Blockchain 

New York Attorney General Fights Dismissal Motion in Bitfinex, Tether Case

The office of the New York Attorney General (OAG) has claimed that crypto exchange Bitfinex and stablecoin firm Tether have been operating in New York into 2019, according to official documents filed in the New York State Courts on June 8. The OAG has submitted these documents to fight Bitfinex and Tether’s motion to dismiss the case, a motion filed in May. The defendants argued that the case should be thrown out because they were not operating their businesses in New York. They noted that the OAG had appealed to…

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Ethereum 

Craig Wright Uses Falsified Docs to Prove Innocence in Kleiman Case

Self-proclaimed Bitcoin (BTC) creator Craig Wright has allegedly provided fabricated court documents to prove a trust deed with his plaintiffs, as seen from documents revealed by trial lawyer Stephen Palley on Twitter on July 3. According to Palley, the self-styled Satoshi Nakamoto has failed to prove his case by presenting court documents that Palley alleges to be fake, as they contain multiple chronological discrepancies. Among the exhibits filed with the District Court for the Florida Southern District on July 3, there is a document submitted as proof of cooperation between…

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Bitcoin 

Craig Wright Failed to Disclose Bitcoin Holdings in Court Case, Says Lawyer

The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientist Craig Wright, said that Wright — the defendant — failed to disclose his bitcoin holdings per court order. Devin Freedman of law firm Boies Schiller Flexner made his statements in a tweet on June 21. As Cointelegraph previously reported, in May a United States court ordered Wright to produce a list of his public bitcoin addresses as of Dec. 31, 2013. Freedman declared that, since he has not complied, “he remains under an order…

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Bitcoin 

The Strange Case of CCN and the Google June 2019 Core Update

Here at Cointelegraph, we were as shocked as everyone else in and around the crypto-sphere when we learned about the abrupt closure of stalwart crypto media outlet CCN. Established at around the same time as Cointelegraph and CoinDesk, CCN spent years competing for the crypto audience. However, just a couple days later, as many others, we were relieved to hear that CCN was back — although we couldn’t help but feel sceptical regarding several aspects of the story and puzzled by so many questions swirling around it. How come a key player…

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Bitcoin 

Speculation Remains Bitcoin’s Primary Use Case

Research from United States-based blockchain intelligence firm Chainalysis indicates that only 1.3% of economic transactions for bitcoin (BTC) came from merchants in the first four months of 2019. The news was reported by Bloomberg on May 31. The low figure is ostensibly symptomatic of a speculative trend that Bloomberg suggests is preventing the cryptocurrency from being adopted for payments: as bitcoin continues to see significant volatility and renewed valuation gains, its nature as a speculative asset purportely disincentivizes users from using it as a unit for spending. Accumulation — or…

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Blockchain 

Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains

An Israeli judge has ruled that bitcoin (BTC) is an asset and not a currency, local news site Globes reported on May 21. The judgment is significant because it means profits made by selling the cryptocurrency will now be liable to capital gains tax, Globes notes. Noam Copel, who founded the blockchain startup DAV, had bought BTC in 2011 and sold two years later — making a profit of $2.9 million at today’s rates. During the court case, he had argued that bitcoin should be regarded as a foreign currency, as fluctuations in exchange rates are…

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Bitcoin 

Bitfinex and Tether Move for Case Dismissal Over Lack of Jurisdiction

Bitfinex and Tether lawyers are moving to dismiss their ongoing case versus the New York Attorney General (NYAG), according to court filings on May 21. Law firms representing the two companies argue that the New York Supreme Court (NYSC) does not have jurisdiction over the alleged misconduct being considered. The lawyers argue that the NYSC has neither personal nor subject matter jurisdiction and that the NYSC cannot be appealed to, because Bitfinex and Tether are neither operated out of New York nor harmed investors in that state. As per the…

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Bitcoin 

Police Arrest Dutch Cryptocurrency CEO in Rumored $110 Million Fraud Case

Dutch police have arrested a former entrepreneur for fraud after alleging he conned investors in a fake bitcoin (BTC) mining operation out of €100 million ($111 million), Dutch daily news outlet De Gelderlander reported on May 21. According to reports, Barry van Mourik, who previously ran another cryptocurrency company also under suspicion, deceived clients into thinking they would earn money from bitcoin mining. Posing as the operator of a mining farm, van Mourik accrued client funds while allegedly failing to purchase any equipment, instead reportedly spending the money on luxury…

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Blockchain 

We Haven’t Found a Blockchain Use Case in Finance

Catherine Bessant, chief technology officer at Bank of America, admitted that the institution has yet to find blockchain use cases for the financial services sector. Bessant made her comments during an interview with Bloomberg published on May 14. Speaking to Bloomberg, Bessant said that — while she believes this technology to hold a lot of potential — blockchain is “full of sound and fury, yet to signify something.” Still, she noted that she believes blockchain has practical applications: “I believe that there are use cases that makes sense today, we…

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Blockchain 

US Blockchain Investor Terpin Awarded Over $75 Million in SIM Swapping Case

United States blockchain and crypto investor Michael Terpin has won $75.8 million in a civil case against 21-year-old Nicholas Truglia, who reportedly defrauded him of crypto assets. Reuters reported the news on May 10. Per the report, the California Superior Court last week ordered Manhattan resident Truglia to pay the amount above in compensatory and punitive damages. The amount is reportedly one of the largest court judgments awarded to an individual in the crypto space thus far, Reuters notes. As previously reported, Terpin filed the complaint against Truglia in particular…

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