Former MtGox CEO Mark Karpelès is believed to have manipulated his own account on the bitcoin exchange by millions of dollars but only admitted to tweaking it several thousand yen; Overstock has sold a US$5 million “cryptobond” to New York-based trading firm FNY Managed Accounts, and more top stories for August 3.
Mark Karpelès Admits to Tweaking MtGox Account, Allegedly Misused US$8.9m of Customer Deposits
Former MtGox CEO Mark Karpelès, who is currently under arrest in Tokyo, is believed to have manipulated and padded his own cash account on the bitcoin exchange by millions of dollars. Karpelès is suspected of misusing the funds privately and sending them to his other firms. The former CEO has admitted to tweaking the amount of a bitcoin account to “the range of several thousand yen or several tens of thousands of yen,” but said this was just to test a computer system.
Overstock Sells US$5m Cryptobond to New York Trading Firm
US retail giant Overstock has sold a US$5 million “cryptobond” to New York-based trading firm FNY Managed Accounts. The sale is part of a proof of concept from the Utah-based e-tailer showcasing how financial instruments can be digitized and traded on cryptographic distributed ledgers such as Bitcoin’s blockchain.
Ethereum Launches; But Leaked Chat Says Project Needs ‘Years More’
The first live implementation of the Ethereum project called “Ethereum Frontier” was released this week, but leaked communications between developers suggest that the project’s future may be under question. Just a couple of months ago, Ethereum team member Matt Liston worried that the project needed “years more of development.”
Microsoft’s Bing Launches Bitcoin Rewards Sweepstakes
A new partnership between Bing Rewards and Tango Card will let users of Microsoft’s search engine redeem reward points for a chance to win US$500 in bitcoin. Bing Rewards awards credits to search engine users that can be redeemed for gift cards and other products, including entries into various consumer-oriented contests. The option to win bitcoin is made possible by Tango Card’s recent partnership with bitcoin processing service SnapCard.
Italian Police Shut Down Dark Web Site; Confiscate 11,000 Bitcoin Wallets
Italian authorities have closed down another dark web marketplace, and have confiscated thousands of bitcoin wallets in association with its use. The market place is said to have hosted over 14,000 members, performing over 170,000 transactions. The illegal activity said to have taken place ranged from child pornography to drug and arms sales, to credit card code and hacking kits.
Poloniex Leaves New York Due To BitLicense
Another Bitcoin business is leaving New York due to the BitLicense. US based altcoin and bitcoin exchange Poloniex is shutting its doors to New York residents on August 8. Customers of the site have been issued an email warning letting them know they must remove funds if they reside in New York.
OpenBazaar’s New UI Prototype Released
Sam Patterson from the OpenBazaar core team released a user interface (UI) demo prototype this week with configurations, customizations and samples. The software itself is still incomplete, but the browser based UI is almost finalized, with new improvements in the chatting system and store/item display.
Singapore-based BitcoinExchangeCoinRepublic Acquired by meXBT
Singapore-based bitcoin exchange CoinRepublic has been acquired by Mexican Bitcoin exchange meXBT. News that CoinRepublic was potentially being acquired first emerged several weeks ago, with founder and former ESL teacher David Moskowitz suggesting the company had undertaken discussions with various parties. This acquisition has now been finalized, with Moskowitz taking over the lead at the meXBT office in Singapore.
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