PrimeXBT Research: Where to Invest Safely in 2019

Bitcoin is a decentralized, peer-to-peer digital cash system designed by Satoshi Nakamoto during the 2008 financial crisis, as a means to prevent …

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Indian-American man to plead guilty In first such criminal case involving millions in virtual currency

An Indian-American from Westwood, California agreed to plead guilty to federal criminal charges for owning and operating an unlicensed money …

An Indian-American from Westwood, California agreed to plead guilty to federal criminal charges for owning and operating an unlicensed money transmitting business where he exchanged up to $25 million in cash and virtual currency for individuals, including Darknet drug dealers and other criminals, some of whom used his Bitcoin ATM kiosk.

A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4. File Photo: Reuters /Lucy Nicholson

This is believed to be the first federal criminal case charging an unlicensed money remitting business that used a Bitcoin kiosk, according to the Justice Department.

Kunal Kalra, 25 – who was also known as “Kumar,” “shecklemayne” and “coinman” – was charged Aug. 23, 2019) in a four-count criminal information filed in United States District Court and is expected to make his initial court appearance next month, a press release from the Justice Department U.S. Attorney’s Office for the Central District of California.

According to a plea agreement also filed the same day, Kalra agreed to plead guilty to four felonies: distribution of methamphetamine, operating an unlicensed money transmitting business, laundering of monetary instruments, and failure to maintain an effective anti-money laundering program.

Court documents quoted from in the Justice Department press release, Kalra operated a virtual currency exchange business where he exchanged U.S. dollars for Bitcoin and vice versa, from May 2015 through October 2017.

He charged commissions for exchanging dollars for Bitcoin, and he only dealt with high-volume customers willing to exchange at least $5,000 per transaction.

Kalra also admitted in his plea agreement that he exchanged Bitcoin for cash from criminals, including those who received Bitcoin from selling narcotics on the Darknet.

Prosecutors say Kalra established bank accounts in the names of others, including fake businesses, which allowed him, for a time, to conceal his illicit business activities, court papers state. Kalra also admitted to operating a kiosk – essentially an ATM – where his customers could exchange Bitcoin for cash and vice versa.

Kalra profited from every transaction conducted on the ATM.

Customers who sought to do an exchange using this ATM were not required to provide their identities and Kalra did not install a camera or implement any features requiring customers to identify themselves, the plea agreement states.

Kalra also admitted that in 2017 he exchanged approximately $400,000 in cash for Bitcoin for an undercover agent who contacted him online and later met him in person on multiple occasions at a coffee shop in Los Angeles.

In this sting operation, the undercover agent told Kalra that his virtual currency were proceeds of drug trafficking, and Kalra continued with various transactions, according to the plea agreement.

In June 2017, Kalra sold nearly two pounds of methamphetamine to an undercover law enforcement official in exchange for $6,000. Kalra and the undercover agent later met at a coffee shop in Signal Hill to exchange $50,000 in Bitcoin for cash, which the undercover agent represented to Kalra was the proceeds of the sales of the methamphetamine that Kalra had sold to the agent, the plea agreement states.

Law enforcement seized nearly $889,000 in cash from Kalra’s bank accounts and vehicle, as well as approximately 54.3 Bitcoin and other cryptocurrencies.

The maximum possible sentence Kalra could receive for these charges is life in federal prison.

Kalra also faces federal criminal charges in San Antonio, Texas, that were filed earlier this month. That case alleges Kalra conspired to commit money laundering for a drug trafficking network that sold fraudulent prescription tablets, including some laced with methamphetamine and fentanyl. In the plea agreement filed today, Kalra agreed to plead guilty to those charges in Los Angeles federal court.

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Nomics Crypto Aggregator Launches New Crypto Transparency Service

Nomics, a crypto data, analysis and aggregate service supported by Coinbase, has just announced a new product which is targeted at promoting …

You found me. Imagine what I can find for you – and faster than your competition.

To read our story click here

I can not only find information about something, I can tell you what’s related to it, and where it is going. I can help you visualize connections between concepts, businesses, ideas and people. I can help you find the information that can make you the one that knew before everyone else. I make research more effective. I help due diligence become deeper and more meaningful to investors. I can organize your data so you can see unseen relationships that are creating an impact. I am #hiswai

This is what I can do for you:

A VC firm considers investing in a new cryptocurrency startup located in Nevada.

– The research analysts begin their due diligence of the startup’s directors, financials and market fundamentals

– #hiswai is used to map a variety of issues that surround the cryptocurrency market

– Strong relationships are found across a broad section of data that includes articles, references and government issued releases

– #hiswai shows strong relationships concerning SEC regulation, taxation, and security surrounding the venture

– The research team is able to assemble and consume the necessary references to produce their report – within minutes.

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BitPay Partners with Blockchain.com

BitPay, the popular cryptocurrency payment provider, has entered into a partnership with crypto wallet Blockchain.com. According to the official …

BitPay, the popular cryptocurrency payment provider, has entered into a partnership with crypto wallet Blockchain.com.

According to the official announcement, now Blockchain.com users can pay for products and services from an extensive network of merchants without ever giving up control of private keys.

Last year, BitPay processed over $1 billion in transactions.

From now, users can just copy or scan the invoice and complete the payment using Blockchain.com wallet.

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Tezos Foundation and Satoshi’s Treasure to Run a $1.15 Million Treasure Hunt

The non-profit and educational arm of the Tezos platform has committed 1 million Tezzies equivalent to $1.15 million into a treasure hunt. Satoshi’s …

The Tezos Foundation has announced a partnership with Satoshi’s Treasure to run a treasure hunt. The non-profit and educational arm of the Tezos platform has committed 1 million Tezzies equivalent to $1.15 million into a treasure hunt. Satoshi’s Treasure is the team that in April started a competition for $1 million of Bitcoin.

A treasure hunt to solve puzzles

The treasure hunt is a multiplayer game where participants will be required to solve puzzles. Satoshi’s Treasure is currently carrying an audit, and the hunt will only begin once they have finished the audit. The process will be completed in the next few months, and after that, players will be awarded non-fungible prize tokens for solving puzzles.

The Non-Fungible Tokens (NFT) can be redeemed from the 1 million XTZ that the foundation has set aside. The treasure hunt is expected to hone technical problem-solving skills in individuals as well as enable the development of a new tool that will help the Tezos community

The prizes have been categorized into three which are “uncommon,” “rare,” and “epic” all which are redeemable for Tezzies. However, the tokens will only be exchanged for Tezzies after transferring enough tokens to a smart contract to claim the whole prize. Even if the prizes aren’t ultimately redeemable, the good thing is that the developers behind Satoshi’s Treasure will write code during the hunt that will help the Tezos community.

You can play the 5,000 Tez mini hunt

Despite the main treasure hunt launching in the coming months, the really enthusiastic can start winning Tez by playing the mini-hunt. The prize for the mini treasure hunt is 5,000 XTZ, and it is expected to commence in September.

It is important to factor in the volatility of cryptocurrency prices. For instance, if the hunt takes like a year, then the value of Tezzies to be won will be more or less than the current values. This makes the whole treasure hunt thing a gamble.

They also announced that Stove Labs has been issued a grant for the building of the non-fungible token standards and also support execution of the hunt. Matej Sima, a Tezos developer, leads stove Labs. It develops Granary, which is a smart contract and application creation toolkit. They are also involved in the development of smart contract language for the Marigold Project.

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