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| November 16, 2018

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How #MeToo is reshaping employment contracts for executives

November 5, 2018 |

Businesses have made all manner of changes to their practices since the Harvey Weinstein allegations of sexual misconduct exploded into public view a year ago, propelling the #MeToo movement and forcing many to deal more seriously with workplace sexual harassment. Companies have added more training….


L.A. Times – Business

Coinnest Executives Indicted for Accepting Bribe for Coin Listing

September 25, 2018 |

Coinnest Executives Indicted for Accepting Bribe for Coin Listing

The Seoul Southern District Public Prosecutors’ Office has reportedly indicted two executives of South Korean crypto exchange Coinnest for accepting a bribe in exchange for listing a cryptocurrency. According to local media, they received 1 billion won (~US$ 890,000) worth of cryptocurrencies – mostly BTC.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Coinnest Execs Indicted for Accepting Bribe

The financial investigation department of the Seoul Southern District Public Prosecutors’ Office said last week that it has indicted the CEO and COO of crypto exchange Coinnest “on charges of receiving a bribe,” Korea IT Times reported.

Coinnest Executives Indicted for Accepting Bribe for Coin ListingCEO Kim Ik-hwan and COO Cho have been accused of accepting a bribe from the CEO of a company seeking to list its cryptocurrency on Coinnest. Local media refer to this coin only as “S coin.”

In addition to indicting Coinnest’s executives, “The prosecution also indicted another Kim, the CEO of S Coin, on charges of giving bribery, asking the two Coinnest executives to help with the virtual currency listing process,” the publication elaborated, adding:

Coinnest CEO Kim and [COO] Cho received 1 billion won [~US$ 890,000] worth of bitcoin and S coin in early February this year in return for offering their convenience in listing the S coin.

Coinnest Executives Indicted for Accepting Bribe for Coin ListingSpecifically, the duo “received a total of 110 bitcoins worth 860 million won [~$ 771,270]” on Feb. 5 and 6, the news outlet detailed, adding that they also received “2 million S coins worth 70 million won [~$ 62,778] each” on Feb. 12 and 14.

The prosecution believes that the executives provided the issuer of S coin with the “unfair” convenience of listing the coin, such as listing “without precise examination of the technology of S coin and hastening the listing date of S coin,” Yonhap detailed.

Previous Charges

Coinnest Executives Indicted for Accepting Bribe for Coin ListingThe two executives of Coinnest were also indicted on April 23 on a different charge. Korea IT Times explained that they were charged with “violating the law on specific economic crimes, including fraud, along with the company executive Hong. At that time, Kim and his party were suspected of having embezzled money by selling fake coins as if they existed.”

In April, all major crypto exchanges in South Korea jointly declared self-regulation under the guidance of the Korean Blockchain Industry Association. However, Coinnest opted out. When the association announced that 12 out of its 23 exchange members had completed self-inspection in July, Coinnest was not among them.

Coinnest, however, was one of the crypto exchanges that recently completed implementing short-term security measures, the Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology announced in August.

What do you think of Coinnest’s executives accepting a bribe for coin listing? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinnest.


Need to calculate your bitcoin holdings? Check our tools section.

The post Coinnest Executives Indicted for Accepting Bribe for Coin Listing appeared first on Bitcoin News.

Bitcoin News

Tesla Shares Slide After More Executives Leave, Musk Interview

September 8, 2018 |

Tesla’s share price approached its 2018 low after the electric-car maker lost more executives and Chief Executive Elon Musk was seen appearing to smoke marijuana during an interview.
WSJ.com: What’s News Asia

Tesla Shares Slide After More Executives Leave, Musk Interview

September 7, 2018 |

Tesla’s share price approached its 2018 low after the electric-car maker lost more executives and Chief Executive Elon Musk was seen appearing to smoke marijuana during an interview.
WSJ.com: US Business

Tesla erupts in chaos after senior executives leave and Elon Musk tokes up

September 7, 2018 |

The turmoil at Tesla Inc. reached a fever pitch Friday, as news emerged that two senior executives will leave Elon Musk’s electric-car maker a matter of hours after he smoked marijuana during an hours-long interview with a comedian.

Chief Accounting Officer Dave Morton gave notice Tuesday that…


L.A. Times – Business

44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey Finds

August 19, 2018 |

44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey Finds

New indicators point to corporate executives starting to wisen up to the notion that so-called blockchain technology is some kind of cure-all drug for their industries that they can just extract from Bitcoin and drop the cryptocurrency behind. The latest example of this is a recent survey by Deloitte, showing that 44% of American executives think “blockchain is overhyped”.

Also Read: 90% of Corporate “Blockchain” Pilots Will Never Materialize

“Blockchain Fatigue” Is Setting In

44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey FindsAccounting giant Deloitte has conducted an international survey of over 1,000 “blockchain-savvy” executives from seven countries, including the US, Canada, Mexico, UK, France, Germany and China. The data shows that 39% of respondents around the world believe blockchain is “overhyped.” And in the US this figure is even higher, with 44% see blockchain as overhyped, up from 34% in 2016. The main problem is that despite the constant babble about blockchain, there are actually very few active use cases. As a result, Deloitte says “blockchain fatigue” is beginning to set in among those who feel “its potential has been over-communicated, while its real-world benefits remain elusive.”

The analysis explains that established firms face a host of legacy concerns while trying to make blockchain fit into an already existing business model that may or may not benefit from it. Respondents also see a variety of obstacles moving forward, with a third saying current return on investment remains “uncertain.” And only 34% say their company has initiated deployment in any way.

Shift Towards Pragmatism

44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey FindsTrying to put a positive spin on the results, Deloitte analysts wrote that: “On their own, these numbers seem to indicate that blockchain is moving in the wrong direction. However, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.” They added that: “Based on our experience with the emerging disruptors, we believe blockchain adoption is far more advanced in the United States than the Deloitte global survey indicates.” However, it’s important to remember that their 2016 report also overestimated the pace at which blockchain production will materialize compared to what really happened so far.

The analysis notes that there is a significant number of skeptics who view blockchain as the overhyped engine behind a volatile and unregulated financial market. The writers try to put part of the blame for this on cryptocurrency traders, who supposedly “have helped to bring mainstream notoriety to blockchain,” among the general public. Still, there are signs the hype is not yet over. For example, nearly 40% of executives reported that their firms will invest $ 5 million or more in blockchain technology in 2019.

Does the idea of corporate “blockchains” make sense to you? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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The post 44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey Finds appeared first on Bitcoin News.

Bitcoin News

Defunct for-profit college firm ITT’s former executives settle fraud charges

July 11, 2018 |

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…


L.A. Times – Business

Qualcomm executives to receive cash severances if company goes through change of control

May 29, 2018 |

Qualcomm Inc.’s top executives will be eligible to receive cash severances if they’re fired after a change in control of the firm, reversing a long-standing policy of not providing such payments for senior managers.

The policy mirrors the severance plan the San Diego-based chipmaker adopted in…


L.A. Times – Business

Tesla Executives Step Away, Adding to Auto Maker’s Challenges

May 14, 2018 |

Tesla Inc. will be without two important executives just as the electric-car maker struggles to boost production of its first mass-market vehicle and faces doubts about its ability to raise cash.
WSJ.com: US Business