Yet another cryptocurrency scam has been unearthed by the US securities watchdog, this time it is one promoted by a prominent boxer which claimed that it will issue debit cards to convert cryptocurreny into fiats. Meanwhile, an altcoin that has weathered the crypto market carnage in the first quarter, surged on Monday after a leading crypto exchange listed its coin. And an Asian country is trying to cash in on the crypto boom as it plans to tax digital currency trading and investments.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
SEC Charges Founders of Floyd Mayweather-promoted Cryptocurrency With Fraud
Two founders of a cryptocurrency firm Centra was charged with fraud by the Securities and Exchange Commission for carrying out a fake initial coin offering that raised $32 million. The ICO was promoted by boxer Floyd Mayweather. The two founders, Sohrab “Sam” Sharma and Robert Farkas, were arrested. The firm claimed that it will issue debit cards from Mastercard and Visa that will allow users to convert cryptocurrencies into US dollar with which they can make payments at shops.
VeChain Soars Nearly 30% On Bithumb Listing
VeChain, one among the few altcoins to defy the crypto market sell-off in the first quarter of this year, jumped nearly 30 percent on Monday after Bithumb, one of South Korea’s largest crypto exchanges listed the coin. The cryptocurrency, which was listed on other leading exchanges such as Binance and Kucoin last year, has a market cap of $1.5 billion, data from CoinMarketCap showed. As of 6.53 am ET on Tuesday, VEN was up 0.82 percent at $2.80. Late February, the startup rebranded its blockchain as VeChain Thor and the coin symbol was changed to VET from VEN. Still, most exchanges carry the VEN symbol.
Bitcoin Logs Worst Q1 Decline As It Sinks Below $7K
The world’s most popular cryptocurrency has recorded its worst first quarter ever since it started trading regularly in 2010. Bitcoin lost more than half its value since the beginning of this year – from $13,412 on January 1 to $6685 on April 1. The previous biggest decline was a 38 percent fall in the price in Q1 of 2014, according to data from CoinDesk.
Thailand To Impose Tax On Cryptocurrency Trading
Thailand government has announced plans to impose tax on cryptocurrency trading and investments. As per the tax framework outlined by Thai finance minister Apisak Tantivorawong last week, investors would be required to pay 7 percent in value-added tax (VAT) on all crypto trades alongside a 15 percent capital gains tax on returns on cryptocurrency investments, the Nikkei Asian Review reported.
John McAfee’s Crypto Promotional Tweets Carry $105K Price Tag Each
John McAfee, former antivirus company owner and now a self-proclaimed crypto influencer, charges $105,000 for each of his posts on Twitter that is meant to promote initial coin offerings. As described on the website mcafeecryptoteam.com, 90 percent of crypto companies are turned down by McAfee. He will only endorse those that “he truly believes”.
As of 8.12 am ET on Tuesday, Bitcoin was up 4.45 percent at $7,349.99 and Ethereum was higher by 3.63 percent at $403.27 on Coinbase.
by Jyotsna V