Skip to content Skip to sidebar Skip to footer

The national police force of New Zealand have seized between NZ$6.2 and NZ$6.7 million in cryptocurrency from a man who allegedly was involved in online movie piracy in the United States.

Two accounts of the seizure

At 5:00 AM local time, on Nov. 23, the New Zealand Herald reported that New Zealand police had restrained around NZ$6.7 million (USD$4.2 million) in cryptocurrencies and NZ$1.1 million (USD$700,000) in bank funds under the Criminal Proceeds Recovery Act (CPRA) from the 31-year old software programmer, allegedly Jaron David McIvor.

An hour later, authorities released a press statement claiming that they had seized $6.2 million in cryptocurrency and $800,000 in banked funds this past summer from a suspect who remained unnamed. The report indicated that police had restrained an additional $472,000 in cryptocurrency and $377,000 in banked funds from an associate in November.

The CPRA is a civil-based process where a high court judge must decide whether someone has accumulated wealth and benefits through significant criminal activity. If this is found to be the case, the judge can grant the order to freeze and confiscate any assets in relation to the alleged criminal activities.

Suspect allegedly involved in piracy and money laundering

In this case, New Zealand police suspect that the Hamilton-based McIvor is involved in money laundering, as he received millions of dollars from an illegal movie-streaming website he helped to create.

Detective Senior Sergeant Keith Kay, the head of the Asset Recovery Unit in the Waikato, said his team became involved after a tip from the U.S. Internal Revenue Service (IRS), which had received suspicious activity reports from PayPal, which led tax officials to McIvor in New Zealand.

The police reported told the New Zealand Herald that McIvor obtained roughly $2 million from the streaming site, which was allegedly deposited into his bank accounts from international wire transfers, PayPal, and Stripe. Kay further commented:

“Introducing illicitly-obtained funds into New Zealand constitutes money laundering and police will thoroughly investigate and restrain the assets of those who undertake such activity […] regardless of where in the world the crime is committed.”

McIvor’s lawyer, Hamilton barrister Truc Tran, said that his client is denying the allegations of money laundering.

Cointelegraph By Joeri Cant , 2019-11-23 01:35:00 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link