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Craig Wright has failed to disclose his bitcoin holdings in a high profile court case, says a plaintiff’s legal counsel. The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientist Craig Wright, said that Wright — the defendant — failed to disclose his bitcoin holdings per court order. Devin Freedman of law firm Boies Schiller Flexner made his statements in a tweet on June 21. As Cointelegraph previously reported, in May a United States court ordered Wright to produce a list of his public bitcoin addresses as of Dec. 31, 2013. Freedman declared that, since he has not complied, “he remains under an order to show cause why [Judge Florina] Reinhart shouldn’t issue sanctions” and order him to appear before Judge Beth Bloom and “explain why he shouldn’t be held in contempt.” The order is part of an ongoing case against Wright — who self claims to be bitcoin creator Satoshi Nakamoto — that was filed by the estate of David Kleiman. David Kleiman wa..
CalCPA has urged the FASB to initiate a project for accounting cryptocurrencies. The California Society of Certified Public Accountants (CalCPA) is seeking clarity on cryptocurrency holdings from the Financial Accounting Standards Board (FASB), according to a recent letter obtained by Cointelegraph. In the letter, CalCPA stated that accounting for digital currencies is not adequately captured under existing United States Generally Accepted Accounting Principles (GAAP) established by the FASB, and should be generally aligned with the accounting model for a foreign currency. The organization said that many of the features and risks of cryptocurrencies are similar to those of foreign currency. The society further argued: “...while no government backs cryptocurrencies, the ‘gold standard’ is long gone, and governments only influence, but do not really back, their own respective currencies. Instances of massive currency devaluation are not infrequent and well known. And while bitcoin is no..
Grayscale announced that out of the firm’s $2.1 billion worth of assets under management, $1.97 billion resides in its bitcoin investment trust. American digital asset manager Grayscale announced that out of the firm’s $2.1 billion of assets under management, $1.97 billion resides in its bitcoin investment trust. The firm tweeted the figures on May 28. According to the published data, the bitcoin (BTC) trust is responsible for nearly 94% of the firm’s total assets under management. Meanwhile, the firm also noted that its bitcoin cash (BCH) trust is worth $6.7 million and its ether (ETH) trust $13 million, while the XRP trust is worth $5.7 million. The second-biggest trust is the one dedicated to ethereum classic (ETC), worth $41.3 million, and the only trust dedicated to a privacy-centric coin is devoted to zcash (ZEC), worth $11.3 million. Earlier this month, Grayscale Investments had claimed a 42% growth in its product inflows in Q1 2019 over the previous quarter. As Cointelegraph r..
FPT Corporation and SBI Holdings Inc have jointly invested $3 million in Vietnamese blockchain startup Utop. Technology company FPT Corporation and financial services firm SBI Holdings Inc have jointly invested $3 million in Vietnamese blockchain startup Utop, local English language daily news outlet Viet Nam News reported on April 19. FPT Corporation and SBI Holdings Inc have reportedly signed a memorandum of understanding (MoU) to invest $3 million in joint venture Utop, a technology startup based on FPT’s enterprise blockchain platform dubbed akaChain. Utop is designed to gain and redeem loyalty points at merchants within the same network. The project will purportedly enable small businesses registered on the network to reduce costs and secure data through the akaChain platform. FPT Chairman Truong Gia Binh said that “the development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. We call it digital..
In a statement to Cointelegraph, the finance giant said its move to stop supporting BCH had been pre-planned. Japanese financial services giant SBI Holdings says the removal of bitcoin cash (BCH) from its exchange this week was not a result of the other deslistings involving bitcoin SV (BSV), Cointelegraph Japan reported April 19. SBI, which has never offered BSV trading, sparked controversy when executives moved to delist BCH, as it was BSV which had become the target of a cross-industry boycott. As Cointelegraph reported, multiple major exchanges have announced they will stop supporting BSV due to the legal threats made by Craig Wright and Calvin Ayre, its major proponents. The altcoin is a hard fork of BCH, which Wright and Ayre claim to be the original bitcoin. Its creation in November 2018 caused the price of both BCH and Bitcoin itself (BTC) to fall sharply. SBI’s move to delist BCH at a time when others were delisting BSV was met with criticism in light of business partnerships..
