Crypto-Related Lawsuits Rising in Russia, Criminal Cases Increase by 40%
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week.
The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed.
The authors of the study note that most often cryptocurrency appears in criminal cases related to drug trafficking as those behind such deals would like their payments to remain anonymous — 738 such cases were filed last year. Other criminal proceedings include the laundering of illicit funds using digital coins.
Claims against unjust enrichment through crypto transactions form the majority of civil law disputes (42 cases). A common scenario is when a person transfers money to a third party to buy cryptocurrency but later receives a smaller amount than expected or agreed.
Meanwhile, the number of bankruptcy cases related to ownership of cryptocurrency has doubled in 2021, the researchers revealed. In these proceedings, the Russian judiciary refers to crypto assets as property and the sides are required to provide documents proving they own the coins.
The illegal use of electricity for cryptocurrency mining is considered a civil offense in Russia which entails the collection of debt. During the examined period, Russians running underground mining facilities had to pay 61.5 million rubles (over $1.1 million at current rates) in nine such cases.
To prepare its report, RTM analyzed published acts of courts of general jurisdiction and arbitration courts as well as information obtained from the official correspondence of various departments. The results from its study appear as authorities in Moscow continue to debate over the legal status cryptocurrencies should have in Russia.
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week.
The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed.
The authors of the study note that most often cryptocurrency appears in criminal cases related to drug trafficking as those behind such deals would like their payments to remain anonymous — 738 such cases were filed last year. Other criminal proceedings include the laundering of illicit funds using digital coins.
Claims against unjust enrichment through crypto transactions form the majority of civil law disputes (42 cases). A common scenario is when a person transfers money to a third party to buy cryptocurrency but later receives a smaller amount than expected or agreed.
Meanwhile, the number of bankruptcy cases related to ownership of cryptocurrency has doubled in 2021, the researchers revealed. In these proceedings, the Russian judiciary refers to crypto assets as property and the sides are required to provide documents proving they own the coins.
The illegal use of electricity for cryptocurrency mining is considered a civil offense in Russia which entails the collection of debt. During the examined period, Russians running underground mining facilities had to pay 61.5 million rubles (over $1.1 million at current rates) in nine such cases.
To prepare its report, RTM analyzed published acts of courts of general jurisdiction and arbitration courts as well as information obtained from the official correspondence of various departments. The results from its study appear as authorities in Moscow continue to debate over the legal status cryptocurrencies should have in Russia.
South Korean Government Calls for Voluntary Regulations From Crypto Industry
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.
Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans.
Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms.
The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won (over $8.7 billion) in transactions, reflecting the rapid growth of the market in the past few years.
South Korean authorities, however, think that current regulations are insufficient as a response to the rapid expansion. That’s why the government and South Korea’s leading political force are calling on the sector to propose “voluntary regulatory measures” while many other nations are looking into the impact of digital currencies on their financial systems and economic policies.
More than a dozen crypto-related bills are now pending in the Korean National Assembly, Arirang added, and the country’s Financial Services Commission is planning to propose more legislation tailored to protect investors from the swings of the crypto market.
At the same time, the Governor of the Financial Supervisory Service Lee Bok-hyun has been quoted as emphasizing the need for a reasonable regulation system. Such as would allow the crypto asset market to have what he described as responsible growth.
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.
Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans.
Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms.
The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won (over $8.7 billion) in transactions, reflecting the rapid growth of the market in the past few years.
South Korean authorities, however, think that current regulations are insufficient as a response to the rapid expansion. That’s why the government and South Korea’s leading political force are calling on the sector to propose “voluntary regulatory measures” while many other nations are looking into the impact of digital currencies on their financial systems and economic policies.
More than a dozen crypto-related bills are now pending in the Korean National Assembly, Arirang added, and the country’s Financial Services Commission is planning to propose more legislation tailored to protect investors from the swings of the crypto market.
At the same time, the Governor of the Financial Supervisory Service Lee Bok-hyun has been quoted as emphasizing the need for a reasonable regulation system. Such as would allow the crypto asset market to have what he described as responsible growth.
SEC, State Regulators Probe Crypto Lender Celsius Over Accounts Freeze
The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals.
The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday.
Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night.
Noting that the investigation is a “priority,” Rotunda said:
I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts.
“The inability to access their investment may result in significant financial consequences,” he stressed.
Rotunda said he and his team learned about Celsius’ accounts freeze from the company’s tweet and blog post Sunday night.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the company wrote.
Alabama Securities Commission Director Joseph Borg told the publication that the SEC has also been in communication with Celsius, adding that the crypto lender has been responsive to questions from the regulators.
