• The man, the legend... Charles Ponzi (via Smithsonian/public domain).
    Bitcoin

    Three charged in BitClub Network’s alleged $722 million bitcoin Ponzi scheme

    Three men are accused of using the BitClub Network cryptocurrency mining pool to defraud investors, referring to them as ‘sheep’ and ‘idiots’

    A Ponzi scheme that stole $722 million from investors in a fraudulent cryptocurrency mining pool has been broken up by FBI and IRS agents, according a federal indictment. BitClub Network promised investors around the world shares in the earnings of a major non-existent bitcoin mining pool.

  • FBI Director Christopher Wray testifying before the U.S. Senate discussing Bitcoin on November 7, 2019 (screenshot via C-SPAN).
    United States

    FBI director passes on calling for cryptocurrency tracking law

    Christopher Wray avoided Mitt Romney’s question about tracking Bitcoin, turning instead to the need for messaging service ‘back doors’

    FBI Director Christopher Wray declined to swing at a gentle pitch over the plate for more regulation of cryptocurrency anonymity at a recent Senate Homeland Security hearing.

  • Bittax VP Or Lokay Cohen at the Ethereal conference in Tel Aviv on September 15, 2019 (photo by Molly Jane Zuckerman for Modern Consensus).
    Technology

    How the IRS is cracking down on crypto taxes: A conversation with Bittax’s Or Lokay Cohen

    At this weekend’s Ethereal Summit, Modern Consensus delved into the murky waters of cryptocurrency taxation and its various pitfalls

    Or Lokay Cohen has been at crypto tax calculation service Bittax since 2016, which means that she may know more about how to file crypto taxes than any other person alive. Lokay Cohen told Modern Consensus that she came to the Ethereal conference in Tel Aviv on September 15 to meet other like-minded crypto people, as she was toying with the idea of using Ethereum-based smart contracts to pay your taxes automatically for the IRS.

  • Asia & Australia,  Opinion,  Technology

    30 Years Later, Tiananmen Square a reminder of Chinese threat to innovation

    China may be able to add another arrow to its quiver of intellectual theft: cryptocurrencies

    The most promising aspects of digital assets—transactional speed and freedom, financial inclusion, and most of all anonymity—are antithetical to Chinese Communist values. And yet, in many respects, China has taken the lead on investing in this burgeoning technology.