Cryptocurrency scams are nothing new, but they’re rarely as large as this. US law enforcement has arrested Konstantin Ignatov over a fraud charge relating to OneCoin, the cryptocurrency he helped found. Ignatov, his sister Ruja Ignatova (also charged, but hiding) and others allegedly orchestrated a “multibillion-dollar pyramid scheme” where people received commissions for persuading people to buy OneCoin packages that themselves were junk. OneCoin reportedly rigged prices, sold people non-existent coins and didn’t even have a true blockchain to manage the currency.

OneCoin is still running, and has apparently been very lucrative. The firm made about €2.2 billion ($2.5 billion) in profit just between 2014 and 2016, according to the US Justice Department. A third defendant already charged in the scheme, Mark Scott, was said to have laundered over $400 million through banks in places like the Cayman Islands and Ireland.

Jack Dorsey, Twitter CEO, Looks To Stash Bitcoin (BTC) Securely (Smartereum), Rated: A

The CEO of Square and Twitter, Jack Dorsey has taken to his social media page to reveal that he has interest in the crypto space. The techpreneur announced that he purchased a hardware storage device from the leading crypto wallet provider, Trezor. He used Cash App for this process.

Texas Lawmaker Introduces Bill to Ban Anonymous Crypto Transactions (Finance Magnates), Rated: A

In the bill number 4371, the Republican member of the house Phil Stephenson proposed proper identification of the individuals sending or receiving cryptocurrencies. However, the bill clarifies that if a user is already using a “verified identity digital currency”, then there is no need to submit any identity verification to the state.

Kraken Crypto Exchange Steals a Sony Studio Head for Marketing Push (NameCoin News), Rated: B

Kraken, one in every of the most important U.S.-based crypto exchanges with daily volume of around $100 million, has employed a Hollywood veteran to be its 1st chief promoting officer.

Matt Mason spent the last four years because the studio head delineated on his LinkedIn page as AN “innovation lab” in l. a. funded by Sony footage. He left that job last month to require the recently created position at Kraken.