The bitcoin sale in Kenya can have troubles

LocalBitcoins Kenyan traders are accused of fraud in selling bitcoin to thief
01 December 2017   583

From I&M Bank and a Safaricom Pay Bill account was stolen 10.2 million KEH (approximately $100,000). In the course of the investigation the police detained three peer-to-peer LocalBitcoins brokers. They was selling bitcoins to the individual who was attempting to launder the funds. But a real thief was a user LocalBitcoins who named BADASS20.

Traders say they did not know who this user is, and that he wants to launder the stolen money. These data are confirmed by correspondence to LocalBitcoins chat. However, the investigative commission for investigating fraud in Kenya (BFIU) froze the bank accounts of these traders, they were also arrested, but then released on bail.

Strangely, BADASS20 was not identified or arrested, although transfers showed his / her bank account. The profile on LocalBitcoins was still active, although it was not visited for a week. Other users have left negative reviews, warning other users that you can not trade with this account.

This case can set a negative precedent for bitcoin Kenian traders if the government prosecutes these bitcoin traders for bank fraud only though they were unaware of the theft and their only connection to the perpetrator was through LocalBitcoins. Also it could have a negative effect on the Kenian cryptocurrency industry.


HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   97

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.