ATC Coin decline connected with criminal breach

 ATC Coin turns out to be a financial pyramid
18 October 2017   1178

ATC Coin which currently has a market cap of $5 820 940 dropped 36.39% during past 7 days.

ATC coin dynamics charts
ATC Coin Charts

This notable decrease might be linked to accusations laid last week against Subhashchand Jewria, a founder of cryptocurrency known as ATC Coin. The Mumbai Police's Economic Offence Wing found out that this cryptocurrency project was an investment scheme based on a pyramid structure and coins didn't have any value outside of the ATC Coin platform.

Subhashchand Jewria worked on the project alongside with his brother, Chirag Jewria, and both of them were charged with misappropriating investor funds. The EOW’s investigation detected that Jewria earned $12.9 million USD from investments made through his pyramid scheme disguised as a cryptocoin and transferred that money to all of his 28 personal bank accounts.

It a classic case of fraud committed by floating a multi-level marketing scheme and luring investors with high returns and enviable rewards like sponsoring a foreign vacation or gifting high-end cars and also the claim that after completion of a lock-in period of 18 months, the cryptocurrency could be used for online shopping.
 

The Economic Offences Wing of the Mumbai Police

Jewria and his brother were accused of deceit, criminal breach of trust and criminal conspiracy in accordance with the Indian Penal Code. Law enforcement officers of Mumbai seized all their bank accounts and restored millions of rupees, which they hope to return to investors.

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   88

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.