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Venture Capital Firm Owner Announced That He Will No Longer Invest In Crypto Projects



The founder of Beijing-based venture capital firm named BitFund made his announcement public that he will no longer invest in blockchain projects or ICOs in the latest crypto news today.

The founder, Li Xiaolai, publicly announced:

 “From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage). So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet.”

There might be a few reasons why Li decided to move away from the crypto sector mostly because of the crackdown on ICOs by the Chinese government and also because of the rise in scams in the crypto space. A Chinese national TV released a documentary about the technology claiming that blockchain has the potential to surpass the success of the Internet.

However, just after the release of the documentary, the government of China tightened the ban saying that ICOs are considered as illegal fundraising tools.

The government stated:

 “Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes and fraud. The main features are as follows:

  1. Risk of illegal activities, unregulated overseas markets and inability to track or monitor transactions made in ICOs.

  2. Illegal operations like profit-generating pyramid schemes and creating Ponzi schemes by describing them as ‘financial innovations.’’

Li does still hold a huge amount of Bitcoin worth billions of dollars but more investors are turning away because the multi-billion investor Li left the crypto space as the major managing partner.

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Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience

The crypto news today again show the enthusiasm at one of the largest social networks out there, Facebook, to get into the blockchain market. According to a job description that was uploaded on the official Facebook website this week, the company led by Mark Zuckerberg is actively looking for a senior lawyer with experience in both blockchain and payments. Facebook hinted about plans involving blockchain, cryptocurrency and payments in its social media ecosystem. The social network now wants a Lead Commercial Counsel in order to guide the rollout of new offerings. As the job description noted:
“You will be responsible for drafting and negotiating a wide variety of contracts related our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally.”
It continues:
“You will also advise clients on the various legal risks, business strategies and other issues related to commercial transactions and general operations.”
With this, Facebook attracted a lot of attention in the media. After the reports on New York Times last month which hinted on the company seeking support for its potential future token dubbed "Facebook Coin" - this only extends the rumors to new possibilities. The token, which some sources say that may appear within the first half of this year, would act as a cross platform initiative for payments - and may also involve Instagram and WhatsApp - as the two major businesses owned by Facebook. Before this, one report showed that the social media giant (Facebook) had bought a blockchain startup and with that made its first move in the blockchain space. The report was talking about Chainspace, a startup based in the UK, which focuses on blockchain scalability solutions. At the time, one Facebook representative noted that they have hired many Chainspace researchers but hadn't gotten a hold of Chainspace's tech. There are a lot of analyses about Facebook's current plans involving crypto and blockchain - as well as a lot of accents on how the dominant social media network could improve these spaces. For now, however, everything is just a rumor but this recent job vacancy ad has proven that things are looking more serious for both Facebook and its plans in the blockchain/crypto space.
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Kraken Acquires UK Futures Provider And Crypto Exchange Crypto Facilities

One of the largest crypto exchanges in the United States- Kraken, has officially bought the United Kingdom’s based crypto futures provider and exchange Crypto Facilities according to the company’s press release that we are covering in today’s crypto news. Crypto Facilities was founded in 2015 and is fully regulated which gives Kraken a huge step ahead in the European market. Both of the sides decided not to discuss the price of the purchase but they did say that it was a nine-figure deal. Kraken CEO Jesse Powell said:
 “We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings.”
The decision comes after crypto exchanges are trying to expand abroad and expand their reach to users and at the same time circumventing the restrictions by the regulatory climate in the United States versus other markets. For example, crypto exchange Bittrex also decided to launch an international branch of its trading platform that will divide the US users so it can be able to offer more tokens to all of the non-US users. This is why both of the companies (Kraken and Crypto Facilities) agreed on the partnership and focus on going forward. According to the press release:
 “Crypto Facilities will remain London-based, benefiting from the regulatory oversight of the Financial Conduct Authority, one of the world’s most forward looking and innovation-focused regulators, and reflecting Kraken’s commitment to the UK as the leading financial and cryptocurrency hub in Europe.’’
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Market Loses $6 Billion In New Downtrend: Coming Closer To A $3,000 Bitcoin

The cryptocurrency news over the past two days focuses on reds - where the Bitcoin price is still dropping and is right now at $3,871. Even though Bitcoin managed to slid to $3,678, the price has now corrected but no one knows whether this is permanent or only for the day. Other major cryptocurrencies such as Ethereum (ETH) and Stellar (XLM) have declined by even more. The price of Ethereum, for example, dropped from $112 to the current $103 while Stellar managed to slid from $0.15 to $0.13 by over 13%. The market lost billions and is now coming closer to the $120 billion mark, while many analysts expect Bitcoin to continue with this downward trend and potentially drop to $3,000. In the past 12 hours alone, the market lost more than $4 billion of its valuation as tokens lost on average around 10% to 20% of their value against the US dollar. On November 25th, the price of Bitcoin (BTC) managed to plunge to its yearly low of $3,456 as many bears began to fuel one of the strongest sell-offs this year. Based on the intensity of the downtrend of BTC over the past two weeks, a drop to a new yearly low in the $3,000 region may be unavoidable, especially if the volume of BTC is considered. Currently, the conditions of BTC remain oversold at $3,800 and in the short-term, the crypto market could experience a minor recovery from its low price range.
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Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin

Business owners in Amsterdam express their worries in today’s crypto news about criminals who are threatening to harm their businesses unless they pay them insanely high amounts of bitcoin. According to local NLTimes, multiple businesses received emails where the criminals demand more than 50,000 euros worth of bitcoin. If the business owners fail to pay the extorted sum, the criminals threaten that they will plant hand grenades where the business are or as a second option, the business will be shot upon. As a precaution, businesses are required to shut down in Amsterdam for an indefinite period of time in case explosive devices are found or a shooting takes place. A piece of the email threat reads:
 “You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’
In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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