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CTFC Brings Charges Over Fraud Involving Binary Options and “ATM Coin”

Posted  04/18/18
By the C|C Whistleblower Lawyer Team Today, the Commodity Futures Trading Commission (CFTC) announced charges against two individuals and four entities for engaging in a fraudulent scheme involving binary options and a virtual currency called “ATM Coin.” The CFTC also alleges that the defendants improperly accepted customer funds without first registering with the CFTC. Earlier this week, the United States...

Fraudster of the Week -- BitFunder Founder Jon E. Montroll

Posted  02/23/18
By the C|C Whistleblower Lawyer Team On Wednesday, the Securities and Exchange Commission filed a lawsuit against Jon E. Montroll and his former company, BitFunder, alleging violations of the anti-fraud and registration provisions of the federal securities laws. In parallel criminal proceedings, the U.S. Attorney’s Office for the Southern District of New York charged Montroll with perjury and obstruction of...

Question of the Week -- Are You Concerned About Bitcoin Trading?

Posted  12/20/17
By the C|C Whistleblower Lawyer Team Harkening back to the days of the dot-com bubble, investors are rapidly jumping on the bitcoin bandwagon. The cryptocurrency has gained has gained incredible interest as the price has skyrocketed from under $1,000 to over $19,000. Adding fuel to the fire, bitcoin futures began trading on the CBOE Futures Exchange and the CME also plans to allow futures trading. SEC Chairman...

Question of the Week -- Are cryptocurrencies a bubble?

Posted  12/13/17
By the C|C Whistleblower Lawyer Team The popular cryptocurrency Bitcoin was worth less than $1,000 a year ago—and now is worth over $16,000 (the exact price changes constantly).  This explosive rise is leading analysts to call its growth a bubble, or even “the bubble to end all bubbles.”  And it’s not just Bitcoin.  A number of cryptocurrencies exist, with varying levels of transparency about valuation,...

SEC Issues Bitcoin Warning to Investors

Posted  12/12/17
By the C|C Whistleblower Lawyer Team SEC Chairman Jay Clayton recently issued a statement warning investors about the risks of investing in cryptocurrencies and initial coin offerings (“ICO”). “A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities...

SEC Files Fraud Charges Against Two ICOs

Posted  10/2/17
By the C|C Whistleblower Lawyer Team An article in Fortune describes an announcement by the SEC on Friday that it had brought charges against the creator of two “Initial Coin Offerings” known as “ICOs.” An ICO uses a technology platform first used by Bitcoin to sell tokens that are equivalent to shares in a company. The tokens are entirely digital and the SEC indicated in a July bulletin that ICO tokens may...

Even the Mysterious Must Face the Taxman: Australian Authorities Raid Home of Suspected Founder of Bitcoin

Posted  12/10/15
By Tim McCormack On December 9, police in Australia raided the home of a man suspected of being the elusive and previously anonymous creator of digital currency Bitcoin.  Launched in 2009 by an anonymous programmer known by the pseudonym Satoshi Nakamoto, Bitcoin has since grown exponentially.  Indeed, “[a]s it’s been adopted for everything from international money transfers to online narcotrafficking, the...