Ex-Digital Marketing Company Executive at StyleHaul Charged With Spending $22 Million Wrongfully

Former-StyleHaul-Exec-Charged-With-Spending-22-Million-Of-Companys-Funds

Dennis Blieden, a former executive who worked at StyleHaul, a company focused on digital marketing, has been charged with embezzlement. According to the prosecution, he was guilty of embezzling around $22 million USD when he worked on the company. He allegedly spent all the money gambling on poker competitions and buying crypto.

Blieden was recently arrested by the police of Las Vegas. The man is being accused of using over $8 million USD from the company in order to buy crypto and to use $1,2 million USD to pay for his poker losses, which is kind of impressive. He also used around $1.2 million USD more to pay off his credit cards.

The executive was obviously living a pretty unrestrained life with the money he stole from the company. He allegedly transferred all the funds form the company’s account to his own and covered the tracks by creating a fake lease. This lease was related to a condominium in Rosarito Beach, Mexico.

In order to “pay the rent” of the condo, he transferred all the cash to his account. The company found out, the police investigated and now he is being charged with 11 counts of wire fraud, one of aggravated identity theft and two forfeiture counts.

At the moment, the police nor the justice talked about how much time he will spend in prison in case he is convicted for these crimes.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Mt. Gox Founder Jed McCaleb Stands Accused of Misrepresentation in New Lawsuit

Mt. Gox Founder Jed McCaleb Stands Accused of Misrepresentation in New Lawsuit
  • Mt. Gox filed for bankruptcy in 2014 after a hack worth millions of dollars.
  • Two former traders are going after the former CEO for misrepresenting the issues faced by the exchange.

Mt. Gox is one of the most notable failures in the cryptocurrency industry, and the troubles were thought to be over a long time ago. However, for the founder, the troubles are still present. Jed McCaleb is now being faced with a lawsuit, based on his mishandling of the exchange.

Reports from CoinDesk confirm that that the legal action was filed on May 19th by Joseph Jones and Peter Steinmetz, adding that the former CEO knew about the “serious security risks” imposed on the exchange at the end of 2010 and the beginning of 2011.

The lawsuit was filed by two former traders of Mt. Gox, who say that McCaleb was not truthful about the financial situation of Mt. Gox after the hack occurred. The court filing said that the defendants were made aware of the risks that Mt. Gox took that let hackers get into the exchange in the first place. The filing adds:

“Rather than secure the exchange, McCaleb sold a large portion of his interest in the then sole proprietorship and provided avenues to the purchasers to cover-up the security concerns at the time without ever informing or disclosing these issues to the public.”

Towards the end of 2011, Mt. Gox was the largest Bitcoin exchange for their trading volume when it was hacked. The attack took 850,000 Bitcoin with it, which was valued at $400 million at the time.

However, this theft was preceded by a missing 80,000 Bitcoin on the exchange, which was not as highly publicized. As a result, the exchange ended up shutting down all trading operations by 2014 when it filed bankruptcy. At the time, Steinmetz said that he personally owned 43,000.

The complaint claims that McCaleb decided to sell most of his interest in Mt. Gox to Mark Karpeles, rather than have the publicity around the lack of refund to users. Court documents indicate that Karpeles was placed in charge of the exchange in 2011 and happened to hold 88% of the shares for the exchange.

In comparison, McCaleb only held 12%. He was charged with data manipulation in the exchange, prosecuted in the courts in Japan, and found guilty.

Despite being eight years since the hack, there are still creditors of the exchange that are working to get back the funds that they lost. However, the trustee of the exchange was ultimately accused of taking the wrong steps when they liquidated the assets, even extending the deadline in April to continue their efforts.

McCaleb appears to be doing rather well for himself at the moment. After all, he ended up founding Ripple, and he co-founded Stellar, which are both flourishing. Unfortunately, no matter the progress that he has made since the travesty of Mt. Gox, these problems seem to keep following him.

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Author: Krystle M

Live Planet’s Blockchain Division Welcomes Departing 20th Century Fox Film CTO to Work on VideoCoin Network

Former-20th-Century-Fox-Film-Industry-Veteran-Joins-Live-Planets-Blockchain-Powered-Division
  • Live Planet, Inc., a media technologies firm, will be joined by Hanno Basse, a former Chief Technology Officer (CTO) with 20th Century Fox Film Corporation.
  • Basse will be joining the Los Angeles based corporation, bringing his wealth of experience as he assumes the position of Live Planet’s Decentralized Media Solutions division, as president.

Traditional Institutions and Firms Considering Adopting Blockchain and Crypto-based Solutions

A few traditional institutions are known to be actively considering cryptocurrency and blockchain solutions as additions to their business, in recent times.

Some have already begun implementing these new solutions while others are reportedly still on the drawing board or in the testing phase.

Facebook, for example, is set to launch its own cryptocurrency called GlobalCoin and as part of its process to secure a space in the growing cryptosphere, the social media giant employed two former compliance managers from one of the biggest crypto exchanges in the world, Coinbase.

Live Planet Secures 20th Century’s CTO

In the practice of employee cross-carpeting, a new move has been announced as an addition to one of the major creators of next-generation media technologies, Live Planet Inc. According to a press release on the 11th of June, the media technologies firm will be joined by Hanno Basse, a former Chief Technology Officer (CTO) with 20th Century Fox Film Corporation.

