Chinese Retailer Surges 25% After Saying It Will Accept BTC

09 January 2018   930

LightInTheBox, online retailer which sells goods ranging from wedding dresses to electronic devices announced on January 5 that cryptocurrency is a legitimate means of payment on its main sites, LightInTheBox.com and MiniInTheBox.com. It is stated that all transactions would be processed through BitPay.

I’m glad to introduce bitcoin as a new payment channel to our customers. We think blockchain could potentially be an important technology for us.

Alan Guo
CEO, LightInTheBox

Right after the announcement the company saw its shares surge from US$2.38 to US$3.52 at the start of trading on Monday. The shares later retreated, finishing Monday at US$2.81.

LightInTheBox SharesLightInTheBox Shares

Before yesterday’s surge, the share price had shed 26% between early January last year and January 2, 2018.

However, LightInTheBox is not the only US-listed Chinese company to see its share price spike after announcing an interest in cryptocurrencies. Chinanet Online Holdings, a Nasdaq-listed internet company, surged more than 600% on January 4 after it said a day earlier it would collaborate with another Chinese firm to develop blockchain-related technologies.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   90

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.