Ripple Partners With Digital Euro Association To Accelerate Research On CBDCs
Ripple Inc., an enterprise blockchain and crypto firm focused on cross-border payment technologies, has partnered with the Digital Euro Association, a a think tank specializing in central bank digital currencies.
The partnership will see Ripple working alongside Digital Euro Association to collaborate on accelerating development and research for the creation of a European central bank digital currency (CBDC). The partnership, however, may not be entirely in congruence with recent statements from the European Commission that it is aiming to build a CBDC framework with a target date set for 2023.
"We are thrilled that, due to the partnership with Ripple, we can extend the technological expertise of the DEA community. As more and more CBDC projects worldwide reach advanced stages, technological design of a CBDC will play a key role for policy-makers in the near future, while previous years focused primarily on research," shares Jonas Gross, Chairman of the Digital Euro Association.
Ripple has been involved in several CBDC initiatives across the world, with the U.K., Bhutan, and the Republic of Palau also forming technical partnerships with the firm. Ripple will be taking on the role of a "supporting partner" the the Digital Euro Association, sharing technical expertise on blockchain-based implementations for central bank digital currencies. In October last year, Ripple joined the Digital Pound Foundation through an advisory role on its board, in a bid to help develop a U.K. CBDC.
According to a press release published by the Digital Euro Association, the partnership with Ripple will cover "joint educational efforts around digital currencies and knowledge exchange." Ripple says that it has been investing significant efforts to the growing number of CBDCs globally, disclosing that it currently has 40 developers and researchers working on CBDCs across its portfolio of partnerships.
The partnership is not directly linked to the European government's own efforts at creating a digital Euro, given that it is a research-based and theoretical initiative. However, with Ripple as as a partner and the Digital Euro Association working as a think tank, policy and regulation for a European CBDC will likely be influenced if indeed a digital Euro comes to fruition.
Ripple Inc., an enterprise blockchain and crypto firm focused on cross-border payment technologies, has partnered with the Digital Euro Association, a a think tank specializing in central bank digital currencies.
The partnership will see Ripple working alongside Digital Euro Association to collaborate on accelerating development and research for the creation of a European central bank digital currency (CBDC). The partnership, however, may not be entirely in congruence with recent statements from the European Commission that it is aiming to build a CBDC framework with a target date set for 2023.
"We are thrilled that, due to the partnership with Ripple, we can extend the technological expertise of the DEA community. As more and more CBDC projects worldwide reach advanced stages, technological design of a CBDC will play a key role for policy-makers in the near future, while previous years focused primarily on research," shares Jonas Gross, Chairman of the Digital Euro Association.
Ripple has been involved in several CBDC initiatives across the world, with the U.K., Bhutan, and the Republic of Palau also forming technical partnerships with the firm. Ripple will be taking on the role of a "supporting partner" the the Digital Euro Association, sharing technical expertise on blockchain-based implementations for central bank digital currencies. In October last year, Ripple joined the Digital Pound Foundation through an advisory role on its board, in a bid to help develop a U.K. CBDC.
According to a press release published by the Digital Euro Association, the partnership with Ripple will cover "joint educational efforts around digital currencies and knowledge exchange." Ripple says that it has been investing significant efforts to the growing number of CBDCs globally, disclosing that it currently has 40 developers and researchers working on CBDCs across its portfolio of partnerships.
The partnership is not directly linked to the European government's own efforts at creating a digital Euro, given that it is a research-based and theoretical initiative. However, with Ripple as as a partner and the Digital Euro Association working as a think tank, policy and regulation for a European CBDC will likely be influenced if indeed a digital Euro comes to fruition.
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Cere Network and Polygon Launch ‘NFT Content Monetization’ Platform Davinci
On February 14, Cere Network and Polygon launched a non-fungible token (NFT) marketplace and Web3 platform called Davinci, a project that aims to bolster the security behind NFT data. The platform is described as an “all-in-one Web3 media platform” that leverages Cere’s decentralized data cloud (DDC) platform and the proof-of-stake blockchain network Polygon.
Non-fungible token (NFT) media has become a big deal and a billion-dollar industry during the last year. However, the space has become filled with controversies as well with issues pertaining to intellectual property and copyrights to things like immutability.
