OneCoin co-founder pleads guilty, faces up to 90 years in jail...
One week in review:
Nov. 11–17 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1 OneCoin co-founder pleads guilty, faces up to 90 years in jail | | | Konstantin Ignatov, the co-founder of the crypto scam OneCoin, has pleaded guilty to participating in the multibillion-dollar fraud. He is facing up to 90 years in prison and has yet to be sentenced, but he will reportedly face no further criminal charges for his role in OneCoin, except potential tax violations. | | #2 BlockShow Asia 2019: 99% of a token's price is pure speculation, says VeChain founder | | | VeChain founder Sunny Lu claimed that 99% of a token's value is normally linked to speculation rather than the value that a solution can bring to society. He added: "This causes many startups to waste a lot of time producing and selling the token, failing to develop solutions for where they were initially focused." | | #3 BlockShow Asia 2019: Binance's CZ speaks publicly about China's digital currency | | | Binance's Changpeng Zhao predicted that the central bank digital currency being developed by China will be based on a blockchain. Explaining his reasoning, Zhao explained how Beijing wants to push the influence of the renminbi globally in order to make it competitive with the U.S. dollar. He welcomed competition in the crypto world, saying: "Having is better than not having. Having stablecoins is better than not having them. Having Libra is better than not having it." | | #4. Prediction of the Week Expert: Bitcoin may "crash to zero" because of institutional adoption | | | The CEO and co-founder of Distributed Lab, Pavel Kravchenko, has warned that increasing institutional interest in crypto could see Bitcoin's value crash to zero. Speaking at BlockShow Asia 2019, the industry expert said BTC's position as censorship-resistant money would be undermined if major players begin to embrace it more fully — undermining its value. | | #5. FUD of the Week IRS criminal investigators looking into Bitcoin ATMs and kiosks | | | The U.S. Internal Revenue Service is looking into potential tax issues arising from Bitcoin ATMs and kiosks. John Fort, the regulator's criminal investigation chief, said the IRS is collaborating with law enforcement to look into the illicit use of such machines. He said: "If you can walk in, put cash in and get Bitcoin out, obviously we're interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks." This came as the number of BTC ATMs hit a new milestone worldwide, with more than 6,000 now in operation. | | #6. FUD of the Week Dutch court orders Facebook to remove fake Bitcoin ads | | | A Dutch court has ruled that Facebook must remove fraudulent BTC-related investment ads following a lawsuit by local billionaire John de Mol. The TV executive launched legal proceedings against the social network earlier this year, alleging that the company had failed to respond to multiple requests to remove ads that used his image without consent. De Mol claimed that vulnerable victims had lost $1.8 million as a result of the campaign. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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