Bitcoin cloud miners a '$20m Ponzi scheme – there was no cloud at all'

BY Shaun Nichols

US watchdog claims no number-crunching hardware ever existed

The US Securities and Exchange Commission (SEC) has filed charges against two bitcoin mining businesses it says operated as illegal Ponzi schemes.

According to a complaint [PDF] the watchdog filed with the US District Court in Delaware, GAW Miners and Zenminer, both controlled by Josh Garza, stand accused of taking money intended for mining operations and using it to pay other investors.

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Singapore PM Urges Banks to Keep Current With Blockchain Tech

BY Yessi Bello Perez

The Prime Minister of Singapore has urged the country's banks and regulators to keep up to scratch with technological developments such as blockchain technology.

Speaking at the United Overseas Bank 80th anniversary dinner held in Singapore yesterday, Prime Minister Lee noted the challenges currently facing the financial industry and highlighted the importance of keeping abreast with technological developments in order to remain competitive.

He said:


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