Friday, March 8, 2019

International Pyramid Scheme / Facebook Jobs / Long Blockchain / Stolen ATM

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1. A New York Court has charged three leaders of OneCoin for running an alleged pyramid scheme built on members selling educational packages on cryptocurrency. Konstantin Ignatov, Ruja Ignatova, and Mark Scott, were charged with wire fraud, securities fraud, and money laundering. Ignatov and Scott have already been arrested with Ignatov remains at large. Prosecutors said OneCoin made various misrepresentations to its customers, including that the company was preparing for an IPO. The company also claimed that its own cryptocurrency was mined using company servers and that the company had its own blockchain, claims prosecutors claim are not true. –THE BLOCK CRYPTO

OneCoin leaders charged for wire fraud
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2. Facebook's careers website lists 20 job openings related to blockchain technology. The jobs include a technology communications directorthreat investigatordata scientist, two product managers and a product designer, among other listings. These advertisements come shortly after rumors circulated that Facebook has been working on its own cryptocurrency that could be launched in the next few months. The job descriptions do not offer any details about the crypto project, but do state ambitious goals: "Our ultimate goal is to help billions of people with access to things they don't have now – that could be things like healthcare, equitable financial services, or new ways to save or share information." –COINDESK

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3. Long Blockchain, the beverage company turned bitcoin mining operation, has sold its drink business to Canadian firm ECC2 Ventures. The sale marks the latest in the quick downfall of the company that tried to take advantage of the cryptocurrency boom. Started as Long Island Iced Tea, the company sold ready-to-drink tea. At the beginning of 2018 it rebranded to Long Blockchain, seeing its publicly traded shares jump 500 percent in a few days. It would be short lived, though, as the company would be delisted from NASDAQ last summer for its low market cap. Long Blockchain will receive $372,000 and 9.2 million shares of ECC2 in the deal. –COIN TELEGRAPH

Long Blockchain sells off drink business
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4. Thieves stole a bitcoin ATM from a Memphis bar only to drop it in a nearby dog park. The ATM belonged to BitKing, a startup that launched this past November. The machine was the only thing taken from the bar during the heist with thieves passing up a safe and expensive liquor. The ATM was located in a part of the bar not monitored by the in-house security system. Sean Pezeshk, a co-founder of the company, believes the theft was either an employee at the bar or a user that had buyer's remorse. Police continue to investigate. –CCN

Bitcoin ATM stolen, dropped in dog park
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Crypto Cat Fight of the Week

Nouriel Roubini, the economist better known as Dr. Doom, was back at it again in a recent interview. The noted permabear took a shot at the crypto community while speaking at the CFA Institute. "Well, I engage on Twitter and I also have attended many of these crypto or blockchain conferences," he said. "I met some of these individuals, and I must say I've never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class." -David

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5. Philadelphia became the first major city to ban cashless stores. New Jersey's state legislature recently passed a similar law, while New York City councilmembers have been considering the same action. Lawmakers have argued that the bills try to protect all citizens' access to the marketplace since not everyone has access to a debit card, credit card, or even cryptocurrency. –THE WALL STREET JOURNAL

6. Manisha Singh, an undersecretary at the State Department, has a view of blockchain the industry can probably get behind: "We want to see other countries adopt light-touch and compatible regulations so the private sector has room to innovate and perfect potential new uses for blockchain. As the government, sometimes the best thing we can do to help is stay out of the way." –COIN TELEGRAPH

7. Fidelity Digital Assets President Tom Jessop said the recent ethereum hard fork may delay the launch of the coin to his firm's trading platform. –COINDESK

8. The price of Enjin Coin nearly doubled following the announcement of a partnership with Samsung. –CCN

9. Yessi Bello Perez argues that the financial literacy gap between men and women is a major reason why less women work in the cryptocurrency field. –THE NEXT WEB

10. News BTC looks at some of the most outrageous bitcoin predictions of the past few years, including the idea the coin will one day hit $1 million. –NEWS BTC

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Kim Lyons (managing editor at Inside, a Pittsburgh-based journalist with recent bylines in the NYTimes and Columbia Journalism Review.) and Susmita Baral (senior editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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