Japanese crypto startup FXCoin revealed it has completed a third-party allotment of shares with SBI Holdings, as part of its aim to launch a licensed crypto exchange. Japanese crypto startup FXCoin revealed it has completed a third-party allotment of shares with financial services giant SBI Holdings. The development, which contributes to FXCoin’s aim of launching a crypto exchange business in the country, was reported by Cointelegraph Japan on April 15. FXCoin, which currently focuses on providing market information for investors, was founded in December 2017 by Tomoo Onishi — the former head of foreign exchange sales at Deutsche Bank. Alongside Onishi, who now serves as FXCoin’s CEO, the startup also reportedly counts Nomura, Mitsubishi UFJ Financial and HSBC veterans in its workforce. As Cointelegraph Japan further reports, FXCoin sealed second tier membership within the Japan Virtual Currency Exchange Association (JVCEA) this February. The membership tier is designed for businesses..
A case involving a drug dealer has concluded after he failed to convince a judge his Bitcoin earnings were legitimate. A Toronto judge has ruled an online drug dealer must pay his entire $1.4 million Bitcoin (BTC) holdings to the state in what is reportedly Canada’s largest ever forfeiture, local daily news outlet The Star reported April 3. Matthew Phan, who dealt in illegal narcotics online, had tried to convince law enforcement he had amassed his 281.41 BTC (worth around $1.4 million at press time) through other activities. The court had sought to claim the stash in February, with Phan appealing against the demands, a process he has now appeared to lose. According to The Star, Superior Court Justice Jane Kelly said Phan had failed to convince her that the funds had materialized as a result of legal operations such as trading on cryptocurrency exchanges. “It is a reasonable inference to draw that payment for such illegal narcotics sales was made using Bitcoin that was found in the di..
The New York State Department of Financial Services issued its 18th BitLicense to crypto trading platform Tagomi Trading. The New York State Department of Financial Services (DFS) has granted a BitLicense to institutional-grade crypto trading platform Tagomi Trading, according to an official press release on March 27. Tagomi Trading, a subsidiary of Tagomi Holdings, is now legally authorized to trade virtual currency assets and to engage in money transmission. The company is allowed to offer trade routing and order execution services for non-security virtual currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), the statement notes. The firm’s parent company, Tagomi Holdings, was launched by PayPal co-founder Peter Thiel’s venture capital firm in December 2018. The company represents an electronic brokerage for digital assets offering cross market execution, capital management, post-trading reporting, as well as settlement and custodial services. ..
The firm’s co-founder will take over the responsibilities from interim CEO, chairman of the board, AG Gangadhar. United States distributed ledger technology (DLT) provider Digital Asset Holdings has appointed a new permanent CEO after Blythe Masters quit the post last year, the company confirmed in a press release on March 19. Digital Asset, which Masters began running in 2015, specializes in building DLT-based solutions for various financial entities. Founded in 2014, the company remained with a temporary CEO — chairman of the firm’s board, AG Gangadhar — for three months after Masters confirmed her departure in December. Now, the slot will be filled by Yuval Rooz, Digital Asset’s co-founder, who previously worked as the company’s chief operating officer and chief financial officer. “This is a very exciting time for our company and I am encouraged by the significant progress we are making on several fronts,” Gangadhar commented in the press release. Rooz added: “It is an honor to be ..
Ethereum co-founder Vitalik Buterin has disclosed that his crypto investments are virtually exclusively devoted to the Ethereum network. Ethereum (ETH) co-founder Vitalik Buterin has disclosed that his crypto investments are virtually exclusively devoted to the Ethereum network, in a post published to an “Ask Me Anything” (AMA) Reddit thread on Feb. 18. The AMA post is dedicated the Ethereum leadership and accountability, asking those in leadership positions in the ETH community to share their possible conflicts of interest. In Buterin’s summary, his total holdings of non-Ethereum ecosystem tokens — comprising Bitcoin Cash (BCH), Bitcoin (BTC), Dogecoin (DOGE) and Zcash (ZEC) — account for less than 10 percent of the value of his Ethereum holdings. A further set of non-ETH Ethereum ecosystem tokens — comprised of Kyber (KNC), OmiseGo (OMG), Maker (MKR), (OMG) and Augur (REP) — are similarly reportedly collectively worth less than 10 percent of Buterin’s Ethereum (ETH) holdings. Buteri..
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