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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.

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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.

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​​Citadel Plans to Start Making Markets in Crypto in Coming Months, CEO Ken Griffin Says

Citadel CEO Ken Griffin, a bitcoin skeptic, admits he has not been right on his crypto call. He now says: “It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”

The CEO and founder of financial services firm Citadel, billionaire Ken Griffin, talked about cryptocurrency and his company’s decision to enter the space in an interview with David Rubenstein on Bloomberg Thursday.

The billionaire executive has long been a bitcoin skeptic. He previously described the rush to embrace cryptocurrencies as a “jihadist call” against the U.S. dollar. In 2017, he told CNBC that bitcoin has “many of the elements of the tulip bulb mania.” He also said: “I get very worried that people that are buying bitcoins don’t really understand what they’re participating in.”

Griffin made headlines in November last year when he bought a rare copy of the U.S. Constitution at a Sotheby’s auction for $43.2 million, beating out ConstitutionDAO.

He was asked whether Citadel has plans to trade or make markets in crypto. “To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto,” he replied, elaborating:

It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.

Founded in 1990, Citadel operates two primary businesses. The first is Citadel, one of the largest hedge funds with more than $38 billion in assets under management. The other is Citadel Securities, the largest market maker in stocks, options, and interest rate swaps for retail and institutional clients. The firm handles 40% of all stock trades in the U.S.

Griffin also admitted Thursday that he has not been right about his crypto call.

“Crypto has been one of the great stories in finance over the course of the last 15 years. And I’ll be clear, I’ve been in the naysayer camp over that period of time,” the CEO shared, adding:

But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.

Nonetheless, the Citadel CEO clarified: “I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that.”

​Socialswap launches aggregator and solves big problem of all crypto users.

Anyone who remembers the early days of Ethereum knows how cheap and fast it was to make transactions and use smart contracts. Only a short time later, however, this already looks quite different.

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​​Legendary Investor Jim Rogers Sees The End Of US Dollar As A Neutral Currency And Regrets Not Having Bought Bitcoin

Billionaire investor Jim Rogers believes that the US dollar is now no longer viewed as “neutral”, and that Washington has “changed the rules”. He is still worried that governments might ban cryptocurrencies, but regrets not having bought Bitcoin last year.

In an interview with the Economic Times on Sunday, Jim Rogers said that he owns US dollars, basically because of the historic view that when there is chaos in the economy, most investors go to the dollar, viewing it as a safe haven.

However, Rogers thinks that times have changed, and that the dollar is losing its respect as this safe haven, primarily because of the sanctions that the US government levies against those it doesn’t like, preventing them from using the dollar.

He feels that some countries are searching for an alternative to the dollar, given the perceived unfair nature of Washington policy. He doesn’t know which currency it will be yet, but hopes that he will recognise it and buy it when it appears. Although a proud American, he doesn’t like what is being done to his country’s currency.

On being asked whether he thought that cryptocurrencies could ever be an alternative to the dollar, he is still very unsure. He thinks that the US government likes “control” and a “monopoly” when it comes to money.

If the US has crypto money but the US is not going to say this is new money. Governments like control, governments like monopoly. I do not like it but that is the way governments are and I just suspect that they will either tax it or regulate it or outlaw it or something because they do not want to lose control.

Rogers is also concerned for his daughters, because of the fact that the US is the biggest debtor nation in the world. As the debt rises day by day, he worries that his daughters will not be able to pay it, and will have a huge burden around their necks for the future.

He believes that bad times are just around the corner, saying:

“In Washington, they say do not worry we will never have another bear market, we have things under control. I know that they are either liars or fools because I know we have always had bear markets and we will have another bear market and when it comes, it is going to be very, very bad. I do not know when it is going to come, I suspect next year.”

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​​Thailand Approves Tax Relief Measures for Crypto Trading

The Thai Cabinet has approved tax relief measures for crypto trading. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thailand.

Thailand’s Cabinet approved new tax relief rules Tuesday for crypto trading, according to an announcement on the Thai government website.

Finance Minister Arkhom Termpittayapaisith and Deputy Minister of Finance Santi Prompat jointly disclosed the outcome of the meeting, confirming that the cabinet has approved the crypto tax relief measures.

The finance minister told a news conference that traders will be able to offset annual losses against gains for taxes due on crypto investments. Value-added tax (VAT) of 7% will also be exempt for transfers of cryptocurrencies or digital tokens on regulated crypto exchanges.

He added that the tax exemption, effective from April 2022 to December 2023, will also cover the trading of retail central bank digital currency (CBDC) to be issued by the Thai central bank, the Bank of Thailand.

