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 | | | | | | 1. A 23-year-old South Korean man has been charged and convicted for allegedly operating the largest child porn site in the world. Jong Woo Son was the operator of the site called Welcome to Video, which distributed over one million videos involving children. Authorities were able to use de-anonymized bitcoin transactions to find users. In its years of operation, the site accepted billions of dollars worth of Bitcoin to view illegal content. According to the Department of Justice, since closing the site in March 2018, agents have arrested more than 300 users in 11 countries including Brazil, Germany, Saudi Arabia, the United Arab Emirates, and the U.K. Around 23 minor victims have been rescued in Spain, the U.K., and the U.S. who were being abused by users. –BLOOMBERG |     | | 3. Throwback Thursday: $13 billion loss Last October, the crypto market saw around $13 billion wiped off market prices in just three hours as major coins dropped in value. Following the boom of 2017, 2018 was a year of reckoning for the industry as holders sold their coins to reap their rewards. On October 10, Bitcoin's value fell around five percent to $6,303 while XRP and Ethereum both declined by 10 percent. According to a report from the International Monetary Fund (IMF) at the time, they warned that the growth of the coins could present a potential threat to the global economy. Following the bull run of 2017, many were hoping that 2018 would be the year when regulators finally softened their stance toward the industry and that the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin exchange-traded fund (ETF). Both, however, have yet to come true. | | | | | | | |