In March 2021, there was a furious debate over immutability concerns tied to NFT technology. Fred Jin, the co-founder of Cere Network believes that NFT content that’s not stored properly is an issue.
“Most NFT content is not stored securely on the blockchain,” Jin said in a statement during the Davinci launch. “This is a problem, simply because your NFT can lose its content and associated value. The Davinci platform solves this problem via Cere DDC’s secure decentralized content delivery innovations.” The Cere Network executive added:
We’re really breaking new ground here, both for the entertainment industry and consumer enterprises, through a new standard for decentralizing data/content along with the Polygon team.
“Uniquely, each NFT created on Davinci’s platform will remain linked to the original creator through the use of smart contracts that guarantee a share of the royalties from any sale and establish a way for the continuous delivery of exclusive new content,” the Cere Network team’s announcement notes.
Sandeep Nailwal, the co-founder of Polygon believes the NFT ecosystem is just getting warmed up, and Nailwal thinks the Polygon and DDC-crafted Davinci Web3 application will enhance the industry’s growth.
“There is so much more that artists and fans are able to accomplish and access through Davinci that realizes more of the blockchain potential to the mainstream consumers,” Nailwal remarked. Artists, performers, and brands get more revenue from their unique content, while fans get better experiences and secure delivery of their assets."
On February 14, Cere Network and Polygon launched a non-fungible token (NFT) marketplace and Web3 platform called Davinci, a project that aims to bolster the security behind NFT data. The platform is described as an “all-in-one Web3 media platform” that leverages Cere’s decentralized data cloud (DDC) platform and the proof-of-stake blockchain network Polygon.
Non-fungible token (NFT) media has become a big deal and a billion-dollar industry during the last year. However, the space has become filled with controversies as well with issues pertaining to intellectual property and copyrights to things like immutability.
In March 2021, there was a furious debate over immutability concerns tied to NFT technology. Fred Jin, the co-founder of Cere Network believes that NFT content that’s not stored properly is an issue.
“Most NFT content is not stored securely on the blockchain,” Jin said in a statement during the Davinci launch. “This is a problem, simply because your NFT can lose its content and associated value. The Davinci platform solves this problem via Cere DDC’s secure decentralized content delivery innovations.” The Cere Network executive added:
We’re really breaking new ground here, both for the entertainment industry and consumer enterprises, through a new standard for decentralizing data/content along with the Polygon team.
“Uniquely, each NFT created on Davinci’s platform will remain linked to the original creator through the use of smart contracts that guarantee a share of the royalties from any sale and establish a way for the continuous delivery of exclusive new content,” the Cere Network team’s announcement notes.
Sandeep Nailwal, the co-founder of Polygon believes the NFT ecosystem is just getting warmed up, and Nailwal thinks the Polygon and DDC-crafted Davinci Web3 application will enhance the industry’s growth.
“There is so much more that artists and fans are able to accomplish and access through Davinci that realizes more of the blockchain potential to the mainstream consumers,” Nailwal remarked. Artists, performers, and brands get more revenue from their unique content, while fans get better experiences and secure delivery of their assets."
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Cardano Foundation Doubles Reward Offered to Hackers for Uncovering Bugs on Its Blockchain
The Cardano Foundation recently said it has doubled the payout offered to hackers and bounty hunters that identify bugs or vulnerabilities within the Cardano blockchain. The foundation said the six-week promotion, which runs until March 25, 2022, is part of an ongoing attempt to keep “its businesses and customers safe.”
The Cardano Foundation recently announced the start of a promotion that will see it double the value of the reward given to bounty hunters that discover vulnerabilities within the Cardano ecosystem. Starting from February 14, hackers and bounty hunters that identify critical vulnerabilities in the Cardano Node will be paid a maximum of $20,000.
The lowest amount that will be paid to hackers that discover the least critical bug or vulnerability in the node is $800. On the other hand, for bounty hunters that uncover critical vulnerabilities in the Cardano Wallet, a maximum payout of $15,000 is offered, while hackers that find less critical vulnerabilities will be given a minimum reward of $600.
In a statement explaining its decision to start the six-week promotion, The Cardano Foundation suggested that finding vulnerabilities is what can “keep our businesses and customers safe.” The foundation also said:
From this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano blockchain.
