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| April 21, 2018

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Bitcoin in Brief Thursday: Another ICO Ghosts with $50 Million – Sends Thanx from Beer Beach

April 19, 2018 |

Bitcoin in Brief Thursday: Another ICO Ghosts with $  50 Million - Sends Thanx from Beer Beach

Today we’ve simply given-in to no nutritional value, guilty pleasure, lowest common denominator: bitcoin-related crime news. Start your day with laughs and head scratching, as we examine the Savedroid ICO exit scam, an international bitcoin heist escape, the fury of a scorned woman, a bear spray robbery, and some whole food violence.  

Also read: Bitcoin in Brief Wednesday: Pornhub? We’ve Never Heard of Pornhub

Savedroid Ghosts With Investors’ Money

This can’t be real, right? This must be a publicity gimmick. Well, in any event, German online news source Wirtschafts Woche documents how Savedroid has apparently taken the money and run. The company website was replaced with a meme picture, “Aannnd it’s gone.” Founder and CEO Yassin Hankir tweeted a picture of himself on a beach, long gone. All this after having raised $ 50 million in an ICO.

Bitcoin in Brief Thursday: Another ICO Ghosts with $  50 Million - Sends Thanx from Beer Beach
Savedroid webpage

Promises of artificial intelligence, curated portfolios, and a native credit card proved too much for investors, and they poured in money. Stranger than fiction.

Bitcoin in Brief Thursday: Savedroid Scams Investors for $  50 Million

Reads Like a Movie Script

A suspect involved in an Icelandic heist involving a dozen perpetrators, 600 missing bitcoin mining rigs, was able to evade authorities after they’d managed to arrest him. “Sindri Thor Stefansson” the BBC reported, “escaped the low-security prison through a window and fled to Sweden on a passenger plane that was also carrying Iceland’s prime minister, local media report. The ticket had another man’s name and he was identified through CCTV video. The stolen computers, which are still missing, are worth $ 2m (£1.45m).” It appears Mrs. Stefansson was also arrested, but he didn’t have time to circle back evidently.

Bitcoin in Brief Thursday: Savedroid Scams Investors for $  50 Million
Sindri Thor Stefansson

Hell Hath No Fury

Speaking of angry women, the broader ecosystem has been accused as being too male. Well, here’s Tina Jones breaking through the digital glass ceiling. According to WGN, Ms. Jones was  “charged after allegedly paying thousands of dollars via bitcoin to a company on the dark web to murder the wife of a man she had an affair with, according to officials. Tina Jones, 31, appeared at bond court Wednesday morning where a judge set bond at $ 250,000. She was charged with one felony count of solicitation of murder-for-hire.”

Bitcoin in Brief Thursday: Savedroid Scams Investors for $  50 Million
Tina Jones

Bearly Escaped with Bitcoin ATM

The Irving Patch, a Texas local online news source, are attempting to help police find two men. Police claim they “entered a store […]  and sprayed a clerk with bear spray before making off with cash from a Bitcoin machine …. They can be seen in security footage spraying the store clerk with bear spray, a powerful form of pepper spray, before heading to the back of the store where the Bitcoin machine was located ….The clerk was taken to a hospital for treatment after being sprayed but was later released.”

Well, He Warned Him

Government crackdown on legitimate cryptocurrency exchanges usually receive very positive media coverage. What both government and mainstream media often miss is how less online exchanges necessarily means more face-to-face encounters, which can be dangerous for reasons bitcoin traders are well familiar. Case in point: a Miami man wished to turn $ 30,000 cash into more than that in bitcoin. He met supposed crypto dealers at a public place, a local Whole Foods parking lot. The fellow with the cash brought a gun just in case something went wrong. Turned out to be a pretty good idea. He was jumped for the money, and as he was attacked, yelled to his attacker, “Back off, I have a weapon,” the Miami Herald details. The attacker didn’t listen, and was shot. He was later arrested after being taken to a local hospital.

Bitcoin in Brief Thursday: Savedroid Scams Investors for $  50 Million

Bitcoiners Wanted at Citi

A recent now hiring Linkedin post detailed how Citi is looking for a  “Senior Vice President, Senior AML Compliance Officer —Emerging Risk,” in Tampa, Florida. “Knowledge of cryptocurrency and bitcoin monitoring” and “Certified Bitcoin Professional Certification a plus,” are among the job qualifications and requirements.

More Spring Cleaning

Clearing off some smaller stories, Riot Blockchain has been subpoenaed.  The Securities and Exchange Commission of the Philippines issued a rather blunt warning about what it terms bitcoin “schemes” to defraud investors. It lists more than a dozen companies by name, and proceeds to go through steps to identify future scams. Josh Ellithorpe tweeted how he “Just released my first open source project at Coinbase. If you need Cashaddr support for your Ruby app then you should check it out!” here.  

Do you think Savedroid really scammed its investors? Let us know in the comments section below.


Images courtesy of Shutterstock. Special thanks to Kai Sedgwick and Avi Mizrahi for sourcing.


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The post Bitcoin in Brief Thursday: Another ICO Ghosts with $ 50 Million – Sends Thanx from Beer Beach appeared first on Bitcoin News.

