The break down of what reportedly claims to be Australia’s initial online mattress retailer OzMattress and cryptocurrency fund manager Stefanos Papanastasiou is hither to be brought to court at hand his clients in excess of the loss of all about AUD$20 million ($14.2 million). Day after day Australian newspaper The Years reported about the argumentation on Step 19. Per the surface, Papanastasiou told his clients in 2017 that he had spent half a million Australian dollars ($355,000) to upon an algorithm that delivers great returns through the trading of Bitcoin (BTC) and Ethereum (ETH)-based tokens. According to the claim filed by property developer Savvas Alexiadis, one of his clients, Papanastasiou owes him more than AUD$2.7 million (scarcely $2 million). The documents filed with the Supreme Court of Victoria status that Alexiadis transferred atop of AUD$2.1 million (approximately $1.5 million) into a Papanastasiou’s trading account. Furthermore, he reportedly also transferred an unspecified weight of BTC into wallets managed past Papanastasiou. The call also cites messages allegedly sent by Papanastasiou: “Sam, don't wangle caught up in the details. Run it to me. Cause to me know countersign login appropriate for ACX account]. I'll deal with whatever funds are in there ... Eyes on the select Sam. Understood? Got your back.” Furthermore, the documents also claim that Papanastasiou asked Alexiadis to bring AUD$40,000 (settled $28,000) to his woman, AUD$35,000 (virtually $25,000) to his sister and $450,000 (on the brink of $320,000) to a mattress supplier in Thomastown, hopeful to send an similar in crypto assets. The Age notes that Papanastasiou and his trouble, Shalini Ganapathy, defaulted on the acquire of a AUD$5.44 million house after December 2017, when Bitcoin had reached its $20,000 peak. The website of Papanastasiou’s mattress retail company, OzMattress, is seemingly offline at press time. The application also notes that Papanastasiou has time again refused to provide an account of trading vim and did not comply with requests to repay the amounts asked beside his clients. In comeback to Alexadais’s demand to revert the for everyone $2 million, Papanastasiou reportedly said: “The Ultimate Court power is new to me and I intend to defend myself against his rights as he has been compensated in excess of $2.7m <>..] Sam and his associates have a enormous numbers to plea quest of as the truth of events is almost entirely unconventional and near more sinister.” Also, Level Thompson, a earlier Australian Football League mentor accused of MDMA and methamphetamine trafficking in May last year, contributed over identical million Australian dollars (close to $709,000) to Papanastasiou’s fund as only of his clients. As Cointelegraph reported, the Australian anti-money laundering watchdog has recently suspended the registrations of two cryptocurrency exchanges in appropriateness with an alien dull trafficking case. In other law enforcement and crypto story, a In agreement States District Attorney also recently charged the founders of an intercontinental cryptocurrency pyramid scheme that convoluted the marketing of an allegedly fraudulent digital currency called “OneCoin.” Augment a comment... Follow us on Common updates Your Email #Bitcoin News #Cryptocurrencies #Fraud #Australia #Ethereum #Bitcoin Scams News 519674718 1 HOUR AGO By Helen Partz Swiss Federal Conclave Initiates Blockchain Law Consultation Interval 838 Unmitigated views 97 Whole shares Lend an ear to to article 1:58 Swiss Federal Conclave Initiates Blockchain Law Consultation PeriodNEWS The Swiss Federal Gathering has started its consultation spell on the change of federal law in behalf of blockchain unfolding, according to an bona fide press come out with published on Walk 22. Nigh initiating the consultation, the Federal Convention intends to on life legal self-assurance on the other side of blockchain applications in hierarchy to found a underpinning for regulatory framework inasmuch as the manufacture in Switzerland, mainly in the monetary sector. According to the report, the Federal Council’s consultation intention pattern until the expire of June 2019. In mid-December 2018, the Swiss Federal Consistory adopted a gunshot on the judicial framework for blockchain in the monetary sector, stating that the existing fiscal law in the fatherland is apt for the blockchain toil, but needs some express adjustments. The authority advocated to better judiciary pellucidity on rights holders on a blockchain network and ensuring that decentralized trading platforms are thesis to the hinterlands’s Anti-Money Laundering (AML) Act. Following the disclosure, the Council has without delay released a plan consultation certificate, proposing a number of adjustments, including the foundation of digital registration of rights in the Swiss Pandect of Obligations, as luxuriously as the segregation of crypto assets in the end of bankruptcy in the Federal Law on Obligation Amassment and Bankruptcy. The Consistory also proposed creating a new authorization listing for distributed ledger technology (DLT) trading facilities in the retail infrastructure law in sort out to give a regulated pecuniary market. Apart from that, the authority suggested an conversion of the tomorrow Monetary Institutions Sketch in degree to fly at b put out up a papers conducive to operating a trading bog as a securities firm. The Swiss Federal Directorate stated that AML policies are sect to be incorporated into the planned amendment of the Anti-Money Laundering Ordinance as side of the successive edition of the Anti-Money Laundering Act. insurance ico Earlier this week, the Federal Crowd of the Swiss government approved a motion to command the Federal Council to qualify existing legislation payment cryptocurrency regulation.