Meanwhile, the statement clarifies that “the scope of the bug bounty program will not include any UI or general functionality bugs.” It will, however, include bugs or vulnerabilities that lead to the leakage of sensitive information, the foundation said. Bugs that cause the service to crash, as well as attacks that compromise or harm the quality of the blockchain, are also included in the reward program.
In addition, the foundation asked hackers that uncover areas that may be seen as “an exploitable vulnerability” to reach out so arrangements can be made to discuss these “on a case-by-case basis.”
What are your views concerning the Cardano Foundation’s decision to double the bounty rewards? Tell us what you think in the comments section below.
The Cardano Foundation recently said it has doubled the payout offered to hackers and bounty hunters that identify bugs or vulnerabilities within the Cardano blockchain. The foundation said the six-week promotion, which runs until March 25, 2022, is part of an ongoing attempt to keep “its businesses and customers safe.”
The Cardano Foundation recently announced the start of a promotion that will see it double the value of the reward given to bounty hunters that discover vulnerabilities within the Cardano ecosystem. Starting from February 14, hackers and bounty hunters that identify critical vulnerabilities in the Cardano Node will be paid a maximum of $20,000.
The lowest amount that will be paid to hackers that discover the least critical bug or vulnerability in the node is $800. On the other hand, for bounty hunters that uncover critical vulnerabilities in the Cardano Wallet, a maximum payout of $15,000 is offered, while hackers that find less critical vulnerabilities will be given a minimum reward of $600.
In a statement explaining its decision to start the six-week promotion, The Cardano Foundation suggested that finding vulnerabilities is what can “keep our businesses and customers safe.” The foundation also said:
From this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano blockchain.
Meanwhile, the statement clarifies that “the scope of the bug bounty program will not include any UI or general functionality bugs.” It will, however, include bugs or vulnerabilities that lead to the leakage of sensitive information, the foundation said. Bugs that cause the service to crash, as well as attacks that compromise or harm the quality of the blockchain, are also included in the reward program.
In addition, the foundation asked hackers that uncover areas that may be seen as “an exploitable vulnerability” to reach out so arrangements can be made to discuss these “on a case-by-case basis.”
What are your views concerning the Cardano Foundation’s decision to double the bounty rewards? Tell us what you think in the comments section below.
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The hottest event for racers and crypto lovers is here: World-Class Horse Racing DeFiHorse is offering its initial NFT Sale on 27/02/2022 😍
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Play-to-Earn Blockchain Game Axie Infinity Surpasses $4 Billion in All-Time NFT Sales
This week, Axie Infinity, the blockchain-based online video game crafted by the Vietnamese software studio Sky Mavis, surpassed $4 billion in all-time non-fungible token (NFT) sales. Currently, the play-to-earn (P2E) game launched in 2018 is the third-largest NFT platform in terms of all-time sales.
The Ethereum-based video game Axie Infinity has been very popular during the last 12 months as the P2E pet training world has seen significant demand. The game’s native digital currency axie infinity (AXS) has increased by 2,544% against the U.S. dollar over the last year.
On the other hand, smooth love potion (SLP), hasn’t been so lucky and is down 70% in value year-to-date. Metrics indicate that there’s 53,502 AXS token holders today and out of 166,870 Axies there are 45,276 Axie owners.
This week, NFT metrics show, the project developed by Sky Mavis captured more than $4 billion worth of all-time NFT sales. Today, the average Axie Infinity sale price is $198.77 and the project has seen 1,905,222 traders, according to lifetime statistics.
With approximately $4.14 billion in all-time sales recorded at the time of writing, Axie Infinity is the third-largest NFT project in terms of all-time sales. The game’s NFT sales are below Opensea’s $21.85 billion and Looksrare’s reported $16.85 billion.
While Axie Infinity is an Ethereum-based project, the game leverages the Ronin network so the network can scale without high fees and congestion issues. At the time of writing, the cross-chain Ronin Bridge has $3.3 billion total-vale locked, and it is down 15% since last week.
Statistics indicate that the Ronin-based decentralized exchange (dex) Katana is the fourth largest decentralized finance (defi) exchange in terms of volume. Katana has seen $30.8 million in 24-hour trade volume and has a balance of $475 million.
