Ex-Employee Sues Zcash Operator in $2 Million Lawsuit Over Unpaid Stocks

The company behind cryptocurrency zcash (ZEC) is facing a $2 million legal challenge over unpaid shares, documents originally filed on May 29 confirm. Simon Liu worked for Zerocoin, now known as the Electric Coin Company, and additionally claims the company was not legally permitted to offer the equity”. Plaintiff is informed and believes, and thereon alleges, that Zerocoin did not have the authorization to issue common stock to employees in 2016, and that Defendants, and each of them, were aware that Zerocoin did not have such an authorization,” the document reads.A dedicated ASIC mining device for Zcash and other Equishash coins, developed by cryptocurrency  mining  giant  Bitmain,  appeared in March this year.In April in a separate case, a former employee of crypto exchange Kraken has also sued the exchange for $900,000, claiming a failure to receive a reportedly promised commission and stock options.

Reuters, Bloomberg Terminals, TradingView Add AI-Powered Crypto Index for Top 100 Coins

The half a million traditional traders that use the Reuters and Bloomberg financial terminals will now have access to an index for the 100 strongest-performing cryptocurrencies and tokens.CIX100 is the result of an analysis of over 1,800 coins, selected on the basis of their having consistently held a position in the top 200 for over three consecutive months and being traded on numerous exchanges, as well as on the basis of their social media popularity.Cryptoindex harnesses artificial intelligence technology and a proprietary algorithm dubbed Zorax to determine the top 100 performing coins.Also this month, crypto  analytics  company Coin Metrics announced its acquisition of digital asset index firm Bletchley Indexes and plans to launch crypto smart beta indexes.At the end of April, Nasdaq introduced XRP Liquid Index (XRRLX) to its global data service.

Nasdaq and CryptoCompare Partner on Institution-Oriented Crypto Pricing Product

The new product, dubbed the “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices,” will be made available on the Nasdaq-owned platform Qandl — which reportedly provides financial and economic alternative datasets for over 400,000 financial professionals globally.In an official statement, CryptoCompare CEO and co-founder Charles Hayter has argued that “reliable data is the bedrock of transparent, liquid markets,” and can offer global, institutional investors and traders a competitive edge in the crypto sector.In February 2019, Nasdaq  started  listing two cryptocurrency price indices from United States blockchain and crypto market data firm Brave New Coin (BNC), including BNC’s Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX).Cryptocompare has meanwhile just this week  partnered with major crypto derivatives platform BitMEX to jointly construct a real-time crypto futures dataset, which will be delivered to financial markets data provider Refinitiv.

Russian Parliament Considers Imposing Fines on Crypto Mining by End of June

Russia’s parliament, the State Duma, is considering imposing administrative responsibility for the mining of cryptocurrencies, local news outlet TASS reported on June 7.In an interview with TASS, Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market, said that the government may introduce administrative responsibility for digital currency mining by the end of June. Russia’s major crypto bill, “On Digital Financial Assets,” had been approved by the Russian parliament in May 2018, but was subsequently sent back to the first reading stage after reports of its lack of major key concepts such as crypto mining, cryptocurrencies, and tokens.Earlier in June, Lyudmila Novoselova, chairman at the Court for Intellectual Rights of Russian Federation and a judge at the Supreme Arbitration Court, had also argued that the term digital assets should be included in the Russian Civil Law.

Belarus General Prosecutor Warns About Cryptocurrency’s Use in Tax Evasion

Speaking as Belarus hosted the International Prosecutors Association’s regional conference, Aleksandr Konyuk said the time had come for all attendants’ authorities to study cryptocurrency use.Belarus had become one of the first countries in the area to create formal legislation around bitcoin (BTC) and other cryptocurrencies, declaring them legal in 2017. The concept that cryptocurrency plays a major role in cybercrime continues to emerge from various governments, while critics play down the idea that it is becoming perpetrators’ go-to financing method.In neighboring Russia, meanwhile, with which Minsk has unique economic ties, authorities continue to waver over how to deal with cryptocurrency use.Most recently, the country’s central bank said it was against legalizing bitcoin and altcoins for use as a payment instrument. Another lawmaker delivered a verdict similar to Konyuk’s in comments last month.

