Connect with us

Cryptocurrency

Telegram ICO Investors Included Russian Oligarch and Ex-Minister

Published

on


Newly released documents relating to Telegram’s 2018 ICO have revealed some big-name backers, including Russian oil tycoon Roman Abramovich and former Minister of Open Government Affairs Mikhail Abyzov.

The publication of the documents highlighting some of the big-money backers in Telegram’s planned blockchain, Telegram Open Network (TON), is just the latest development in the US Securities and Exchange Commission (SEC) case against the firm, which claims the messaging app violated securities laws by failing to register its 2018 token sale. The names and the amount that they invested were listed in an expert report by Stephen McKeon, a University of Oregon professor who was hired by Telegram to write an analysis on the blockchain project.

Russian oil billionaire Roman Abramovich, who is best known as the owner of Premier League outfit Chelsea FC, invested US$10 million in Telegram during the second round of fundraising. He made the investment via a British Virgin Islands-based fund called Norma Investments Limited.

Another British Virgin Islands-based fund, Batios Holdings Limited, of which Mikhail Abyzov is a director, also invested in the Telegram ICO. Abyzov is currently incarcerated after Russian law enforcement brought an embezzlement case against him in 2018 after his position at Batios was uncovered, thus ending his political career. Jan Marsalek, Chief Operating Officer at German payments firm Wirecard, also invested US$7 million in the second round of the TON token sale.

>> BitGo Introduces Institutional Crypto Lending Service

Telegram met with the SEC in court on February 19 after months of back and forth between the two parties. In that meeting, the presiding judge urged both parties to consider the “economic realities” of the US$1.7 billion token sale and pledged to make a ruling on the case by April 30—the deadline for the launch of TON as agreed upon by investors back in October. Until then, Telegram is free to continue developing TON.

Featured image: DepositPhotos © prykhodov

If You Liked This Article Click To Share





Source link

Cryptocurrency

Bybit Adds New Trading Pairs as Exchange Volume Grows

Published

on

By


To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation.

Bybit has added support for several new trading pairs to its derivatives exchange, bringing the number of cryptocurrencies it supports to seven. Perpetual contracts for USDT with ETH, LTC, XTZ, and LINK have been added to the derivatives platform, which continues to go from strength to strength.

The introduction of new markets, at a time when other derivatives exchanges are mired in trouble, bodes well for Bybit and for the traders who have flocked to the platform this year off the back of the inaugural World Series of Trading competition. The event put Bybit on the map, not only within the crypto community, but attracting interest from the broader trading world, including poker pros and forex vets. Bybit’s addition of new trading pairs adds more weapons to its armory – and more avenues for traders to profitably pursue.

Tether Pairs Proliferate

Bybit’s perpetual swap contracts are paired against USDT, which serves as the reference currency. The new markets, ETH/USDT, LINK/USDT, LTC/USDT, and XTZ/USDT, were added on October 21, giving traders the ability to long or short with leverage. BTC remains the dominant market on Bybit, commanding around 73% of total volume, followed by ETH at 18%.

The introduction of LINK will be particularly welcome to Bybit traders; Chainlink’s native token is a favorite with futures pros, and sees robust volume on other derivatives exchanges including Binance Futures. It was also recently added to BitMEX, but the news was lost amidst greater events that saw the Seychelles-incorporated exchange hit the headlines. The indictment of its founders and executive team, and the arrest of CTO Samuel Reed, sent shockwaves through the industry – and saw the BitMEX cold wallet depleted of funds as users withdrew at the earliest available opportunity.

BitMEX isn’t the only centralized exchange to have endured a torrid time lately; days before the indictments were handed down by U.S. prosecutors, KuCoin was hacked of $150 million. Then, this week the industry awoke to the news that OKEx was unable to process withdrawals because one of its founders was in the custody of Chinese authorities investigating money laundering allegations. Derivatives exchanges Binance Futures and Bybit are likely to be the prime beneficiaries of their rivals’ misfortune – together with decentralized exchanges. In the hours following the news that OKEx was having withdrawal problems, Uniswap’s native UNI token rose 10%.

Bybit Launches Lottery to Celebrate New Listings

To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation. It’s also rolled out a $10 BTC bonus until the end of the month, awarded to users who refer friends to sign up, over and above the 10-20% trading fee discount that’s already in place.

With more than $600 million now being traded every day on Bybit, and support for 20 new fiat currencies having been added in August, the exchange is flourishing.

Altcoin News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



Source link

Continue Reading

Cryptocurrency

NAC Foundation Seeks SEC AML Bitcoin ICO Fraud Charges Dismissal

Published

on

By


While the case between the SEC and the NAC Foundation is far from over, the CEO’s partner Jack Abramoff was reportedly not indicted in this current lawsuit.

