The Washington State Department of Financial Institutions (DFI) issued a warning on Thursday after it received a complaint from a Washington investor about Fameex, now offline. The investor, a real estate agent, met scammer “Jackson Qie” via an unsolicited text. Qie convinced him to invest over 3,000 in ether (ETH) and tether (USDT) on Fameex. […]
Bitcoin News
Washington Court Convicts Bitcoin Fog Founder of Aiding Darknet Drug Trade Money Laundering
In a recent development, the founder of “Bitcoin Fog,” a cryptocurrency-mixing service, was found guilty by a federal jury in Washington of helping to launder tens of millions of dollars from darknet markets notorious for illegal drug sales.
Multi-Million Dollar Crypto Money Laundering Case
According to a Bloomberg report, Roman Sterlingov, a 35-year-old Russian-Swiss national, was convicted by a jury on multiple counts, including conspiring to money launder, money laundering, and failing to register a money transmitting service. The prosecution argued that Bitcoin Fog facilitated over 0 million in untraceable transactions, with some funds originating from illicit markets.
The verdict not only marks another victory for the United States in its crackdown on crypto criminals but also sheds light on the role of Chainalysis, a Wall Street-backed firm utilized by the Justice Department and Treasury Department to trace cryptocurrency flows in money laundering cases. The defense raised concerns about the reliability of Chainalysis during the trial, questioning its methods and credibility.
During the month-long trial, prosecutors presented evidence showing how they tracked the flow of crypto from darknet markets through Bitcoin Fog, which they claimed Sterlingov operated. The government also relied on testimony from other crypto criminals, including Ilya Lichtenstein and Larry Harmon, who testified about using mixers for money laundering purposes.
Bitcoin Fog Founder Maintains Innocence Despite Conviction
Sterlingov, who has consistently denied running Bitcoin Fog, testified that he allegedly worked in information technology and helped clients create domain names during his employment at a marketing and web firm.
Furthermore, Sterlingov claimed that he did not recall creating the Bitcoin Fog domain name or engaging in certain transactions referenced by the government.
Defense attorney Tor Ekeland also claimed that there was no concrete evidence linking Sterlingov to the operation of Bitcoin Fog, emphasizing a lack of eyewitness accounts or server logs.
Ekeland also questioned the logic of using a secretive multi-step process to fund Bitcoin Fog when the initial transaction originated from an account registered in Sterlingov’s name. Sterlingov now faces a potential prison sentence of up to 20 years for the most serious charges.
As of the latest update, Bitcoin, the largest cryptocurrency in the market, experienced a minor 2% correction, briefly dipping to ,500 and temporarily falling below the significant ,000 milestone. However, the cryptocurrency swiftly rebounded and is currently trading at ,400 at the time of writing.
Despite this temporary correction, Bitcoin has still exhibited notable gains of 11%, 25%, and 48% over the past seven, fourteen, and thirty days, respectively. These substantial increases propelled BTC to achieve its recent all-time high (ATH) of ,000, which was reached on Monday.
Featured image from Shutterstock, chart from TradingView.com
A Catholic Church In Washington Now Accepts Crypto Donations, Why It Matters
The Roman Catholic Archdiocese of Washington, DC, has announced intentions to expand its ministry and support 139 parishes and regional initiatives for the needy by accepting crypto donations.
Roman Catholic Archdiocese of Washington Partners With Engiven
The donations will be accepted through Engiven, an enterprise donation platform that uses the blockchain to assist non-profits access cryptocurrency donations to further their cause. The platform has already enabled crypto donations for over 400 faith-based groups, including a million Bitcoin donation, one of the largest single BTC donations in history.
The Executive director of Development in the Archdiocese of Washington, Joseph Gillmer, stated that their aim in accepting crypto is to boost their ability to communicate with parishioners while making it easier for them to fulfill the church’s mission.
Engiven’s cryptocurrency donation platform will play a key role. The portal will allow people to donate crypto assets to over 300 parishes, schools, and ministries in the broader Washington, D.C., area. The digital nature of the platform also means donors can send money anonymously using various cryptocurrencies, including Bitcoin, from across the globe.
While the move is part of a trend of non-governmental organizations accepting the applicability of blockchain, especially in payment using cryptocurrencies, the Vatican has not yet issued clear guidance on the matter, nor have they officially acknowledged using cryptocurrencies.
The Catholic Crypto Conference
In Nov. 2022, the first-ever Catholic Crypto Conference was held in Valley Forge, Pennsylvania. It brought together over 250 congregants, including theologians, philosophers, cryptocurrency enthusiasts, and professionals from the financial services industry, to discuss and enhance the relationship between Catholicism and cryptocurrencies.
The conference focused on the opportunities and risks of crypto and how the Catholic Church should view blockchain technology and its use case outside of the financial world, such as storing parish documentation.
Blockchain is an immutable and distributed database that can store and track various transactions, including documents, coins, or artifacts with precision to their origins, potentially making storage safer. Safe storage can also help prevent corruption by keeping exact records of when and who accessed parish funds or documents.
