Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

A Chicago dealer is dealing with as much as 20 years in jail for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer.

Most 24-year-olds could be fairly completely satisfied to be connected to a brand new cryptocurrency unit for a serious monetary entity. That’s not a foul profession path for somebody who beforehand labored as a cryptocurrency dealer in South Korea earlier than becoming a member of Consolidated Trading LLC to turn out to be an assistant bond dealer in July 2016. A brand new division seeking to dive into the burgeoning crypto world is a good stepping stone for transferring up. That is until that individual is a degenerate gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.

Stealing Begins Almost Immediately
The cryptocurrency group was created by Consolidated in September 2017, and Joseph Kim joined the unit someday throughout that month. He had his personal private cryptocurrency accounts, which he knowledgeable his employer of, and he was instructed to stop all private buying and selling to keep away from a battle of curiosity.
However, Kim transferred 980 litecoins (price $48,000) on a weekend shortly after becoming a member of the brand new unit. When a supervisor discovered, Kim mentioned he transferred the cash to a “private digital pockets for security causes” on account of points he was having with Bitfinex, the cryptocurrency change in Hong Kong. He then mentioned that the cash had been transferred to a Consolidated pockets (which was unfaithful).
In November, the dealer then despatched 55 bitcoins (worth of $433,000) from Consolidated into an unknown account. When confronted on this switch, Kim mentioned that the switch had been blocked and that he was taking steps to unblock it. He later despatched again 27 bitcoins into the company account, leaving 28 in his possession.
The Sizes Get Bigger
Eventually, Kim transferred 284 bitcoins (price $2.8 million) from the corporate’s account into a private pockets. He later despatched again 102 of these cash into the Consolidated account, after which he then transferred the remaining 182 cash into a special account. Of that final quantity, Kim misplaced a portion of it by personally buying and selling.

When ultimately confronted over all of the transfers, Kim admitted to investing in brief future positions utilizing 55 bitcoins. He continued stealing cryptocurrency from the corporate to cowl his margin calls, losses, and private investments. After being arrested, Kim mentioned that he was a degenerate gambler and admitted to changing the stolen Litecoin into Bitcoin for funding functions.
Eventually, Consolidated managed to recuperate roughly 144 bitcoins from Kim’s numerous private wallets. The monetary firm misplaced about $603,000 total from the rogue dealer’s playing habit.
In an e-mail to his superiors at Consolidated, Kim mentioned:
It was not my intention to steal for myself. I used to be perversely making an attempt to repair what I had already accomplished. I can’t imagine I didn’t cease.
Investment playing is actual, and cryptocurrency is only a new avenue for some to indulge within the apply. The US Attorney has charged Joseph Kim with wire fraud, which might web him as much as 20 years in jail. Kim has additionally made historical past, of a form. He’s the primary individual in Chicago to be charged with wire fraud with regard to cryptocurrency.
Do you assume that we’ll see extra circumstances of merchants pilfering cryptocurrency to gasoline their playing habit sooner or later? Let us know within the feedback beneath.

Images courtesy of Pixabay and Bitcoinist archives.
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A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

Litecoin has dominated the cryptocurrency market this week. The fifth largest cryptocurrency by market cap has surged upwards of 50 p.c from Tuesday morning to the time of this writing, arguably bringing the remainder of the market with it. Litecoin is at the moment buying and selling at $233.81, after buying and selling as little as $153.51 earlier this week.

Let There Be LitePay!
The cryptocurrency’s dramatic worth improve has largely been pushed by the announcement that LitePay — an instantaneous cost processor permitting distributors to immediately convert Litecoin transactions into fiat foreign money — will launch on February 28th.

We began as a result of the folks requested @Bitpay to just accept LTC. They wouldn’t, so we took the problem. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

According to Palwasha Saaim, a analysis analyst at Lombardi Financial, LitePay is ready to redefine the “foreign money” facet of cryptocurrencies. Saaim explains:
Litecoin customers will be capable of convert Litecoins to dollars and vice versa by way of their Visa-compatible LitePay playing cards, which shall be usable in any respect ATMs or companies that help Visa funds.
LitePay’s potential is critical, to say the least. Cryptocurrencies have largely been hindered by restricted use circumstances and minimal acceptance. The means to make use of VISA-powered Litecoin debit playing cards to conduct transactions may certainly be a sport changer for the cryptocurrency house — and traders are possible shopping for into that hypothesis.