Last month, the Thai Revenue Department published a manual outlining the new tax rules applicable to cryptocurrencies and digital tokens. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thailand.

Previously, Thailand wanted to impose a 15% withholding tax on cryptocurrency transactions. The plan was scrapped after pushback by the industry.

Cryptocurrency trading has grown significantly over the past year in the country. A finance ministry official said in January that the number of crypto trading accounts in Thailand grew to about two million at the end of 2021 from 170,000 the previous year.

Last month, the Stock Exchange of Thailand unveiled its plan to launch a digital asset exchange.

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​​US Senator Booker: Cryptocurrency Can Bring Growth to American Economy if Properly Regulated

U.S. Senator Cory Booker sees cryptocurrency as “an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.” The senator from New Jersey is encouraged by President Joe Biden’s executive order on crypto regulation.

U.S. Senator Cory Booker talked about the potential benefits of cryptocurrency to the American economy Thursday. His comments followed President Joe Biden’s executive order on crypto regulation.

Booker became the first African American to represent New Jersey in the U.S. Senate in October 2013. Prior to becoming a U.S. senator, he served on the Newark City Council from 1998 to 2002 and as mayor of Newark from 2006 to 2013.

“I’m heartened by the nuanced and optimistic tone of POTUS’ recent executive order on digital assets,” the senator tweeted, elaborating:

Cryptocurrency is an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.

“As the order notes, the U.S. has taken a position as a leader in this rapidly developing field, and we need to make sure we keep it,” Senator Booker continued.

“Many Americans, including significant numbers of Black and brown people, have participated in the purchase and exchange of digital assets,” he further tweeted, noting:

The administration’s willingness to step up to this challenge and focus on the transformative power of Web3 is encouraging.

Senator Booker proceeded to emphasize the importance of investor protection. “Their protection as consumers must be prioritized alongside the fostering of innovation to keep America competitive on the global stage,” he opined.

Investor protection is one of the key priorities in President Biden’s crypto executive order (EO), which states:

We must take strong steps to reduce the risks that digital assets could pose to consumers, investors, and business protections.

Many people in the crypto industry welcome Biden’s crypto executive order. “The message I take from this EO is that the federal government sees cryptocurrency as a legitimate, serious, and important part of the economy and society,” an executive of a D.C.-based think tank commented.

​​Kenyans are believed to have lost as much as $120 million to cryptocurrency scammers in the last financial year, a government official has said. The official, however, suggested the number of Kenyans losing funds this way can be reduced if the media helps by disseminating the right information.

A Kenyan cabinet secretary has claimed his fellow countrymen lost about $120 million to crypto scammers in the last financial year. The secretary, Joe Mucheru, added that many Kenyans are getting scammed because they lack the proper information.

In his remarks while speaking at a conference focused on law and order, Mucheru suggested the number of those suffering after losing funds to criminals can be reduced if the media plays its part. He explained:

I think even as you report and investigate these issues, you can also be giving people guidance on the direction, where they need to invest, how they need to protect themselves.

Mucheru also encouraged the sharing of ideas and information between the government and the media. Doing this, he said, enables the parties to collaborate even further.

Kenya, just like many other African countries, is plagued with scams that are packaged as legitimate cryptocurrency projects. For instance, in December 2021, a report News stated that a Kenyan businessman was facing allegations of defrauding investors through his Aidos Kuneen cryptocurrency. The report said investors in the businessman’s scam crypto lost over $140 million.

Therefore, in addition to giving guidance to Kenyans, Mucheru also urged Kenyan media outlets to consider becoming repositories for information that can be used by investors. He said: “You should really build the repository of a lot of the information that people actually need.”

​​Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator

The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.”


The Australian Competition & Consumer Commission (ACCC) announced Friday that it has taken legal action against Meta Platforms Inc. (formerly Facebook) and Meta Platforms Ireland Ltd.

Australia’s competition regulator alleges that the companies “engaged in false, misleading or deceptive conduct by publishing scam advertisements featuring prominent Australian public figures” on Facebook.

The ACCC alleges Meta’s conduct “was in breach of the Australian Consumer Law (ACL) or the Australian Securities and Investments Commission Act (ASIC Act).” In addition, the regulator noted:

It is also alleged that Meta aided and abetted or was knowingly concerned in false or misleading conduct and representations by the advertisers.

The ACCC explained that the ads “promoted investment in cryptocurrency or money-making schemes.” They featured well-known people, such as “businessman Dick Smith, TV presenter David Koch and former NSW Premier Mike Baird,” the ACCC noted, adding that Facebook users were led to believe these scams were genuinely associated with these celebrities.

