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Maksim Zaslavskiy, a computer programmer from Brooklyn and the first person in the United States to be convicted of running a fraudulent initial coin offering (ICO) has been sentenced to a year and a half behind bars.

As Law360 reported on Nov. 18, the Brooklyn businessman received a prison sentence of 18 months for running two scam ICO’s, both of which were advertised as being backed by collateral — diamonds and real estate, respectively — that did not exist. Zaslavskiy pleaded guilty in November 2018 to conspiracy to commit securities fraud.

More than 1,000 investors duped

Zaslavskiy made it seem as if the ICO was led by experienced real estate professionals, backed by United States property investments, luring in more than 1,000 investors who invested at least $300,000 in the scam ICO during the summer of 2017. Richard P. Donoghue, U.S. attorney for the Eastern District of New York, said in a statement:

“Zaslavskiy committed an old-fashioned fraud camouflaged as cutting-edge technology. […] This office will continue to investigate and prosecute those who defraud investors, whether involving traditional securities or virtual currency.”

According to Crain’s New York Business, Zaslavskiy’s attorney, Mildred Whalen of the Federal Defenders of New York, had argued to federal Judge Raymond Dearie that Zaslavskiy attempt to refund the duped investors. However, PayPal reportedly froze his accounts over concerns that ICO payments were made with stolen or fraudulent credit cards.

When Zaslavskiy told the federal Judge that “at no point I am a thief,” Dearie replied, “You are a thief. You took something that didn’t belong to you under false pretenses,” adding:

“This is a very unusual case for a lot of reasons. It involves new technologies and new currencies. But there is nothing new about lying or flagrant fraud.”

Cointelegraph By Joeri Cant , 2019-11-19 01:30:00 ,

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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

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