Over $8.5 Million in Bitcoin seized by Police of Israel

Large measures of anti-money laundering action has been taken by the cyber department of the State Attorney’s Office
27 May 2018   1304

The organization filed an indictment, stating that Hilmi Git had managed to commit more than 20,000 swindling transactions with Israeli credit cards, laundering the money via the Bitcoin network. Halmi Git, a resident of Hebron, has been charged of multiple scams with credit cards, providing means for committing a crime, carrying out fraudulent trade activity, and laundering the proceeds through Bitcoin. 

According to the report, the Git managed to pile up a total of 1,071 Bitcoin over the course of his crimes. At that time of press, Bitcoin is trading at $7,342.21, making the total value of Git’s fraud at a little over $7.8 million. 

Git processed a forum network and websites used to deliver information on how to commit a range of computer violations. One of these forums is affirmed to have provided stolen credit card information. At the time when the entry to the forum was free, members could acquire a “VIP” membership to gain “fresh” credit card data. Git issued various guides in violation with the country’s Computers and Money Laundering Law. Git also managed another scam, fraudulently realizing mobile phones – often members of his own forums –  at significantly reduced prices.

The indictment dispalys a scheme in which Git would require that the customer transfer his money for the phone, after which point he would proceed to block the client from the forum without ever actually having sent the customer their phone. He would go on to issue a positive feedback message on behalf of the deceived customer, expressing gratitude for the cheaper mobile phone. 

The Israeli State Prosecutor’s Office declares that Git had demanded all the payments to be made in Bitcoin. As such, he has reportedly managed to accumulate more than 1,071 Bitcoin between 2008 and 2018. The Bitcoin wallet of the defendant has been seized and the funds in it are to be confiscated if and when he is found guilty of his crimes.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   46

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.