Last year, regulators in a number of states, including Alabama, Kentucky, New Jersey, and Texas hit Celsius with a cease and desist order over the lender’s interest-bearing products, which they said should be registered as a security.
After freezing withdrawals, Celsius reportedly sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. The crypto lender is also reportedly hiring Citigroup as an advisor.
Moreover, Ben Armstrong, aka Bit Boy, announced a class-action lawsuit against Celsius and CEO Alex Mashinsky on Wednesday via Twitter.
The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals.
The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday.
Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night.
Noting that the investigation is a “priority,” Rotunda said:
I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts.
“The inability to access their investment may result in significant financial consequences,” he stressed.
Rotunda said he and his team learned about Celsius’ accounts freeze from the company’s tweet and blog post Sunday night.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the company wrote.
Alabama Securities Commission Director Joseph Borg told the publication that the SEC has also been in communication with Celsius, adding that the crypto lender has been responsive to questions from the regulators.
Last year, regulators in a number of states, including Alabama, Kentucky, New Jersey, and Texas hit Celsius with a cease and desist order over the lender’s interest-bearing products, which they said should be registered as a security.
After freezing withdrawals, Celsius reportedly sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. The crypto lender is also reportedly hiring Citigroup as an advisor.
Moreover, Ben Armstrong, aka Bit Boy, announced a class-action lawsuit against Celsius and CEO Alex Mashinsky on Wednesday via Twitter.
Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand
Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced.
Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the Ministry of Energy, announced the decision, quoted by Tehran Times.
The government official noted that the measure applies to 118 licensed mining farms currently operating in the Islamic Republic. The temporary restrictions will be imposed after electricity consumption in the country reached a record high of 62,500 megawatts (MW) during the peak hours last week.
Mashhadi added that power demand this week, which ends on Friday according to the local calendar, has been forecasted to exceed 63,000 MW. The energy ministry’s representative described these figures as significant and warned that they will lead to a limited electricity supply across the nation.
The authorities in Tehran legalized cryptocurrency mining as an industrial activity in 2019. Since then, dozens of companies have applied for a license from the Ministry of Industry and started extracting digital currencies, taking advantage of the low-cost energy offered by Iranian power plants.
Besides the approved mining operations, a growing number of Iranians have been setting up mining installations using subsidized household electricity to mint digital coins, further increasing the load on the Iranian power generation industry. The latter has been facing serious problems due to draughts caused by lower than expected rainfall and increased demand in the hot weather. A report in May revealed Iran has busted almost 7,000 illegal crypto farms.
The country’s electricity shortages and frequent blackouts last summer were partially blamed on increased power usage for mining and even licensed miners were ordered to shut down. They were allowed to resume operations in September, but then again asked to suspend activities in the face of a growing power deficit in the cold winter months.
Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced.
Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the Ministry of Energy, announced the decision, quoted by Tehran Times.
The government official noted that the measure applies to 118 licensed mining farms currently operating in the Islamic Republic. The temporary restrictions will be imposed after electricity consumption in the country reached a record high of 62,500 megawatts (MW) during the peak hours last week.
Mashhadi added that power demand this week, which ends on Friday according to the local calendar, has been forecasted to exceed 63,000 MW. The energy ministry’s representative described these figures as significant and warned that they will lead to a limited electricity supply across the nation.
The authorities in Tehran legalized cryptocurrency mining as an industrial activity in 2019. Since then, dozens of companies have applied for a license from the Ministry of Industry and started extracting digital currencies, taking advantage of the low-cost energy offered by Iranian power plants.
Besides the approved mining operations, a growing number of Iranians have been setting up mining installations using subsidized household electricity to mint digital coins, further increasing the load on the Iranian power generation industry. The latter has been facing serious problems due to draughts caused by lower than expected rainfall and increased demand in the hot weather. A report in May revealed Iran has busted almost 7,000 illegal crypto farms.
The country’s electricity shortages and frequent blackouts last summer were partially blamed on increased power usage for mining and even licensed miners were ordered to shut down. They were allowed to resume operations in September, but then again asked to suspend activities in the face of a growing power deficit in the cold winter months.
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We are launching our token, which will be called APIZ token and will be equal to one bee from our apiary. The main goal of the company is to create a worldwide system of hives, in the sum of 1,000,000 gives, each hosting around 50,000 bees. This way we will release 50,000,000,000 APIZ tokens.
70% of the investments from the sale of our coin will be directed to develop our apiaries, hives, and conditions in which bees are living and the other 30% will be used for the development of the blockchain and the APIZ coin. Our industrial apiaries are already a business with a stable annual profit, so even in case of a force majeure related to the cryptocurrency, our offline business will not be negatively affected, the fact that can be considered a guarantee for all our future investors.
