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Crypto Exchange Accuses Binance of Facilitating $9M Money Laundering

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After hackers stole $9.4 million from Zaif in 2018, its new owner Fisco has now sued Binance for facilitating money laundering.

Japanese cryptocurrency exchange Fisco has sued Binance for facilitating money laundering through the 2018 Zaif hack. At the time, the stolen Bitcoins were worth $9.4 million. Today, the Bitcoins are over $15 million. 

On the 20th of September 2018, Zaif revealed that the company had lost almost 6.7 billion Japanese yen to hackers. At the time of the press release, Zaif said the hackers stole MONA, Bitcoin Cash, and BTC.

Fisco Sues Binance for Money Laundering

The company also said that it had reached an agreement with Fisco to receive financial support of $445.5 million in exchange for a significant share of ownership. As a result of the deal, Fisco became the owner of Zaif.

Now, Fisco is suing Binance in a US court for allowing criminals to convert the stolen crypto from Zaif exchange. The complaint also added that Binance served as both a “receptacle and transmitter of criminal funds.” Fisco said the criminals converted the stolen crypto to other cryptos or cash, taking advantage of Binance’s weak know-your-customer (KYC) policies. 

Stating that the KYC and anti-money laundering protocols are “shockingly lax”, the lawsuit said:

“The thieves were able to launder the bitcoins stolen in the Zaif hack through Binance because Binance failed to implement security measures that were standard throughout the industry.”

According to the 33-page complaint, the “thieves” stole 1,451.7 Bitcoin from Zaif through Binance. Also, a significant portion was sent to an address that also belonged to Binance.

Furthermore, Fisco said that Zaif asked Binance to freeze all transactions and accounts involved in the theft. Despite the alert, Binance failed to take any action to stop the criminal act. Fisco also said Binance failed “either intentionally or negligently.”

As a result of Binance’s involvement in money laundering as alleged by Fisco, the Japanese company now seeks repayment:

“After a Japanese exchange was hacked in 2018, the thieves laundered more than $9 million of the stolen cryptocurrency through Binance. Plaintiff Fisco Cryptocurrency Exchange, Inc. now seeks payment from Binance for those losses

Another Binance Lawsuit

Earlier this year, Binance was also one of the targets in a lawsuit that alleges the firm has sold unlicensed securities. Also, Binance had somem involvement in broker-dealer transactions without registering with the US Securities and Exchange Commission.

The suit was filed on behalf of different individuals, including Eric Lee, Chase Williams, William Zhang, and Alexander Clifford.

Cointelegraph reported on the 10th of April that the lawsuit could cost Binance billions of dollars. Apart from Binance, other crypto platforms with involvement in the case include KuCoin, BitMEX, HDR Global Trading Limited, and BiBox.

The Roche Freedman lawsuit also mentioned some of company’s executives. The executives include Changpeng Zhao also known as CZ, Dan Larimer, Vinny Lingham, and Brendan Blumer. 

Ranked 7th, BNB boasts of a market cap of $4,136,655,997. Currently, Binance Coin is trading at $28.65, at a loss of 11.35% over its previous close of $31.18.

Altcoin News, Binance, Cryptocurrency news, News

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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Amber Group Announces New Amber App Referral Program

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Place/Date: Hong Kong – June 15th, 2021 at 8:37 pm UTC · 2 min read
Contact: Amber Group,
Source: Amber Group

Amber Group  the leading crypto trading and technology firm, announced new user perks and an enhanced referral program on its popular crypto finance mobile app – Amber App. Starting today, qualified new users are eligible to receive 18 USDS and up to 16% APR on BTC, ETH, and USD stablecoin deposits.

In addition, current Amber App users are now eligible to win an additional 10 USDS for each qualified referral, an 11% bonus from the referral’s Earn interest (excluding Flexible Earn), and Yield Boost subscription, and up to 34% on trading commissions.

Michael Wu, CEO of Amber Group, said:

“Since the inception of Amber Group, our goal has always been to provide our users with an unmatched crypto finance experience. We now serve users of all levels and hope the new user and referral incentives encourage new crypto adopters to explore the suite of crypto offerings we have built. We look forward to adding even more features and supporting new tokens soon.”

According to Amber Group, though BTC and ETH are still the preferred crypto investments, demand for DeFi tokens is booming. Amber Group has added DOT and BNB to its Flexible Earn feature, allowing users to earn up to 5% APR on their investments by simply depositing the tokens in the Amber App wallet. Amber Group plans on adding over a dozen new tokens to these investment features in the coming months.

In the past 5 months, Amber App has seen 4x growth with registered users crossing 100,000. Amber App now supports three new languages, Japanese, Turkish, and Russian in addition to English, Simplified Chinese, Traditional Chinese, Korean, Spanish and Portuguese. Users are also able to login to the app with their Facebook/Google account.

The Amber App is now available on the App Store and Google Play Store in over 140 countries and regions.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.



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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

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The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels.

BTC/USDT 4-hour chart. Source: TradingView

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. 

Bitcoin’s rejection at the 200 EMA was followed by a rapid sell-off to $39,500, showing that a possible move lower is not out of the question.

A few altcoins rally on positive news

Daily cryptocurrency market performance. Source: Coin360

While most of the altcoin market saw muted price action on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that trading for the token would be supported on Coinbase Pro on June 17.

Following the announcement, Chiliz (CHZ) and KEEP also rallied 18% and 10% respectively. 

Icon (ICX) also received a boost following the release of a new Ethereum (ETH) Virtual Machine (EVM) compatible blockchain called ICE. ICE is expected to become the application hub for the Icon project and it will have its own native token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on June 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ICX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score began to turn green on June 12 and eventually reached a high of 75 on June 13, 10 hours before the price increased 35% over the next two days.

Other notable altcoin performances include a 22% jump from Amp (AMP) and a 20% gain for iExecRLC (RLC) and Ultra (UOS).

The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 44.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.