The announcement of LitePay was additionally adopted by an announcement from main cryptocurrency market Coinbase, which has launched a brand new service affording retailers the flexibility to just accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin funds.
Cash Me Outside
The digital foreign money has additionally obtained an additional increase due to a deliberate weekend forking of Litecoin into Litecoin Cash. Not completely dissimilar to Bitcoin Cash’s forking from Bitcoin, Litecoin Cash claims to be higher than its predecessor — although there’s little proof to help such a declare.
The fork is scheduled to happen on Sunday and can award Litecoin holders free Litecoin Cash. For each one Litecoin, traders will obtain 10 Litecoin Cash.
Charlie Lee, the founding father of Litecoin, has referred to as the proposed fork a “rip-off”, tweeting:

PSA: The Litecoin crew and I usually are not forking Litecoin. Any forks that you simply hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and positively don’t enter your personal keys or seed into their web site or shopper. Be cautious on the market! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

Lee isn’t the one one with a damaging view on forks, which have turn out to be considerably of a nuisance in cryptocurrency as of late.
Many view Litecoin Cash as simply one other try and get wealthy fast by using a widely known model’s likeness to confuse inexperienced traders. However, a consultant for Litecoin Cash informed CNBC:
Charlie Lee is completely proper to be skeptical and to warn the group about potential scams […] in the end, what’s good for miners is nice for the community.

Regardless of 1’s opinion of Litecoin Cash, hypothesis and the will at no cost cash has undoubtedly helped drive the value of Litecoin even greater.
Are you excited in regards to the potential for instantaneous Visa-powered Litecoin transactions by way of LitePay? Do you assume Litecoin Cash is a rip-off? Let us know within the feedback under!

Images courtesy of AdobeStock, Twitter/@SatoshiLite, Twitter/@LitePayInc, and Bitcoinist archives.
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Charlie Lee Labels Litecoin Cash a Scam

Charlie Lee Labels Litecoin Cash a Scam

Forks are actually commonplace within the crypto business. Bitcoin has had extra of them than an Italian restaurant in latest months. While they could trigger confusion to these new to the scene, they’re primarily simply one other model of the unique blockchain. Well most of them are anyway; a brand new fork of Litecoin is probably not all that it appears.

It has been reported this week that Litecoin founder Charlie Lee is actively warning individuals to not belief or put money into Litecoin Cash. The new model apparently has nothing to do with the unique LTC and is simply utilizing the identify to generate curiosity and dupe individuals into believing it’s.
Forking Confusion
One of the most important issues with cryptocurrency for the time being is that anyone can launch their very own one and rip-off individuals out of cash by claiming it’s one thing else. This is why governments are scrambling to get some regulation in place to forestall this stuff occurring.
The purpose of the unrelated altcoin is to extend the block pace at which the community can course of transactions. The creators declare that Litecoin Cash has a objective block time of 2.5 minutes, which is quicker than LTC and with 90% cheaper transaction charges.
The fork will happen at block 1371111, round February 19th, however Lee and the Litecoin workforce say it’s nothing to do with them.

PSA: The Litecoin workforce and I aren’t forking Litecoin. Any forks that you just hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and undoubtedly don’t enter your non-public keys or seed into their web site or consumer. Be cautious on the market! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

Since on the subject of scams, any fork of Litecoin, calling itself Litecoin one thing or different, is a rip-off IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams attempting to confuse customers into considering they’re Litecoin.
This additionally applies to all Bitcoin forks attempting to confuse.
— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018

Free Cash Catch
One of the massive attracts to crypto forks is free equal cash when the break up happens. This is precisely how Litecoin Cash founders are producing assist; they declare to offer 10 free LCC tokens for each Litecoin customers maintain. This is sufficient to entice these wanting a fast buck to leap into Litecoin, which is up 15% previously 24 hours following a month of downtrending.
There is a catch, nevertheless. In order to obtain your free LCC altcoins, a non-public key out of your Litecoin pockets must be imported into the brand new Litecoin Cash pockets. This is inherently dangerous and shouldn’t be tried. There are some workarounds, however on the time of writing, issues don’t seem as they appear. Also, the LCC workforce haven’t offered a secure possibility for receiving cash or elaborated on which exchanges will assist it.

This has been posted on the web site to clarify the identify alternative:
We’re utilizing the Litecoin Cash identify just because it has turn out to be customary in latest months for a coin which forks a blockchain to prefix its identify with the identify of the coin being forked. This apply has turn out to be a broadly understood conference. We’re not related or affiliated with Charlie Lee or any of the Litecoin workforce in any approach; we’re large followers although.
As we’ve seen beforehand within the Bitcoin neighborhood, a fork isn’t just the break up within the chain; the founders and followers are additionally divided. Coin loyalties run deep and scams are abound, so keep secure in crypto land and do your homework.
Do you maintain Litecoin and can you be claiming Litecoin Cash? Share your ideas within the feedback beneath.

