The Man Who Messed Up:

     We all know that there are many scams in cryptocurrency. However, we are in such a new space that these actions have been hard to prevent, and the people responsible for them fear none. For now, there hasn't been many people to get busted or face repercussions for what they did. The new days have rolled in though, and consequences have begun. Like the recent cease-and-decease of bitconnect from Texas, because their lack of transparency. Cracking down on this mysterious behavior in other countries other than the U.S. as well.

Quick review:  Bitconnect was a lending platform that promised outrageous returns, and had many attributes of a scam/ponzi scheme.

     Now we have just found out that the founder of a majority bitcoin exchange named Bitfunder has just been arrested by the U.S. government. Founder Jon Montroll or "Ukyo" created an exchange more geared to bigger companies, and had especially deep ties to WeExchange.

So what actually happened?:

In a hack between the two companies, 6,000 bitcoins were stolen. That was 6,000 golden btc. 6,000 lambos. 6,000 mansions. Seriously though, they just stole all of that bitcoin, and were easily able to credit it to themselves. Not even being close to getting caught along the way. Eventually leading to the demise of WeExchange/ BitFunder and all the assets that went with them. So, when the SEC decided to further investigate this matter, they came across some curious behavior. Once again that founder nicknamed Ukyo was put in a position to have a testimony in the SEC office. In which, with no surprise, he fabricated the documents. This was no joke. The SEC is brilliant, and saw right through to this. Proving his statement to have had 6,700 bitcoin to be completely false. Then with a number of similar situation, this guy was put under arrest. So what happens with him now, I honestly can not tell. However, if I find out anything like usual, I'll update you guys with a new post!

 🔴Thank you for reading my post! I hope you guys enjoyed, and I'll see you in the next post! Feel free to ask questions or comment/upvote! 🔴  
 

-Crypto DJ