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5000 BTC Lawsuit: Winklevoss Twins vs Charlie Shrem

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Charlie Shrem was once an advisor for Winklevoss Twins and helped them in investing $750,000 into Bitcoin but delivered only $189,000 worth of Bitcoin.

Winklevoss Twins file lawsuit against Charlie Shrem

Charlie Shrem, the founding member of the bitcoin foundation and the co-founder of BitInstant was once an advisor for Winklevoss Twins. Charlie Shrem started his investment in bitcoin back in 2011, the same year he founded BitInstant- Bitcoin Exchange. During this period from 2011 to 2012, the Exchange attracted a lot of investments from major industry players which included a group of investors led by the Winklevoss Capital Management.

 

The BitInstant Lawsuit

An year later, in 2013 the BitInstant exchange was ‘sued’ for false representation of services, after which the founder Charlie Shrem was arrested in a case of money laundering and illegal purchasing of drugs from the Silk Road. Charlie was sentenced to two years in prison and a fine of $950,000. Charlie Shrem was released from the prison in 2014.

 

The Case

Charlie Shrem helped the Winklevoss Twins in investing $750,000 into Bitcoin back in 2012. The Winklevoss Twins claim that they were delivered only $189,000 worth of Bitcoin at that time and still $61,000 worth of Bitcoin was yet to be delivered by Charlie Shrem which amounted to around 5000 BTC at that time (According to $12.5 per Bitcoin). Winklevoss Twins claim that they asked Charlie Shrem multiple times for the missing bitcoin but after they did not receive any positive response from him, their accountant documented the frauds and filed the lawsuit. The Winklevoss twins have also quoted an email in the lawsuit which states that:

“I have been patient, and at this point, it’s getting a bit absurd, I don’t take this lightly.”

 

Charlie’s side of the story

Charlie Shrem claims that after his release from the prison, he had only a very few bitcoin left which he had to sell to pay off his rent. He started working as a dishwasher in a restaurant.

It is believed that Charlie Shrem owns a $2 million house in Florida. Also after an investigation by a private investigator hired by the Winklevoss Twins, it was discovered that the missing 5000 BTC were transferred to Bitcoin Wallets: Coinbase and Xapo in 2013 from a bitcoin address associated with Shrem. It is believed that Shrem had purchased 6 expensive properties, 2 powerboats and 2 Maseratis (luxury cars) from the stolen 5000 BTC.

 

The Court’s side of the case

Jed S. Rakoff (Judge), is leading the case who is the same judge who sentenced Charlie to prison back in 2012. The Judge has approved the freezing of all accounts of Charlie Shrem on Coinbase and Xapo wallet. The case seems to be in favor of Winklevoss Twins who are adamant to see Charlie back in prison.

 

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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