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OneCoin scam pits sibling against each other during settlement

Ruja Ignatova, a fugitive who founded OneCoin which turned into a $4 billion scam, will now be facing her brother Konstantin Ignatov who has agreed to testify in a settlement case against her. The brother agreed to a deal that would see him dismissed from a civil litigation that was targetting the scam. Ignatov agreed […]

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Ruja Ignatova, a fugitive who founded OneCoin which turned into a $4 billion scam, will now be facing her brother Konstantin Ignatov who has agreed to testify in a settlement case against her.
The brother agreed to a deal that would see him dismissed from a civil litigation that was targetting the scam.

Ignatov agreed to stand against his sister, if the court goes to trial and become a witness against OneCoin scam and his sister. The brother also agreed to join investors on their lawsuit against the firm and also gave his word that he would testify against her, when the case goes to trial.

Ignatov’s involvement in Onecoin

Ignatov was arrested in March 2019 for his involvement with the OneCoin scam that had been in operations for years, taking investors money with a promise of huge profits. After his arrest, Ignatov admitted to his involvement in the scam, by being the personal assistant of one of its founders and also her brother.

In October 2019, he plead guilty to charges leveled against him and the cryptocurrency scam they were running. He also started cooperating with authorities and was instrumental in outing the involvement of Phoenix Thoroughbreds’ owner Amer Abdulaziz Salman, who he said was responsible for money laundering in the firm.

Laundered over $400 million from clients

Ignatov’s sentencing is scheduled for November where, if convicted, he faces up to 91 years in prison. However, he has been negotiating a plea deal with prosecutors, for his testimony against a former colleague, Mark Scott, who was the legal advisor of the scam. Scott is accused of having laundered over $400 million from his clients.

This will not the first time Ignatov has offered to testify against his sister. In an earlier trial, he testified about her sisters and gave details surrounding her disappearance. In that testament, he indicated that her sister had become paranoid about critics of OneCoin, who she called haters. He also indicated that she was worried about being ousted by one of her close allies to FBI, and that was when she disappeared.

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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Former White House Adviser Bashes Bitcoin, Says it Lacks Market Integrity

Meanwhile, the largest crypto by market capitalization continues to defy the expectations of critics. BTC is currently up over 166% year-to-date (YTD) despite suffering a 50% price decline back in mid-March. Cohn Doubles Down on Negative Bitcoin Stance Speaking to Bloomberg Television, Cohn described Bitcoin as lacking some of the basic integrity of a real … Continued

The post Former White House Adviser Bashes Bitcoin, Says it Lacks Market Integrity appeared first on BeInCrypto.

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Gary Cohn, former National Economic Council chief to President Trump is still not a fan of Bitcoin (BTC). The one-time Goldman Sachs chief says BTC will ultimately fail due to its integrity flaws.

Meanwhile, the largest crypto by market capitalization continues to defy the expectations of critics. BTC is currently up over 166% year-to-date (YTD) despite suffering a 50% price decline back in mid-March.

Cohn Doubles Down on Negative Bitcoin Stance

Speaking to Bloomberg Television, Cohn described Bitcoin as lacking some of the basic integrity of a real market, adding:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Thus, Cohn predicts that despite any value proposition ascribed to Bitcoin, the popular cryptocurrency may end up failing. Cohn’s argument of BTC not having an audit trail flies in the face of established crypto forensic tools currently in use by governments to track transfers.

As previously reported by BeInCrypto, governments are increasingly deanonymizing crypto transactions as part of crime-fighting efforts.

Checks like know-your-customer (KYC) verifications and the FATF travel rule are working to provide real-time tracking of cryptocurrency ownership.

Indeed, the crypto space was in an uproar recently following rumors of possible regulations targeted at self-hosted wallets.

Cohn is no stranger to anti-Bitcoin sentiments. Back in 2018, the former Goldman Sachs President declared that Bitcoin will not end up being the global cryptocurrency.

At the time, Cohn affirmed the then-popular “blockchain not Bitcoin” refrain that was common among mainstream financial commentators.

Cohn is, however, not against all forms of digital currencies. Writing in a Financial Times opinion piece back in April, the former Trump economic adviser argued that central bank digital currencies (CBDCs) could improve access to financial services for citizens.

Several mainstream financial figures already tout CBDCs as better alternatives to privately-issued cryptocurrencies. Most arguments along this line usually espouse the position that private digital currencies will spell doom for the current global financial status quo.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/former-white-house-adviser-bashes-bitcoin-says-it-lacks-market-integrity/

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