Get more info about us:
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https://ganeapi.com/en
https://news.1rj.ru/str/ApizDigital
We are launching our token, which will be called APIZ token and will be equal to one bee from our apiary. The main goal of the company is to create a worldwide system of hives, in the sum of 1,000,000 gives, each hosting around 50,000 bees. This way we will release 50,000,000,000 APIZ tokens.
70% of the investments from the sale of our coin will be directed to develop our apiaries, hives, and conditions in which bees are living and the other 30% will be used for the development of the blockchain and the APIZ coin. Our industrial apiaries are already a business with a stable annual profit, so even in case of a force majeure related to the cryptocurrency, our offline business will not be negatively affected, the fact that can be considered a guarantee for all our future investors.
Get more info about us:
https://www.apiz.digital/
https://ganeapi.com/en
https://news.1rj.ru/str/ApizDigital
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The Crypto Metaverse APIZ - Official Website
The Crypto Metaverse APIZ is the world's first project to create a sustainable economic model for the symbiosis of the metaverse and the real economy based on blockchain
Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia
A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament. The legislation has been submitted by the sponsor of another draft law banning their use as a means of payment.
Persons and entities illegally issuing digital financial assets (DFAs), the current definition of cryptocurrencies in Russia, will have to pay hefty fines, according to a bill recently submitted to the State Duma, the lower house of Russian parliament.
If the legislation is adopted, the penalties will be imposed on companies that are not registered with the state as exchange or investment platform operators, the crypto news outlet Forklog reported on Thursday, quoting the document.
The fines range from a maximum of 5,000 Russian rubles (around $90) for individuals and 30,000 ($550) for officials, to between 700,000 – 1,000,000 rubles (over $18,000) for legal entities, the report details. Businesses that fail to comply with the regulations pertaining to digital rights (tokens) would face similar penalties, up to 700,000 rubles (almost $13,000).
The draft law is sponsored by Anatoly Aksakov, who chairs the parliamentary Financial Market Committee. The high-ranking deputy has been involved in the ongoing efforts to adopt a comprehensive legal framework for Russia’s crypto sector. At the moment, the industry is only partially regulated by the law “On Digital Financial Assets,” which went into force in January, 2021.
Aksakov was also behind another crypto-related bill filed earlier this month, which aims to ban payments with DFAs in Russia. While institutions in Moscow are still debating over many future regulations for cryptocurrencies, there is a wide consensus among officials that the ruble should remain the only legal tender in the country.
At the same time, an idea to allow crypto payments in small business transactions abroad, in the face of mounting financial sanctions, has gained support, even from the Central Bank of Russia which has consistently opposed the legalization of bitcoin and the like as a means of payment.
Another draft law, the bill “On Digital Currency,” which was proposed by the Ministry of Finance in February and has undergone multiple revisions since then, is supposed to regulate these matters. Delayed by ongoing discussions on its provisions, it is expected to be reviewed by Russian lawmakers during the fall session of the Duma.
A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament. The legislation has been submitted by the sponsor of another draft law banning their use as a means of payment.
Persons and entities illegally issuing digital financial assets (DFAs), the current definition of cryptocurrencies in Russia, will have to pay hefty fines, according to a bill recently submitted to the State Duma, the lower house of Russian parliament.
If the legislation is adopted, the penalties will be imposed on companies that are not registered with the state as exchange or investment platform operators, the crypto news outlet Forklog reported on Thursday, quoting the document.
The fines range from a maximum of 5,000 Russian rubles (around $90) for individuals and 30,000 ($550) for officials, to between 700,000 – 1,000,000 rubles (over $18,000) for legal entities, the report details. Businesses that fail to comply with the regulations pertaining to digital rights (tokens) would face similar penalties, up to 700,000 rubles (almost $13,000).
The draft law is sponsored by Anatoly Aksakov, who chairs the parliamentary Financial Market Committee. The high-ranking deputy has been involved in the ongoing efforts to adopt a comprehensive legal framework for Russia’s crypto sector. At the moment, the industry is only partially regulated by the law “On Digital Financial Assets,” which went into force in January, 2021.
Aksakov was also behind another crypto-related bill filed earlier this month, which aims to ban payments with DFAs in Russia. While institutions in Moscow are still debating over many future regulations for cryptocurrencies, there is a wide consensus among officials that the ruble should remain the only legal tender in the country.
At the same time, an idea to allow crypto payments in small business transactions abroad, in the face of mounting financial sanctions, has gained support, even from the Central Bank of Russia which has consistently opposed the legalization of bitcoin and the like as a means of payment.
