The SEC Has Shut Down Another Scam Project and Fined It $30 Thousand

sec shut down a scam

Although the new advisor of the Securities and Exchange Commission sees great potential in cryptocurrency, the organization keeps finding and liquidating suspicious projects and scams. This time the time has come for the company Tomahawk Exploration LLC.

Tomahawk promised its investors to be an intermediary and convert their funds into the shares of the company specializing in oil production. The prices of oil would go up, and the investments would grow correspondingly.

It does sound tempting, but the ICO turned out to be just another scam in the list of the SEC. The Commission has shut the company down with a fine of $30k, also the ex CEO of Tomahawk is not allowed to hold any leading positions of any enterprise or own any company shares.

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UK Is Highly Likely To Ban Cryptocurrency Derivatives Due To Market Volatility

The United Kingdom adopted an attitude of severity towards cryptocurrency long ago. As the situation is quite pitiful on the market right now, the Financial Conduct Authority (FCA) in the UK decided to grapple with cryptocurrency derivatives that seem to be pretty unpopular among UK authorities.

The representative of the FCA, Christopher Woolard, claimed that they were discussing a possibility to ban crypto contracts-for-difference (CFDs), including options, futures, and transferable securities.

Woolard said:

“We’re concerned that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues.”

The current market volatility may alienate people from crypto investments, and may force authorities to ban or put big limitations on using cryptocurrency. Nevertheless, we want to remind you

Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

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John McAfee Wants the Crypto Community to Calm Down

John McAfee, who undoubtedly has lots of experience on the crypto market seems slightly annoyed with the panic that arose over the price collapse of cryptocurrencies.

McAfee believes that the phenomenon of bear market is quite a common state which happens from time to time, but eventually goes away and gives way to bullish trends. He also stated a couple of reasons which, in his opinion, might have caused such a downtrend, including inadequate crypto regulation and traders’ uncertainty.

The crypto enthusiast also mentioned the fact that the crisis might end, as the forces ruling it leave. Can it be connected with the recent Jihan Wu vs. Craig Wright scandal?

Crypto Wars: Jihan Wu vs Craig Wright, Who Gets McAfee’s Support?

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Bitcoin Cash CV Goes Wild and Reorganizes Its Own Blocks

The recent hard fork of Bitcoin Cash has caused a lot of noise in the crypto community. Some people even blame the collapse of the crypto market on this event. Moreover, as most experts predicted, the fork didn’t proceed smoothly and keeps causing confusion.

One of the newly emerged coins, Bitcoin Cash CV, developed by CoinGeek and supported by Craig Wright, conducted a reorganization of its blocks without any assistance from outside. According to multiple specialists, this is a major violation of the way blockchain functions.

Due to such a frivolity, Bitcoin Cash CV might soon be delisted from major crypto exchanges.

We remind you:

Bitcoin Cash ABC Was Attacked by an Enormous Amount of Spam

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Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

OKEx upset its customers once again, this time the crypto exchange cancelled their investments too early, as a result, they lost quite impressive amount of money – $135 million.

These investments include Bitcoin Cash futures; OKEx has implemented such investments recently, however, they were not approved by any regulated business.

The exchange took all the measures due to Bitcoin Cash hard fork last week:

“Due to the upcoming hard fork, strong volatility is observed in the BCH spot and futures markets. We expect an even greater volatility…The final outcome of the BCH hard fork is still unpredictable, and so are the responses of other constituent exchanges to the new forked coins.”

Nevertheless, the disruption happened and caused drastic drop in cryptocurrencies’ prices. The Hong Kong-based OKEx decided to deliver the contracts before their due dates. It caused losses to some investors. According to Bloomberg, Qiao Changhe, one fund manager, lost $700,000.

We remind you

Bitcoin Cash: Overview, Advantages and Disadvantages, Details of The Hard Forks

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A Communist Party Committee Will Be Opened Up in China by Huobi

As stated by South China Morning Post, one of the world’s largest cryptocurrency exchanges Huobi, more specifically, its filial, will launch a special Communist Party Committee. This is the first time a crypto or blockchain-related enterprise has done so.

The firm Beijing Lianhuo Information Office, owned by Huobi’s CEO, will now operate a communist division. There are two reasons for that: firstly, the law of China dictates that any company that has more than 3 members of the Communist Party as employees must have such a committee for promoting the Party; secondly, this will strengthen Huobi’s position on the legislative level.

This might be a very wise decision, taking into consideration the attitude of the Chinese government towards cryptocurrency.

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Crypto Doomsday: Ripple Conquers ETH, While Its Taking Last Breath

The crypto industry is currently suffering one of the largest downtrends in a very long period of time. Cryptocurrencies are not just falling in price, they are absolutely and totally collapsing.


What catches your attention, besides the fact that all coins are in the deep red zone? Yes, you are right, the 2nd place after Bitcoin, which has always been occupied by Ethereum, now belongs to Ripple. XRP only lost 2.89%, whereas Ethereum plummeted by almost 15%.

Though XRP did outrun ETH before, the previous time it was not a convincing victory, since the things quickly went back to normal. This time, however, many crypto specialists believe that XRP might be here to stay.

Actually, this is not the first recent change in the rating of top digital coins. We remind you:

Stellar Has Outrun EOS and Became the 5th Top Cryptocurrency

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