Images courtesy of Shutterstock, Twitter/@SatoshiLite, and Bitcoinist archives.
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Let There Be Lite – Litecoin ‘Game Changer’ LitePay to be Released February 26

Let There Be Lite – Litecoin ‘Game Changer’ LitePay to be Released February 26

For years, Bitcoin and different cryptocurrencies have been held again by their restricted acceptance and absence of use instances – conserving them exterior the realm of viable “foreign money.” However, with LitePay solely days away, is all that about to vary?

Here Comes LitePay
On Tuesday, LitePay, Inc. introduced a launch date for its purportedly instantaneous Litecoin (LTC) cost infrastructure – and it’s coming ahead of you may notice.
LitePay was first introduced within the days main as much as Christmas 2017, and now – in response to a tweet from the corporate’s Twitter account – LitePay’s infrastructure will probably be unveiled on February 28th:

We began as a result of the folks requested @Bitpay to just accept LTC. They wouldn’t, so we took the problem. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

LitePay claims to permit companies the power to simply settle for Litecoin funds, in addition to official Litecoin debit playing cards powered by VISA, thus making cryptocurrency transactions with “digital silver” instantaneous and simpler than ever earlier than.
A Game Changer for Cryptocurrency
If profitable, LitePay may probably revolutionize cryptocurrency by actually taking it into the mainstream.
Cryptocurrency, basically, has largely been hampered by minimal use instances, unstable markets, speculative investments, obtuse whitepapers, and shoddy infrastructure amongst varied exchanges — making an already user-unfriendly course of that rather more inaccessible. It has been argued that till cryptocurrency transactions are actually as straightforward as swiping a debit or bank card, they may stay exterior the realm of the mainstream.
Bitcoin has already smashed up in opposition to some severe obstacles on the highway to turning into acknowledged as much less of a retailer of worth and extra of a “foreign money.” Many distributors who as soon as accepted the gold-standard of cryptocurrency have ceased, citing prolonged transaction instances and excessive charges — each of which can be remedied within the not-so-distant future.
Litecoin, nonetheless, might beat Bitcoin to the punch.

LitePay claims to take away the volatility related to cryptocurrency transactions by permitting distributors the power to immediately settle for Litecoin funds, in addition to immediately convert Litecoin into fiat currencies, with solely a 1% charge hooked up to every transaction.
According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will actually be a “recreation changer.” Saaim explains:
Litecoin customers will have the ability to convert Litecoins to dollars and vice versa by way of their Visa-compatible LitePay playing cards, which will probably be usable in any respect ATMs or companies that assist Visa funds.
If LitePay is profitable, the sixth largest cryptocurrency by market cap may simply change into the primary to really break down the obstacles holding crypto again, whereas ushering in a brand new period of acceptance and utility in what haters have been deemed a ineffective market pushed purely by hypothesis.
What do you consider LitePay? Does Litecoin have the prospect to change into probably the most viable “foreign money” of all cryptocurrencies? Let us know within the feedback beneath!

Images courtesy of AdobeStock, Flickr
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Sweet Ambrosia! Dublin Cafe Sells Coffee for Cryptocurrency

Sweet Ambrosia! Dublin Cafe Sells Coffee for Cryptocurrency

Customers in Dublin can now pay for his or her morning coffees or afternoon snacks in cryptocurrency on the newly-opened Crypto Cafe on Aungier Street.

Coffee, Cakes, and Crypto
Started by Nash Basel, the Crypto Cafe goals not solely to be a spot the place clients can conveniently pay with cryptocurrency, but in addition a central hub for crypto fanatics seeking to socialize and speak store over espresso and muffins. The cafe incorporates a display displaying stay cryptocurrency costs and performs host to native cryptocurrency gatherings.

Currently, Basel’s cafe solely accepts Litecoin and Ethereum funds — citing excessive transaction charges for the exclusion of Bitcoin funds. Customers can simply scan the Cafe’s QR code on the register and ship their most popular cryptocurrency immediately from their non-public wallets, although Basel admits that the overwhelming majority of his clients, to date, have opted to pay with money.
Basel encourages  digital forex customers to hodl their cash and go for money funds when the market is down, explaining that it’s higher to purchase espresso with crypto when at a revenue. He defined to The Irish Times:
When you’re profitable [on cryptocurrency investments] you’re spending, because the espresso may be lower than €1 on the time; however when you’re shedding 50 per cent, the espresso may cost you €6.
Luck of the Irish
Basel first began investing in cryptocurrency roughly half a 12 months in the past and has largely funded the Crypto Cafe with worthwhile investments made within the unstable market. In reality, he savvily bought his investments simply earlier than the steep market correction started in January, telling The Irish Times, “I obtained a bit fortunate.”