Bitcoin News

TMZ

Serena Williams Cuts Price of Bel-Air Home by $2 Million

April 19, 2018 |

Serena Williams is making an adjustment — to her real estate game — by slashing the price of her Bel-Air home … to just a shade under $ 10 million. The tennis star put the 6,101 sq ft, 6-bed, 7-bath mansion — featuring a pool, gym, bar, salon…

TMZ.com

Amazon Prime reaches more than 100 million members, CEO Jeff Bezos says

April 18, 2018 |

Amazon.com Inc. Chief Executive Jeff Bezos said the e-commerce giant has exceeded 100 million paid Prime subscribers and will continue to invest to meet “ever-rising” customer expectations.

Bezos noted the milestone in his annual shareholder letter, published Wednesday. The letter is the founder’s…


L.A. Times – Business

Elon Musk’s Boring Co. raises almost $113 million, mostly from Musk

April 16, 2018 |

Elon Musk’s tunnel-digging venture the Boring Co. raised $ 112.5 million in a recent funding round, according to a document filed Monday with the U.S. Securities and Exchange Commission.

Most of the money — more than 90% — came from Musk himself. The rest was from “early employees” of the company,…


L.A. Times – Business

T-Mobile to pay $40 million over faked outgoing telephone calls

April 16, 2018 |

T-Mobile US Inc. will pay $ 40 million to settle accusations that the carrier made it seem that outgoing calls were ringing at their destination when they weren’t, the Federal Communications Commission announced.

T-Mobile admitted that it violated a prohibition against inserting false ringing sounds…


L.A. Times – Business

Prince’s $200 Million Estate Remains Untouched

April 15, 2018 |

As the second anniversary of Prince’s death approaches, his heirs have yet to collect a dollar of his estimated $ 200 million estate. Per the AP , bankers, lawyers and consultants have earned millions from it. The long saga to settle the estate provides a cautionary tale about dying without a will,…
Newser

Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $36 Million

April 15, 2018 |

Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $  36 Million

The FBI has announced on Friday that Renwick Haddow, a 49-year old UK national, has been extradited to the US from Morocco to face charges at the Southern District Court of New York. He is accused of defrauding more than $ 36 million from victims by making material misrepresentations and misappropriating investment funds in two companies, Bitcoin Store and Bar Works.

Also Read: Malta Attracts Cryptocurrency Exchange Okex

Fake Bitcoin Broker Extradited

Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $  36 MillionHaddow was arrested in Morocco under a provisional arrest warrant in July 2017 after the SEC filed fraud charges against him. He allegedly used sales representatives to cold call potential investors and sell securities in the two companies he controlled while hiding his involvement due to his shady past.

According to the SEC’s complaint, promotional materials presented to investors in both companies showcased senior executives who did not really exist, and misrepresented other key facts about the operations. Haddow allegedly diverted more than 80% of the in funds raised for Bitcoin Store, and sent more than $ 4 million from the Bar Works bank accounts to Mauritius and another $ 1 million to Morocco.

Up to 40 Years in Jail

Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $  36 MillionThe materials presented to Bitcoin Store investors claimed it was “an easy-to-use and secure way of holding and trading Bitcoin” and had generated several million dollars in gross sales. However, the SEC alleges that this company has never had any real operations nor generated the gross sales claimed. In 2015, for example, Bitcoin Store’s bank accounts allegedly received less than $ 250,000 in incoming transfers, none of which appear to come from paying customers. Haddow adopted the alias “Jonathan Black” to hide his involvement and falsely claimed an extensive background in finance.

“As alleged in our complaint, Haddow created two trendy companies and misled investors into believing that highly-qualified executives were leading them to quick profitability.  In reality, Haddow controlled the companies from behind the scenes and they were far from profitable,” Andrew M. Calamari, Director of the SEC’s New York Regional Office, explained as the time.

Haddow has now been charged with two counts of wire fraud, each carrying a maximum sentence of twenty years in prison.

Should the US act as the world’s bitcoin policeman? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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The post Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $ 36 Million appeared first on Bitcoin News.

Bitcoin News

Trump Lawyer Michael Cohen Negotiated $1.6 Million Settlement for Top Republican Fundraiser

April 14, 2018 |

The 2017 deal was on behalf of Elliott Broidy, a businessman who faced allegations he impregnated a former Playboy model. It resembles a settlement Michael Cohen arranged involving President Trump and porn actress Stormy Daniels, which is now a topic of federal law-enforcement scrutiny.
WSJ.com: What’s News Asia

GOP commits $250 million to keep control of the House

April 14, 2018 |

The Republican National Committee has committed $ 250 million to a midterm election strategy that has one goal above all else: Preserve the party’s House majority for the rest of President Donald Trump’s first term.
FOX News

Toy mogul Isaac Larian ditches GoFundMe campaign and bids $890 million for Toys R Us stores

April 14, 2018 |

California toy mogul Isaac Larian submitted a $ 675-million bid Friday to buy 274 Toys R Us stores in the United States — and another $ 215 million to acquire 82 stores in Canada.

The bid came a little more than three weeks after Larian launched a $ 1-billion GoFundMe campaign to save hundreds of…


L.A. Times – Business