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US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

U.S. citizen Joseph Kim of Phoenix, Arizona has been fined $1.1 million and sentenced to 15 months in jail for misappropriating Bitcoin (BTC) and Litecoin (LTC) from several people, the U.S. Commodity Futures Trading Commission (CFTC) reports Friday, Nov. 9.The CFTC found out that Kim defrauded his employer, a Chicago-based proprietary trading firm, transferring approximately […]
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Consulting Company Accenture Deploys DLT Platform for Software License Management

Global management consultancy firm Accenture has deployed a distributed ledger (DLT) platform created to manage and track software licenses, a press release reveals Monday, Nov. 12.To develop the solution for software management, Accenture has partnered with Digital Assets, a U.S.-based company providing DLT products for financial institutions. The new app uses Digital Assets’ smart contract […]
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Major US Museum Becomes Country’s Third to Accept Bitcoin as Payment

Great Lakes Science Center, a major museum and educational center in Cleveland, Ohio, is accepting Bitcoin (BTC) as payment as of today, Nov. 13. Local business news source Crain’s Cleveland Business (CCB) reported on the development Nov. 9.According to SpendBitcoins USA – a directory of retail merchants that accept Bitcoin as payment – at least […]
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California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’

U.S. law enforcement consider so-called “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud, security news and investigation blog KrebsonSecurity reported Nov. 7.Speaking to the publication, Samy Tarazi, a police sergeant in Santa Barbara and a supervisor of the REACT Task Force — a group dedicated to fighting cybercrime — […]
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HSBC India Completes Joint Blockchain-Enabled Transaction With India Holding Giant RIL

The Indian subsidiary of major global banking and financial services firm HSBC and India’s holding giant Reliance Industries (RIL) have completed a blockchain-enabled trade finance transaction, Indian business newspaper The Hindu Business Line reports Sunday, Nov. 4.The blockchain-powered letter of credit (LoC) transaction, reportedly the first of its kind in India, involved export by RIL […]
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Lack of Diversity in Ethereum Smart Contracts Pose Risks to Whole Ecosystem, Report Says

A lack of diversity of Ethereum (ETH) smart contracts poses a threat to Ethereum blockchain ecosystem, according to research by a group of analysts from Northeastern University and the University of Maryland released on Oct. 31.The paper, entitled “Analyzing Ethereum’s Contract Topology,” claims that most Ethereum smart contracts are “direct- or near-copies of other contracts,” […]
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60% of Americans Think Crypto Should Be Treated as Fiat in Political Campaigns

A new survey by blockchain-oriented research firm Clovr showed that 60 percent of respondents think that cryptocurrency should be treated like fiat currency in political elections.In the course of its research, Clovr surveyed 1,023 eligible voters registered in the U.S. for their understanding of what impact virtual currency could exert on the political process. Per […]
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Mastercard Patent Claims Cryptocurrency Can Benefit From Fractional Reserve Banking

U.S. multinational financial services corporation Mastercard wants to apply principles of fractional reserve banking to cryptocurrency, a new patent application published Thursday, Oct. 25 reveals.According to the document, published by the U.S. Patent & Trademark Office (USPTO), the payment processor has plans to allow merchants to interact with what it calls “blockchain currencies” via a […]
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Don’t ‘Disadvantage’ Emerging Tech Like Blockchain, Says U.S. Telecoms Authority Chairman

The U.S. should not “disadvantage” emerging technologies such as blockchain due to “antiquated” regulations, the head of the country’s telecoms regulator told Indian daily news outlet Indian Express Friday, Oct. 26.Speaking while attending the India Mobile Congress 2018, Ajit Pai, chairman of the U.S. Federal Communications Commission (FCC), also called for a “conversation” with tech […]
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IRS Advisory Committee Calls for Additional Guidelines on Crypto Taxation

An advisory committee of the U.S. Internal Revenue Service (IRS) wants the agency to provide additional guidelines for the taxation of crypto transactions, according to a 2018 general report published Oct. 24.Although in 2014 the IRS had already issued commentary specifically on digital currencies,  recommending they be treated as a property, the Information Reporting Program […]
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