Even though all-time Axie Infinity NFT sales have crossed the $4 billion mark, sales are down 40.58% during the last seven days. Weekly statistics indicate Axie Infinity has processed $19,815,670 in sales via the Ronin blockchain. Axie NFTs last week saw 91,940 buyers across 267,906 transactions.
24-hour Axie NFT sales metrics show the project has seen $2.2 million in sales from 17,731 buyers. While Axie is the third-largest in all-time sales, it’s the fourth in 24-hour terms and the fifth over the last seven days. Over the last month, Axie placed eighth out of the top ten projects in terms of 30-day NFT sales.
This week, Axie Infinity, the blockchain-based online video game crafted by the Vietnamese software studio Sky Mavis, surpassed $4 billion in all-time non-fungible token (NFT) sales. Currently, the play-to-earn (P2E) game launched in 2018 is the third-largest NFT platform in terms of all-time sales.
The Ethereum-based video game Axie Infinity has been very popular during the last 12 months as the P2E pet training world has seen significant demand. The game’s native digital currency axie infinity (AXS) has increased by 2,544% against the U.S. dollar over the last year.
On the other hand, smooth love potion (SLP), hasn’t been so lucky and is down 70% in value year-to-date. Metrics indicate that there’s 53,502 AXS token holders today and out of 166,870 Axies there are 45,276 Axie owners.
This week, NFT metrics show, the project developed by Sky Mavis captured more than $4 billion worth of all-time NFT sales. Today, the average Axie Infinity sale price is $198.77 and the project has seen 1,905,222 traders, according to lifetime statistics.
With approximately $4.14 billion in all-time sales recorded at the time of writing, Axie Infinity is the third-largest NFT project in terms of all-time sales. The game’s NFT sales are below Opensea’s $21.85 billion and Looksrare’s reported $16.85 billion.
While Axie Infinity is an Ethereum-based project, the game leverages the Ronin network so the network can scale without high fees and congestion issues. At the time of writing, the cross-chain Ronin Bridge has $3.3 billion total-vale locked, and it is down 15% since last week.
Statistics indicate that the Ronin-based decentralized exchange (dex) Katana is the fourth largest decentralized finance (defi) exchange in terms of volume. Katana has seen $30.8 million in 24-hour trade volume and has a balance of $475 million.
Even though all-time Axie Infinity NFT sales have crossed the $4 billion mark, sales are down 40.58% during the last seven days. Weekly statistics indicate Axie Infinity has processed $19,815,670 in sales via the Ronin blockchain. Axie NFTs last week saw 91,940 buyers across 267,906 transactions.
24-hour Axie NFT sales metrics show the project has seen $2.2 million in sales from 17,731 buyers. While Axie is the third-largest in all-time sales, it’s the fourth in 24-hour terms and the fifth over the last seven days. Over the last month, Axie placed eighth out of the top ten projects in terms of 30-day NFT sales.
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Miners Have Moved 30% of Their Equipment Out of Kazakhstan, Industry Organization Claims
Authorized crypto mining businesses have already taken a third of their coin minting hardware out of Kazakhstan, according to the country’s mining association. The news comes amid electricity shortages and upcoming tax hikes that are turning miners away from the Central Asian nation.
Companies, legally operating mining facilities in Kazakhstan, have already relocated around 30% of their mining equipment elsewhere. The President of the National Association of Blockchain and Data Center Industry of Kazakhstan Alan Dorjiyev told Forklog about the migration.
The executive noted that miners have been influenced by the persisting issues with energy supply and an expected tax increase. His organization represents major companies involved in the extraction of digital currencies accounting for 70% of Kazakhstan’s crypto mining sector.
The report quotes legislative documents indicating that Kazakhstan’s parliament prepares to impose on miners a tax of 10 tenge (approx. $0.02) per kilowatt-hour (kWh) of electricity generated from domestic energy resources and 5 tenge per kWh for imported electrical energy.
The levy for electricity produced from natural gas and renewable sources, excluding hydropower, will be 3 tenge per kWh, if lawmakers adopt the proposed changes. In 2021, authorities in Nur-Sultan introduced a surcharge of 1 tenge ($0.0023 at the time) per kWh of electricity used to mint cryptocurrencies.
