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Moonday Mornings: South African Bitcoin Ponzi scheme rakes in $135,000 a day

Bitmain suing former staff, Binance cuts off US traders

moonday morning, bitcoin, blockchain, cryptocurrency, hacks, ethereum

It’s the start of a new week and that means it’s time for Moonday Mornings, Hard Fork’s wrap-up of the top cryptocurrency and blockchain headlines from the weekend.

1. Local news in South Africa is reporting about a cryptocurrency Ponzi scheme. It’s dubbed “Bitcoin BTC Wallet,” and promises returns of 100 percent in 15 days. The scam is estimated to be generating R2 million ($135,000) every day.

2. Bitmain is suing three former staffers after they set up a rival mining pool. The cryptocurrency mining hardware firm is going after $4 million in damages, claiming the trio ignored non-compete agreements, CoinDesk reports.

3. Iceland’s financial regulator, the Financial Supervisory Authority (FME), has approved the first blockchain-focused electronic money firm in the country, it said in an announcement. The approval grants the ConsenSys-backed startup Monerium to issue and handle cryptocurrency.

4. Five cryptocurrency exchanges in Korea have changed their terms of service following advice from the country’s Fair Trade Commission, the Korea Herald reports. The changes will now mean the companies can be held responsible for problems caused by cyberattacks or system malfunctions. Good news for users!

5. From September, cryptocurrency traders based in the US will no longer be able to use digital token exchange Binance. The exchange has updated its terms of use which restricts US-based individuals and corporate traders, The Block reports. But, don’t worry! Binance says it will be back with a fully regulated platform especially for the US market. Watch this space.

There you have it, another Monday and another roundup of Bitcoin and blockchain-related headlines.

Now, on with the week.

Published June 17, 2019 — 08:47 UTC