SEC Charges Token Sale Platform For Illegal $14M Securities Offering

The United States Securities and Exchange Commission (SEC) has sued ICOBox and its founder Nikolay Evdokimov for conducting an illegal securities offering and for acting as unregistered brokers. SEC says ICOBox’s digital tokens are worthless In a press release on Sept. 18, the SEC claimed that ICOBox and Evdokimov sold the firm’s ICO tokens to more than 2,000 investors in an unregistered coin offering in 2017. The SEC goes on to say that the defendants claimed that the tokens would increase in value upon trading and that ICO token holders…

Two Arrested for ‘Old-Fashioned Shakedown’ of Cryptocurrency Startup

Authorities in the United States have arrested two individuals who allegedly threatened to destroy a startup crypto company if they were not paid millions of dollars in cryptocurrency. Extortion of crypto startup On Sept. 18, the U.S. Attorney’s Office for the Eastern District of New York, together with the FBI, announced the arrest of Steven Nerayoff and Michael Hlady. Both individuals were charged with extortion of a cryptocurrency startup and have already made their initial appearance in federal court. Nerayoff, a lawyer himself, was purportedly hired to assist in a…

Israeli Startup That Allows Offline Crypto Transactions Secures $4M

Israeli cybersecurity startup GK8 has reportedly developed the world’s first offline system for transacting cryptocurrencies. The new system uses GK8’s proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without any need for an internet connection, Israeli business news publication Globes reported on Sept. 18. The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint. Other investors reportedly included EdenBlock, iAngels, IDEAL-HLS, StratX and the…

NetCents Doubles Partnership Agreements in Six Months

NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) announced Wednesday that it is accelerating its pace for market adoption and integration through the sign on of its 40th partnership agreement. Doubling its number of partnerships in just over six months reflects NetCent’s aggressive trajectory to accelerate its partner growth and keep pace with merchant adoption of cryptocurrency. It also demonstrates the increased willingness of merchants to adopt traditional payment alternatives by incorporating NetCent’s payment solution in-store, online, and within their POS systems. “This accelerated partner growth continues to validate our business model and the…

Luxembourg Regulator Red-Flags Activities of BitPay Clone Website

Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), red-flagged the activities of a fraudulent clone website that is impersonating cryptocurrency payment services provider BitPay. On Sept. 18, the CSSF issued a warning against a crypto payment company going by the name Bitbay Europe S.A. The website alludes to being the European branch of BitPay, stating, “The world’s smartest Bitcoin exchange service has landed in Europe.” The firm claims to be authorized to operate in Luxembourg and work under the supervision of the CSSF. However, the financial market regulator…

Court Order to Unlock the Tulip Trust

Since early 2018, Craig Wright, a controversial Australian computer scientist and tech entrepreneur, has been the defendant in a lawsuit filed on behalf of the estate of Dave Kleiman, Wright’s late business partner. The claim alleged that following Kleiman’s death in 2013, Wright unlawfully appropriated more than a million Bitcoin (BTC) that the duo had mined jointly in the early years of the cryptocurrency, as well as some related intellectual property. After a recent resolution, the case seems to be decided — although many important questions remain unanswered. Missing keys and bonded…

Turkey Announces Plans for National Blockchain Infrastructure

The Turkish government has announced plans to establish a national blockchain infrastructure to utilize distributed ledger technology (DLT) in public administration. The Ministry of Industry and Technology set out its vision during its Strategy 2023 presentation on Sept. 18 in Ankara. Strategy 2023 emphasizes blockchain and DLT as priorities for the coming year. The document refers to a Startup Genome survey that marks blockchain as one of the fastest-growing tech trends, with a 101.5% increase in early stage startup funding globally. Regulatory sandbox for blockchain is coming The Strategy 2023 document says a…

Libra Should Not Scare Central Banks, Says Facebook

Libra, the cryptocurrency that is expected to be launched by Facebook (NASDAQ:FB) in 2020, has proven to be the biggest disruptor in the crypto sphere since June. Policymakers, central bankers, and even politicians have expressed their skepticism with regards to the project. Relief for Crypto Traders? The announcement in July created massive disruption in the crypto market, and it was around that time that Bitcoin lost its momentum. That being said, the troubles for Libra are not over yet as fresh fears have been raised whether the Facebook-backed stablecoin is…

US FDA to Hold Meeting on Blockchain and AI in Food Traceability

The United States Food and Drug Administration (FDA) is holding a public meeting to discuss a new initative called “A New Era of Smarter Food Safety.” In an announcement on Sept. 17, the FDA said the consultation with international stakeholders — designed to debate public health challenges and the implementation of the Food Safety Modernization Act — will take place on Oct. 21. Specifically, the FDA intends to establish “a more digital, traceable, and safer system” to protect consumers from contaminated food. Efficient tracking  The initiative proposes to deploy technologies such as…