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Facebook-backed Libra appoints former HSBC exec to head cryptocurrency
By Brenna Hughes Neghaiwi
ZURICH (Reuters) – The Facebook-backed <FB.O> Libra project has appointed former HSBC European head James Emmett to lead Libra’s operational unit tasked with developing and operating the project’s cryptocurrency payments system, the Libra Association said on Thursday.
The project has brought in a number of high-level hires since announcing a revamp and formally applying for a Swiss payments license in April, many of them specialised in financial compliance and with ties to U.S. government and authorities.
In May, Libra appointed HSBC’s former chief legal officer Stuart Levey — an erstwhile Under Secretary of the U.S. Treasury during the Bush and Obama Administrations — to head the association overseeing the project.
Its Geneva-based governing body, the Libra Association, in April announced scaled-back plans for a cryptocurrency network linked to individual national currencies and overseen by global watchdogs — a retreat from its original plans for a single coin backed by a basket of different currencies — in hopes of winning regulatory approval.
Central banks and regulators had feared its original plan for a single coin backed by various currencies and government debt, unveiled in June 2019, could erode national control over money if adopted widely by Facebook’s billions of users.
Emmett, who left HSBC earlier this year amid a strategy overhaul, will join the Libra Association’s operating subsidiary, Libra Networks LLC, as managing director on Oct. 1.
Association head Levey, a former colleague of Emmett’s at HSBC, said he was confident Emmett would “help make Libra’s vision a reality”.
Established in May 2019 as a Facebook subsidiary, ownership of Geneva-based Libra Networks LLC was transferred to the Libra Association in October 2019.
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)
Author: Brenna Hughes Neghaiwi
U.S. accuses 2 Russian hackers of stealing $17M in cryptocurrency
Sept. 17 (UPI) — In a coordinated action of the Justice, State and Treasury Departments, the Trump administration blacklisted two Russian nationals who are accused of conducting an online phishing scheme to steal nearly $17 million in cryptocurrency.
The pair are accused of creating websites to mimic those of the actual currency exchanges to obtain the personal identification of the online services’ users, which the men used to gain access to hundreds of legitimate accounts.
The Treasury accused Potekhin of creating the numerous spoofed web domains while Karasavidi is accused of laundering the ill-gotten gains by attempting to conceal their origins through a layered and sophisticated use of multiple accounts and multiple virtual currency blockchains.
“Ultimately, the stolen virtual currency was traced to Karasavidi’s account, and millions of dollars in virtual currency and U.S. dollars was seized in a forfeiture action by the United States Secret Service,” the treasury said in a release.
The men face a maximum penalty of 59 years in prison if convicted on all charges of conspiracy to commit computer fraud, unauthorized access to a protected computer to obtain value, conspiracy to commit wire fraud, conspiracy to commit money laundering and aggravated identity theft.
“The United States will continue to promote accountability among malign actors seeking to undermine our economic security,” U.S. Secretary of State Mike Pompeo said in a statement. “Today’s coordinated action demonstrates our commitment to deterring cybercrimes, which would otherwise impose great costs on Americans.”
Crypto Sports Price Down 43.8% Over Last Week (CSPN)
Crypto Sports (CURRENCY:CSPN) traded down 1.4% against the dollar during the 1-day period ending at 8:00 AM ET on September 16th. One Crypto Sports coin can now be purchased for about $0.0446 or 0.00000408 BTC on exchanges including Crex24 and CryptoBridge. Crypto Sports has a market cap of $122,159.18 and $746.00 worth of Crypto Sports was traded on exchanges in the last day. During the last week, Crypto Sports has traded 43.8% lower against the dollar.
Here is how similar cryptocurrencies have performed during the last day:
Crypto Sports Coin Profile
Crypto Sports (CSPN) is a proof-of-stake (PoS) coin that uses the
Buying and Selling Crypto Sports
Crypto Sports can be traded on the following cryptocurrency exchanges: CryptoBridge and Crex24. It is usually not currently possible to purchase alternative cryptocurrencies such as Crypto Sports directly using US dollars. Investors seeking to trade Crypto Sports should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Crypto Sports using one of the aforementioned exchanges.
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Author: Kim Johansen