Two Arrested for ‘Old-Fashioned Shakedown’ of Cryptocurrency Startup

Authorities in the United States have arrested two individuals who allegedly threatened to destroy a startup crypto company if they were not paid millions of dollars in cryptocurrency. Extortion of crypto startup On Sept. 18, the U.S. Attorney’s Office for the Eastern District of New York, together with the FBI, announced the arrest of Steven Nerayoff and Michael Hlady. Both individuals were charged with extortion of a cryptocurrency startup and have already made their initial appearance in federal court. Nerayoff, a lawyer himself, was purportedly hired to assist in a…

Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend

American e-commerce giant Overstock hopes to liberalize its planned digital dividend shares trading. According to a Sept. 18 press release, Overstock is working with regulatory authorities on making its digital asset-based dividend freely tradable by non-affiliates following distribution. As such, the company will not have to put its dividend shares on the six-month holding period as required under Rule 144 enforced by the United States Securities and Exchange Commission. Commenting on the development, interim CEO of Overstock Jonathan Johnson said: “We have received a great deal of interest surrounding our…

Philippine Police Raid Alleged Cryptocurrency Scam, Arrest 277

Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11.  Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China. Immigration Commissioner Jaime Morente said that…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon to make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced…

Binance Charity Accepts Cryptocurrency Donations for Hurricane Relief

Binance Charity, the philanthropic wing of major cryptocurrency exchange Binance, has begun a campaign to help support victims of Hurricane Dorian. On Sept. 5, Binance Charity started accepting cryptocurrency donations for a campaign that will help provide food and aid for hurricane victims through local organizations in affected areas. On the campaign website, Binance states that donations in Bitcoin (BTC), Binance Coin (BNB) and XRP will be distributed to the Hurricane Relief Project. At press time, the campaign has received 14 donations for a total of 0.558 BTC ($5,852.90). None…

Maltese Financial Regulator Will Actively Monitor Cryptocurrency Firms

The Malta Financial Services Authority (MFSA) says in its recently published strategic plan that it will actively monitor and manage business-related risks related to cryptocurrency firms. Monitor crypto firms to prevent crypto-related crimes On Sept. 6, the MFSA published its three-year strategic plan for 2019–2021 which states the Malta financial regulator will strive to modernize their regulatory approach to be one step ahead of industry developments. The MFSA said it will work closely with the Financial Intelligence Analysis Unit and other national and international authorities, including the newly formed Malta Digital…

Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency

Bitcoin (BTC) is less popular among women because they are less interested in risky investments, according to one of the cryptocurrency’s best-known female proponents. Ryyti: Women “more risk-conscious” In a Twitter discussion on Sept. 5, Miss Universe Finland 2015 winner, Rosa-Maria Ryyti, argued Bitcoin’s risk factor made it more appealing to men. She was responding to a query by analyst and Cointelegraph contributor, Filb Filb, who asked followers why the Bitcoin community was overwhelmingly male.  “Women are more risk-conscious in general and often go for a ‘slow & steady’ investment…

Korea’s Biggest Entertainment Company to Launch Its Own Cryptocurrency

Korean pop music giant SM Entertainment revealed plans to build its own cryptocurrency and blockchain in partnership with tech organization CTIA Labs. CT-AI Labs CEO Sang-Sik Joo announced the initiative at the developer conference of South Korean crypto exchange UpBit, local IT news outlet ITChosun reported on Sept. 4. Joo noted that they are currently discussing the project with partners who will build the platform, but the details cannot be revealed yet. SM Entertainment reportedly expects the blockchain platform to bridge the physical and virtual world. Joo commented on the…

Burundi Bans Cryptocurrency Trading Due to Lack of User Protection

The Republic of Burundi in central Africa has banned the trading digital currencies in the country due to associated risks. As Bloomberg reported on Sept. 4, some Burundian citizens urged the government to take action regarding cryptocurrency trading after they lost money while dealing with virtual currencies. The government subsequently banned crypto trading explaining that it cannot provide appropriate user protection. Commenting on the issue, Alfred Nyobewumusi, a director at the central bank’s micro-finance department, said, “Strong measures could be taken against all those who will not respect this decision.”…

IMF Chief Christine Lagarde Encourages Open Cryptocurrency Regulation

European Central Bank (ECB) president candidate and International Monetary Fund (IMF) chief Christine Lagarde stated on Sept. 4 that central banks and financial supervisors should protect consumers but also be open to innovation such as cryptocurrencies. Changes are opportunities During her opening statement, shared with Cointelegraph in an IMF press release, Lagarde told the Economic and Monetary Affairs Committee of the European Parliament that central banks and financial regulators should be open to the opportunities offered by change.  She noted: ”In the case of new technologies – including digital currencies…