Cryptocurrency

[ChimpMaster]

Just placed a bet that makes £10k election wager look like pocket change.

Stellar Lumens is going to be QE'd nearly twice over tonight.

Which means the value of each Lumen will be diluted....

which probably explains the rapid price decline these past couple of weeks....

[AtW]

"
By Jonathan Stempel | NEW YORK
A Florida man was sentenced on Tuesday to 5-1/2 years in prison after pleading guilty to operating an illegal bitcoin exchange suspected of laundering money for hackers and linked to a data breach at JPMorgan Chase & Co.

Anthony Murgio, 33, of Tampa, pleaded guilty on Jan. 9 to three conspiracy counts, including bank fraud and operating an unlicensed money transmitting business. The sentence was roughly half as long as prosecutors had sought.

Murgio and co-conspirators were accused of processing millions of dollars from 2013 to 2015 into the virtual currency bitcoin through the unlicensed exchange Coin.mx.

Prosecutors said many transactions were conducted by victims of ransomware, a malicious software that locks up data unless people pay "ransom" to unlock it. Cyber criminals often demand ransom paid in bitcoin.

The alleged schemes also involved the takeover of a since-liquidated New Jersey credit union to shield their activity.

"Mr. Murgio led an effort based on ambition and greed," and constructed on a "pyramid of lies," U.S. District Judge Alison Nathan in Manhattan said during the sentencing hearing.

Murgio unsuccessfully fought back tears and lost his composure several times in expressing "enormous regret" for his crimes, which the judge credited as genuine.

"I am wiser today than when the case began, and I am sorry for all the damage I caused to so many people," Murgio said. "Believing what I was doing was OK did not make it OK."

Nathan cited Murgio's generosity to friends and support to his family in imposing a term below the 10 to 12-1/2 years recommended by prosecutors and federal guidelines.

Murgio's lawyer Brian Klein said he was pleased with the reduction, after telling the judge that Murgio had taken responsibility for his "grievous decisionmaking."

In contrast, Assistant U.S. Attorney Eun Choi faulted Murgio's dealings with ransomware victims, saying: "He exploited their desperation to personally profit from them."

A hearing on restitution and forfeiture was set for Sept. 1.

Murgio's father, Michael, pleaded guilty last October to an obstruction charge tied to the credit union.

Nine people have been criminally charged following an investigation into the JPMorgan breach, which exposed more than 83 million accounts.

Prosecutors said Coin.mx was owned by Gery Shalon, who pleaded not guilty to U.S. charges after being extradited last June from Israel.

In March, a jury in Manhattan convicted Florida software engineer Yuri Lebedev and New Jersey pastor Trevon Gross of scheming to conceal Coin.mx's activities from banks and regulators. They have yet to be sentenced."

Bitcoin exchange operator tied to hacks gets five-and-a-half years U.S. prison | Reuters

[AtW]

How many exchanges are licensed?

How many of those licensed do not help hackers exchange "coins" "earned" from criminal activities?

Zero or less?

[DimPrawn]

Cryptos will be banned.

These ransomware attacks for crypto money are most likely from western governments, to justify a blanket global ban.

All existing cryptos are heading to zero. Sell! Sell! Sell! *


* Disclosure - I may be holding a massive BTC short position.

[vadhert]

Wasnt WannaCry *Stolen* from the NSA?

[psychocandy]

Cryptos will be banned.

These ransomware attacks for crypto money are most likely from western governments, to justify a blanket global ban.

All existing cryptos are heading to zero. Sell! Sell! Sell! *


* Disclosure - I may be holding a massive BTC short position.

Impossible to ban them though...

[DimPrawn]

Impossible to ban them though...

Easy, treat it like drug trafficking. At some point you have to use Fiat currency to buy and sell, at that point there is a trail to you. Death penalty at that point. Only Fair™

The banksters and govts don't like competition controlling funny money...

[MrMarkyMark]

Easy, treat it like drug trafficking. At some point you have to use Fiat currency to buy and sell, at that point there is a trail to you. Death penalty at that point. Only Fair™

The banksters and govts don't like competition controlling funny money...

Indeed.

Its a real bind

[MrMarkyMark]

With fringe benefits....

[scooterscot]

How many exchanges are licensed?

The only one I use, Bitstamp.eu, for exchanging into fiat and back.