Cryptocurrency

Business • Economy
PayPal announces launch of cryptocurrency service
PayPal announces launch of cryptocurrency service
Credit: unsplash.com / Dmitry Demidko

PayPal has announced that cryptocurrencies such as bitcoin will in the future be supported by their services and will enable users to buy, hold and sell digital currencies through their platform.

PayPal President and CEO Dan Schulman has stated that "our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange".

Business • Economy
Telegram to pay fine and return $1.2 billion to investors to settle SEC charges
Pavel Durov, CEO and co-founder of Telegram
Pavel Durov, CEO and co-founder of Telegram Credit: Techcrunch (Creative Commons Attribution 2.0)

Telegram Group has agreed to an $18.5 million civil settlement with the U.S. Securities and Exchange Commission (SEC) and to return $1.2 billion to investors to resolve charges over an unregistered digital token coin offering, the SEC said in a statement on Friday.

In October 2019 the SEC filed a complaint against Telegram alleging the company had raised capital through the sale of 2.9 billion Grams, on its TON (Telegram Open Network) blockchain, to finance its business.

"I want to conclude this post by wishing luck to all those striving for decentralisation, balance and equality in the world. You are fighting the right battle. This battle may well be the most important battle of our generation. We hope that you succeed where we have failed." wrote Pavel Durov, creator of Telegram, announcing the shutdown of its TON blockchain platform.

Technology • Internet & Web
New Zealand Police have frozen $90m from Russian IT expert

New Zealand Police has frozen $90 million from a New Zealand based company belonging to Alexander Vinnik who had been arrested in July 2017 while on a family vacation in Greece. The Russian IT expert has an open extradition warrant from the United States and France where the authorities accuse him of money laundering, identity theft, drug trafficking and computer hacking. The authorities also accuse him that he has operated BTC-e, a cryptocurrency exchange that allegedly enabled money-laundering. The Greek legal team of Vinnik denies that he ran the exchange and says he was an employee.