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Winklevoss Lawsuit | Lawyer States Shrem Committed ‘No Misconduct’

Earlier this month, the NY Times reported that the crypto-famous Winklevoss twins have accused Bitcoin Foundation founder Charlie Shrem of Bitcoin fraud. The Winklevoss lawsuit has now turned into a heated battle between both parties.

Winklevoss Lawsuit

According to the report by the NT Times, Shrem made several lavish purchases in 2018, that caught the attention of the Olympian twins. The pair filed a civil lawsuit against Shrem accusing him of stealing thousands of Bitcoin from them in 2012.

“Either Shrem has been incredibly lucky and successful since leaving prison, or—more likely—he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole from” the Winklevoss twins in 2012, the lawsuit states.

The lawsuit claims the Winklevoss twins worked with Shrem on a previous project before he served one year in jail for purchasing drugs with Bitcoin. The filing claims that Shrem stole 5000 Bitcoins from the twins in 2012, that were worth $13 at the time. Now, the coins are valued at around $32 million.

>> Startups Urgently Need to Adapt to a Changing Market as Token Sales Drop 90 Percent

Lawyer Defends Shrem

“Shrem can show by verifiable evidence that he did not take the 5,000 bitcoins [the Winklevosses] accuse him of taking,” the filing reads.

The lawsuit against Shrem spans over six years, and the result was a falling out over a deal to help the Winklevosses accrue digital currency. This September, the same judge that charged Shrem with his previous proceedings agreed to partially freeze his assets amid accusations by the Winklevosses. Shrem then failed to pay $1 million in restitution to the state as part of the plea deal.

Klein, Shrem’s lawyer, states this is incorrect and claims:

“The true facts are that Shrem paid a portion of the money owed before he knew of the [Winklevosses’] complaint, and is in the process of paying the rest.”

Klein also denies the idea that Shrem has used the 5,000 Bitcoins in question to purchase all of his new assets.

Featured Image: Depositphotos/© AndreyPopov

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Crypto Airdrops | Crypto Ban in China Spreads to Airdrops

China does not like cryptocurrency. The country has repeatedly imposed strict sanctions against its use and relative businesses. Now the central bank of China is adding to its list by banning crypto airdrops.

China Bans Crypto Airdrops After ICO Abhorrence

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

The bank’s regard for crypto airdrops echoes its abhorrence of ICOs, describing them as “illegal” fundraisers that lead to financial fraud, pyramid schemes, and hacks.

Now Crypto Airdrops Are Banned

The PBoC believes that crypto airdrops are evading regulation by giving away free assets to investors. According to Cointelegraph“airdrops earmark a token reserve and then capitalizing on speculation in the market to inflate the assets’ value and drive their own profits.”

And despite the bank’s continuous efforts to crack down on token issuance, ICOs and crypto airdrops are on the rise. It is calling for a doubled vigilance on the part of regulators to better protect investors.

>> Winklevoss Twins Sue Bitcoin Investor Charlie Shrem

The document continues further hitting out at most aspects of the cryptocurrency industry. It is concerned about Chinese crypto companies moving abroad and using foreign “agents” to invest on behalf of Chinese citizens. It also warns against whitepapers and investment projects calling themselves “blockchain innovation.”

The overall fear is for crypto’s ability to evade capital controls and international sanctions. By encouraging a system of finance that lies outside of government control, PBoC feels money laundering, tax evasions, and illegal financing will result and impact society.

China has Never Warmed to Crypto

China has been stringent in its rules forbidding cryptocurrency. It placed a ban across crypto-to-fiat trading since September 2017, and the effect of that has been felt across the market. It has also officially blocked all websites related to cryptocurrency both domestic and foreign.

As the PBoC said previously, “to prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs.”

Crypto airdrops are the latest victim of China’s firm hand on cryptocurrency.

Featured Image: Depositphotos/© doomu

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Winklevoss Twins Lawsuit | Gemini Founders Sue Charlie Shrem

The Winklevoss twins have filed a lawsuit against infamous BitInstant founder Charlie Shrem. They claim the Bitcoin investor stole 5,000 Bitcoins from them in 2012.

Winklevoss Twins Lawsuit

According to the New York Times, Shrem made several lavish purchases in 2018 that caught the attention of the Winklevoss twins. They filed a civil suit against him, convinced that Shrem made these purchases—which include a $2 million house and luxury cars—using the Bitcoins he had stolen from them in 2012.

Shrem Worked for the Winklevoss Twins Before Lawsuit

The twins hired Shrem in 2012. Tasked with building up a cryptocurrency stockpile, he had access to thousands of dollars to purchase Bitcoin.

At this point in time, Bitcoin was worth around $12 per coin.