NAC Foundation, the company behind the AML Bitcoin, an Anti Money Laundering digital token which scooped $5.6 million in an Initial Coin Offering back in 2017. As gleaned from Law360, the companies Chief Executive Officer Rowland Marcus Andrade told a United States District Judge in San Francisco to acquit him and his company of all fraud allegation charges as the Securities and Exchange Commission (SEC) failed to consider key “Inconvenient facts” in its fault of the company’s sales pitch.

Per the reports, the SEC has insinuated that NAC Foundation has promised investors returns when it launched its ICO program, contributing to the firm’s $5.6 million revenue from the security offering exercise. In its defense, the Andrade led company said that the SEC’s fraud case, as well as allegations that the firm presented to prospective customers and investors an undeveloped technology, were all baseless.

Andrade claimed that the SEC was aware that his firm had earlier secured a patent for the AML Bitcoin and that the company clarified to its intending investors that the AML Bitcoin offering was not debt security that can yield interest but rather that it will serve as a medium of exchange, a fact that all investors are aware of and consented to. Consequent upon this, Andrade requested that Federal Court that discharge the case as the SEC “has no case” against it.

NAC Foundation’s AML Bitcoin Has Grown Its Relevance Since Inception

The NAC Foundation’s AML Bitcoin has seen increased adoption and integration following its relatively successful ICO back in 2017. Coinspeaker.com has several reports of the coin’s continued activity ticker post-launch. Besides the project gaining massive support in European markets, the company announced listing on the HitBTC Exchange back in September 2018, showcasing the company’s efforts to bring more values to its users.

AML Bitcoin was debuted at a time when the cryptocurrency ecosystem experienced a surge in the digital currencies Initial Coin Offerings. The coin was caught up in a phase when there was increased interest in crypto projects and most of these interests were showcased by a plunge into ICOs, a move many sees to be vital in order not to miss out as many laments in the case of Bitcoin (BTC).

While the case between the SEC and the NAC Foundation is far from over, the CEO’s partner Jack Abramoff was reportedly not indicted in this current lawsuit as he has faced and settled separate charges from the SEC.

Altcoin News, Bitcoin News, Cryptocurrency news, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Continue Reading

Cryptocurrency

Bahamas Releases Sand Dollar, World’s First CBDC

Published

on

By


The Bahamas has announced the launch of its central bank digital currency Sand Dollar which comes with several interesting features and the ability to work offline without electricity and mobile networks.

On Tuesday, October 20, the central bank of Bahamas announced its central bank digital currency (CBDC) Sand Dollar. As reported by the Nassau Guardian, the central bank is working to integrate it into the global financial system.

The Sand Dollar is a cryptographic representation of the Bahamian Dollar, controlled and regulated by the central bank. This makes The Bahamas the first country to roll out a CBDC. While launching the CBDC, the central bank manager of electronics solutions Bobby Chen revealed the name of the first six financial institutions to get access to the Sand Dollar. These institutions are Sun Cash, Mobile Assist, Cash and Go, Money Max, Kanoo, and the Omni Financial Group. Chen further added:

“At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.”

As per the 2017 data, nearly 90% of the Bahamian population uses mobile phones. Thus, a large majority of the citizens will transfer the Sand Dollar over the mobile handsets. The official website states that the resident can use Sand Dollar at any local merchant having a central-bank approved e-Wallet. Also, the transaction fee is very negligible. NZIA is the technology solutions provider to the central bank for its CBDC.

If the Sand Dollar becomes the global currency, The Bahamas will benefit from the first-mover advantage. However, it doesn’t guarantee that other countries will accept payments in Sand Dollar.

Some Interesting Features of the Bahamas Sand Dollar

Speaking at the launch event of the Sand Dollar, the head of banking of the central bank of Bahamas (CBOB) – Cleopatra Davis – revealed some unique features of Sand Dollar. She noted:

“Some of the central strategies around Sand Dollar is the API card-less onboarding. This became extremely important during the time of COVID-19 because we realized it’s not business as we know it prior to COVID-19. So, mobility and face-to-face may not be as easily accessible. So, through the API card-less onboarding you’re going to be able to have access to Sand Dollar without physically entering a business place to do so.”

Another good of the Sand Dollar is that it is usable offline. This is an important function of the CBDC since the Bahamas faces several natural disasters. Davis noted that they kept this thing in mind while designing the CBDC. Thus, citizens can use the Sand Dollar despite no electricity or mobile network.

“The CBOB is working to make the Sand Dollar interoperable with other wallets. That’s a key strategy that we’re working on as well as the RTGS/ACH integration, which would allow the movement of Sand Dollar to and from your bank account, which would then convert to fiat as it hit your bank account,” added Davis.

Altcoin News, Blockchain News, Cryptocurrency news, News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



Source link

Continue Reading

Trending