Monday, July 29, 2019

US sues Alexander Vinnik / Ripple's open letter to Congress / IRS' crypto letters

Inside Bitcoin presented by Airbnb.
Presented by
Airbnb
Subscribe | View in browser

Market Watch: Bitcoin is back under $10,000 during trading Monday, but remains up over a 24-hour period.

  • Bitcoin: $9,562 (⬆️ 0.11%) // $170.6 billion market cap.
  • Ethereum: $210 (⬆️ 0.89%) // $22.5 billion market cap.
  • XRP: $0.310 (⬆️ 0.43%) // $13.3 billion market cap.
  • Litecoin: $90 (⬆️ 0.97%) // $5.6 billion market cap.
  • Top 100 Winner: Lambda: $0.242 (⬆️ 28.82%) // $121 million market cap.
  • Top 100 Loser: Ren: $0.114 (⬇️ 7.405) // $88 million market cap.

Prices are as of 13:40 pm EDT.

     

1. The U.S. is suing the now-defunct crypto exchange BTC-e and Alexander Vinnik, one of its owners, for $100 million for alleged violations of the Bank Secrecy Act. The Russian national is facing extradition to the U.S. where he faces criminal charges after he was charged in 2017 for stealing Bitcoin from other crypto exchange platforms. Russia is also seeking his extradition, both of which he is attempting to fight. He is currently being detained in Greece. He also has a civil lawsuit in California to contend with. –BLOOMBERG

The U.S. is suing crypto exchange BTC-e and Alexander Vinnik for $100 million
     

2. CEO Brad Garlinghouse and Chris Larsen, chair and co-founder of Ripple, have signed an open letter to Congress urging it to support crypto regulation that doesn't "disadvantage the U.S." Following a week of hearings surrounding Facebook's proposed Libra stablecoin and the crypto sector, the blockchain payment network's CEO stated that many within the industry are "responsible actors" and that without regulatory clarity, innovation, tax revenue, and jobs created from these new technologies risked being pushed overseas. –COINTELEGRAPH

     
A MESSAGE FROM AIRBNB

Earn money by sharing your space.

Millions of travelers stayed in an Airbnb last year. Make up to $4,398/month* by sharing your place in London. 

Learn more

*Estimate based on several factors—check out details.

3. A dark web drug dealer has handed over $4 million in money, including Bitcoin, after pleading guilty to the intent of distributing controlled substances and money laundering. Richard Castro was charged and arrested after selling drugs to an undercover officer via encrypted email. According to an announcement from the Attorney's Office of the Southern District of New York, the drug sentencing comes with a minimum of 10 years and life in prison whereas the money laundering charge has a maximum of 20 years attached to it. –THE NEXT WEB

Dark web drug dealer hands over $4 million in money including Bitcoin
     

4. The IRS has started sending out over 10,000 letters to crypto holders warning them of strict penalties if they fail to report their income or pay tax on their holdings. According to IRS commissioner, Chuck Rettig, the U.S. federal agency is stepping up efforts involving cryptocurrency through the increased use of data analytics. The names are thought to have come from a database handed over by crypto exchange Coinbase containing around 13,000 account holders who bought, sold, sent or received crypto worth $20,000 or more between 2013 and 2015. –THE GUARDIAN

     
A MESSAGE FROM NOOM

Find out how much weight you'll lose for good with Noom's free 30-second online evaluation.

Noom helps you build healthier habits to lose weight—no dieting needed! Get Personalized Support Every Step of the Way. You Can Do It with Noom! Start Now! Long Term Weight Loss. 14 Day Trial. Virtual Coaching. Services: Weekly 1-on-1 Appointment, Daily Lessons, Tracking Tools.

5. The incoming head of the International Monetary Fund (IMF) is going to have to deal with cryptocurrencies, currency manipulation, and trade wars, according to strategist Mouhammed Choukeir. He states that whoever steps in will have several challenges to deal with. Former IMF head Christine Lagarde resigned earlier this month. –CNBC

     

6. Crypto mining has become an endorsed industrial activity by the Iranian government. The country's cabinet ministers have green-lighted the decision, but those involved are first required to obtain licenses from the Ministry of Industry, Mine and Trade. The decision means that crypto miners will have to deal with the risks as the banking system or government won't provide any guarantee to them. –MEHR NEWS AGENCY

     

7. Philippines' central bank, Bangko Sentral ng Pilipinas (BSP), has issued a warning to banks to be more cautious when dealing with unregistered cryptocurrency exchanges. BSP Deputy Governor Chuchi Fonacier noted that banks should only deal with platforms that were registered with the BSP and that robust systems should be in place to spot suspicious activities. –PHIL STAR

     

8. Aximetria, a Swiss finance crypto app, has received a financial standards license from Swiss regulators. Recognized by Switzerland's Financial Market Supervisory Authority (FINMA), the license means that it is compliant with the country's anti-money laundering (AML) and know-your customer (KYC) procedures. It also gives the app the green light to function as a crypto intermediary. –COIN DESK

     

9. The Bank of China (BoC) has released an infographic designed to help raise awareness about Bitcoin. Split into three sections, it explains how the asset works and a short history of it, why it's valuable and its price changes, and the wider adoption of it for cross-border payments. –TECH NODE

     

10. Joe Mucheru, cabinet secretary in Kenya's Ministry of Information Communication and Technology, has said that the country is turning to the blockchain to help boost food security. The use of artificial intelligence will also be applied to assist with tracking food from the source to end consumer. –BUSINESS REPORT

     

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

     
Copyright © 2019 Inside.com, All rights reserved.

Our mailing address is:
Inside.com
767 Bryant St. #203
San Francisco, CA 94107



Did someone forward this email to you? Head over to inside.com to get your very own free subscription!

You received this email because you subscribed to Inside Bitcoin. Click here to unsubscribe from Inside Bitcoin list or manage your subscriptions.