Kazakhstan became a mining hotspot following China’s decision to launch a nation-wide crackdown on the industry in May, and largely due to its capped electricity rates. The country initially welcomed mining companies but since then, their energy-intensive operations have been blamed for a growing power deficit.
To deal with the shortages, the government increased electricity imports from the Russian Federation and shut down legal mining farms amid winter blackouts. Instructed by President Kassym-Jomart Tokayev, the Ministry of Energy, the Financial Monitoring Agency and law enforcement have also gone after illegal miners.
Dorjiyev further commented that the country is gradually becoming an “unfavorable jurisdiction for the crypto mining business.” He also warned that Kazakhstan will lose its leading position in terms of the amount of computing power it controls in the bitcoin network. As of August 2021, the country’s share in the global hashrate had reached 18%, second only to that of the United States.
To quell protests over rising fuel prices in early January, Tokayev’s administration temporarily closed down banks and restricted access to the internet. The measures affected the mining sector as well. The political turmoil and power supply interruptions have already forced some mining companies to relocate to other countries such as the U.S.
Authorized crypto mining businesses have already taken a third of their coin minting hardware out of Kazakhstan, according to the country’s mining association. The news comes amid electricity shortages and upcoming tax hikes that are turning miners away from the Central Asian nation.
Companies, legally operating mining facilities in Kazakhstan, have already relocated around 30% of their mining equipment elsewhere. The President of the National Association of Blockchain and Data Center Industry of Kazakhstan Alan Dorjiyev told Forklog about the migration.
The executive noted that miners have been influenced by the persisting issues with energy supply and an expected tax increase. His organization represents major companies involved in the extraction of digital currencies accounting for 70% of Kazakhstan’s crypto mining sector.
The report quotes legislative documents indicating that Kazakhstan’s parliament prepares to impose on miners a tax of 10 tenge (approx. $0.02) per kilowatt-hour (kWh) of electricity generated from domestic energy resources and 5 tenge per kWh for imported electrical energy.
The levy for electricity produced from natural gas and renewable sources, excluding hydropower, will be 3 tenge per kWh, if lawmakers adopt the proposed changes. In 2021, authorities in Nur-Sultan introduced a surcharge of 1 tenge ($0.0023 at the time) per kWh of electricity used to mint cryptocurrencies.
Kazakhstan became a mining hotspot following China’s decision to launch a nation-wide crackdown on the industry in May, and largely due to its capped electricity rates. The country initially welcomed mining companies but since then, their energy-intensive operations have been blamed for a growing power deficit.
To deal with the shortages, the government increased electricity imports from the Russian Federation and shut down legal mining farms amid winter blackouts. Instructed by President Kassym-Jomart Tokayev, the Ministry of Energy, the Financial Monitoring Agency and law enforcement have also gone after illegal miners.
Dorjiyev further commented that the country is gradually becoming an “unfavorable jurisdiction for the crypto mining business.” He also warned that Kazakhstan will lose its leading position in terms of the amount of computing power it controls in the bitcoin network. As of August 2021, the country’s share in the global hashrate had reached 18%, second only to that of the United States.
To quell protests over rising fuel prices in early January, Tokayev’s administration temporarily closed down banks and restricted access to the internet. The measures affected the mining sector as well. The political turmoil and power supply interruptions have already forced some mining companies to relocate to other countries such as the U.S.
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⚡️1 DAY LEFT TO GET WHITELISTED FOR THE SUPER PROJECT DEFIHORSE'S FIRST NFT SALE!
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🐎DeFiHorse is amazed by the number of participants for the first NFT SALE and let me tell you, it’s huge! But there’s only 1 day left before the whitelist is closed, so this might be your last chance to get your name on the list. 300 NFT BOXES of Heroic will be outed on the market ready to be taken.
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Backed by genius Blizzard artist Ken West (League of Legends, Call of Duty, Overwatch…), Elite Wolf Society has been on Twitter for 5 days and is already taking the NFT space by storm with more than 30k followers already!
With a VERY strong, fully doxed founding team, and a great number of senior investors backing the project, we can only guess how far this collection will go.
