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BitMEX Pulled $73M From Exchange After Probe Report

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BitMEX pulled $73M from its platform in less than 24 hours right after the reports about the CFTC investigation emerged in almost all altcoin news websites.

The probe reports were first reported in a tweet from the London-based Token Analyst and most of the listed exchanges such as Bittrex, Poloniex, Bitstamp, and Binance have similar flowing amounts in and out. However, BitMEX is popular for its disparity where only $12 million are coming in whilst $85 million was flowed out. Some crypto users were speculating that this occurred due to the panic leaving. The news that broke out yesterday that the Commodity Futures Trading Commission is allegedly investigating the exchange is the reason why BitMEX pulled $73M from the platform.

Many believe that with that big of a volume of BTC on the BitMEX platform, this isn’t such a big hit after all but there sure is a historical precedent for these kinds of numbers. The reported CFTC investigation aims to resolve whether BitMEX was providing services to the US traders. Because cryptocurrencies were ruled to be commodities in the United States, any trading platform that allows trading for US citizens has to be registered with the CFTC. The terms of service of the platform list the US as a restricted jurisdiction so the customers reported that their accounts have been shut down because there were US customers involved.

However, most of the crypto traders have no problem setting up a VPN just go get around the jurisdiction and even the Binance CEO is among the many who advocates the use of VPNs at all times. The recent outflows from BitMEX represent the American traders who withdrew the funds from the exchange in order to keep them from the regulator but of course, this is not certain. As noted in the latest cryptocurrency news, some suggest that the amount of BTC will get to the spot markets again but there is no sure evidence for this. Even if this amount were to be sold off, it should not cause a massive change in the price of Bitcoin.

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U.S. Government Rules Out BTC As Drug Funding Mechanism

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U.S. Government rules out bitcoin as a funding mechanism for the ongoing drug smuggling trend for the fentanyl drug that is ongoing in the country as we read in the coming altcoin news reports. In an advisory that was issued on August 21, the Financial Crimes Enforcement Network (FinCEN) outlined the use of the convertible virtual currency in facilitating the black market. Also, according to the organization, the US is ‘’in the midst of an unparalleled epidemic of addiction and death from fentanyl and opioid used in pain prevention but also in anesthesia. it also claims that the payments occur using Bitcoin $10069.6 which is about 0.12%, Bitcoin Cash $10001.8 which is about 1.65% and Ethereum $189.101 which is 0.85%. Also, named were purchases using ‘’ money services business, bank transfers or online payment processors’’ which were used in the country but also abroad. The advisory further referenced other ‘’ more general money laundering mechanism’’ without further explain them or providing an example. The vague language of the advisory had no hint as well of the volume of funds involved for either cryptocurrency or other methods used for financing. The mainstream media titles seized on the warning as proof that the Trump administration with the help of the FinCEn was looking to crack down on cryptocurrencies once again. As it was previously reported, Trump himself had delivered some harsh comments on Bitcoin in July saying all cryptocurrencies are based on thin air as we read in the latest cryptocurrency news however his comments only had a temporary impact on the markets. FinCen in the meantime noted the crypto’s use in the darknet markets to procure fentanyl and especially via AlphaBay:
 “The Darknet is commonly used for a number of illicit activities, including fentanyl trafficking.’’
In July 2018, the U.S. Government and Department of Justice seized AlphaBay’s servers and assets since at that time the processor was the largest criminal darknet market on the internet. AlphaBay required its users to transact in CVC including Ethereum, monero, and Bitcoin to obfuscate transactions and related parties. Beyond fentanyl, the role of crypto worldwide in illicit activities is still an important topic of constant debate. Despite the warnings from governments, the independent studies find that cash and other fiat currencies remain the criminal’s medium of choice of transactions. Bitcoin’s traceability makes it suboptimal to use in illicit activities because it is an anonymous payment method even with the US authorities saying it would in fact be helpful if its use continued.
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Bitmain Lost More Than $625 Million, Hopes On New Tech To Turnaround