Another draft law, the bill “On Digital Currency,” which was proposed by the Ministry of Finance in February and has undergone multiple revisions since then, is supposed to regulate these matters. Delayed by ongoing discussions on its provisions, it is expected to be reviewed by Russian lawmakers during the fall session of the Duma.
Meta Launches Meta Pay, a Metaverse Dedicated Digital Wallet
Meta, the metaverse-based platform, has announced the launch of a new wallet directed to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.
Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support the economy of users in the upcoming iteration of Meta’s metaverse. The wallet, dubbed Meta Pay, will be an evolution of what’s known today as Facebook Pay, still supporting the array of payments it handles currently, but with a new focus on digital identity and proof of ownership.
According to Meta (formerly Facebook) CEO Mark Zuckerberg, Meta Pay will be a solution to two issues in the metaverse: accessibility to digital goods and proof of ownership. About this, he stated:
In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services.
Zuckerberg stated that ideally, everything purchased in one part of the metaverse should be available on another platform, with the same functions and traits. This is one of the goals that Meta seeks to reach with Meta Pay: a sort of Web3 identity that links purchases of digital items to a singular digital identity. Zuckerberg explained:
This kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators.
Furthermore, Zuckerberg argues that a universal payment method across the whole metaverse will be an opportunity for content creators, as more consumers will be available to purchase their content. However, this can only be achieved with a certain degree of standardization.
The company recently partnered with Microsoft and other companies such as Epic Games to launch an open standards group for all things metaverse, working towards establishing common points to make metaverses more interoperable in the future.
Meta, the metaverse-based platform, has announced the launch of a new wallet directed to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.
Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support the economy of users in the upcoming iteration of Meta’s metaverse. The wallet, dubbed Meta Pay, will be an evolution of what’s known today as Facebook Pay, still supporting the array of payments it handles currently, but with a new focus on digital identity and proof of ownership.
According to Meta (formerly Facebook) CEO Mark Zuckerberg, Meta Pay will be a solution to two issues in the metaverse: accessibility to digital goods and proof of ownership. About this, he stated:
In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services.
Zuckerberg stated that ideally, everything purchased in one part of the metaverse should be available on another platform, with the same functions and traits. This is one of the goals that Meta seeks to reach with Meta Pay: a sort of Web3 identity that links purchases of digital items to a singular digital identity. Zuckerberg explained:
This kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators.
Furthermore, Zuckerberg argues that a universal payment method across the whole metaverse will be an opportunity for content creators, as more consumers will be available to purchase their content. However, this can only be achieved with a certain degree of standardization.
The company recently partnered with Microsoft and other companies such as Epic Games to launch an open standards group for all things metaverse, working towards establishing common points to make metaverses more interoperable in the future.
China Blockchain Alliance Executives: Virtual Currency the ‘Largest Ponzi Scheme in Human History’
The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.”
The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and executive director He Yifan, have said virtual currency is “undoubtedly the largest Ponzi scheme in human history.” They also claimed that this Ponzi scheme has since morphed into one that is “no longer just about cash.”
In a recent opinion piece published by the People Daily Online newspaper, the BSN chairman and his colleague begin their attack on virtual currency and bitcoin by pointing to the fact it has been “bad-mouthed” by at least 90% of the 100 richest people in the world. The duo also gives the reasons which compelled them to similarly view BTC or virtual currency negatively. They wrote:
This type of Ponzi scheme can be classified as ‘equity-type,’ and it has three main characteristics: first, it is based on equity that can be denominated; second, the equity can be traded and circulated; finally, and most importantly, this equity is not Associated with any asset, productive labour, or social value, but is entirely fictional.
According to the duo, the equity in virtual currency equity Ponzi schemes is not linked to any real asset or labor hence the risk is “close to infinity.” When looking at the characteristics of virtual currency, Zhiguang and Yifan said it is apparent that these are consistent with those of a so-called equity Ponzi scheme.
Elsewhere in the article, the BSN chairman and Yifan use the example of dogecoin to show how just one influential individual can manipulate or control the value of a virtual currency.
“So it’s easy to understand that Musk can turn his hands on dogecoin as a cloud, and turn his hands into a rain. Just sending a tweet can make the price of virtual currency flat,” the duo claimed.
Despite their stance on virtual currency, Zhiguang and Yifan insisted in their opinion piece that blockchain technology, which anchors most cryptocurrencies, “should not be ignored.” The duo, however, suggested that regulation technology is still needed to ensure the blockchain plays “a huge role in various application fields.”
