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Bitcoin traders allegedly bribe pastor to conduct transactions

New York federal prosecutors allege in an unsealed indictment that Trevor Gross, a New Jersey pastor at Hope Cathedral and Chairman of a credit union, was bribed $150,000 by illegal bitcoin traders to complete transactions for Coin.mx. The unregistered bitcoin exchange was reportedly behind the hacking of a major bank that affected up to 83 … Continue Reading

Bitcoin miners Butterfly Labs agree to settlement with FTC

The Federal Trade Commission filed a complaint against Butterfly Labs, alleging that it charged customers for Bitcoin mining machines (BitForce) and then failed to deliver them until they “were practically useless, or in many cases, did not provide the computers at all.” Over 20,000 customers did not receive the BitForce computers they had purchased. The … Continue Reading

NY Dept. of Financial Services releases final Bitcoin license regulations

The New York Department of Financial Services (NYDFS) made history last summer when it proposed Bitcoin regulations (reportedly the first in the nation) including the requirement that financial firms handling virtual currencies or Bitcoins in New York or for New York residents to obtain a license from NYDFS. On June 3, 2015, the NYDFS adopted … Continue Reading
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