your ICO / Project and then take it to another jurisdiction. Singapore and Switzerland come with a cost in more fronts than one. If the cash is on hand to look at Switzerland and or Singapore it is advised to look into it early on. Shop your project around, you can find some world class legal support and investors overseas that sells out your coin offering sooner than you think.
On the other hand, the Cayman’s offer a rapid and safe sandbox and a long term solution for a world class cryptocurrency project / company / foundation. With regulation and red tape the cost of formation and compliance is decidedly more favourable in the Cayman’s for an upstart coin project. If participants believe in the platform and the directors the jurisdiction it legal is domiciled in are of no concern and does not necessarily mean a red flag. There is Old / Big money on the islands as it is notoriously known for. In conclusion a funds strapped crypto / blockchain project or ICO might well find world class counsel, savings, and favorable legal safe haven.
*ICO tokens are less likely to be classified as securities, making them less subject to “harsh” regulatory oversight
*Supportive community/governmental bodies are present, encouraging the fintech startups’ development
If you are looking for advisement for your blockchain project please feel free to contact me if you believe we should talk or even collaborate.
Contact me @: firstname.lastname@example.org
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