Pakistan Central Bank Proposes Total Crypto Ban

Pakistan's authorities consider a complete ban on crypto after a scandal that cost thousands of investors $100 million. A committee headed by the bank's deputy governor recommended a complete ban on crypto. On Thursday, Sima Kamil, deputy governor of the State Bank of Pakistan (SBP), submitted the findings to the provincial court. After a careful risk-benefit analysis, it emerged that risks of cryptocurrency far outweigh its benefits for Pakistan. The committee cited concerns over the balance of payments, losses to…

US Man Sentenced to Prison for Fraud Of Over $20M From ICO Investors

A man from San Francisco will go to jail after a US court convicted him of multi-million dollar cryptocurrency fraud, as the Department of Justice (DOJ) said in a statement on Tuesday. 33-year-old Jerry Guo was sentenced to six months in prison by US District Judge Beth Labson Freeman and nearly $4.4 million in restitution after pleading guilty to ICO fraud. During the ICO craze height in 2018, Guo introduced himself to his clients as an ICO advisor and offered…

How Blockchain Solves Fraud in Financial Transactions

Fraud is among the topmost threats of the global economic world, with a PWC report showing that 47% of companies globally reported fraud in 24 months. Every solution aimed at ending fraud in financial transactions has proven futile. The designation of artificial intelligence, for instance, is to reduce direct human involvement in transactions, thus reducing fraud; however, fraud is still surging every year.  A new financial technology, blockchain, which is just over a decade old, is the ultimate fraud solution.…

CFTC Has Charged Three Individuals Who Allegedly Pocketed $15M Through Investment Scams

Two persons (Tal Valariola and Itay Barak) of Digital Platinum Limited (a marketing firm based in Israel) and another individual (Daniel Fingerhut) of All In Publishing (a marketing firm based in the U.S.) have been charged with options fraud and Commodity Trading Advisor fraud. Tal Valariola is the vice president of Digital Platinum while Itay Barak is the co-founder. The Commodity Futures Trading Commission (CFTC) charged the three individuals together because they allegedly worked together to swindle unsuspicious persons of money close to…