SEC alleges trader used BTC to hide fraud profit

The U.S. Securities and Exchange Commission alleges day trader from Philadelphia Joseph Willner in illegal taking over more than 100 brokerage accounts
01 November 2017   1217

The U.S. Securities and Exchange Commission (SEC) is suing a day trader from Phildelphia for alleged fraud, claiming he used bitcoin to hide their profits. This is reported by Coindesk.

On 30th of October, the Commission issued a suit against Joseph Willner. He is accused in illegal taking over more than 100 brokerage accounts and using the victims' funds to artificially inflate stock prices that he would then trade against advantageously.

According to SEC, Willner used an unnamed bitcoin exchange to hide the profits from illegal activities and convert funds from $ to BTC. After that, funds were transferred to another unnamed person.

To mask his payments to the other individual as part of a profit-sharing arrangement, Willner allegedly transferred proceeds of profitable trades to a digital currency company that converts U.S. dollars to Bitcoin and then transmitted the bitcoins as payment.
 

SEC press release

The Commission states that these two people made at least $700k in profit, using the account take-over scheme and investigation is still going.

Account takeovers are an increasingly significant threat to retail investors, and it is exactly the type of fraud our new Cyber Unit is focusing on.
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Stephanie Avakian
Co-Director,  SEC’s Division of Enforcement

Franck Muller to Create Encrypto Bitcoin Watch

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand
23 May 2019   81

The Swiss luxury watch maker Franck Muller, in partnership with the cryptocurrency trading platform Regal Assets, launched Encrypto, the world's first functional bitcoin watch. This is reported by the Coindesk.

The main feature of Encrypto will be the possibility of "deep storage" of Bitcoin. So, along with the watch, customers will receive a USB wallet containing a private key to the wallet, the public key is applied to the watch face.

A limited line of watches (up to 500 units of male and female models) priced from $ 10 to $ 60 thousand is also available in the online store of Franck Muller, as well as in the company store in Dubai. Along with traditional credit card and bank transfer, you can buy them for Bitcoins.

The company also reported that they are considering the possibility of issuing such watches with the support of other leading cryptocurrencies, including Ethereum and XRP.

In the beginning of the year it became known that the Swiss watch manufacturer A. Favre & Fils is developing a handmade mechanical watch with a built-in cryptocurrency wallet.