Hong kong australia bitcoin
Image supplied. When people can separate crypto currencies from the stigma that marked the technology in its early years, I think its adoption as a tool for philanthropic giving will become increasingly popular. The NCCA is a contemporary art centre. And there is nothing more contemporary in global sociology-economics than block-chain technology.
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- computerworld
- Crypto traders want payback after losing millions to Binance glitches
- Paying with Bitcoin: These are the major companies that accept crypto as payment
- Asia-Pacific stocks mixed; bitcoin surges following Musk comments
- Ether hits all-time high
- Innovation or ‘anarchy’? Bitcoin’s gains abroad underscore tensions at home
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Twelve months after Melbourne based cryptocurrency platform ACX ceased operating and froze the accounts of its users, investors caught up in the debacle are none the wiser to what happened. ACX has been banned for life by the peak industry body while the financial intelligence regulator AUSTRAC has revoked the digital currency license used by the platform. Yet investors still have no visibility over a path to restitution or justice.
Many of them believe they are victims of a well-planned scam and have given up hope of ever getting their money back. According to its website, the exchange was managed by Blockchain Global Ltd and had operated since at least Blockchain Global positioned itself as a successful investor in crypto-adjacent businesses after early successes investing in bitcoin.
Through ACX, Blockchain Global provided bitcoin mining, consulting and other services to a largely Australian customer base.
Blockchain Global is a Melbourne headquartered firm run by Sam Lee. Mr Lee also promoted the platform at events designed to drum up business. The money, it says, was held by another company, Peak Hong Kong Limited.
Liquidators were appointed to Peak Hong Kong in and it was wound up in December The director was represented by Mr Allan Guo, who disputed the findings. However, neither have responded. There are 10 or 20 who lost a lot, who lost more than half a million and the rest are people like me who lost a few thousand each. Mr Said began investing in cryptocurrencies on ACX during the first bitcoin boom in He began by investing a few thousand dollars in popular currencies such as Ripple and Ethereum but following a collapse in the price he lost interest and the investment found its way to the bottom drawer.
By , the price of crypto began to recover and investors like Mr Said returned to the platform. Investors who were unable to withdraw funds in December shrugged off problems as typical Christmas teething problems.
But by early January the situation had not changed. On January 10 the alarm bells started ringing when the company published a message saying it was going through an audit. The two groups merged in July One month after the notice of the audit to ACX, Blockchain Australia issued a statement saying it was aware the platform had been frozen and was concerned ACX had provided no further update. It also said ACX did not respond to a request to show cause why it should remain a member and had banned ACX for life.
The following month Blockchain Global published a statement on its website declaring it had nothing to do with ACX apart from providing funding and technical support.
The company said deposits, withdrawals and compliance with the law were all provided by Peak Trading Group. Its goal is to minimise the risk of criminals using them for money laundering, terrorism financing and cybercrime. Peak Trading shares a director with Peak Hong Kong. He maintains that Blockchain Global merely provided services to ACX and was not the beneficial owner, and that Blockchain Global never held investor funds.
Mr Lee has in fact encountered numerous other setbacks on his path to becoming an influential player on the cryptocurrency scene. After several attempts to list a bitcoin mining operation on the ASX, Mr Lee and his associates pulled the float of Bitcoin Group in Both claims were recanted in corrective statements made to the ASX in He was sent a few links to fact sheets and has not heard anything since.
Despite the problems with ACX, Mr Lee appears to have set his sights on a new venture after a series of videos promoting another crypto-based business chaired by Sam Lee known as the Hypertech Group began appearing on YouTube. The videos spruik the businesses links to Blockchain Global and another ASX listed company that specialises in blockchain-based software solutions, Digital X.
Digital X has issued cease and desist letters to Hypertech to stop using its brand in its promotional material.
They may be better off trying the networking website LinkedIn where Mr Lee maintains an active presence, sharing links to articles and updating them on his activities. Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. Close menu Search Search. James Frost Financial services writer. Mar 1, — Save Log in or Subscribe to save article. Print article License article. Follow the topics, people and companies that matter to you.