Basse will be joining the Los Angeles based corporation, bringing his wealth of experience as he assumes the position of Live Planet’s Decentralized Media Solutions division, as president. Basse is a well-known technology expert in Hollywood and is expected to improve on Live Planet’s current solutions and probably add new ones as well. Some of Live Planet’s current efforts include an end-to-end virtual reality (VR) service for streaming videos as well as the VideoCoin network, a video infrastructure platform based on blockchain technology.

Live Planet CEO, Halsey Minor, has expressed quite a bit of optimism at the possibilities that will stem from the new addition. Minor said:

“I’m absolutely thrilled to mark the next stage of growth for Live Planet with the addition of Hanno to our world-class team of media and technology experts. Hanno brings a truly unique level of senior experience to Live Planet that will be extremely valuable to us as we help our customers meet the increasing demands of streaming video and next-generation on-demand services.”

Hanno Basse

Basse has a long track record of contributing to certain key innovations in the film industry. He was one of the key figures responsible for the forging of strong partnerships with major companies like Samsung, Barco and Ericsson. During his time at Fox, Basse was the first chairman of the UHD Alliance and played a pivotal role in the launch of the 4k-UHD Blu-Ray Disc format and the High Dynamic Range (HDR) as well.

Cryptocurrency and Blockchain in Other Film Industries

PewDiePie who until very recently had the YouTube channel with the most subscribers, (currently over 96 million with 3,864 videos) has revealed his decision to join a blockchain video service known as Dlive and begin streaming there. Dlive is powered by the Lino blockchain and seeks to pay content creators as well as viewers, for the effort and contribution to the platform. These creators and viewers will be paid in Lino tokens, the blockchain’s native cryptocurrency.

A little over a week ago, Brazil’s National Bank for Economic and Social Development (BNDES) was announced to be creating a documentary film which will mostly be funded via its own ether-based stablecoin called the BNDES token. The film will be produced in collaboration with a production company known as Elo Company who’s “The Boy and the World” movie by Alê Abreu successfully snagged a nomination at the Academy Awards in 2016.

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Author: Tolu

Defunct Mt Gox CEO Karpeles Launches Tristan Technologies to Create a Blockchain-Based OS

Defunct Mt Gox CEO Karpeles Launches Tristan Technologies to Create a Blockchain-Based OS

Mark Karpeles, the former CEO of the former largest Bitcoin exchange in the world, Mt Gox, has affirmed that now he has decided to “start from zero with a new company and a project that will be based on the blockchain technology. Karpeles will be the new Chief Technology Officer (CTO) of the company, which is registered as Tristan Technologies Co.

He just recently escaped from the case in which he was accused of being involved with the fall of Mt Gox, so he seems ready to start fresh now. Now, as reported by The Mainichi, Karpeles was in Japan when he affirmed that this new startup will have a very ambitious goal: to create a new secure operating system using the blockchain technology.

The idea is really very bold. This new blockchain-based system would be more secure and faster than the OSs we already use.

During the announcement, he said that he acknowledges that his reputation in the country may be somewhat tarnished, so he hopes to create some work which will be very important for Japan to take back its place as a tech leader, something which has been lost to the United States in the last two decades with companies like Apple, Facebook, and Amazon.

He said that Japan used to be one of the major countries before when it came to computers. However, the days have changed and today the U. S. dominates cloud technology, for instance, as well as the internet as a whole. He did affirm that he believed in Japan’s potential, though, so he was ready to fight in order to improve the country.

Karpeles also affirmed that the blockchain could change the world by creating cashless payments and cloud solutions, as well as smart contracts, which could improve our lives significantly.

During the announcement, he also talked about cryptos. He deems them as “highly risky” and said that he does not hold any crypto and also that he’s not really rich today, despite having an early career in crypto.

Karpeles Is Surrounded By Controversies

Despite the announcement and all the positivity surrounding it, Karpeles is far from a very beloved figure in the crypto space.

He is often associated with incompetence during his time as the CEO of Mt Gox, the crypto exchange which was hacked in the first half of the decade and had to shut down after 850,000 BTC were stolen from the company. At the time, Bitcoin was not really so valuable, so the 850,000 BTC was worth “only” $450 million USD.

Also, he was only recently cleared of charges of embezzlement and breach of trust because of the company. He was found guilty of manipulating the data from the exchange, though, for which he should be in prison for two and a half years, a sentence that was recently suspended for four years. He is going to appeal the conviction, though, but he’s going to jail if he doesn’t win.

Back in March, he affirmed that he was innocent of all charges and that he will prove it in court. So far, he has not been able of doing it.

Would You Trust Karpeles?

The main question now is: should we trust this man? The blockchain technology is only as trustworthy as the communities building it. If you create several backdoors or have malicious intent, the technology will not be safe at all. So, should we put our trust in a man that is convicted of fooling investors by adultering data?

Many Mt Gox victims are still struggling to get their money back, so it is hard to simply put our trust in this man again, which was described by The Mainichi as a genius who has come

“clean”.

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Author: Gabriel M