Friday , October 30 2020

Moonday Mornings: It’s 2020 and the OneCoin scam is still alive

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Blockchain, cryptocurrencies, and insider stories by TNW.

Canadian authorities issue guidance for cryptocurrency exchanges, and more…

Welcome to Moonday Mornings, Hard Fork’s wrap-up of the weekend’s cryptocurrency and blockchain headlines you shouldn’t miss.

Take a look what happened over the last few days.

The Canadian Securities Administration (CSA) issued new terms, which seek to determine which digital asset exchanges fall under derivatives law, last week.

The “Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets” draws a line between exchanges that pay out to users immediately and those that hold assets for users. Those that hold the assets will fall under securities legislation.

According to Radio New Zealand, a second Samoan church is being investigated by the Department of Internal Affairs in relation to its involvement in the OneCoin cryptocurrency scam.

Investors have said that OneCoin reps targeted the Samoan community in Auckland, New Zealand. Allegedly they sold “tens of thousands of dollars worth of the cryptocurrency.” Even though OneCoin is widely known to be a scam, the scheme said it denies any wrongdoing and is not responsible for its “independent contractors” who sell on its products.

[Read: 2019’s juiciest crypto drama: The saga of OneCoin’s $4B ‘cryptocurrency scam’]

Investors that were affected by the unexpected closure of Ugandan cryptocurrency startup Dunamiscoins have taken their complaints to the country’s government, local news reports.

More than 5,000 people have petitioned Ugandan parliament to pursue refunds for the money they invested in Dunamiscoins. Earlier this year, the company’s directors were arrested and charged, but have so far denied accusations that they were “obtaining money under false pretense.”

A Montreal teen is facing four criminal charges in connection with a SIM-swapping attack which was allegedly used in an attempt to steal cryptocurrency from blockchain proponents and father-son duo, Don and Alex Tapscott, The Star reports.

“We can confirm that last year a hacker attempted steal crypto assets from our company and its employees,” Don Tapscott said. While the Tapscotts may have fended off the attack, others weren’t so lucky. The case involved dozens of victims local police said, the scammers have reportedly netted themselves $50 million in the US and $300,000 in Canada.

And finally…

In a tweet yesterday, Peter Schiff, an American stock broker, said that he has lost all of his Bitcoin because his digital wallet won’t accept his password.

I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!

— Peter Schiff (@PeterSchiff) January 19, 2020

According to Schiff, he didn’t forget his password, rather his wallet is corrupt and won’t accept it. For most of us, losing money or Bitcoin would be a bit of a bummer, but Schiff seems to be taking it in his stride saying: “Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not a great tragedy for me that they’re lost.” I wish someone would gift me some Bitcoin.

Now go and get on with your life. Hodl hard kind stranger.

Published January 20, 2020 — 10:12 UTC

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