Find out more. Bitcoin Add tag. Cryptocurrencies Add tag. Insolvency Add tag. Regulation Add tag. James Frost Financial services writer James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years.
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Crypto traders want payback after losing millions to Binance glitches
Bitcoin mining — the process in which a bitcoin is awarded to a computer that solves a complex series of algorithm — is a deeply energy intensive process. Bitcoin mining — the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms — is a deeply energy-intensive process. Miners are rewarded in bitcoin. But the way bitcoin mining has been set up by its creator or creators — no one really knows for sure who created it is that there is a finite number of bitcoins that can be mined: 21m. The more bitcoin that is mined, the harder the algorithms that must be solved to get a bitcoin become. Now that over Instead, mining now requires special computer equipment that can handle the intense processing power needed to get bitcoin today.
Paying with Bitcoin: These are the major companies that accept crypto as payment
The Hong Kong Monetary Authority HKMA is currently approaching the crypto industry from three dimensions: stablecoins that can be used for payments, investor protection, and how authorised institutions deal with digital assets, according to a statement on its website. Hong Kong regulators, like their counterparts around the world, are shifting towards increased oversight of an industry marked by extreme volatility and frequent scams. Customers of a Hong Kong cryptocurrency exchange have been unable to withdraw money or tokens since late November, Bloomberg News reported last week. The HKMA plans to adopt a so-called "same risk, same regulation" approach to crypto, chief executive Eddie Yue said in the statement. Join ST's Telegram channel here and get the latest breaking news delivered to you. More On This Topic. Hits and misses as cryptocurrency finds a way forward in Singapore. The politics of cryptocurrencies and taxation policy: Korea Herald. Sign up or log in to read this article in full.
Asia-Pacific stocks mixed; bitcoin surges following Musk comments
The rise of using cryptocurrency in business has been saved. The rise of using cryptocurrency in business has been removed. An Article Titled The rise of using cryptocurrency in business already exists in Saved items. An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives.
Ether hits all-time high
By Weston Wellington, Vice President. Bit Player. Past performance is not a guarantee of future results. Any asset subject to such sharp swings may be catnip for traders but of limited value either as a reliable medium of exchange to replace cash or as a risk-reducing or inflation-hedging asset in a diversified portfolio to replace bonds. Assessing the merits of bitcoin as an investment can be problematic.
Innovation or ‘anarchy’? Bitcoin’s gains abroad underscore tensions at home
Australia is more bullish on cryptocurrencies than most other countries around the world, according to a survey published by comparison site Finder on Sunday. Of the nearly 1 in 5 adults in Australia who own some form of crypto, Finder found bitcoin is the most popular coin as Ethereum, meanwhile, is the second-most popular coin in the country with a share of The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
Cryptocurrency-related stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied. Chinese cryptocurrency exchange Huobi Global stopped taking new customers from the Chinese mainland on Friday and would end contracts with clients in the region by the end of to comply with local regulations, the exchange said in a statement on Saturday. Shares of crypto asset management and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world's largest exchanges, fell more than 30 percent after the opening bell.
Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs. Choose your reason below and click on the Report button. This will alert our moderators to take action. Nifty 17, Policy Bazaar
With China banning all trading and mining of cryptocurrency, crypto miners will be see king to move operations to other locations. States will have to reckon with both the benefits and risks this opportunity presents. On 24 September , China declared a blanket ban on the trading and mining of cryptocurrency. This comprehensive crackdown follows years of Chinese attempts to constrain crypto-activity. This has affected various international crypto services, which are now scrambling to cut ties with mainland Chinese clients.
Twelve months after Melbourne based cryptocurrency platform ACX ceased operating and froze the accounts of its users, investors caught up in the debacle are none the wiser to what happened. ACX has been banned for life by the peak industry body while the financial intelligence regulator AUSTRAC has revoked the digital currency license used by the platform. Yet investors still have no visibility over a path to restitution or justice.
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