Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint lawsuit — as they still believe in the project and hold out hopes of getting a return on their investments. On June 4, Korean law firm Daegon reportedly filed a joint complaint against V Global, its CEO, and three executives on behalf of 130 investors and the Gyeonggi Nambu Police Agency.
The Gyeonggi Nambu Police Agency is reportedly investigating V Global for an alleged crypto Ponzi scheme that reportedly defrauded around 69,000 people out of 4 trillion won ($3.6 billion) — while promising investors they would triple their investments.
A notice on the company’s website says that it strongly denies the "false" claims and has filed a complaint with the Seocho Police “for defamation and obstruction of business”.
The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government towards crypto. According to a report by The New Indian Express on Thursday, the government’s hostile stance towards Bitcoin (BTC) appears to be shifting towards more common-sense regulatory policies for cryptocurrencies.
According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.
These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.
A 21st-century space race appears to be brewing between Elon Musk and BitMEX, with both parties pledging to launch their respective crypto of choice to the literal moon first. On Friday, popular crypto derivatives exchange BitMEX announced it would be supporting space robotics firm Astrobotic Technology in the company’s mission to send its first commercial lander to the moon during Q4 2020.
Noting that the mission aims to be the first instance in which “a private company leading a coalition of government, academia, industry, and international partners reaches the lunar surface,” BitMEX plans to make the occasion by delivering a one-of-a-kind physical Bitcoin (BTC) to the moon’s surface. Referring to Musk as a “Dogecoin protagonist,” BitMEX added:
“We’ve nothing against Dog Money, we felt it was only right to help Bitcoin get there first.”
The announcement followed Musk’s early May news that SpaceX is planning to launch a Dogecoin-funded payload on one of its first rockets to the moon, asserting that Dogecoin (DOGE) would become the first cryptocurrency to reach lunar orbit next year.
Musk responded to BitMEX’s newfound astronomic ambitions on Twitter, proclaiming: “A new space race has begun!”
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