Here are the main reasons why you should follow up on EWS:
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Check their roadmap here -> elitewolfsociety.com
Make sure to join their discord -> https://discord.gg/RSDbStUVP2
⚠️ As they want a truly exclusive and influential community, the supply will be strongly limited.
With a VERY strong, fully doxed founding team, and a great number of senior investors backing the project, we can only guess how far this collection will go.
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Make sure to join their discord -> https://discord.gg/RSDbStUVP2
⚠️ As they want a truly exclusive and influential community, the supply will be strongly limited.
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💥THE MAJOR BREAKTHROUGH OF DEFIHORSE - THINGS ARE ABOUT TO EXPLODE BEFORE INO - WE ARE ALL READY! 💥
DeFiHorse is beyond happy with the remarkable global growth, thanks to the amazing support from our Community.
The Whitelist Race for INO just ended with:
🌟 2,000,000 entries
🌟 50,000 participants
🌟 TOP 1 country: Ukraine
🔥Over 500,000 members🔥 across all channels, including:
💫 130,000 followers on Telegram Global Community
💫 104,000 followers on Twitter
💫 93,000 followers on Telegram News
💫 62,000 followers on Facebook
💫 31,000 followers on Discord
…and SO MANY MORE TO COME.
#TheCreationOfGod: The First NFT Sale for Heroic Steed is happening. Grab your opportunity because these NFTs are not to be missed.
👉 Time: 1 PM 27/02/2022 UTC
👉 Location: rada.network/en/launchverse/defihorse/heroic
👉 Medium Sale Info | Medium Guideline
🏇🏻 Time to invest, Racers!
DeFiHorse is beyond happy with the remarkable global growth, thanks to the amazing support from our Community.
The Whitelist Race for INO just ended with:
🌟 2,000,000 entries
🌟 50,000 participants
🌟 TOP 1 country: Ukraine
🔥Over 500,000 members🔥 across all channels, including:
💫 130,000 followers on Telegram Global Community
💫 104,000 followers on Twitter
💫 93,000 followers on Telegram News
💫 62,000 followers on Facebook
💫 31,000 followers on Discord
…and SO MANY MORE TO COME.
#TheCreationOfGod: The First NFT Sale for Heroic Steed is happening. Grab your opportunity because these NFTs are not to be missed.
👉 Time: 1 PM 27/02/2022 UTC
👉 Location: rada.network/en/launchverse/defihorse/heroic
👉 Medium Sale Info | Medium Guideline
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US Charges Indian Citizen in $3.4 Billion Crypto Ponzi Scheme Bitconnect
The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice.
The U.S. Department of Justice (DOJ) announced Friday that the founder of the global crypto fraud scheme Bitconnect has been charged.
“Bitconnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion,” the DOJ described, adding:
A federal grand jury returned an indictment today charging Satishkumar Kurjibhai Kumbhani, a citizen and resident of India, with multiple crimes for his alleged role in a massive criminal conspiracy involving the cryptocurrency company he founded, Bitconnect.
The 36-year-old from Hemal, India, misled investors that the scheme’s “Lending Program” was able to “generate substantial profits and guaranteed returns” using “Bitconnect Trading Bot” and “Volatility Software,” the justice department detailed.
However, the DOJ noted:
Bitconnect operated as a Ponzi scheme by paying earlier Bitconnect investors with money from later investors. In total, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors.
The indictment further alleges that Kumbhani abruptly shut down the Lending Program after about one year. He then “directed his network of promoters to fraudulently manipulate and prop up the price of BitConnect’s digital currency, a commodity known as Bitconnect Coin (BCC),” the DOJ explained.
“Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering,” the Justice Department described, adding:
If convicted of all counts, he faces a maximum total penalty of 70 years in prison.
In November last year, the Justice Department announced that it was selling cryptocurrency worth $56 million seized from the Bitconnect scheme.
The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice.
The U.S. Department of Justice (DOJ) announced Friday that the founder of the global crypto fraud scheme Bitconnect has been charged.
“Bitconnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion,” the DOJ described, adding:
A federal grand jury returned an indictment today charging Satishkumar Kurjibhai Kumbhani, a citizen and resident of India, with multiple crimes for his alleged role in a massive criminal conspiracy involving the cryptocurrency company he founded, Bitconnect.
