Top Blockchain and Crypto News — 11/04/2020
Telegram Ordered To Pay $625,000 To Lantah After Dropping GRAM Trademark Lawsuit
Reports claim that Telegram has been ordered to pay Lantah LLC the sum of $625,000 for dropping a case of an alleged infringement of the GRAM trademark.
This news is coming after Telegram dragged Lantah LLC, a small tech startup, to court in 2018 for using its GRAM crypto ticker. According to Telegram, Lantah allegedly infringed on its trademark and started an unfair competition with the messaging platform. Furthermore, Telegram also accused the tech startup of trying to launch its GRAM token.
Telegram to pay for Lantah’s legal costs
Responding to the court summon by Telegram, Lantah announced that it was launching a countersuit. The small tech startup owners claimed the GRAM trademark belonged to them as it has been registered under their name by the US Patent and Trademark Office in the late part of 2017.
Binance Recovers $345,000 (99.9%) of Stolen Funds in a DeFi Exit Scam
The leading cryptocurrency exchange Binance has helped recover almost all $345,000 funds stolen due to an exit scam conducted by an automated market maker (AMM) dubbed Wine Swap.
Binance Security Team Recovers 99.9% of Stolen Funds
In a press release shared with CryptoPotato, the popular exchange shared that Wine Swap launched on Binance Smart Chain as an AMM platform on October 13th, 2020. However, just an hour after the product release, the team behind it “pulled the rug,” taking over $345,000 in customer funds.
Binance identified Wine Swap’s team only by their on-chain BSC addresses and saw a total of 19 different tokens sent to 119 different addresses.
South Korea to Ban Privacy focused Cryptocurrencies like Monero
Regulators all around the globe have shown signs of intolerance regarding the development of privacy-enhanced cryptocurrencies, which are almost impossible to track. South Korean regulators are the latest to make a move in this regard, as the nation has announced plans to ban privacy coins from exchanges.
According to an announcement on November 3, South Korea’s Financial Services Commission (FSC) states that cryptocurrency exchanges operating in the nation will no longer be allowed to offer virtual currencies that pose high money laundering risks.
The amendments were made as a part of the Special Payment Act, a set of regulations dealing with the legality of digital currencies in South Korea.
Authorities to send a message with harsh sentencing for fraudster behind $25 million Crypto ICO
The regulators in the U.S. are no strangers to scams and fraudulent activities within the cryptocurrency industry. The rates of these crimes were particularly high during the 2017–2018 ICO boom that ultimately killed these coin offerings. The U.S. government is now seeking harsh sentencing for the owner of one such company, responsible for a celebrity-promoted initial coin offering from 2017.
Federal prosecutors in the U.S. are looking to levy a heavy prison sentence against one of the founders of Centra Tech, the company behind an infamous ICO that was promoted by renowned boxer Floyd Mayweather and music producer DJ Khaled.
CipherTrace report flags 69,370 BTC linked to Silk Road moved to new address
Blockchain forensics firm CipherTrace has flagged a transaction of 69,370 BTC linked to defunct darknet marketplace Silk Road being moved to a new Bitcoin address.
According to the release from the firm, the massive amount of Bitcoin that reportedly originated from the Silk Road darknet marketplace was moved in two transactions. This is the first time the BTC linked to this particular address has been moved since April 2015.
CipherTrace explained that the BTC address 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx moved its entire balance of Bitcoin to a new address bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6 in two separate transactions.
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