The Winklevoss twins’ lawsuit claims that around $60,000 worth of Bitcoin was never accounted for. At approx $12 per coin, this value meant around 5,000 Bitcoins. However, 5,000 Bitcoins in today’s market is worth roughly $30 million.

At that value, the Winklevoss twins have decided to push forward on the matter even though it has been a contentious issue between the parties for several years.

>> BNP Paribas, HSBC, and 10 Other Banks Launch Hong Kong Blockchain Trade Finance Platform

Shrem’s Legal Team Contests Winklevoss Lawsuit

Charlie Shrem is obviously fighting the accusation. A representative from his legal team gave this response:

“Winklevoss Capital Fund has brought an utterly baseless civil lawsuit against Charlie Shrem. The lawsuit erroneously alleges that about six years ago Charlie essentially misappropriated thousands of bitcoins. Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name.”

However, Shrem has had run-ins with the law before. He was arrested in 2014 and served two years in prison for “operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities.”

According to Prosecutors, Shrem conspired to launder $1 million worth of Bitcoin to help Silk Road users make anonymous and illegal purchases.

Transactions on the Blockchain

The truth should lie in the Blockchain. It is claimed that Shrem sent the missing Bitcoins to addresses that he controlled. He subsequently would have forwarded the coins to other wallets. If this is the case, the answer should be in the log.

Featured Image: Depositphotos /© everythingposs

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SC Johnson will Offer Crypto for Recycling in Indonesia Soon

SC Johnson has just announced that it has teamed up with Plastic Bank to reduce the global ocean plastic crisis happening around the world. The companies are currently trying to increase recycling rates in impoverished communities within Indonesia, while also trying to address the challenges of poverty.

SC Johnson Blockchain

SC Johnson and the environmental organization are planning on opening eight plastic recycling centers in the future and will offer its local tokens for the waste collection. The first center will officially open on October 8th in Bali. The press release states that in using blockchain technology for distributing tokens, it could help reduce the theft of remuneration and the risk of loss.

“This partnership with SC Johnson is the first of its kind in Indonesia. It will help create more opportunities for people living in poverty and will offer waste collectors an important sense of pride,” said David Katz, Founder and CEO of Plastic Bank. “SC Johnson is the first CPG company to scale a program of this kind in Indonesia that will benefit a wide range of socio-economic demographics including local residents living below the poverty level.”

>> Coinbase BCH Insider Trading Case Dismissed by US Court

Currently, nearly 28 million Indonesians live below the poverty line and could benefit from this program. With so many in poverty, it remains unknown at this time how they will have access to technology to receive these digital tokens. According to the release, local plastic collectors can exchange their waste for digital tokens, which can then be used to purchase services and goods via a decentralized system.

“We want to help recover plastic equal to the amount we put into the world, through innovative recycling and recovery programs,” said SC Johnson. “In this way we can neutralize our environmental impact and, at the same time, do some good in communities that have excessive plastic pollution.”

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Circle and Coinbase Launch Their Joint Stablecoin USDC

Two of the largest companies in the cryptocurrency space, Circle and Coinbase, have joined forces to establish their own stablecoin, the USDC, or USD Coin. The tech startup companies are calling their joint venture the ‘CENTRE Consortium,’ which has its own website already.

Circle and Coinbase: CENTRE

Both Circle and Coinbase released their own individual blog posts about the joint venture and the launching of the stablecoin yesterday. The CENTRE Consortium is said to be aimed at “establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”

Both companies share a common vision of an open global financial system that is built on digital tokens, with a blockchain-based infrastructure.

In May, Circle launched the USD Coin, and yesterday, Coinbase announced the stablecoin would be made available on its platform on both Coinbase Pro and Coinbase.com. This is the first time the major US cryptocurrency exchange is supporting a stablecoin. USDC will be made live on Coinbase Pro in the coming weeks but is already supported on the Coinbase Wallet.

>> Where Does Blockchain Stand in the International Remittance Market?

A stablecoin, such as USDC or Tether (USDT), is meant to represent a single US dollar. It is a 1:1 representation of the greenback, but it is built and held on the Ethereum blockchain. Each of these USD coins is collateralized by a corresponding US dollar, held in accounts subject to a regular public reporting of reserves, Coinbase said.

Are Stablecoins Actually Stable?

Other stablecoins in the past have proved to be less than stable. Earlier this month, Tether plummeted below 90 cents after reports spread that Bitfinex was involved in manipulation of the token’s price. Critics of the stablecoin have now called into question if USDT is truly backed by the equivalent amount of USD.

It remains unknown at this time if the same would occur with CENTRE’s USDC were Circle or Coinbase to run into bad news.

Featured Image: centre.io

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