Weekly Cryptalk #20:
This week, the FBI announced it is seeking potential victims of the cryptocurrency Ponzi scheme BitConnect. BitConnect was a cryptocurrency and lending platform released in 2016 which promised high interest rates on loans. At its peak, the Ponzi scheme was worth an astounding $2.5 billion dollars. We'll revisit BitConnect, examine where it went wrong, and see where the FBI investigation is headed – a year after the pyramid stratagem collapsed.
Gladius, a DC based company focused on renting spare internet bandwidth and issued a token, is now charged with conducting an unregistered ICO, in which it raised $12.5 million. However, since Gladius self-reported to the Securities and Exchange Commission, it has avoided penalties. We'll discuss about this case and learn about how the SEC is opening a window for troubled ICOs to come clean.
Finally, Samsung (KS:005930) Electronics (OTC:SSNLF) has announced that its new flagship smartphone, the S10, will have "secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services." Though there are many things we as yet don't know about this next generation device, could this be the big mainstream break crypto has been waiting for?
Join us each week for a new edition of Cryptalk with Clement Thibault. It’s released every Sunday. You can also find it on Spotify, iTunes, or your favorite podcasting service.