ATC Coin decline connected with criminal breach

 ATC Coin turns out to be a financial pyramid
18 October 2017   662

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.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.