The Man Who Messed Up:
We all know that there are many scams in cryptocurrency. However, we are in such a new space that these actions have been hard to prevent, and the people responsible for them fear none. For now, there hasn't been many people to get busted or face repercussions for what they did. The new days have rolled in though, and consequences have begun. Like the recent cease-and-decease of bitconnect from Texas, because their lack of transparency. Cracking down on this mysterious behavior in other countries other than the U.S. as well.
Quick review: Bitconnect was a lending platform that promised outrageous returns, and had many attributes of a scam/ponzi scheme.
Now we have just found out that the founder of a majority bitcoin exchange named Bitfunder has just been arrested by the U.S. government. Founder Jon Montroll or "Ukyo" created an exchange more geared to bigger companies, and had especially deep ties to WeExchange.
So what actually happened?:
In a hack between the two companies, 6,000 bitcoins were stolen. That was 6,000 golden btc. 6,000 lambos. 6,000 mansions. Seriously though, they just stole all of that bitcoin, and were easily able to credit it to themselves. Not even being close to getting caught along the way. Eventually leading to the demise of WeExchange/ BitFunder and all the assets that went with them. So, when the SEC decided to further investigate this matter, they came across some curious behavior. Once again that founder nicknamed Ukyo was put in a position to have a testimony in the SEC office. In which, with no surprise, he fabricated the documents. This was no joke. The SEC is brilliant, and saw right through to this. Proving his statement to have had 6,700 bitcoin to be completely false. Then with a number of similar situation, this guy was put under arrest. So what happens with him now, I honestly can not tell. However, if I find out anything like usual, I'll update you guys with a new post!
🔴Thank you for reading my post! I hope you guys enjoyed, and I'll see you in the next post! Feel free to ask questions or comment/upvote! 🔴
-Crypto DJ
It is quite scary that people can with the click of a mouse make themselves rich. Luckily there is still some sort of law enforcement.
I agree with you! Times are changing very fast on this issue.
Glad they got the person... I cant stand crooks....
I know. There are way too many of them right now as well....
The crypto currency market for the first 10 months of 2017 has shown very rapid growth.To this day its cumulative capitalization has exceeded 160 billion dollars, and by the end of the year is forecast to reach 200 billion.as for the amount of crypto currency, according to coinmarketcap, there are more than 1100 scattered around the world, and considering there are 2 to 3 ICOs for the new currency being launched each week, it is likely that by early 2018 the line will be at 1200 altcoin.
Ya that's incredible. 1200 altcoins is a huge milestone!
Congratulations @cryptodj99! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
To support your work, I also upvoted your post!
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPYou play with fire, you're bound to get burned. Work hard and make money the right way. Sleep peaceful at night and feel good about yourself. Upvoted! Get that account value up ;) I'm in the same boat ;)
Lol are you talking about minnow booster?
I was just being a goof, I peeked at your wallet, nosy of me :)
Haha man us Minnows need a little support!
This post has received gratitude of 1.27 % from @appreciator thanks to: @cryptodj99.
A press release from the US Securities Exchange Commission has declared that it is indicting a now-defunct exchange on charges of fraud: BitFunder Charged With Fraud By US SEC
The New York Director said: