New Trump's Unit to Help Fight Crypto Fraud

'Task Force on Market Integrity and Consumer Fraud' must solve a number of problems related to fraud prevention
12 July 2018   1016

President of the United States Donald Trump signed an order, according to which a working group will be created, which, among other things, will develop a guide for the investigation of crimes in the field of digital currencies. This is reported by CoinDesk.

New unit is called the 'Task Force on Market Integrity and Consumer Fraud'. According to the presidential order, published on the website of the White House, task force must solve a number of problems related to fraud prevention. The cryptocurrency industry is mentioned in the document in the context of "digital currency fraud", which is one of the priority issues on which the working group "provide guidance for the investigation and prosecution of cases involving fraud".

In what form the leadership will be issued, it is not clear, but it can be assumed that the working group will draw up a report for the presidential administration.

A lot of these schemes involve bitcoin and other cryptocurrencies which do not flow through the traditional financial system. What we're working on now with our cybercrime task force is a working on a comprehensive strategy to deal with that.
 

Rod Rosenstein

Deputy Attorney General, USA

At the same time, Trump's new initiative does not cause surprise. This year, US authorities announced that they are working on a "comprehensive" strategy for crypto-currencies aimed at addressing the problem of fraud in this industry. In February, the Ministry of Justice formed a working group on cybersecurity, which also deals with crypto-currencies.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.