SEC Files Criminal Charges Against John McAfee for Shilling 7 ICOs

Key Takeaways The SEC has sued John McAfee, stating that the celebrity earned money by promoting crypto ICOs dishonestly. McAfee allegedly earned more than $23 million by doing so. The regulator aims to reduce McAfee’s role in the crypto industry and collect various fines and penalties. Share this article The U.S. Securities and Exchange Commission (SEC) has filed charges against John McAfee, alleging that the crypto celebrity profited by promoting certain ICO sales on Twitter. McAfee Promoted 7 ICOs The SEC alleges that McAfee “leveraged his fame” to earn $23…

Lagging Bitcoin futures premium shows BitMEX is losing investor trust

For BitMEX, 2020 has been quite a rough year and from the look of things it’s only set to get worse.  The popular derivatives exchange is no longer as relevant and impactful on crypto market price action as it was 2 years ago, but a significant short-term price correlation among top exchanges has been proven repeatedly. A well-documented case occurred in May 2019, when a large sell order on Bitstamp caused a cascading $250 million liquidation on BitMEX. The following month, a Coinbase exchange outage triggered a $1,400 Bitcoin (BTC)…

Zilliqa Launches First DEX Built by Switcheo

Key Takeaways Switcheo announced the launch of Zilswap, a fully on-chain decentralized exchange. The decentralized exchange will use an automated market maker similar to Uniswap. A ZRC-2 governance token for Zilswap is set to be released “soon.” Share this article Zilliqa joins the DeFi bandwagon, commissioning Switcheo to launch a DEX on top of its blockchain. The decentralized exchange will offer an automated market maker and liquidity system similar to Uniswap. Switcheo Enters DeFi Switcheo announced the launch of a new decentralized exchange. The platform, called Zilswap, is a fully on-chain…

Uniswap’s UNI Could Drop a “Lot Lower” as Key Support Level Risks Breaking

Uniswap’s UNI token has been sliding lower over the past few days, and there’s no end in sight to its ongoing descent. The strength of this selloff has been intense and has struck a serious blow to both investor sentiment and its market structure. Many analysts are now noting that the cryptocurrency is at risk of seeing significantly further downside in the days and weeks ahead, which may come about regardless of how the entire market trends. If UNI incurs a downtrend independent from the rest of the market, this…

SEC bring John McAfee to court over ICO promotion

On Monday, the U.S. Securities and Exchange Commission filed suit against John McAfee for allegedly promoting initial coin offerings (ICOs) without disclosing that the ICO issuers were paying him, a violation of U.S. securities law. Per the complaint: “From at least November 2017 through February 2018, McAfee leveraged his fame to make more than $23.1 million U.S. Dollars (‘USD’) in undisclosed compensation by recommending at least seven “initial coin offerings” or ICOs to his Twitter followers.” The SEC mentions seven unidentified ICO issuers who privately communicated with McAfee’s team to…

Fraudsters are switching from credit cards to Bitcoin, says consumer protection company

Fraudsters are taking advantage of the irreversible nature of crypto transactions, says MyChargeBack’s vice president of global operations, Michael Cohen. When Bitcoin (BTC) was first envisioned, one of its selling points was the fact that it was offering better protection to retailers than credit cards. In one of his earliest emails — from November 10, 2008, Satoshi Nakamoto parried a complaint from an early adopter James A. Donald, who lamented the fact that Bitcoin transactions are not instantaneously final: “Instantant non-repudiability is not a feature, but it’s still much faster…

These China-based notaries are using the Blockchain to manage their client’s cases

40 firms have used Shanghai’s blockchain-powered notary platform to handle over 3,000 cases since its launch in January. According to Jiemian, the “Hui Cun” platform (which is managed by Shanghai Xuhui Notary Public) is a blockchain-based electronic data storage protocol that exercises notarization functions. It stores pictures, videos, and screen recordings on the platform via a blockchain network. These files are then preserved for use in litigation. Shanghai’s Xuhui Notary Public Office claim that the platform allows them transparently preserve evidence, and drop notarization costs by an average of 44%. Pan…

Bitcoin ‘has had a tendency of adding zeroes to its price’

In its latest crypto newsletter, Bloomberg observes that Bitcoin (BTC) “has had a tendency of adding zeroes to its price,” noting that the asset previously went from $1,000 to $10,000 in less than four years. Maturation may have slowed this trend somewhat, but Bloomberg does not appear to believe it has reached a full stop. They noted that such a rise could occur again, though it may not be for some time: “If the crypto echoes its past gains, with some maturation, about double the time period it took to…

This country accepts more retail crypto transactions than anywhere else in Latin America

A recent study showed that Latin America represents 7% of the entire global cryptocurrency economy. Out of that segment, Mexico has captured almost 11% of all retail crypto payments since July 2019. El Economista cited research by Daniel Cartolin, a development representative from the blockchain analytics firm Chainalysis, which showed that the region has received $24 million in retail crypto transactions and sent $25 million to other continents over the past year. The representative highlighted that remittances and trade are sectors with a major presence in retail crypto transactions within Latin America.…

Long and short positions, explained

These two terms reflect whether a trader believes a cryptocurrency is going to rise or fall in value. Cryptocurrency traders often use industry-specific jargon that is not fully understood by newcomers. While “longs” and “shorts” are not the most technical terms — in fact, they are at the core of trading — we’ll explain the two concepts, especially for newcomers, who are likely flooding the crypto market amid the devaluation of fiat currencies due to aggressive stimulus backed by governments and central bankers. In a nutshell, long and short positions…