ACCC Chair Rod Sims said:

The essence of our case is that Meta is responsible for these ads that it publishes on its platform.

The competition regulator said Meta was aware of the cryptocurrency scam ads on Facebook but did not take sufficient steps to address the issue even after the company received complaints from the celebrities whose names and images were used without consent.

The ACCC is seeking “declarations, injunctions, penalties, costs and other orders,” the regulator detailed.

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​​Wex Exchange Co-Owner Reportedly Detained in Russia

Authorities in Russia have arrested a crypto entrepreneur associated with an unidentified cryptocurrency exchange who is suspected of embezzling funds and property. According to a media report, the detained person is one of the owners of Wex, successor of the infamous BTC-e exchange.

Russian law enforcement agencies have detained a man accused of stealing financial and other assets from a cryptocurrency exchange, the Ministry of Internal Affairs (MVD) announced Tuesday. The suspect allegedly controlled large amounts in cryptocurrency and their movement between wallets.

Investigators believe he withdrew some of the funds and appropriated them. The person was handcuffed at the hotel of a private airfield in Serpukhov city district of Moscow region with two suitcases holding 190 million Russian rubles in cash ($1.7 million), the press release detailed.

Officials from MVD, the Federal Security Service (FSB), and Russia’s financial watchdog, Rosfinmonitoring, carried out 29 searches at the residences of the arrested and his accomplices in Moscow, St. Petersburg, Novosibirsk, and Yalta. Another 50 million rubles, $1 million, €70,000, computer equipment, hardware crypto wallets, luxury goods, and documents were seized.

While neither the detained person, nor the exchange were named by the authorities, the crypto news outlet Forklog quoted Indefibank CEO Sergey Mendeleev who claims the man is Aleksey Bilyuchenko, co-founder of Wex, once the largest crypto trading platform in Russia, which was launched in 2017 as a successor of BTC-e. The latter closed down earlier that year following the arrest in Greece of one of its alleged operators, Alexander Vinnik.

Bilyuchenko’s ownership of Wex was revealed by the BBC. Another Russian, Dmitry Vasiliev, was the official owner of the exchange. In September, the Polish press reported that Vasiliev had been arrested at the Warsaw airport on Aug. 11 and was awaiting extradition to Kazakhstan. In December, news came out that he had been released and had returned to Russia.

In 2018, Wex was sold to Dmitry Khavchenko, a former fighter for the breakaway Donetsk People’s Republic in Ukraine who then registered the operator of the exchange, the Singapore-based company World Exchange Services, under the name of his daughter, Daria. The exchange went bankrupt later that year. According to estimates by a group of Wex users, the total losses exceed $400 million.

​​Venezuela’s Sunacrip Launches Petro-Based Gift Card Market and Exchange

Sunacrip, the Venezuelan cryptocurrency watchdog, has announced a set of improvements to its Petroapp wallet, allowing Venezuelans to use the petro (PTR) for new functions. The app now has an embedded cryptocurrency exchange that allows users to exchange petros for other currencies, and a series of gift card and payment options to increase adoption.

Sunacrip, the cryptocurrency regulation institution in Venezuela, has announced a series of changes to its petro (PTR) wallet app called Petroapp, which are directed to improve the usability of the cryptocurrency. Joselit Ramirez, head of Sunacrip, explained these changes and enumerated the new functions on social media.

Ramirez stated:

Having achieved the recovery of the market and the balance of the PTR conversion rates, we have updated the PetroApp where you have new services that strengthen the usability of our sovereign crypto asset.

Ramirez highlighted that the redesign of the Petroapp will allow users to pay for their phone plans with all of the national carriers. Also, the three leading cable operators in the country will be available in the app to accept payments in petros.

The new update also aims to make it easier for people to purchase petros directly from the app, with the possibility of using the national fiat currency to acquire these crypto assets. At the same time, these assets can be used in the app to be exchanged for other supported cryptocurrencies including bitcoin, litecoin, and dash, with the possibility of withdrawing them from the platform, too.

Ramirez explained that Petroapp is also including a payments gateway, allowing users to create payment invoices within the app. The head of Sunacrip stated that this turns “each mobile device into a point of sale and the PTR into a means of payment,” something that the Venezuelan government has pushed for since the launch of the cryptocurrency.

The launch of a gift card market, the last feature announced, seems to go in that direction. The market, according to Ramirez’s statements, will include the possibility of buying gift cards to pay for services like Netflix, which is hugely popular in the country, or making payments on platforms such as Apple Store and Amazon.