Ordered Archives -
Judicial authorities on Wednesday told the brother-in-law of Spain’s King Felipe VI that he must report to a prison within five days to serve five years and 10 months for fraud and tax evasion, among other crimes. Inaki Urdangarin, a former Olympic handball medal winner who has been married for…
Earlier this month, Bitgrail’s principal Franceso Firano attempted to reopen the Italian cryptocurrency exchange after $ 170 million in losses and during their legal sorting out. An inside job or software hack, that hasn’t had an official determination, and fingers are still pointing between the exchange’s charismatic operator and crypto devs. International heavy law firm Bonelli Erede effectively petitioned to have the exchange remain offline, instituting bankruptcy proceedings, and the Court of Florence recently agreed.
Bitgrail Shuttered by Court of Florence
“This morning,” a post on the exchange’s website read earlier this month, “following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of Bitgrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client […] Even though we don’t agree with this decision, we are obliged to respect the law and to suspend any Bitgrail business immediately.”
This week the court indeed made a decision.
“We have temporarily disabled the Bitgrail exchange pending further notice,” came what appears to be a rather final Tweet from, presumably, the embattled exchange operator Franceso Firano on May 2nd. It’s what remains of communication since an injunction was filed to prevent Mr. Firano from reopening. The exchange was halted, temporarily, and that decision was formally upheld as bankruptcy proceedings loom.
Representing more than 3,000 exchange complainants is the international firm Bonelli Erede. Its team is a veritable who-is-who of Italian legal pros: Partner Monica Iacoviello, Giuseppe Sbisà, with assistance from senior associates Gianpaolo Ciervo and Alessandra Frigerio. Nano user and Foundation coordinator Espen Enger has also contributed to efforts.
Bonelli Erede is a two-decades old consortium of sorts, formed from successful firms responding to merger and acquisition pressure at the present century’s turn. The result is a legal powerhouse of over 400 lawyers, half a dozen offices scattered throughout Europe, and revenues of something like €150 million.
Uphill Battle, Especially for Exchange Users
And so it is Mr. Firano facing a colossal uphill battle that might very well be moot at the time of publication. Bitgrail could be relegated to so much toast, burnt … done. It doesn’t help that Mr. Firano, once known as “The Bomber” for his outbursts and ribald commentary, has been radio silent since the beginning of May.
The tone early that day weeks ago was one of optimism, as Mr. Firano floated ways to attempt making looted users whole. The then-latest scheme involved opening the exchange to generate the requisite revenue. And so he attempted to open, announcing he was “pleased to announce the re-open of our exchange! Given the probable overload of servers, it is possible that in the first hours there may be slowdowns in the functionality of the site.”
Mere hours later, the opening was halted pending a more definitive hearing. The Court of Florence in recently upholding that initial stoppage has frozen all assets, tipping off formal bankruptcy proceedings. Typically trustees are appointed to look over books and accounts, and then whatever remains is divvied up according to creditors, victims, etc. The process could take years and yield pennies on the dollar returns. So far, no criminal charges have been filed.
All this suggests Mr. Firano being pushed out, along with his proposals for a new crypto and to have devs roll back the blockchain. The Nano Foundation insists losses were the result of bugs on the exchange side of things, and the Nano project will soldier on.
Is formal bankruptcy the correct remedy here? Let us know what you think in the comments below.
Images via Pixabay, Twitter.
The post Bitgrail Exchange Ordered Down Indefinitely as Italian Court Upholds Halt appeared first on Bitcoin News.
Five writ petitions have now been filed against the order by the Reserve Bank of India (RBI) banning banks from providing services to entities dealing with cryptocurrencies. The country’s Supreme Court has set a date to hear all petitions but has barred all other courts from accepting any new ones.
Latest Writ Petition Against RBI Order
Five petitions have been filed with Indian courts against RBI’s order banning financial institutions under its control from dealing with cryptocurrencies and servicing entities that deal with them including crypto exchanges. RBI has set “a three-month deadline or by July 5 for financial institutions to comply with its notice, putting the cryptocurrency businesses in India in a disarray,” the Economic Times elaborated.
