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Paraguay Begins to Audit Local Crypto Industry to Comply with FATF Guidelines

Paraguay is looking to take its cryptocurrency industry mainstream, in light of the Financial Action Task Force’s (FATF) guidance on virtual asset service providers (VASPs) released earlier this year.   The Secretary for Preventing Money and Property Laundering, and the country’s anti-money laundering (AML) chief announced a crypto survey in the nation. The VASPs were asked to open … Continue reading Paraguay Begins to Audit Local Crypto Industry to Comply with FATF Guidelines

Australian Blockchain Startup Power Ledger Deploys Blockchain Grid to Audit Renewable Energy

Power Ledger, an Australian peer-to-peer energy trading pioneer, has announced to have bought a 250 kilowatt (kW) photovoltaic system, which will use blockchain-based data management and settlement system. Power Ledger bought the system from Perdaman Advanced energy – an Australian firm – that offers clean energy consulting and project development.    New Approach for Maximizing Energy Generation and Optimal Use  After the … Continue reading Australian Blockchain Startup Power Ledger Deploys Blockchain Grid to Audit Renewable Energy

"The Wars to Come," Blockchain – A Game Changer for Auditors

Every industrial revolution was driven by different automation. The “Steam Engine” began the “First Industrial Revolution”, Previous industrial revolutions were driven by “Factory Machines and Fossil Fuels”. Whereas, the on-going automation revolution is based on “Data-Driven Artificial Intelligence” (AI) and “Blockchain Technology”. If “data is the fuel “of the Fourth Industrial Revolution, “blockchain will be the engine” driving it forward. Both of them have a … Continue reading "The Wars to Come," Blockchain – A Game Changer for Auditors

Couple Charged by the SEC for Defrauding 500 Investors in Fraudulent Water-Backed Cryptocurrency Scheme

The Securities and Exchange Commission (SEC) has persecuted a former Texan pastor and his spouse for allegedly conning hundreds of innocent investors. The SEC said that the Texan couple used alkaline water-backed crypto, TeshuaCoin, to con the investors.   Lawsuit against Texan couple According to the report, the SEC announced a federal court lawsuit filed … Continue reading Couple Charged by the SEC for Defrauding 500 Investors in Fraudulent Water-Backed Cryptocurrency Scheme

World Sustainability Organization Adopts Blockchain-Based Virtual Audits to Curb COVID-19 Spread

With coronavirus (COVID-19) prevention measures necessitating self-isolation and social distancing, Friend of the Sea (FOS), a World Sustainability Organization’s project for seafood certification, has embraced blockchain-enabled virtual audits to mitigate the expansion of this pandemic. As a result, FOS has eradicated onsite scrutinies because safety is of the essence during these trying times. Innovative seafood … Continue reading World Sustainability Organization Adopts Blockchain-Based Virtual Audits to Curb COVID-19 Spread

Crypto Debit Card Issuer Wirecard Missing Over $2 Billion in Cash as Auditor Raises Questions

Shares of Wirecard, a German payment company, have fallen more than 60% after the company announced that its auditor, Ernst & Young (EY), raised questions over missing balances worth 1.9 billion euros (over $2 billion) of cash. The auditor said that it did not have adequate evidence for 1.9 billion euros of cash balances on Wirecard’s trust … Continue reading Crypto Debit Card Issuer Wirecard Missing Over $2 Billion in Cash as Auditor Raises Questions

New York Man Charged with Defrauding Investors $4.5 Million in Cryptocurrency Investment Scheme

A New York man has been charged in US federal court with defrauding investors out of millions of dollars in crypto assets that he used on offshore gambling sites. A criminal complaint was filed on July 9, and the US Attorney’s Office charged Douglas Jae Woo Kim, 27 years old, with wire fraud in which … Continue reading New York Man Charged with Defrauding Investors $4.5 Million in Cryptocurrency Investment Scheme

Crypto Escrow Company Promises Bitcoin, Pleads Guilty to Defrauding Client Over $3 Million

The US District Court of The Southern District Of New York announced that Jon Barry Thompson, the principal of Volantis Market Making cryptocurrency escrow company, has pleaded guilty for allegedly conning a company out of $3.25 million. The company transferred over $3 million to Thompson for the purchase of Bitcoins, which the victim said he … Continue reading Crypto Escrow Company Promises Bitcoin, Pleads Guilty to Defrauding Client Over $3 Million

Creditors of Defunct Crypto Exchange Cryptopia Can Now File For Claims With Audit Firm Following Massive Hack

The creditors of now-defunct New Zealand based cryptocurrency exchange Cryptopia can now file for claims with appointed audit firm Grant Thornton. According to the official announcement released by the audit firm, emails have been sent to the concerned Cryptopia users who are expected to register using the Cryptopia claims portal which is now live. What … Continue reading Creditors of Defunct Crypto Exchange Cryptopia Can Now File For Claims With Audit Firm Following Massive Hack

US SEC Charges “Bitcoiin2Gen” Executives with Defrauding Investors In $11.4 Million Crypto Scheme

The US SEC (Securities and Exchange Commission) has charged three individuals with defrauding investors of $11.4 million through a 2018 controversial initial coin offering (ICO)  called “Bitcoiin2Gen (B2G)”, a crypto scam heavily shilled by celebrities like Steven Seagal.  According to the regulator, Kristijan Krstic, (Bitcoiin2Gen and Start Options founder), John DeMarr (company promoter), and Robin … Continue reading US SEC Charges “Bitcoiin2Gen” Executives with Defrauding Investors In $11.4 Million Crypto Scheme

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