Crypto firm that raised $12.7M with ICO admits it ran out of money, closes doors

A cryptocurrency startup that settled with the US Securities and Exchange Commission (SEC) over its illegal token sale has shut down. Washington-based Gladius Network said last week that it had “ceased operations effective immediately and has filed for dissolution.” “Despite our best efforts, the company no longer has funds to continue operations. Our code will remain available on GitHub for the next three months. We still believe in the power of our technology, and if anyone in the community is interested in pursuing it we welcome it,” the company added. Gladius Network, which helped clients fight off cyberattacks, agreed to… This story continues at The Next Web Read more: thenextweb.com

Railway workers caught mining Bitcoin with state electricity in Ukraine

Employees at the Ukranian Railways have been caught red-handed secretly running a Bitcoin mining farm, costing the state more than $40,000 in power. According to an announcement by Ukrzaliznytsia, the country’s state-owned rail transport provider, the surreptitious cryptocurrency mining operation was reported by Oleg Nazaruk, the company‘s director of the department of economic and information security. “During the inspection of the premises where the so-called farm was located, more than 100 pieces of computer equipment were identified that were generating Bitcoins. The aforementioned equipment was connected to the Ukrzaliznytsia power grid. The estimated amount of losses since the beginning of the year is UAH 1… This story continues at The Next WebOr just read more coverage about: Bitcoin Read more: thenextweb.com

Aussie ‘E-Crime Squad’ arrests crypto exchange owner, seizing his Bitcoin ATM

Australian detectives have arrested a 38-year-old man as part of an investigation into an unregistered cryptocurrency exchange. The man, a resident in Cairnlea — a Melbourne suburb — was arrested at home, where police seized “a substantial amount of cash and false identification documents.” Authorities also seized a cryptocurrency ATM from a shopping mall in nearby Braybrook, which according to Google Maps is approximately 8 kilometres away from Cairnlea. The investigation began in June after the Australian Transaction Reports and Analysis Centre (AUSTRAC), a government financial intelligence agency tasked with monitoring transactions, provided intelligence regarding reports of scam activity linked… This story continues at The Next WebOr just read more coverage about: Bitcoin Read more: thenextweb.com

Instagram influencer nabbed in Dubai for running alleged cryptocurrency investment scam

Aziz ‘Com’ Mirza, a Canadian man living in Dubai, has been arrested by authorities and accused of defrauding investors through a string of get-rich-quick schemes, including real estate-backed cryptocurrency Habibi Coin — once dubbed “the Bitcoin of the Middle East.” According to Gulf News, Mirza, who describes himself as a serial entrepreneur, mentor, influencer, and philanthropist is now in custody at Al Awir jail. Mirza was taken into custody by Bur Dubai Police on October 27. He was arrested after a United Arab Emirates resident claimed they’d lost more than $150,000 in one of his dodgy schemes. Back in April,… This story continues at The Next WebOr just read more coverage about: Instagram Read more: thenextweb.com

Facebook’s ‘cryptocurrency’ Libra unveils official backers, but its future is still uncertain

Facebook has managed to officially sign up 21 organizations to its Libra Association following several high-profile departures from its controversial ‘cryptocurrency’ project. According to a press release, Andreessen Horowitz, Ribbit Capital, Spotify, Coinbase, Uber Technologies, Vodafone, and Xapo are among those who signed the Libra Association’s charter. Additionally, the Libra Association also appointed its board of directors and its consortium executive during the same meeting, held in Geneva, Switzerland. Interestingly, Facebook will continue to play a key part in the project, as David Marcus, Calibra’s CEO and the tech giant’s former blockchain lead, is taking a seat on the five-person… This story continues at The Next WebOr just read more coverage about: Facebook Read more: thenextweb.com