Illegal Bitcoin Mining Operation Tapping Cheap Power Busted in South Korea

South Korean police have arrested over a dozen individuals involved in an illegal bitcoin mining operation that used cheap electricity afforded to industrial complexes. The metropolitan police agency of Gwangju, a city in country's south, has revealed details of alleged illegal mining activities undertaken …
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US Bitcoin Trader Convicted for Illegal Money Transmission and Laundering (

The U.S. government has been cracking down on individuals utilizing the peer-to-peer platform Localbitcoins. This week an Arizona resident named Thomas Costanzo was convicted for money laundering tied to over $ 164,000 worth of cryptocurrency trades.
Also Read: Arizona Localbitcoins Trader Detained by U.S. Homeland Security


South Korean Exchange Paying Users to Report Illegal Crypto Schemes (

The Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies. The exchange has already identified and reported 20 such schemes to the police.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7


Venezuela’s Oil-Backed Cryptocurrency Declared Illegal (

The Venezuelan parliament has declared the oil-backed cryptocurrency created by President Nicolas Maduro illegal and in violation of the country’s Constitution. Maduro’s decree to create the national cryptocurrency, the petro, has been declared null and void.
Also read: South Korea Urges 23 Countries, EU, and IMF to