The Reserve Bank of Zealand has said the proposed digital version of the country’s physical cash would provide universal access to central bank money, either in physical cash or digital form. According to the central bank, the digital version will not only be government-backed but will also be denominated in the local currency. Universal Access […]
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Stablecoins Are the ‘Biggest Misnomers’ and ‘Oxymorons’ Says New Zealand Central Bank Governor
The New Zealand Central Bank governor, Adrian Orr, recently branded stablecoins “the biggest misnomers” and “oxymorons.” Orr also rejected the notion that cryptocurrencies could serve as a replacement or supplement to central bank-issued money. Stablecoins Not a Viable Substitute for Money Despite their rise as an alternative to fiat currency in some regions, stablecoins are […]
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New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser
A residential property in Wellington, New Zealand and more than 2,000 belonging to an adviser of Onecoin mastermind Ruja Ignatova was recently seized by the police. Detective Inspector Christiaan Barnard said his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand.
Property Purchased by Third Party
The police in New Zealand have reportedly seized a residential property and more than 2,000 in cash, both of which allegedly belonged to Frank Schneider, the fugitive adviser to the Onecoin mastermind Ruja Ignatova. According to the police, the seized assets might be proceeds of a global Ponzi scheme.
A report in The Post states that Schneider, a Luxembourg national, may have purchased the residential property through a third party. The money used to buy the property is thought to have been sent to the unnamed individual sometime between 2018 and 2020.
After his arrest by the French police in April 2021, Schneider reportedly spent seven months in prison before being released under house arrest. In August, while awaiting his extradition to the U.S., where he faced the prospect of 40 years in jail, he reportedly claimed in a podcast that he would not get a fair trial in that country.
Schneider cited the cost of litigation as well as the so-called plea bargain system commonly employed by U.S. prosecutors. However, just a year after vowing to fight his extradition, Schneider disappeared even though he was wearing an ankle tag.
Onecoin Masterminds Are Not Hiding in New Zealand
Meanwhile, in his remarks following the New Zealand police’s seizure of the assets, Detective Inspector Christiaan Barnard, said:
The New Zealand Police will continue to work with our international partners to ensure that New Zealand’s financial system is not abused to hide illicit income.
The detective inspector added that his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand. According to the report, the New Zealand police are now seeking to forfeit the seized assets.
What are your thoughts on this story? Let us know what you think in the comments section below.
Kim Dotcom-Backed Crypto Startup Bitcache Liquidated in New Zealand
Bitcache, a crypto startup backed by Kim Dotcom, has been liquidated, reportedly over unpaid legal fees. Phil Creagh, an Auckland lawyer who acted as Bitcache’s director until Sept. 2020, is reported to have applied for the startup’s liquidation on May 24.
Bitcache’s Unpaid Legal Fees
A New Zealand-based crypto startup previously promoted by prominent crypto advocate and entrepreneur Kim Dotcom, has been reportedly liquidated over unpaid legal fees. According to a report by Newsroom, owners of the startup known as Bitcache have not contested the decision to liquidate.
The liquidation of the startup, which Kim Dotcom lauded as a platform that would revolutionize the way online content creators get paid, came more than six years after it was launched. Phil Creagh, an Auckland lawyer who acted as Bitcache’s director until Sept. 2020, is reported to have applied for the startup’s liquidation on May 24.
Commenting on the decision to liquidate Bitcache before it achieved any of its objectives, Creagh said:
It’s pretty straightforward, there are fees owed and not paid. The company has not taken any steps so far to avoid being placed in liquidation. We’ll put it in liquidation and see what, if anything, can be recovered.
The lawyer added that his firm Anderson Creagh Lai stopped representing the Kim Dotcom-backed startup some time ago.
According to the Newsroom report, Bitcache initially hit a major obstacle in early 2017 when the platform’s planned launch was interrupted by what Dotcom referred to as a “hiccup.” Since then, attempts to launch the platform have all failed. The report added that Bitcache, which reportedly last filed a return to the Companies Office in 2021, is now likely to be removed from the Companies Register.
What are your thoughts on this story? Let us know what you think in the comments section below.
New Zealand Police Seize $4.2 M in Crypto in Movie Piracy Investigation
n New Zealand police seize over million in cryptocurrency from Jaron David McIvor, suspected of laundering funds from a movie pirating websiten
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$4.3 Million in Cryptocurrency Seized from New Zealand Digital Pirate
A man suspected of online piracy has had almost US.3 million in cryptocurrency seized by authorities in New Zealand. Police also seized a further 0,000 in bank funds.
The funds were restrained by the Criminal Proceeds Recovery act. It is by far the largest seizure of cryptocurrency ever in New Zealand.
NZ Authorities Seize Online Pirate’s .3 Million Cryptocurrency Stash
According to a report in local publication NZ Herald, police have seized around US million in cryptocurrency and bank deposits from Jaron David McIvor. The seizure follows a US investigation into McIvor’s alleged involvement in an online piracy website.
International payments processing firm PayPal initially flagged a series of transactions as suspicious to the IRS. The agency linked these with McIvor and reported its findings to New Zealand’s Asset Recovery Unit.
Police believe the illegal streaming website generated around .28 million for McIvor. The suspect reportedly received money into bank accounts from wire transfers, PayPal, and Stripe.
Since the funds were obtained from a criminal act – copyright infringement -, Keith Kay, the head of the Waikato Asset Recovery Unit, said that simply by bringing them into New Zealand, McIvor was guilty of money laundering. The Criminal Proceeds Recovery Act demands that if there is “reasonable grounds” that an individual has profited from “significant criminal activity”, that the assets could be frozen.
Kay commented:
“Introducing illicitly-obtained funds into New Zealand constitutes money laundering and police will thoroughly investigate and restrain the assets of those who undertake such activity.”
The Detective Senior added that other individuals behind the website were under investigation. He mentioned suspects in the US, Canada, and Vietnam.
The cryptocurrency seizure is not the first of its kind in New Zealand. The report mentions the case of a drug dealer also forfeiting illicit funds over to the authorities. However, the more recent example is by far the larger seizure of cryptocurrency ever in the nation.
McIvor’s lawyer says that his client denies allegations of money laundering against him. However, given that Criminal Proceeds Recovery relies on a civil burden of proof, the threshold for him to be found guilty is much lower than it would be in a criminal case. Instead of having to prove his guilt “beyond reasonable doubt”, the court has to decide whether it thinks he was guilty of money laundering on a “balance of probabilities”. Whether McIvor ultimately has to surrender his cryptocurrency stash and bank funds will depend on the outcome of a forthcoming High Court case or prior settlement.
Related Reading: Bitcoin Support Level May Spark Explosive Bull Movement, If It’s Defended
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The post .3 Million in Cryptocurrency Seized from New Zealand Digital Pirate appeared first on NewsBTC.
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