In 2019, Pope Francis said that a “better world is possible due to technology if it is accompanied by ethics and inspired by a vision of the common good.” The key is all technology can be good if used to promote the common good.
While the Roman Catholic Archdiocese of Washington appears to be leaning on technology and leveraging cryptocurrencies, the United States has been aggressively cracking down on crypto companies.
Recently, the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, the issuer of the BUSD, a stablecoin, claiming that the token was an unregistered security.
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank.
Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for Depositors With Accounts Exceeding 0K
On Friday, U.S. regulators closed Silicon Valley Bank (SVB) following a significant drop in the firm’s stock value and reports of a bank run on deposits. SVB’s shares were halted on Nasdaq, and rumors began to spread that the bank was seeking a buyer. Shortly thereafter, the California Department of Financial Protection and Innovation and the FDIC shut SVB down.
The FDIC announced that federally insured depositors, up to 0,000, can withdraw their funds on Monday. It is uncertain how the bank will handle larger deposits. “At the time of closing, the FDIC as the receiver immediately transferred all insured deposits of Silicon Valley Bank to the DINB,” the agency explained on Friday. Depositors with accounts exceeding 0,000 can contact the FDIC to seek a resolution.
The regulator noted that as of the end of 2022, SVB had 9 billion in assets and 5.4 billion in deposits. “At the time of closing, the amount of deposits exceeding the insurance limits was undetermined,” the FDIC statement cautioned. “The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and its customers.”
The failure of Silicon Valley Bank is one of the largest bank failures in the United States since the bankruptcy of Washington Mutual (Wamu). SVB’s failure comes shortly after the liquidation announcement by Silvergate Bank, a crypto-friendly financial institution that said it was winding down operations.
What do you think the closure of Silicon Valley Bank and the recent liquidation announcement by Silvergate Bank say about the state of the banking industry? Share your thoughts about this subject in the comments section below.
Washington Federal Judge Rules in Favor of County in Electricity Rate Dispute with Cryptocurrency Miners
The post Washington Federal Judge Rules in Favor of County in Electricity Rate Dispute with Cryptocurrency Miners appeared first on DCEBrief.
Wall St. to Washington Bakkt Launches New Products, CEO Joins Senate
n Bakkt is finishing 2019 with a bang, debuting the first U.S.-regulated options along with cash-settled futures, while its CEO will soon take a U.S. Senate seat. What does this news mean for the marketn
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Ripple Boosts Blockchain Advocacy Efforts With New Washington DC Office
Ripple has opened a new D.C. office and expanded its regulatory team as it seeks to better educate policymakers on blockchain tech.
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Ephrata, Washington Imposes Year-Long Ban on New Cryptocurrency Mining Operations
n The city of Ephrata, Washington, has voted to temporarily halted new crypto mining developments for the next 12 monthsn
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CoinSource Expands Bitcoin ATM Network by Entering Washington DC
Bitcoin ATMs can be found in dozens of countries around the world. Especially in the United States, competition has been heating up. CoinSource remains a dominant player, as their network spans nearly 200 Bitcoin teller machines. This company is now expanding into Washington D.C. for the very first time.
CoinSource Continues to Expand
Getting Bitcoin ATMs into more regions is a critical challenge for companies like CoinSource. Rolling out a complete and nationwide Bitcoin ATM network requires a lot of key partnerships. For this particular company, their new region for expansion is Washington DC, the nation’s capital. A total of 20 machines will be installed in the District of Columbia and Maryland.
It is the first time CoinSource tackles this new market. There has been a growing demand from Bitcoin users as well as local merchants. This latter part is incredibly important, as it shows Bitcoin is more than an investment vehicle. Demand for Bitcoin and other cryptocurrencies will continue to surge if this trend remains intact. CoinSource CEO Sheffield Clark explains this latest expansion as follows:
“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology. All innovation over time has passed through our Nation’s Capital in one way or another, and we are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling Bitcoin.”
Washington DC is a Hotbed for Cryptocurrency
Even though it appears different, Washington DC is home to a lot of cryptocurrency activity. The US House of Representatives Financial Services Committee is examining this market. They are also paying special attention to ICOs, which remain a controversial business model. There’s also the Chamber of Digital Commerce, which has been active in this region for three years now.
A bigger development occurs in terms of local Bitcoin acceptance. Local restaurants, record shops, and even bookstores now accept the world’s leading cryptocurrency as a payment method. With CoinSource expanding, that trend will most likely continue. The company faces some competition in this market. Five different operators are active in the nation’s capital, albeit all in a limited fashion.
The company’s rollout of their national Bitcoin ATM network is in full effect. Ten new machines were displayed in February of 2018. Those markets include New Hampshire, Massachusetts, and Rhode Island. The company now has a presence in nineteen different US states. Bitcoin continues to make inroads in the US market through efforts like these.
Image from Shutterstock
The post CoinSource Expands Bitcoin ATM Network by Entering Washington DC appeared first on NewsBTC.
Another Washington County Puts Freeze on Bitcoin Mining
Public utility officials in yet another county in the U.S. state of Washington have placed a moratorium on new crypto mining operations Wednesday.
CoinDesk