The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.”
The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and executive director He Yifan, have said virtual currency is “undoubtedly the largest Ponzi scheme in human history.” They also claimed that this Ponzi scheme has since morphed into one that is “no longer just about cash.”
In a recent opinion piece published by the People Daily Online newspaper, the BSN chairman and his colleague begin their attack on virtual currency and bitcoin by pointing to the fact it has been “bad-mouthed” by at least 90% of the 100 richest people in the world. The duo also gives the reasons which compelled them to similarly view BTC or virtual currency negatively. They wrote:
This type of Ponzi scheme can be classified as ‘equity-type,’ and it has three main characteristics: first, it is based on equity that can be denominated; second, the equity can be traded and circulated; finally, and most importantly, this equity is not Associated with any asset, productive labour, or social value, but is entirely fictional.
According to the duo, the equity in virtual currency equity Ponzi schemes is not linked to any real asset or labor hence the risk is “close to infinity.” When looking at the characteristics of virtual currency, Zhiguang and Yifan said it is apparent that these are consistent with those of a so-called equity Ponzi scheme.
Elsewhere in the article, the BSN chairman and Yifan use the example of dogecoin to show how just one influential individual can manipulate or control the value of a virtual currency.
“So it’s easy to understand that Musk can turn his hands on dogecoin as a cloud, and turn his hands into a rain. Just sending a tweet can make the price of virtual currency flat,” the duo claimed.
Despite their stance on virtual currency, Zhiguang and Yifan insisted in their opinion piece that blockchain technology, which anchors most cryptocurrencies, “should not be ignored.” The duo, however, suggested that regulation technology is still needed to ensure the blockchain plays “a huge role in various application fields.”
Meta Platforms to Sunset Novi Digital Wallet This Fall
The social media platform announced that the Novi digital wallet pilot would end on Sept 1, and advised all users to withdraw funds at their earliest convenience. No deposits into the wallet will be allowed after July 21, and users’ transaction history and other data will be inaccessible from Sept 1.
The Novi app will be taken down from app stores. However, technology from Novi developed over many years will have a place in the metaverse plans of Meta, the company told Bloomberg, having already tested non-fungible tokens in its Web3 efforts.
Meta’s foray into digital currencies was spearheaded in 2018 by David Marcus, who left the company in Nov 2021, and Morgan Beller, a former partner at Andreessen Horowitz.
Initially named Libra, the project aimed to help people store, transfer, and spend money internationally for a meager fee. Unlike bitcoin, Libra would be backed by low-risk assets, including U.S. Treasuries and bank deposits.
The project attracted key early backers, including Uber, Spotify, Vodafone, Visa, and MasterCard. To allay regulators’ fears regarding the project’s connection to Facebook, Meta’s previous name, Marcus and Beller created the Libra Foundation in Switzerland, of which Facebook was a member.
But Marcus was given the cold shoulder when he tried to woo Washington regulators in 2019. Key politicians voiced their distrust of Facebook, and soon, some early backers began pulling out.
Not long after that, Libra was renamed Diem, and Facebook’s digital wallet, which had previously been called Calibra, became Novi.
Diem said that the U.S. dollar would back the new eponymous currency. A pilot was planned for spring 2021 that would issue a small amount of Diem and launch Novi.
But the U.S. Treasury said “No,” and Marcus then launched the Novi wallet pilot with stablecoin Paxos (USDP) in Oct 2021, with plans to migrate to the Diem payments network.
The latter never materialized, and Diem’s assets were sold to Silvergate Capital this Jan. Silvergate will launch its stablecoin project later this year using Diem’s assets.
The Novi wallet catered to users in the United States and Guatemala. The local currency could be purchased with a debit card and sent to the wallet, where it would be stored in USDP. From there, users could send the funds to another wallet. The recipient could withdraw the money in their local currency.
After that, Meta launched Novi for WhatsApp in the U.S., where payments could take place over an encrypted chat.
The social media platform announced that the Novi digital wallet pilot would end on Sept 1, and advised all users to withdraw funds at their earliest convenience. No deposits into the wallet will be allowed after July 21, and users’ transaction history and other data will be inaccessible from Sept 1.
The Novi app will be taken down from app stores. However, technology from Novi developed over many years will have a place in the metaverse plans of Meta, the company told Bloomberg, having already tested non-fungible tokens in its Web3 efforts.
Meta’s foray into digital currencies was spearheaded in 2018 by David Marcus, who left the company in Nov 2021, and Morgan Beller, a former partner at Andreessen Horowitz.
