Charges Archives -
Demi Moore is the victim in a major credit card fraud case — way over $ 100k worth — according to federal prosecutors. According to the criminal complaint, obtained by TMZ, 35-year-old David Matthew Read reported Demi’s AmEx card…
Former top executives at ITT Educational Services, the parent company of defunct ITT Technical Institute, have settled fraud charges with the Securities and Exchange Commission, avoiding a trial that was slated to begin Monday.
A judgment order entered Friday puts to rest civil fraud charges filed…
Harvey Weinstein, who was already facing three sex crime charges stemming from incidents with two women, was indicted on three more charges Monday. The new felony sex charges, two of which carry a potential sentence of 10 years to life, arose from a 2006 incident in which he allegedly forcibly…
James Alex Fields Jr., who allegedly drove into a crowd of people protesting a white supremacist rally in Charlottesville, Va., on Aug. 12, has been indicted on 30 hate crime charges by a federal grand jury, including a hate crime resulting in the death of Heather Heyer. According to court…
Man accused of driving into crowd at Charlottesville rally faces federal charges, could receive death penaltyJune 27, 2018 | dailybusinessnews
The man accused of mowing down a counter-protester at last year’s white nationalist rally in Charlottesville is now facing federal hate crime charges and could receive the dealth penalty if convicted.
Federal prosecutors have charged Theranos Inc. founder Elizabeth Holmes and former president and COO Ramesh Balwani with two counts of conspiracy to commit wire fraud and nine counts of wire fraud, reports the Wall Street Journal . They allege Holmes and Balwani defrauded investors, doctors, and patients out of millions of…
Vince Vaughn was arrested early Sunday and charged with a DUI, according to TMZ . The “Wedding Crashers” star and an unnamed male passenger were stopped at a checkpoint in Hermosa beach around 1 a.m. when authorities claim they were asked to step out of the vehicle and both allegedly…
The South Korean police are reportedly preparing to charge Coinone’s executives, including its CEO, and 20 of the exchange’s members. This follows a 10-month investigation on allegations that the exchange provided gambling services through its crypto margin trading program.
Coinone’s Investigation Concludes
South Korea’s Cybercrime Investigation Unit of the Southern Provincial Police Department announced on Thursday, June 7, its plan to bring charges against Coinone over the exchange’s margin trading service, local media report.
Coinone, which opened in August 2014, is the country’s third-largest cryptocurrency exchange, after Upbit and Bithumb. Its 24-hour trading volume is $ 34,342,088 at the time of this writing, according to Coinmarketcap.
The police are reportedly recommending that the prosecutor’s office charges three of Coinone’s executives, including CEO Myunghun Cha, as well as 20 members. The former will be charged with providing illegal gambling services and the latter with illegally gambling.
In South Korea, gambling is a crime under Chapter 23 of the Criminal Act.
The investigation of Coinone “on allegations that the exchange provided gambling services for margin trading” began in August last year, the Kyunghyang Shinmun wrote, elaborating:
The police concluded that the ‘margin trading’ service of the virtual currency exchange is gambling.
According to the police, “The case was the first investigation related to the operation of a virtual currency exchange and it took considerable time to review the law,” Yonhap conveyed on Thursday.
Crypto Margin Trading vs Gambling
Coinone and its executives have been accused of providing cryptocurrency gambling services through its margin trading program from November 2016 to December last year. The exchange “allowed members to trade up to four times the amount of the deposit (margin) and to pay commission in exchange for the transactions,” the news outlet described, adding:
Margin trading is similar to the credit trading technique of the stock market, but it was based on gambling because it was not authorized by the authorities and that it was targeting virtual currencies instead of stocks.
The investigation reveals that 19,000 Coinone users, between ages 20 and 50, had been using the exchange’s margin service. Most of them are either office workers, unemployed, or self-employed. In particular, 20 members traded over 3 billion won [~US$ 2.8 million]. The news outlet noted that gambling “can be used to collect criminal proceeds, and therefore interest in coins and margin users will be widened according to the results of the trial in the future.”
Coinone Denies Charges
Throughout the investigation, Coinone and its executives denied the charges and maintained that they “did not know it was illegal because there is a similar service in the stock market.” An employee of the exchange was quoted by the news outlet saying:
We do not think it is illegal because it [the service] has been legally reviewed by lawyers before [we started] the margin trading service.
What do you think of South Korean charging Coinone for offering gambling services through margin trading? Let us know in the comments section below.
Images courtesy of Shutterstock and Coinone.
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Harvey Weinstein was indicted Wednesday on rape and criminal sex act charges, furthering the first criminal case to arise from a slate of sexual misconduct allegations against the former movie mogul. Manhattan District Attorney Cyrus Vance Jr. said the indictment brings Weinstein “another step closer to accountability.” The announcement came…
According to regional publications in Russia, the alleged BTC-e mastermind and prisoner in Greece, Alexander Vinnik, has allegedly confessed to charges of fraud and money laundering on May 24, 2018. Reports reveal a signed document details that Vinnik admits to committing financial fraud between 2011-2017 through the BTC-e cryptocurrency exchange.
Russian Federation Receives an Admission of Guilt from the Alleged BTC-e Mastermind Alexander Vinnik
Russian media sources such as Interfax and Vinnik’s lawyer, Ilias Spirliadis, have reported that Alexander Vinnik has signed a paper that admits to wrongdoing, in regard to money laundering and other cyber crimes. The publication Crime Russia explains that the Russian Federation’s Prosecutor General’s Office received the admission document and passed it on to higher law enforcement officials in Moscow.
The document appears to be a “full confession” to financial fraud using the BTC-e exchange between 2011-2017. The fraudulent activities had caused Russian residents to lose upwards of 750 million rubles ($ 12.4Mn USD) the document details. Further regional media sources report that Vinnik also confessed to other crimes tethered to computer hacking. Sources say this document may give the Russian Federation the means to extradite Vinnik. The United States government had previously attempted to extradite Vinnik to the U.S. but the motion was challenged.
Vinnik’s Lawyer Ilias Spirliadis: The Russian Federation Will Likely Follow Up With Another Extradition Attempt
Last week officials from the Greek prison where Vinnik is locked up, uncovered a plot that aimed to kill Vinnik. The suspect now has “special security measures,” including not eating and drinking products given to him from unfamiliar individuals. It’s still uncertain at the moment what Greek court officials will do if Russia attempts to extradite Vinnik again after his admission. The document is now in the hands of officials from the police department in the Ostankino district of Moscow.
Vinnik’s lawyer Ilias Spirliadis confirmed the admission document was legitimate and also emphasized that the Russian Federation will likely submit another request for extradition.
What do you think about Alexander Vinnik Confessing to Money Laundering Crimes? Let us know your thoughts on this subject in the comments below.
Images via Pixabay, Crime Russia, and AM 880 The Biz.
The post Alleged BTC-e Mastermind Confesses to Russian Money Laundering Charges appeared first on Bitcoin News.