Bitconnect Promoter Sentenced | Key Points | July 16, 2024

General manager. Welcome back to BitPinas Key Points: Easily digestible news in concise formats for easy reading. In today’s roundup: Bitconnect.

Here is the latest cryptocurrency news from the last 24 hours.

Market Analysis & Updates 📈

Cryptocurrency price update

Here are the crypto highlights of the day:

• Bitcoin (BTC): $64,643.42, up 6.0% over the last 24 hours.
• Ethereum (ETH): $3,474.68 up 6.0% in the last 24 hours.
• Solana (SOL): $159.39, up 5.9% from the previous day.

Trending Coins Update

• Rocky: $0.0219, up 59.8% from the previous day.
• Mdex: $0.0582, up 78.0% in the last 24 hours.
• PacMoon: $0.0445, down 13.9% from the previous day.

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📺 BitPinas Webcast Announcement: PHPC Launch on Ronin

Join us for the upcoming BitPinas webcast with Wei Zhou, CEO of Coins .ph, and Jeff Zirlin, Co-Founder of Sky Mavis, discussing the launch of PHPC (Peso Stablecoin) on the Ronin blockchain!

1. What are its implications for the current PH crypto landscape?
2. What is the potential impact on web3 gaming?
3. Exciting developments on Coins and Ronin and what the future holds for both organizations.

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Top Stories: Bitconnect Promoter Sentenced for Unlicensed Financial Advice

John Bigatton, promoter of the defunct Bitconnect platform, has been convicted of providing unlicensed financial advice.

• Bitconnect has come under regulatory scrutiny in several countries, including the Philippines. (See previous articles Here)

Key points:

• Bigatton promoted Bitconnect in Australia without a financial services license, resulting in a five-year ban from operating companies, Coin’s Telegraph AND News reported.
  • He promoted Bitconnect from August 2017 to January 2018 through seminars and social media.
• Bigatton claimed that BitConnect Coin was superior to traditional term deposits and could reach $1,000.

Bit Connection was a cryptocurrency investment platform launched in 2016. It offered a digital token called BitConnect Coin, which could be exchanged for Bitcoin.

• Bitconnect was later exposed as a Ponzi schemewith promises of high returns for investors that proved unsustainable.
• Bitconnect has gained notoriety during a 2017 event in Thailand, where promoter Carlos Matos famously exclaimed the phrase “Bitcoooonect!”

Australian Securities and Investments Commission (ASIC) Deputy Chair Sarah Court has warned that unlicensed financial advice is damaging confidence in Australia’s financial services industry.

• In 2018ASIC set a new precedent by freezing Bigatton’s assets, including cryptocurrency holdings, marking the first such action on digital assets in the country.

Still: Bitconnect founder Satish Kumbhani remains at liberty despite a 2021 lawsuit filed by the U.S. SEC for fraudulently raising $2 billion.

Philippine Cryptocurrency News 🇵🇭

• Ben&Ben’s official YouTube account, along with those of other artists such as SB19 and Rico Blanco, were violated to stream a fraudulent XRP promotion.
• ICP Center PH announced its first regional blockchain conference of 2024 at Holy Angel University on July 19.
• Coinex Philippinesshared Highlights of his participation in the Baguio City University Tour.

Educational Corner 🎓

In addition to the article, BitPinas also offers video learning opportunities through interviews and webcasts. Check them out Here.

Regulation Watch 📜

Stay informed about the latest regulatory developments and what they mean for you:

• South KoreaThe right-wing party People Power proposed postponing the introduction of a 20% tax on cryptocurrency earnings from 2025 to 2028.
• A judge granted Cash Tornado Developer Roman Storm’s request for a three-month delay for the trial, originally scheduled for September 23, 2024, has now been pushed back to December 2.
• Hong Kong AND Improve its ability to track and disrupt illicit cryptocurrency activity, leveraging experience gained from recent cases such as a kidnapping with a ransom demand in Tether (USDT).
• THE United States SEC concluded its three-year investigation into the Stacks blockchain and its developer, Hiro Systems, without taking any action.

Community Spotlight 🔦

Meet Joniel “JB” Bon: JB is the founder of NFTxStreet, a guild of web3 service providers and a sub-guild of YGG.

• In February, NFTxStreet introduced its physical gaming hub in Quezon City, which aims to integrate traditional or web2 players into web3.
• He is also a guest on the BitPinas webcast, his last appearance was in the 40th episode “Pixel, Airdrop and PH Art Fair”.

More news on Web3 and AI 💡

Discover the latest in web3 and AI innovation.

• The best VCs invested AI and cryptocurrency startup Sentient, which raised $85 million, was impressed by the strength of its founding team and its ambitious vision of creating an open-source, monetizable general AI platform.
• Dividera blockchain settlement network, lifted up $60 million in a Series B funding round; to enhance its multi-currency, cross-border, real-time clearing and settlement capabilities.
• Wirex and Visa enlarged their partnership to improve digital currency adoption in the UK and the European Economic Area (EEA), focusing on the integration of innovative Visa cards to simplify payment experiences.

Web3 Gaming Section 🎮

The future of web3 is gaming: here are the latest news.

• Pixelverse lifted up another $2 million in private funding, for a total of $7.5 million, to expand its cyberpunk-themed game and improve cryptocurrency accessibility through gameplay mechanics.
• Eden Games, a subsidiary of Animoca Brands, launched Cosmic Royale, a Web3 kart racing game within Animoca’s Motorverse ecosystem.
• Cattizene AND preparation to launch its Game Center by the end of 2024, with the aim of supporting and accelerating the development of Web3 games.

Event Announcements 📅

Do not get lost: Upcoming events, webinars and meetups in the cryptocurrency world!

Our meeting in Davao will be held on July 25, we see them!

Noteworthy 🌟

Key updates and announcements from the world of cryptocurrency and blockchain:

• A dormant bitcoin wallet containing 1,000 BTC, worth about $12,000 in 2012 and now valued at over $60 million, transferred its funds to a new address after nearly 12 years of inactivity.
• Celsius reached up an agreement with KeyFi founder Jason Stone, which includes the liquidation of the tokens and hundreds of valuable NFTs transferred from KeyFi.
• Coin Statisticsreported a June cyberattack that resulted in the theft of $2.2 million in cryptocurrency from 1,590 wallets; the likely attacker was identified as the North Korean-affiliated Lazarus Group.

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This article is published on BitPinas: Bitconnect Promoter Sentenced | Key Points | July 16, 2024

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