Initially named Libra, the project aimed to help people store, transfer, and spend money internationally for a meager fee. Unlike bitcoin, Libra would be backed by low-risk assets, including U.S. Treasuries and bank deposits.
The project attracted key early backers, including Uber, Spotify, Vodafone, Visa, and MasterCard. To allay regulators’ fears regarding the project’s connection to Facebook, Meta’s previous name, Marcus and Beller created the Libra Foundation in Switzerland, of which Facebook was a member.
But Marcus was given the cold shoulder when he tried to woo Washington regulators in 2019. Key politicians voiced their distrust of Facebook, and soon, some early backers began pulling out.
Not long after that, Libra was renamed Diem, and Facebook’s digital wallet, which had previously been called Calibra, became Novi.
Diem said that the U.S. dollar would back the new eponymous currency. A pilot was planned for spring 2021 that would issue a small amount of Diem and launch Novi.
But the U.S. Treasury said “No,” and Marcus then launched the Novi wallet pilot with stablecoin Paxos (USDP) in Oct 2021, with plans to migrate to the Diem payments network.
The latter never materialized, and Diem’s assets were sold to Silvergate Capital this Jan. Silvergate will launch its stablecoin project later this year using Diem’s assets.
The Novi wallet catered to users in the United States and Guatemala. The local currency could be purchased with a debit card and sent to the wallet, where it would be stored in USDP. From there, users could send the funds to another wallet. The recipient could withdraw the money in their local currency.
After that, Meta launched Novi for WhatsApp in the U.S., where payments could take place over an encrypted chat.
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India Hikes Duty on Imported Gold, Seeking to Bring Down Trade Deficit
In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity.
Faced with a rising trade deficit and weakening local currency, the Indian government announced on July 1 that it was hiking the duty on imported gold from 7.5% to 12.5%. Immediately after the announcement, the precious metal’s price in India went up by 3%.
According to a report, the latest data from the country shows that imports of the precious metal into India — the world’s second largest consumer of gold — grew by almost ten times in twelve months to $6 billion. During the same period (May 2021 to May 2022), India’s negative trade balance grew to $24.29 billion, up from the $6.53 billion that was recorded a year ago.
Following the announcement, some Indian experts lauded the decision which they say will dampen demand for the precious metal. However, an unnamed dealer is quoted in the report suggesting that the hike will likely encourage the smuggling of the commodity. The dealer is quoted as saying:
Gold smuggling was falling after the duty reduction and because of COVID-19 curbs on the movement of people. But now it could rise again.
Meanwhile, another expert, Somasundaram PR, a regional CEO of the World Gold Council’s Indian operations, concurred with experts who assert that the hike will help reduce demand for gold and thus ease the pressure on the rupee. Surendra Mehta, a secretary at India Bullion and Jewellers Association (IBJA), is quoted in the same report predicting that the demand for the precious metal will rebound.
According to the report, the announcement by the Narendra Modi government came just as reports emerged that the Indian rupee had breached the 79 mark against the U.S. dollar for the first time. At the time of writing, the rupee-dollar exchange rate stands at 79.09.
In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity.
Faced with a rising trade deficit and weakening local currency, the Indian government announced on July 1 that it was hiking the duty on imported gold from 7.5% to 12.5%. Immediately after the announcement, the precious metal’s price in India went up by 3%.
According to a report, the latest data from the country shows that imports of the precious metal into India — the world’s second largest consumer of gold — grew by almost ten times in twelve months to $6 billion. During the same period (May 2021 to May 2022), India’s negative trade balance grew to $24.29 billion, up from the $6.53 billion that was recorded a year ago.
Following the announcement, some Indian experts lauded the decision which they say will dampen demand for the precious metal. However, an unnamed dealer is quoted in the report suggesting that the hike will likely encourage the smuggling of the commodity. The dealer is quoted as saying:
Gold smuggling was falling after the duty reduction and because of COVID-19 curbs on the movement of people. But now it could rise again.
Meanwhile, another expert, Somasundaram PR, a regional CEO of the World Gold Council’s Indian operations, concurred with experts who assert that the hike will help reduce demand for gold and thus ease the pressure on the rupee. Surendra Mehta, a secretary at India Bullion and Jewellers Association (IBJA), is quoted in the same report predicting that the demand for the precious metal will rebound.
According to the report, the announcement by the Narendra Modi government came just as reports emerged that the Indian rupee had breached the 79 mark against the U.S. dollar for the first time. At the time of writing, the rupee-dollar exchange rate stands at 79.09.
Report: South African Firm Launches ‘Crypto Water Token’ — Receives Investment of $150M
The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart.
A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm.
As per a CNBC TV18 report, the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.