Basel is at the moment preserving his cryptocurrency espresso funds locked up in Litecoin or Ethereum, slightly than changing them to fiat currencies, citing his perception that the market will virtually actually proceed to rise. He additionally sees many cryptocurrencies changing into increasingly broadly accepted as time progresses, explaining:
It undoubtedly might be a typical forex; it’s gotten too massive already to disregard.
Basel additionally owns Jerusalem, a restaurant on Camden Street in Dublin. However, the restaurant doesn’t take funds of digital currencies.
The Crypto Cafe in Dublin follows within the footsteps of different cryptocurrency-focused cafes, together with ones in Singapore and Prague.
Would you prefer to see extra cafes and outlets begin to settle for cryptocurrency as viable funds? Would you like to pay in Bitcoin, Litecoin, or Ethereum? Let us know within the feedback beneath!

Images courtesy of Pixabay and Bitcoinist archives.
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NFL Players Interested in Tackling Bitcoin, Securing Futures with Cryptocurrency

NFL Players Interested in Tackling Bitcoin, Securing Futures with Cryptocurrency

Bitcoin and different cryptocurrencies are on the ideas of many individuals’s tongues nowadays, and now skilled athletes within the National Football League want to get in on the motion.

Pro Bowl Bitcoinist
The future is all the time unsure, even for extremely paid skilled athletes. With Bitcoin and different cryptocurrencies turning into extra mainstream, NFL gamers are beginning to get entangled.
One participant main the cost amongst his skilled colleagues is the Seattle Seahawks’ cornerback and four-time Pro Bowler Richard Sherman, who started accepting Bitcoin – which he calls “the forex of the longer term” – as a technique of fee for his official merchandise in 2014.
Sherman claims a whole lot of NFL gamers are discussing Bitcoin nowadays, telling CNBC that ever because the dominant cryptocurrency shot as much as $19,000, “it has been frequent dialog for lots of us.”
The prolific cornerback is at the moment nursing an harm to his Achilles tendon and has used the time to review up on the entire cryptocurrency market. He’s fortunately invested in Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), in addition to zero-fee cryptocurrency alternate Cobinhood (COB).

Knowledge is energy! This is what I will be doing whereas I am away from the sector… Learning about Crypto and commerce cash #COBINHOOD #Cryptocurrency #advert pic.twitter.com/bFL7yxvg9l
— Richard Sherman (@RSherman_25) December 12, 2017

Protecting Their Futures
It would possibly come as a shock to some, however one in each six National Football League gamers information for chapter roughly a decade after leaving the game.
“None of us actually grew up with … monetary literacy,” Sherman defined to CNBC, including, “a whole lot of [players] have been taken benefit of by monetary advisers.”

Bitcoin and different cryptocurrencies supply one other funding alternative to NFL gamers seeking to get in on an rising market – although it’s not with out its danger. “There are a ton of various cash,” Sherman says, whereas explaining that the sheer variety of cryptocurrencies obtainable is sufficient to overwhelm even seasoned traders.
Still, he’s pleased to speak crypto along with his teammates and colleagues. However, Sherman is aware of he isn’t a monetary advisor, and thus refrains from giving them monetary recommendation, explaining:
You learn up, you hear nice issues about some [coins], you hear horrible issues about others, they fluctuate all through the day. It is such an unpredictable market.

Despite the volatility, Sherman is fortunately invested in Bitcoin and different cryptocurrencies – and he believes they’re one choice to assist NFL gamers diversify their funding portfolios and defend their wealth, telling CNBC:
Quite a lot of them have simply been attempting their finest to develop into extra educated on not solely cryptocurrencies, however simply shares and buying and selling on the whole […] So folks in my sport, in my subject, are positively turning into extra educated and attempting to be extra clever with how they play for the cash and understanding the place their cash goes.
Hopefully, which means they’re shopping for the dips.
What do you consider Bitcoin and different cryptocurrencies as long-term investments for skilled athletes? Do you suppose crypto may help NFL gamers higher handle their wealth? Let us know within the feedback under!

Images courtesy of iStockPhoto, Pexels.
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