The 36-year-old from Hemal, India, misled investors that the scheme’s “Lending Program” was able to “generate substantial profits and guaranteed returns” using “Bitconnect Trading Bot” and “Volatility Software,” the justice department detailed.
However, the DOJ noted:
Bitconnect operated as a Ponzi scheme by paying earlier Bitconnect investors with money from later investors. In total, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors.
The indictment further alleges that Kumbhani abruptly shut down the Lending Program after about one year. He then “directed his network of promoters to fraudulently manipulate and prop up the price of BitConnect’s digital currency, a commodity known as Bitconnect Coin (BCC),” the DOJ explained.
“Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering,” the Justice Department described, adding:
If convicted of all counts, he faces a maximum total penalty of 70 years in prison.
In November last year, the Justice Department announced that it was selling cryptocurrency worth $56 million seized from the Bitconnect scheme.
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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise
Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of Russia’s military invasion.
Ukraine has received a batch of terminals needed to connect to the satellite internet constellation Starlink. The network is operated by Spacex, the aerospace manufacturer founded and managed by U.S. tech entrepreneur Elon Musk, and offers high-speed broadband internet across the globe.
The arrival was announced by Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Starlink — here. Thanks, @elonmusk,” the Kyiv official tweeted on Monday, posting a photo of a truck full of antennas and routers used to connect to the satellites.
On Saturday, Fedorov took to Twitter to ask the billionaire to provide Ukraine with Starlink stations. The call was issued after media reports revealed that the internet monitor Netblocks had registered “significant disruptions to internet service” in the country since the launch of the Russian military assault on Feb. 24.
“Starlink service is now active in Ukraine. More terminals en route,” Musk replied within hours. “Starlink terminals are coming to Ukraine!” the Ukrainian minister confirmed later, thanking Elon Musk and others supporting his country.
Ukrainian reports on social media have indicated that Starlink equipment is already working in the capital Kyiv. According to a tweet by software and communications engineer Oleg Kutkov, the internet connection’s top speed has exceeded 200 Mbps at some point.
Since the beginning of the Russian military offensive, Ukrainian officials have issued numerous calls for help from the international community. To support its defense and other efforts, the government of the East European nation started accepting donations in various cryptocurrencies.
Russian forces have been advancing from multiple directions, threatening to cut off major urban centers, including the capital Kyiv and Ukraine’s second largest city, Kharkiv. Problems with communication are likely to grow and affect many industries, including the crypto sector which Ukraine has been trying to regulate. Starlink notes on its website that the service is suited for areas with unreliable or unavailable connectivity.
Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of Russia’s military invasion.
Ukraine has received a batch of terminals needed to connect to the satellite internet constellation Starlink. The network is operated by Spacex, the aerospace manufacturer founded and managed by U.S. tech entrepreneur Elon Musk, and offers high-speed broadband internet across the globe.
The arrival was announced by Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Starlink — here. Thanks, @elonmusk,” the Kyiv official tweeted on Monday, posting a photo of a truck full of antennas and routers used to connect to the satellites.
On Saturday, Fedorov took to Twitter to ask the billionaire to provide Ukraine with Starlink stations. The call was issued after media reports revealed that the internet monitor Netblocks had registered “significant disruptions to internet service” in the country since the launch of the Russian military assault on Feb. 24.
“Starlink service is now active in Ukraine. More terminals en route,” Musk replied within hours. “Starlink terminals are coming to Ukraine!” the Ukrainian minister confirmed later, thanking Elon Musk and others supporting his country.
Ukrainian reports on social media have indicated that Starlink equipment is already working in the capital Kyiv. According to a tweet by software and communications engineer Oleg Kutkov, the internet connection’s top speed has exceeded 200 Mbps at some point.
Since the beginning of the Russian military offensive, Ukrainian officials have issued numerous calls for help from the international community. To support its defense and other efforts, the government of the East European nation started accepting donations in various cryptocurrencies.
Russian forces have been advancing from multiple directions, threatening to cut off major urban centers, including the capital Kyiv and Ukraine’s second largest city, Kharkiv. Problems with communication are likely to grow and affect many industries, including the crypto sector which Ukraine has been trying to regulate. Starlink notes on its website that the service is suited for areas with unreliable or unavailable connectivity.