In remarks following the revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of H2O Holdings, said:
The focus with the H2ON token is mainly on the financing of water projects internationally and not so much on the technical engineering of such projects.
Concerning the prior listing of the token on decentralized exchanges, Steyn said doing this had shown that there was great interest in the H2O token.
On its website, H2O Securities claims the H2O Water Network is “a closed-loop ecosystem” where the token is used as a method for rewarding those participating in the network. GEM Digital, on the other hand, says it sources, structures, and invests in over 30 listed utility tokens.
The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart.
A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm.
As per a CNBC TV18 report, the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.
In remarks following the revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of H2O Holdings, said:
The focus with the H2ON token is mainly on the financing of water projects internationally and not so much on the technical engineering of such projects.
Concerning the prior listing of the token on decentralized exchanges, Steyn said doing this had shown that there was great interest in the H2O token.
On its website, H2O Securities claims the H2O Water Network is “a closed-loop ecosystem” where the token is used as a method for rewarding those participating in the network. GEM Digital, on the other hand, says it sources, structures, and invests in over 30 listed utility tokens.
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Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment
A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million.
Conti attacked Graff in September last year and leaked data about the royal families from Saudi Arabia, the United Arab Emirates (UAE), and Qatar. The hackers apologized to the families but said that they may need to leak more of Graff’s data.
“Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the hacking group reportedly said.
While authorities have discouraged individuals and businesses from making ransom payments, there are circumstances where paying them is beneficial, particularly when the damage inflicted by a cyber attack is greater than the cost of the ransom.
Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms.
Ciaran Martin, the founding CEO of the British National Cyber Security Centre (NCSC), explained last year that “People are paying bitcoin to criminals and claiming back cash.” He stressed: “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry.”
Regarding Graff’s ransom payment, a company spokesperson said: “The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat.”
The jewelry company added:
We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.
A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million.
Conti attacked Graff in September last year and leaked data about the royal families from Saudi Arabia, the United Arab Emirates (UAE), and Qatar. The hackers apologized to the families but said that they may need to leak more of Graff’s data.
“Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the hacking group reportedly said.
While authorities have discouraged individuals and businesses from making ransom payments, there are circumstances where paying them is beneficial, particularly when the damage inflicted by a cyber attack is greater than the cost of the ransom.
Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms.
Ciaran Martin, the founding CEO of the British National Cyber Security Centre (NCSC), explained last year that “People are paying bitcoin to criminals and claiming back cash.” He stressed: “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry.”
Regarding Graff’s ransom payment, a company spokesperson said: “The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat.”
The jewelry company added:
We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.
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Spanish Crypto Exchange Bitbase Expands to Latam
Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will lend support to customers wanting to get into the world of crypto.
The store will also have its own cryptocurrency ATM, that will allow customers to purchase or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by more stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto ATMs in several locations in Europe, running 6% of the total on the continent.
However, the expansion plans for the exchange go even further. Per reports from the company, the next country on the growth roadmap will be Venezuela, where Bitbase aims to establish a location similar to the one just opened in Paraguay. The exchange opened its first location outside Spain in January, marking the beginning of its foray into international expansion.
The company reported its interest in taking its business to Venezuela back in February. At that time, it announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear cryptocurrency legal framework that Venezuela offers. However, the results of these meetings have yet to be disclosed.
While Venezuela has a thriving crypto community, with the United Nations recently recognizing it as the country with the third-highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its peculiar approach to crypto, offering physical stores with support, can help to bring customers to the crypto ecosystem that would not be enticed under other circumstances.
Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will lend support to customers wanting to get into the world of crypto.
The store will also have its own cryptocurrency ATM, that will allow customers to purchase or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by more stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto ATMs in several locations in Europe, running 6% of the total on the continent.
However, the expansion plans for the exchange go even further. Per reports from the company, the next country on the growth roadmap will be Venezuela, where Bitbase aims to establish a location similar to the one just opened in Paraguay. The exchange opened its first location outside Spain in January, marking the beginning of its foray into international expansion.
The company reported its interest in taking its business to Venezuela back in February. At that time, it announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear cryptocurrency legal framework that Venezuela offers. However, the results of these meetings have yet to be disclosed.
While Venezuela has a thriving crypto community, with the United Nations recently recognizing it as the country with the third-highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its peculiar approach to crypto, offering physical stores with support, can help to bring customers to the crypto ecosystem that would not be enticed under other circumstances.
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Utopia P2P beta for mobile is available on early access [Android OS]
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🎉Utopia P2P continues to surprise users with its novelties!
Most people know Utopia P2P for PC with various built-in tools for messaging, browsing, file transfer, online payments, etc.
