Monat: April 2024

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SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

  • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
  • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
  • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

Let’s delve into the details of these developments.

SEC’s charges against Geosyn Mining and its co-founders

According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

Bitbot: a Telegram bot revolutionizing crypto trading

While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

Bitbot presale nears $3 million

In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

$BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

Conclusion

SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

The post SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M appeared first on CoinJournal.

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Consensys sues SEC for clarification on Ethereum (ETH) classification as a security

  • Consensys recently received a Wells notice from the SEC for its MetaMask product.
  • Consensys aims to defend Ethereum’s status as a commodity.
  • The company also challenges SEC’s authority over cryptocurrencies.

Consensys, a prominent Ethereum developer, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) over what it deems as an “unlawful seizure of authority” concerning Ethereum (ETH).

The lawsuit, filed in the District Court for the Northern District of Texas, marks a significant move in the ongoing battle between crypto firms and regulators.

Consensys disputes Ethereum’s classification

At the heart of the dispute lies the classification of Ethereum (ETH) as a security.

Consensys asserts that ETH should not be considered a security and contests the SEC’s investigation into its MetaMask wallet product based on this classification. The company argues that MetaMask, a widely-used wallet interface, does not operate as a securities broker under federal law.

Consensys recently received a Wells notice from the SEC, indicating the regulator’s intent to take enforcement action against the company for alleged securities law violations through its MetaMask product. However, the compnay denies these allegations, stating that MetaMask merely provides an interface and does not hold customers’ digital assets or conduct transactions.

Potential impact on Ethereum Network

Consensys warns that the SEC’s assertion of authority over Ethereum could have detrimental effects on both the Ethereum network and Consensys itself.

The company argues that the SEC’s actions contradict past statements regarding Ethereum’s classification as a commodity rather than a security. Moreover, Consensys highlights the regulatory consensus that has shaped its business operations and expresses concerns about the implications of the SEC’s new stance.

In recent months, the SEC has intensified its scrutiny of the crypto industry, targeting exchanges and companies alike and Consensys joins other industry players in seeking legal recourse to block the SEC from treating certain cryptocurrencies or companies as securities.

The lawsuit against the U.S. SEC reflects the growing tension between crypto firms and regulators, with implications extending beyond individual companies to the wider crypto community.

As the legal battle unfolds, the outcome could significantly influence the regulatory landscape for Ethereum and other cryptocurrencies.

The post Consensys sues SEC for clarification on Ethereum (ETH) classification as a security appeared first on CoinJournal.

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Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers

  • The Franklin OnChain FOBXX investors can now transfer the fund’s BENJI token directly between each other without any intermediary.
  • Franklin Templeton is competing with BlackRock’s Ethereum-based BUIDL fund in the tokenized assets niche.
  • Franklin Templeton maintains a 32% market share.

In a move that marks a significant advancement in the realm of digital asset management, Franklin Templeton has announced the tokenization of its US Government Fund on the Polygon and Stellar blockchains.

By embracing blockchain technology, Franklin Templeton aims to enable peer-to-peer transfers for shares in its Franklin OnChain United States Government Money Fund (FOBXX) using BENJI token.

One BENJI security token is a share of the Franklin OnChain U.S. Government Money Fund recorded on a public blockchain and it is currently available on Polygon and Stellar.

Franklin Templeton competing with BlackRock

Franklin Templeton’s initiative comes amidst a competitive landscape, with BlackRock’s new BUIDL fund emerging as a formidable contender in the tokenization space.

Partnering with Securitize on Ethereum, BlackRock’s BUIDL fund has swiftly garnered market share, albeit slightly trailing Franklin Templeton’s offering in terms of Assets Under Management (AUM).

The competition between these two investment giants is poised to intensify as they vie for dominance in the tokenized U.S. Treasuries niche. At the moment, Franklin Templeton maintains its stronghold in the tokenized U.S. Treasuries niche, boasting a substantial market share of 32%.

Expanding utility in the digital asset ecosystem

The tokenization of Franklin Templeton’s US Government Funds signifies a strategic move towards enhancing connectivity within the digital asset ecosystem.

By enabling peer-to-peer transfers of BENJI tokens, the firm aims to broaden the utility of its fund, allowing investors greater flexibility in managing their assets. The move underscores Franklin Templeton’s commitment to leveraging blockchain technology to innovate and adapt to evolving market trends.

The post Franklin Templeton tokenizes $380M fund on Polygon and Stellar for P2P transfers appeared first on CoinJournal.

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Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships

  • Worldcoin recently announced plans to launch its open-source blockchain, World Chain.
  • Worldcoin has faced regulatory challenges around the world.
  • Worldcoin’s collaboration with PayPal and OpenAI will be a major achievement for the company.

Tools for Humanity, the company behind Sam Altman’s iris-scanning project Worldcoin, has hinted at potential partnerships with PayPal and OpenAI.

According to Bloomberg, Alex Blania, the CEO of Tools for Humanity, mentioned potential collaborations with OpenAI and also hinted about ongoing conversations with PayPal. However, no concrete developments have been announced yet.

The company previously collaborated with cybersecurity firm Okta to develop an authentication service, indicating its openness to partnering with established players in the industry.

Worldcoin’s challenges and expansion efforts

Worldcoin describes itself as a free, privacy-preserving, open protocol designed to become the world’s largest identity and financial public network. The project aims to authenticate individuals’ “humanness” in an era of increasing automation and digital impersonation.

Through its unique iris-scanning technology, users can convert their biometric images into encrypted strings of numbers, enabling secure verification of their identity. As an incentive, users may receive Worldcoin tokens, currently valued at around $5, for participating in the scanning process.

Despite its innovative approach, Worldcoin faces challenges, including concerns about data harvesting and regulatory restrictions in European and African countries. The company’s token market cap has also experienced fluctuations recently.

To overcome these hurdles and expand adoption, the Worldcoin Foundation recently announced World Chain, a permissionless, open-source layer-2 blockchain expected to launch in mid-2024. The blockchain aims to deepen integration with the Worldcoin protocol and incentivize users with a World ID.

The potential collaborations with PayPal and OpenAI signify Worldcoin’s ambition to establish itself as a prominent player in the intersection of identity verification and financial technology.

The company’s efforts to forge partnerships with major players like PayPal and OpenAI highlight its commitment to innovation and collaboration. The project continues to pursue its vision of creating a secure, decentralized identity and financial network despite facing challenges such as regulatory restrictions and market volatility.

The post Sam Altman’s Worldcoin eyeing PayPal and OpenAI partnerships appeared first on CoinJournal.