The Bank of Lithuania Probes 100 Million Euro ICO

Last week Lithuania's central bank informed that it is probing a domestic ICO after determining that the token offered counts as a security  
19 February 2018   773

According to the statement, The Bank of Lithuania contacted with blockchain banking firm Bankera regarding its token sale. The sale was advertised on two websites and raised over 80 million euros. Currently, ICO's official website claims that it has raised more than 100 million euros.

The bank considers that the token sale constitutes an offering of securities under state law.

In addition, the ICO distributes its authorized cryptocurrency and has already attracted more than 80 million euros. Taking into account the features set out in the heading and based on the information provided by Bankera's business plan, it is concluded that this ICO falls within the scope of the Law on Securities, i.e. is considered a public offer, and therefore must be executed in accordance with the established requirements.

The Bank of Lithuania

According to the central bank, The Bank of Lithuania draws the attention of other media to the requirements of legal acts and recalls that the Law on Advertising prohibits the advertising of activities that violate the requirements of legal acts.

This action comes after Lithuania’s  released guidance for the blockchain. Last week, Switzerland's financial regulator, the Financial Market Supervisory Authority, released new guidelines last week, indicating it will also treat some ICO tokens as securities.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   98

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.