The break down of what reportedly claims to be Australia’s initial online mattress retailer OzMattress and cryptocurrency store head Stefanos Papanastasiou is hither to be brought to court before his clients over the loss of to AUD$20 million ($14.2 million). Daily Australian newspaper The Length of existence reported about the argumentation on Strut 19. Per the report, Papanastasiou told his clients in 2017 that he had spent half a million Australian dollars ($355,000) to upon an algorithm that delivers affluent returns through the trading of Bitcoin (BTC) and Ethereum (ETH)-based tokens. According to the claim filed through possessions developer Savvas Alexiadis, inseparable of his clients, Papanastasiou owes him more than AUD$2.7 million (scarcely $2 million). The documents filed with the Top Court of Victoria articulate that Alexiadis transferred across AUD$2.1 million (approximately $1.5 million) into a Papanastasiou’s trading account. Furthermore, he reportedly also transferred an unspecified quantity of BTC into wallets managed at near Papanastasiou. The call also cites messages allegedly sent by Papanastasiou: “Sam, don't wangle caught up in the details. Give over it to me. Stop me skilled in open sesame login appropriate for ACX account]. I'll deal with whatever funds are in there ... Eyes on the trophy Sam. Understood? Got your back.” Furthermore, the documents also rights that Papanastasiou asked Alexiadis to turn over AUD$40,000 (all through $28,000) to his woman, AUD$35,000 (nearly $25,000) to his sister and $450,000 (about $320,000) to a mattress supplier in Thomastown, hopeful to send an equivalent in crypto assets. The Age notes that Papanastasiou and his trouble, Shalini Ganapathy, defaulted on the acquire of a AUD$5.44 million legislature after December 2017, when Bitcoin had reached its $20,000 peak. The website of Papanastasiou’s mattress retail business, OzMattress, is seemingly offline at push time. The require also notes that Papanastasiou has over again refused to produce an account of trading vim and did not obey with requests to square with the amounts asked beside his clients. In comeback to Alexadais’s application to revert the hither $2 million, Papanastasiou reportedly said: “The Ultimate Court power is unfamiliar to me and I in view to go to bat for myself against his claim as he has been compensated in excess of $2.7m <>..] Sam and his associates give birth to a enormous numbers to explanation in favour of as the truth of events is vastly unconventional and far more sinister.” Also, Indicator Thompson, a former Australian Football Band mentor accused of MDMA and methamphetamine trafficking in May last year, contributed for one million Australian dollars (about $709,000) to Papanastasiou’s fund as united of his clients. As Cointelegraph reported, the Australian anti-money laundering watchdog has recently suspended the registrations of two cryptocurrency exchanges in interplay with an alien drug trafficking case. In other law enforcement and crypto expos‚, a Pooled States Quarter Attorney also recently charged the founders of an intercontinental cryptocurrency pyramid plot that involved the marketing of an allegedly imitation digital currency called “OneCoin.” Sum up a comment... Follow us on Common updates Your Email #Bitcoin News #Cryptocurrencies #Fraud #Australia #Ethereum #Bitcoin Scams Expos‚ 519674718 1 HOUR AGO During Helen Partz Swiss Federal Directors Initiates Blockchain Law Consultation Period 838 Gross views 97 Total number shares Mind to article 1:58 Swiss Federal Council Initiates Blockchain Law Consultation PeriodNEWS The Swiss Federal Council has started its consultation full stop on the modification of federal law for blockchain development, according to an recognized depress press published on Walk 22. Not later than initiating the consultation, the Federal Directory intends to gain strength rightful sure thing on the other side of blockchain applications in category to construct a principle someone is concerned regulatory framework for the work in Switzerland, mainly in the financial sector. According to the document, the Federal Convention’s consultation longing pattern until the expire of June 2019. In mid-December 2018, the Swiss Federal Synod adopted a shot on the authorized framework for blockchain in the pecuniary sector, stating that the existing monetary law in the realm is suitable in the service of the blockchain sedulousness, but needs some indicated adjustments. The authorization advocated for better acceptable pellucidity on rights holders on a blockchain network and ensuring that decentralized trading platforms are area to the country’s Anti-Money Laundering (AML) Act. Following the disclosure, the Council has without delay released a draft consultation document, proposing a million of adjustments, including the establishment of digital registration of rights in the Swiss Corpus juris of Obligations, as luxuriously as the collar of crypto assets in the event of bankruptcy in the Federal Law on Obligation Amassment and Bankruptcy. The Conclave also proposed creating a new authorization rank looking for distributed ledger technology (DLT) trading facilities in the retail infrastructure law in orderliness to give a regulated financial market. Singly from that, the scholar suggested an alteration of the tomorrow's Pecuniary Institutions Sketch in direction to set up a authorization for operating a trading bog as a securities firm. The Swiss Federal Directorate stated that AML policies are slow to be incorporated into the planned amendment of the Anti-Money Laundering Ordinance as department of the successive edition of the Anti-Money Laundering Act. insurance ico Earlier this week, the Federal Flock of the Swiss direction approved a gait to command the Federal Assembly to adapt existing legislation fitted cryptocurrency regulation.