Tech Giant Huawei And Chinese Govt Partner To Propel 5G, AI, and Blockchain Adoption

The government of Nanshan District in Shenzhen China has put down a deal with Huawei, a leading global provider of information and communications technology (ICT). According to the deal, the two sides have established a strategic cooperation partnership, agreeing to speed up blockchain adoption.

According to a twitter post from news source ‘The Global Times‘, the agreement was penned on Friday with a common interest to seek the application of blockchain. It was also an agreement to help boost artificial intelligence and other new technologies like 5G and big data. All this is expected to boost Shenzhen City which is already the country’s technology backbone into a globally recognized hub.

The People’s Bank of China (PBoC) recently coupled with Huawei to commence examination of its digital currency. The two are as well collaborating with the country’s biggest commercial banks as well as major telecommunications operators to roll out its digital currency.

Glimmer of hope

Of the total 100% global bitcoin mining share, at 66%, China owns more than half. This would be expected to reflect their positive attitude towards cryptocurrency. This is not the case as Bitcoin has been banned in China since September 2017.

Last year in October however, the President of China Xi Jinping gave hope to all cryptocurrency enthusiasts by urging them to take hold of any opportunity presented forward by blockchain technology.

New York-based research firm CB insights that analyzes data on private companies wrote that in 2019, China was responsible for 22% of all VC deals (compared to a small two percent in 2015). The firm also confirmed in its freshly published report that venture capitalists had rapidly started to pour money into blockchain-related Chinese startups.

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Author: Lujan Odera

Virgil Griffith, ETH Dev Indicted by A Grand Jury For Violating IEEPA During North Korea Event

Virgil Griffith, an Ethereum Foundation Researcher is about to be indicted by the United States District Court for the Southern District of New York. Court records indicate that he was indicted by a grand jury on 7th January 2020. According to the charge sheet, Mr. Griffith is facing charges related to a conspiracy to violate the IEEPA (International Emergency Economic Powers Act).

The federal law was introduced by the United States federal government in 1977. It’s a law that provides the president with sweeping powers to regulate global trade in the event of a national emergency, more so, an emergency that is coming from outside the country’s borders. Virgil is being accused of willfully and knowingly attempting to violate the sanctions that have been placed against the DPRK (Democratic People’s Republic of Korea).

Virgil Griffith’s Arrest

His arrest was executed in late 2019 where he was charged with giving a presentation on how North Koreans can use cryptocurrency and other digital assets, including the blockchain infrastructure to bypass the restrictions placed on the country by global powerhouses. Prosecutors believe that Virgil did so together with the help of others.

A second party is expected to be arrested and arraigned in the Southern District of New York. His charge sheet as presented by the prosecutor’s office reads:

“It was a part and an object of the conspiracy that Virgil Griffith, the defendant, and others known and unknown, would and did provide and cause others to provide services to the DPRK, without first obtaining the required approval.”

The same court is also asking the authorities to seize any property that Virgil may have purchased or earned from the activities he engaged in while in the DPRK. If found guilty, he may spend up to twenty years behind bars.

Varied Sentiments in the Crypto Community

The cryptocurrency community has been divided along the middle with different people expressing different opinions. Vitalik Buterin, the Ethereum founder stated in December 2019 that Virgil’s actions were a good indication of the benefits that come with geopolitical open-mindedness.

Credit: Document uploaded by CoinDesk

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Author: Daniel W

Telegram Under Scrutiny by the SEC for its $1.7 billion Token Sale; Former Chief Investment Advisor Issued a Deposition to Testify

According to the filings made through the U.S District Court in New York, SEC’s main agenda is to stop the launch of Telegram’s blockchain ‘TON’ which is to be accompanied by its native token sale ‘grams’. The commission has in the past touted grams to be unregistered tokens as per the securities legislations.

Bone of Contention

Hyman who has previously worked with Renaissance Capital and Morgan Stanley currently resides in the United Kingdom. The SEC now wants the former Telegram advisor to testify given his close involvement in TON’s token sales over the course of 2018 and part of 2019.

Emails by Hyman to Telegram investors reveal that the firm may have breached some procedures in raising its $1.7 billion during the pre-token sale.

Some of the irregularities in the email threads to investors include a follow-up on the gram token secondary prices despite Telegram’s intention wait until its network is running for valuation in the grey market. Hyman had also stated in the past that Telegram would have a 3rd round token sale for private investors but this never happened.

In addition, advise to HODL gram tokens did not hold water for the TON investors as the tokens were accepted by several crypto markets/stakeholders.

Pavel Durov, the CEO of Telegram, had introduced Hyman to a fair number of potential investors. These include popular figures in the FinTech arena like Softbank’s Rajeev Misra and Dave Munichiello from Google Ventures.

These are some of the interactions that the SEC is after but so far has met resistance from Hyman who is yet to comply with a deposition issued against him.

Earlier on, Hyman through his counsel Greg Campbell had agreed to appear for talks with the SEC.

This has however took a different turn after Campbell went dark on the SEC ignoring emails and calls from the commission. The SEC has stood its ground that gram tokens are not exempted under the Regulation D securities and therefore Telegram mislead its investors during the token sale.

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Author: Lujan Odera

Onecoin Victims Denied by Court for Alternative Service Request on ‘Crypto Queen’ And Two Others

The New York Southern District Court has denied a request filed against alleged fraudulent digital currency scheme OneCoin and other individual defendants linked to the scheme. The plaintiffs filed their lawsuit about one month ago with the hope of being awarded damages arising from the fraudulent and for alternative service of their complaint. Judge Valerie E. Caproni nixed the plaintiff’s request through an order signed yesterday, November 1, 2019.

In the lawsuit dated October 1, 2019, lead plaintiff Donald Berdeaux and plaintiff Christine Grablis filed a Motion for Leave to Effectuate Alternative Electronic Services upon the four defendants; Sebastian Greenwood, OneCoin Ltd, Irina Andreeva Dilinska, and Ruja Ignatova. The plaintiffs proposed alternative services on the defendant OneCoin via social media and Federal Express to the company’s Dubai office, email to [email protected], and [email protected]

The plaintiffs further claim that they were unable to find addresses that would effectuate services on defendants Dikinska, Greenwood, and Ignatova by traditional means provided for under Rule (2) and (4)(f)(1). These three defendants have been executive employees of OneCoin and apparently operates in Europe. Their locations are, however, yet to be known, and as a result, the plaintiffs have proposed service on the three defendants via Federal Express to OneCoin offices and by email to their known addresses.

The court noted that the plaintiffs lacked to provide proof that the proposed email was functional and practical for use. The website, which also matches the proposed email seems to be nonfunctional. The plaintiffs were advised by the court to address the concerns in a new alternative service application.

Judge Valerie E. Caproni said in the ruling that,

“the court denies the plaintiffs’ motion because they did not show that they had taken all reasonable steps to serve the defendants.”

The court was skeptical that The plaintiffs’ proposals on alternative means of service meeting due process was a concern for the court. The plaintiffs stated that OneCoins address is listed as the United Arab Emirates address. OneCoin’s registered office to persuade the court but lacked to provide evidence to support the assertion.

The plaintiffs in this lawsuit represent all those individuals who transferred cryptocurrencies or fiat currency either directly or indirectly to the defendants OneCoin in which to invest in their Trade Packages and suffered monetary injuries as a result. The lawsuits backdate to all transfers made from April 2014 to March 2018.

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Author: Denis Miriti