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Bitcoin [BTC] fraudster becomes ‘one of the first people in the US to be convicted of stealing cryptocurrency’

Akash Anand

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Bitcoin [BTC] fraudster who stole $7.5 million becomes 'one of the first people in the US to be convicted of stealing cryptocurrency'
Source: Pixabay

Bitcoin’s [BTC] bullish movement on the charts made news again after the price of the world’s largest cryptocurrency rose to a 4-month high. However, the positive news was accompanied by reports of nefarious activities conducted using Bitcoin, something that has been a thorn in its side for a long time.

On April 22, District Attorney of the county of Santa Clara announced that Joel Ortiz,a Boston high school valedictorian, had been convicted of stealing Bitcoin by hacking the phones of victims. The District Attorney’s official press release stated,



“Joel Ortiz, 21, stole more than $7.5 million from at least 40 victims, including two in Santa Clara County. After his thefts, Ortiz spent his loot lavishly – including $10,000 nights at Los Angeles clubs, hiring a helicopter to bring him and some friends to a music festival, and on Gucci luggage and clothing.”

The perpetrator did not appeal any of the 10 criminal charges levied against him as Judge Edward Lee made his decision based on the accounts of victims. Case Prosecutor Erin West stated it was key that criminals in the world of digital assets know that they will be struck down by the law as quickly as possible. West claimed,

“These are not Robin Hoods. These are crooks who use a computer instead of a gun. They are not just stealing some ethereal, experimental currency. They are stealing college funds, home mortgages, people’s financial lives.”

It was also revealed that Ortiz committed the crimes using SIM swapping. It is a technique where fraudsters pose as victims and change their telecom operators to gain access to the victim’s credentials. The District Attorney also claimed that Ortiz was one of five people arrested for their involvement in cell phone scams.





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Bitcoin

TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts

Biraajmaan Tamuly

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TD Ameritrade invests in Eris-X; crypto trading platform to offer spot exchanges and future contracts
Source: Pixabay

TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.

Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

The website stated,

“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”

TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.

Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.



Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.

The official statement mentioned,

“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”





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