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Bitmain lost more than $625 million in the first two months of this year but it still remains positive that the new technology will help it to turnaround based on the high demand for the new 7nm mining machines as we can read in the coming altcoin news below. According to a report from the Chinese news outlet, the total operating income for the first quarter of Bitmain was about $1.082 billion dollars and with revenues split over the three months as $253 million, $253 million and $579 million. In the first two months of 2019, the company lost more than $345 million and $280 million but in March Bitmain posted a profit of $215 billion. Still, Bitmain lost more than $310 over the Q1 which is not a good look for the company. The loss was down to the outdated 16nm mining rig inventory which was sold at very low prices. Despite the Q1 losses, Bitmain expects a better performance in H2 once the old stack is cleared and the company starts selling the new 7nm machines. Bitmain also placed a huge order for the 7nm chips from the Taiwanese Semiconductor Manufacturing Company whit a lead time of 3 and 4 months. The company expects cash flow to steadily increase in Q3 because advanced orders are expected and then an explosive growth in the earnings as well. The company also expects a huge growth in profits on its artificial intelligence line of products. As we can read in the best cryptocurrency news sites, Bitmain still has to post some improved results if it wants to attract investors to its IPO. The company revived its IPO plans for the United States after the original filing in Hong Kong lapsed. Bitmain had a very bad year in 2018 when the prices fell across the crypto markets and it even took an ill-advised gamble on bitcoin cash. This was considered as good news because the mining became more decentralized and the mining dominance of the company dropped. The upturn in the bitcoin fortunes has also helped the company to recover with some of the sources saying that the staff options were completed already with the revival of the IPO.
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US Senator Sherrod Brown Believes Libra Is A Subprime Mortgage

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US Senator Sherrod Brown didn’t hold back when talking about Facebook’s foray into the crypto space comparing Libra with the subprime mortgage crisis that caused the global recession in 2008 as we have read previously in the altcoin news. Facebook’s entry into the crypto world has made many enemies in the political circles and the backlash for the cryptocurrency was so bad that it painted the rest of the crypto community in a bad light. However, this week the senators have discussed the nature of cryptocurrencies and Libra separately. The high ranking senator Sherrod Brown stated that before the economy was destroyed in 2008, the bankers were trying to pitch innovative products- subprime mortgages. Now Facebook claims that its new currency will help the unbanked and underbanked people so these ‘’ mortgages’’ are supposed to help people who have never had the access to credit archive, leave the American dream and become homeowners eventually. The senator continued to explain that in reality, the mortgages ripped off millions of people and families who ended up losing their homes and life savings so they wrecked the economy and made the inequality in the country even worse. Some of the tech companies and Wall Street banks who were hiding behind innovation as an excuse took over the important public services and destroyed it further. The primary fear arises from the notion that Facebook is attempting to become the world’s first and largest internet bank. With a massive user base of third of the world’s population, even a fraction of the users to use Libra will destabilize the entire existing financial system. The comments that the senator Brown made are similar to those of the Republican crypto adversary Brad Sherman who said that Libra could ‘’ do more to endanger America than 9/11.’’ His rhetoric was applied to bitcoin as well as referring to drug dealers, human traffickers, and money launderers. As seen in the latest cryptocurrency news, Facebook has been in the heat and under pressure from the regulators over the past few weeks. Earlier this week, the company hinted that the project ‘’ may never see the light of day.’’ The data privacy scandals are among the reasons why it is not wise to let Facebook mess up with user bases and data and especially not money.
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Steve Bannon Remains A Strong BTC Supporter Despite Trump’s Hate

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Steve Bannon, the long term bitcoin bull and crypto supporter but most importantly the architect of the Trump campaign, remains a strong supporter despite Trump’s negative stance on cryptocurrencies as we read in the latest cryptocurrency news. When he was speaking with CNBC, Steve Bannon boasted that he had the courage and strength to buy Bitcoin as its price dropped down in 2018 crashing from the previous high of $20,000 to a low of more than $3,100. He stated:
 “I would like to say I had enough foresight and enough courage to buy as it went all the way down.’’
The bitcoin price was trading today at $10,560 which means that Bannon was highly rewarded and some other crypto investors as well that survived the ‘’crypto winter.’’ Steve Bannon had a bullish bet that led Joe Krenen himself who is also a budding Crypto Twitter darling to create a new nickname for the Breitbart executive chairman to ‘’Bitcoin Bannon.’’ Steve Bannon says that his interest in cryptocurrency is now more than speculative. The remarks he made in the past he stated that crypto technology would be a huge and important part of this new true passion project which is the ‘’global populist revolt.’’
 “I think cryptocurrencies have a big future, I really do. I think they can be a very important part going forward, particularly in this global populist revolt.’’
Previously, Bannon called bitcoin and its usage a ‘’disruptive populism’’ and stated that the cryptocurrency is a revolutionary technology because it takes back the control from the central authorities which are central banks and US Federal Reserve who have strict monetary policies and have been causing President Trump so much consternation in the past year. Bannon even noted that he is considering launching its own ‘’utility token for the populist movement’’ but it is still not appear that the plans are going really anywhere. As noted in the coming altcoin news, Trump stated that he is not a fan of bitcoin and some of the cabinet officials have railed against the cryptocurrency and connected it with criminal activity. The Treasury Secretary Steven Mnuchin even warned that it could even become a national security risk and a huge threat to the global financial system.
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