The latest writ petition was filed by the Internet and Mobile Association of India (IAMAI), a non-profit industry body representing the interests of online and mobile value-added services industry. It was filed on Tuesday according to IAMAI president, Subho Ray, and the Supreme Court website, Inc42 reported.
Crypto exchanges that are part of the association include Unocoin, Zebpay, and Coinsecure. They were originally part of another industry body called the Digital and Blockchain Foundation of India which merged with IAMAI, the publication detailed.
Four Other Writ Petitions
The fourth writ petition was “filed by a group of 11 different representatives from various crypto-related businesses,” the Economic Times conveyed on Monday. One of the petitioners told the news outlet:
Banking is an essential service. How can one deny access to an essential service when I am not doing anything illegal? You have not declared VCs (virtual currencies) illegal in the country.
Three more writ petitions were previously filed. One was by Kali Digital Eco-systems and another by Flinstone Technologies Pvt. Ltd, which conducts business under the trade name Money Trade Coin (MTC).
Moreover, a joint writ petition was filed by four cryptocurrency exchanges in the Supreme Court against the RBI circular on May 8. According to lawyer Mohammed Danish, the four exchanges are Coindelta Exchange run by Bitfair Technologies, Koinex Exchange run by Discidium Internet Labs, Throughbit Exchange run by Throughbit technologies, and Coindcx run by Neblio Technologies.
Supreme Court Taking Charge
Following the petition by IAMAI, the Supreme Court on Thursday reportedly refused to stay RBI’s order. “However, it allowed cryptocurrency exchanges, their shareholders, traders and other individuals to present their cases within two weeks to the RBI, which will look into the issue in accordance with the law,” the Financial Express explained.
All petitions relating to RBI’s crypto directive will be heard by the Supreme Court; the hearing is set for July 20. Pending petitions have been transferred to the Supreme Court from two high courts – two in Delhi High Court and one in Calcutta High Court.
Furthermore, high courts have been ordered not to entertain any more petitions regarding RBI’s crypto order, Business Standard described, adding:
No court shall accept petitions on the subject of cryptocurrency.
Do you think the Supreme Court will reverse RBI’s order? Let us know in the comments section below.
Images courtesy of Shutterstock, Indian Express, and RBI.
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The post Five Petitions Pile Up Against India’s Crypto Crackdown – High Courts Ordered to Ignore appeared first on Bitcoin News.
If she wasn’t already, it’s time for Tommie Lee to get on the wagon … unless she wants to get hauled back to jail. The “Love & Hip Hop: Atlanta” star’s immediately required to wear a SCRAM Continuous Alcohol Monitoring device around her ankle…
Unlike charging, kneeing, cross-checking, hooking, and spearing, licking is not on the National Hockey League’s list of infractions —but that doesn’t mean Boston Bruins forward Brad Marchand can keep doing it. The league says Marchand was put “on notice” after licking the face of the Tampa Bay Lightning’s Ryan Callahan…
Three former American soldiers were found guilty Wednesday for the murder-for-hire of a female real estate agent in the Philippines whom an international crime boss accused of cheating him in a land deal.
Former Prime Minister Silvio Berlusconi has been ordered to stand trial for allegedly bribing four women to lie in court about his relations with an underage prostitute.
WSJ.com: What’s News Europe
Four Japanese tourists were reportedly taken to the cleaners by a Venice restaurant, and now authorities are looking into the meal. ANSA reports the tourists ordered four steaks and a platter of grilled fish—no wine, just mineral water. The spot near St. Mark’s Square reportedly charged them $ 1,350…
Some very un-Christmassy news from Norway: A reindeer herder has lost a high-profile case against the government and has been ordered to slaughter half his 150-strong herd, NRK reports. Herder Jovsset Ante Sara, a member of the indigenous Sami community, had argued that he couldn’t make a living after such…
North Korea’s state television said Wednesday that the nuclear-capable intercontinental-ballistic missile that was launched earlier is “significantly more” powerful than the previous weapon and puts the entire United States in its crosshairs.