Musiccosmos

A 21-year-old bitcoin dealer from California is being prosecuted for allegedly committing numerous counts of illegal money transmission and money laundering. According to an announcement from the Department of Justice in the Southern District of California, Jacob Burrell Campos was ordered to be held without bail at a hearing on Friday in connection to the charges. Based on a court filing against him entered on Aug. 8 and unsealed over the weekend, the prosecutors alleged that, from January 2015 to April 2016, Burrell sold about $750,000 worth of bitcoin to 900 individuals in the U.S. via his bitcoin exchange service. The document said Burrell had not registered the exchange as a licensed money transmitter and intentionally failed to implement anti-money laundering measures. As such, he was accused of one count of illegal money transmission and one count of money laundering. Further, the prosecutors said in order to fund his “illegal” bitcoin exchange, Burrell committed a t...

ICO failure rates are increasing. However, there seems to be a trend of fewer projects receiving bigger sums. Due to regulatory pressure, ICO bans, and a bear market, investors seem to be taking a new strategy to funding blockchain projects. ICO Failure Rates Surge There is new evidence to suggest that one in two Initial Coin Offerings (ICOs) failed in Q2 of 2018, while those that succeeded suffered huge loses. This is according to the agency, ICORating , whose data suggests 55% of ICO’s failed to complete in Q2 of 2018. The difference in returns between Q1 and Q2 is significant. In Q1, ICOs enjoyed an average return of almost 50%. In Q2, returns equaled -55%. According to Michael Spencer, Editor of Future Sin, this as a sign of blockchain projects deteriorating in quality . But, he believes there is more than meets the eye. Other factors are at play. In particular, regulatory pressure from the SEC, ICO bans, and the Bitcoin price slump. “While ICOs exploded fro...