Recently, Utopia P2P has released its beta version for mobile to ensure users with a pocket application for communication on Android first:
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What should you pay attention to?
📜Utopia P2P is a Web 3.0 decentralized network with a strong foundation basis:
- A ready-to-work product, especially a PC version of Utopia P2P
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South African Court Releases Former Monero Developer Riccardo Spagni From Custody
A South African regional court recently ruled to release former Monero lead maintainer, Riccardo Spagni, from custody. The ruling came just a few days after his arrest by local law enforcement agents, a report has said. Prior to his release, Spagni aka Fluffypony told the court he had returned to South Africa voluntarily and that he was not a flight risk.
A South African regional court magistrate recently ruled to release fraud-accused former Monero lead developer, Riccardo Spagni, from custody on a warning, a report has said. The magistrate’s decision to release Spagni came just days after he was arrested and taken into custody when he landed at the OR Tambo International Airport.
As previously reported by Bitcoin News, Spagni was arrested in Nashville, Tennessee on 21 July 2021 by U.S. law enforcement agents. The arrest was at the instigation of the South African government. Since then, Spagni has remained in U.S. custody pending the finalization of the extradition process.
Initially, Spagni is reported to have resisted attempts to extradite him to South Africa. However, on June 30, a motion for his extradition was eventually granted by a U.S. magistrate judge, Alistair E. Newbern. This then paved the way for his transfer from the United States to South Africa where he reportedly arrived on July 11.
Meanwhile, a Soweto Live report said that before the July 15 ruling, the prosecution team had argued against releasing the former Monero developer from custody pending the trial. An affidavit signed by an investigating officer named Steven Pritchard explained why Spagni, who previously failed to attend court hearings because he feared contracting Covid-19, may not suitable candidate for bail.
“I subsequently searched the internet and discovered that Spagni attended a crowded Bitcoin convention in Miami with celebrities including Paris Hilton between June 4 and June 5 2021. This appeared in a photo and he was not wearing a mask,” Pritchard reportedly said in his affidavit.
In response to the prosecution’s arguments, Spagni insisted in his own affidavit that he was not to blame for his alleged non-appearance at scheduled court hearings. The former Monero developer confirmed he initially resisted being extradited and that he chose to return to South Africa “voluntarily under circumstances where my release on warning had not been canceled and the state had to cancel it.”
Spagni also went on to give the court reasons why he had to be released on a warning. According to the Soweto Live report, Spagni is expected to return to court on July 19.
A South African regional court recently ruled to release former Monero lead maintainer, Riccardo Spagni, from custody. The ruling came just a few days after his arrest by local law enforcement agents, a report has said. Prior to his release, Spagni aka Fluffypony told the court he had returned to South Africa voluntarily and that he was not a flight risk.
A South African regional court magistrate recently ruled to release fraud-accused former Monero lead developer, Riccardo Spagni, from custody on a warning, a report has said. The magistrate’s decision to release Spagni came just days after he was arrested and taken into custody when he landed at the OR Tambo International Airport.
As previously reported by Bitcoin News, Spagni was arrested in Nashville, Tennessee on 21 July 2021 by U.S. law enforcement agents. The arrest was at the instigation of the South African government. Since then, Spagni has remained in U.S. custody pending the finalization of the extradition process.
Initially, Spagni is reported to have resisted attempts to extradite him to South Africa. However, on June 30, a motion for his extradition was eventually granted by a U.S. magistrate judge, Alistair E. Newbern. This then paved the way for his transfer from the United States to South Africa where he reportedly arrived on July 11.
Meanwhile, a Soweto Live report said that before the July 15 ruling, the prosecution team had argued against releasing the former Monero developer from custody pending the trial. An affidavit signed by an investigating officer named Steven Pritchard explained why Spagni, who previously failed to attend court hearings because he feared contracting Covid-19, may not suitable candidate for bail.
“I subsequently searched the internet and discovered that Spagni attended a crowded Bitcoin convention in Miami with celebrities including Paris Hilton between June 4 and June 5 2021. This appeared in a photo and he was not wearing a mask,” Pritchard reportedly said in his affidavit.
In response to the prosecution’s arguments, Spagni insisted in his own affidavit that he was not to blame for his alleged non-appearance at scheduled court hearings. The former Monero developer confirmed he initially resisted being extradited and that he chose to return to South Africa “voluntarily under circumstances where my release on warning had not been canceled and the state had to cancel it.”
Spagni also went on to give the court reasons why he had to be released on a warning. According to the Soweto Live report, Spagni is expected to return to court on July 19.
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