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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

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$20 Million AirBit Cryptocurrency Ponzi Scheme Ringleader Extradited to the US

An Acting US Attorney has announced the extradition of a key member of a cryptocurrency investment scam. Gutenberg Dos Santos was involved in the AirBit Club scam that’s thought to have generated in excess of $20 million. The AirBit cryptocurrency Ponzi scheme promised its victims unbelievable rates of return on investments. Those duped believed they … Continued

The post $20 Million AirBit Cryptocurrency Ponzi Scheme Ringleader Extradited to the US appeared first on BeInCrypto.

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An Acting US Attorney has announced the extradition of a key member of a cryptocurrency investment scam. Gutenberg Dos Santos was involved in the AirBit Club scam that’s thought to have generated in excess of $20 million.

The AirBit cryptocurrency Ponzi scheme promised its victims unbelievable rates of return on investments. Those duped believed they would receive shares of profits from digital asset mining and trading activity that turned out to be entirely fraudulent.

Cryptocurrency Scammers Await Trial in US Custody

Dos Santos was arrested for his involvement in the scheme on Aug. 18, 2020, in Panama. According to a filing by the US Attorney’s Office for the Southern District of New York on Monday, the Brazilian and U.S. citizen was extradited on Nov. 25.

Pablo Renato Rodriguez, Scott Hughes, Cecilia Millan, and Jackie Aguilar, also involved in the AirBit Club scheme, were taken into custody in the U.S. on Aug. 18. Later, authorities arrested another member of the group, Karina Chairez, on Oct. 20.

The arrests were part of a coordinated effort by special agents from Homeland Security Investigations’ El Dorado Task Force, HSI Panama, the HSI Panama City Transnational Criminal Investigative Unit, and HSI New Orleans.

Arrested Jail Prison

The AirBit Club scam was active since early 2015. The filing credits Rodriguez and Dos Santos as its founders. Meanwhile, Millan, Chairez, and Aguilar promoted the scheme.

Hughes, a licensed attorney, had previously represented the AirBit Club founders in a separate case. He would later aid the scheme by removing negative reviews about it from the internet.

According to Monday’s filing, Dos Santos stands charged with one count of conspiracy to commit bank and wire fraud, as well as one count for conspiracy to commit money laundering. The charges each carry a maximum sentence of between 20 and 30 years in prison.

AirBit Scammers Splashed Cash on Recruitment and Luxury Items

The filing details that those behind the AirBit Ponzi spent some of the proceeds on cars, jewelry, and extravagant property. They also reinvested cash in the scheme by throwing lavish events intended to recruit new victims.

Victims that requested withdrawals of apparent profits over the years were given excuses that cited supposed delays. Those that were paid out using newcomers’ money were often charged fees amounting to as much as 50% of their expected profits. One victim was told in April 2020 that the Coronavirus-induced financial crisis had meant that AirBit had to close his account without warning.

Bitcoin Scam

Those involved attempted to cover up the origin of the scheme’s proceeds by insisting on cash payments or the use of third-party cryptocurrency brokers. They also laundered money through numerous domestic and foreign bank accounts.

Hughes himself managed one of the accounts used. The so-called “Hughes Trust Account” was supposed to be that of the attorney’s legal practice.

However, the group used it to direct victims’ money to members of the group. In total, the filing estimates that the group laundered at least $20 million through the various methods used.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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Source: https://beincrypto.com/20-million-airbit-cryptocurrency-ponzi-scheme-ringleader-extradited-to-the-us/

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Bitcoin breaches $19892 on Coinbase

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Bitcoin’s price crossed ATH on most exchanges on November 30, 2020 chasing after a high monthly close. Interestingly enough, @Danheld of Kraken has been asking traders to be patient and wait to get rewarded. In his recent tweet, he said there will be several dips in this cycle as well, and HODLing is the only way to get rewarded. 

Bitcoin breaches $19892 on Coinbase

DanHeld’s Tweet || Source: Twitter

As Bitcoin breached $19892 on Coinbase, it hit home for many retail traders and HODLers who waited patiently for over 2 years to witness another ATH. At press time, Bitcoin’s price hit a high of $19904 on Coinbase, based on data from the price chart.

Source: BTC/USD, TradingView

During the current bull run, as the price crossed ATH on most exchanges, the fact of the matter remains that the liquidity has increased since many retailers rushed to book profits at the new ATH. Before hitting above the ATH, enough demand needs to be generated to absorb it. Though Bitcoin does operate uninterrupted, just as it did over the Thanksgiving Holiday for a total of 113.5 hours, vs the 3.5 hours put in by US Capital Markets. The transaction volume and momentum in Bitcoin’s network should be sustained to breach $20000. 

Though many altcoins made it to their ATH first, Bitcoin did make it to its ATH way before Gold this quarter. @QiaoWang tweeted about Bitcoin’s strong fundamentals, and this also supports the narrative of Bitcoin at $20000 and higher, with every passing quarter. 

Bitcoin breaches $19892 on Coinbase

Source: Twitter

Strong fundamentals with a shortage of supply and consistently increasing demand on spot exchanges could lead to a higher ATH before the end of 2020. It is fair to consider the price crossing $20000, given the recent Bitcoin-Gold decoupling and the rallying altcoins. With the launch of ETH 2.0 many traders have shifted focus for booking quicker profits by closing Ethereum trades, however, Bitcoin trading continues to be a marathon and not a sprint. A shortage of supply that matches the October 2020 level, may boost the price above $20000, while retail celebrates Bitcoin at $19892. 

Source: https://eng.ambcrypto.com/bitcoin-breaches-19892-on-coinbase

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Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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