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Police bust potential Bitcoin money laundering scheme in Brazil

Brazilian police have arrested a man on suspicion that he was running a drug trafficking ring and laundering funds using Bitcoin. According to a local report, law enforcement officials found a clandestine drug laboratory containing Bitcoin BTC mining equipment in Porto Alegre, in southern Brazil, and arrested the unnamed man yesterday. In the flat, located…

Police bust potential Bitcoin money laundering scheme in Brazil

Brazilian police have arrested a man on suspicion that he was running a drug trafficking ring and laundering funds using Bitcoin.

According to a local report, law enforcement officials found a clandestine drug laboratory containing Bitcoin BTC mining equipment in Porto Alegre, in southern Brazil, and arrested the unnamed man yesterday.

In the flat, located in the city’s southern quarter, police found equipment valued at approximately $63,000 (R$ 250,000). All 25 devices were switched on, according to police, and seemingly functioned 24 hours a day. The equipment was found in a small room with little ventilation.

Local reports say the man claimed to own the equipment, and said he had rented the space to mine Bitcoin as an investment.

He refuted claims about his potential involvement in an organized crime ring, but was accused of stealing after officers realised he was using an illegal electricity connection to power the equipment.

Police suspect this man, who was in possession of a gun with an erased serial number and a motorbike with cloned number plates, was a lookout.

The man has a history of trafficking and murder and is known to the authorities, says another report.

“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. There’s also the possibility that they are using the funds derived from drug trafficking to buy Bitcoin,” said Adriano Nonnenmacher, a police officer, in a loosely translated statement.

Police officers seized the equipment based on suspicions it may have been smuggled into the country as most of it was made in China.

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Published April 24, 2019 — 15:07 UTC

Yessi Bello Perez

Yessi Bello Perez

April 24, 2019 — 15:07 UTC

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Bitcoin News

Moonday Mornings: Banks pour $50M into blockchain, Bitcoin gets on CBS’ 60 Minutes

Another weekend, another batch of stories you might’ve missed. Or as we like to put it: welcome back to another edition of Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain stories. So, without further ado, let’s get into it: 1. Facebook has set up its secretive cryptocurrency and blockchain project, Libra,…

Moonday Mornings: Banks pour $50M into blockchain, Bitcoin gets on CBS’ 60 Minutes

Another weekend, another batch of stories you might’ve missed. Or as we like to put it: welcome back to another edition of Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain stories.

So, without further ado, let’s get into it:

1. Facebook has set up its secretive cryptocurrency and blockchain project, Libra, in Switzerland, Reuters reports. According to Geneva’s commercial register, the social media giant filed the registration papers on May 2, with plans to provide financial and technology services – and also develop hardware and software.

2. Remember the time a shady blockchain startup listed Hollywood A-lister Ryan Gosling as its designer? Well, another crypto-firm was caught pulling the same shenanigans last week. According to TechCrunch, alleged cryptocurrency exchange service Goxtrade used the photos and names of a number of blockchian influencers on its staff page. The kicker: none of them agreed to it.

3. Banks still want a piece of the blockchain pie. Several of the world’s leading banks – including Barclays, UBS, Banco Santander, HSBC, and Deutsche Bank – have invested $50 million in a blockchain-powered digital cash system, slated to launch in 2020, people familiar with the matter told Reuters.

4. Security researchers warn that almost 40 percent of all Ethereum nodes remain vulnerable to denial-of-service attacks (DDoS) and 51-percent attacks as many machines running the software have yet to be patched (even though a fix was released earlier this year), ZDNet reports.

5. CBS’ 60 Minutes featured a segment on Bitcoin. BTC And although most cryptocurrency enthusiasts expected a whole lot of FUD, Redditors were actually happy with it. Watch the full segment here.

Consider yourself apprised. See ya next week!

Published May 20, 2019 — 09:07 UTC

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Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor

Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor

Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire InvestorBitcoin’s dominance will only be more pronounced in this bull market and that’ll show in its value, according to Mike Novogratz. | Source: ShutterstockBy CCN: Mike Novogratz, the billionaire CEO of Galaxy Capital and a former hedge fund manager at Fortress Investment Group, believes alternative cryptocurrencies, or altcoins, will be outperformed by bitcoin in the bull market.Not this time. Market getting smarter. $btc will outperform.— Michael Novogratz (@novogratz) May 19, 2019The statement of Novogratz comes after the bitcoin price risen by more than 115 percent year-to-date against the U.S. dollar, leading the crypto market to add $124 billion to its valuation.Will bitcoin continue to outperform altcoins?Historically, altcoins have relied on the price trend of bitcoin and have rarely demonstrated independent price movements in extended time frames.Altcoins typically surge in value when the bitcoin price shows stability at a tight price range, leaving investors to take high-risk and high-return options over the dominant cryptocurrency.The optimism towards bitcoin, despite the emergence of sophisticated altcoins, is well founded due to the involvement of major financial institutions in the likes of Fidelity and TD Ameritrade building infrastructure on top of bitcoin.Fidelity and ICE, the parent company of the New York Stock Exchange, are initially launching custodial services for bitcoin, targeting institutional investors.According to TD Ameritrade’s executive vice president Steven Quirk, tens of thousands of clients at the brokerage already trade crypto assets in some capacity.But, traders suggest that if the sentiment around the crypto market remains overwhelmingly positive, investors will eventually explore alternative opportunities for high-return trades, which then may fuel a rally for altcoins.One cryptocurrency trader said that bitcoin is likely to climb further throughout 2019, triggering a healthy market for altcoins:The rest of this year will be characterized by rapid BTC advances, healthy corrections and periods of sideways price action, when altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle.Full on degen altcoin season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, all altcoins across the board will bounce back hard. More disbelief on its way.The concern of some investors like Novogratz on the prospect of a booming market for altcoins is that many retail investors were hurt in the 2017 bull market taking high-risk trades, trading against stable assets like bitcoin.As the market matures and as investors in the market become smarter, Novogratz indicated that the appetite for altcoins could decline.The crypto market has added more than $100 billion to its valuation year-to-date (source: coinmarketcap.com)Similarly, Jeff Sprecher, the chairman of the New York Stock Exchange, said in November 2018:Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.At the time, Sprecher emphasized that Bakkt, a futures market operator created by NYSE’s parent company ICE, will focus on building a regulated infrastructure for bitcoin first ahead of other assets.Sentiment is generally positiveOn May 17, as CCN reported, the bitcoin price plummeted by 18 percent within hours following an unexpected 5,000 BTC sell order on Bitstamp that led prices of bitcoin and ethereum to crash on BitMEX.The market absorbed the abrupt decline in the bitcoin price fairly well, indicating that the confidence in the near-term price trend of crypto assets remains strong.While investors have cautioned that bitcoin has shown oversold conditions in recent weeks as it surpassed key resistance levels, the momentum of the asset could prevent it facing a large correction some expect would occur in the near-term. About The AuthorJoseph YoungHong Kong-Based Finance and Cryptocurrency Analyst. Contributing regularly to CCN and Hacked. Providing unique insights into the crypto and fintech space since 2012.This article was edited by Samburaj Das.
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