Italy: Securities Regulator Issues Suspension to Crypto Investment Firm, Associated Crypto

CONSOB stated that a series of entities and websites affiliated with both Tessline and liracoin are ordered to terminate their violation of Article 18 of Italy’s Consolidated Law of Finance.According to a translation from the European Corporate Governance Institute, Article 18 stipulates statutory requirements for the provision of investment services in Italy, subject to the conditions established by the country’s central bank and CONSOB.The notice continues to state that CONSOB has formally suspended all offerings and promotion of liracoin to the public for a period of 90 days, as well as the public offer of investment plans as promoted by Tessline.In mid-November, the CONSOB sent cease-and-desists to three crypto-related firms for their alleged offering of unapproved investment services.

Liquidators of Hacked Cryptopia Exchange Release Report, Note $4.2M Owed to Creditors

Cryptopia’s recently assigned liquidator, Grant Thornton, has released an estimation statement of the financial state of the firm, reporting that the hacked exchange owes a total of $4.22 million to its creditors.The report also indicates that the employee entitlements at the data of liquidation account for around $318,000.The report notes that liquidators were granted a court order from the New Zealand courts authorizing them to use certain crypto assets to recover and preserve assets. Thornton added that at the current stage of the investigation, they cannot forecast a date when the liquidation will be completed.Recently, analysts found that hackers have moved a portion of Cryptopoa’s stolen crypto assets to another crypto exchange.

UK Financial Watchdog Warns Public of Crypto Clone Firm

ICAP Crypto is a clone firm of ICAP Europe Limited. Clone firms are a type of scam in which the scammers use information from legitimate firms in an attempt to convince targets that they are genuine.In this case, ICAP Europe Limited is a legitimate firm that is authorized by the FCA, and its details are being propagated in scams using the similarly-named ICAP Crypto “firm” which is neither authorized nor registered by the FCA.In 2018, the FCA issued warnings over at least two nominally crypto-related clone firms. The first clone, Fair Oaks Crypto, attempted to confuse targets by claiming to be affiliated with Fair Oaks Capital. The second clone, Good Crypto, ran its scam by misrepresenting some of the registration information of the legitimate firm Arup Corporate Finance as its own.

Crypto Lender Dharma Adds Support for USDC

 The San Francisco-based company only supported Dai, a stablecoin backed by ether (ETH) that has been regarded as too risky by some investors due to its design, according to Max Bronstein, the company’s business development manager.As USDC is backed by the United States dollar, Dharma hopes that it will be able to attract mainstream investors to its decentralized platform.The new service will allow users to borrow USDC as long as they put up 1.5x the value of the loan up as collateral. Loan terms are 90 days, and Dharma claims lenders subsequently receive interest of 8%. Dharma officially launched on April 8, with the aim to enable to the wider public to use crypto in daily life to earn interest, pay bills or take out loans.In February, the company raised $7 million from big investors, including Coinbase Ventures.

Low Turnout Hinders MakerDAO Vote to Decrease Stablecoin Stability Fee by 2%

The vote about whether to decrease the fee by 2% to 17.5% per year started yesterday, May 19. MakerDAO is looking to change the yearly stability fee in an attempt to improve the token’s peg to the U.S. dollar after its exchange price has been hovering above $1. The stability fee is a charge levied by Maker participants when DAI is used for loans.Voters failed to stake the minimum 117,631.90 MKR tokens necessary to vote and as such, the proposal is unfulfilled at press time.  In March, Maker increased the stability fee twice — first to 3.5% and then to 7.5% per year. MakerDao stated then that “incentivizing CDP [collateralized debt position] closures through a Stability Fee increase (thereby reducing outstanding Dai) is strongly viewed as the appropriate action.”In April, the fee was further raised by another four percent in the fifth such vote this year, bringing it to 11.5%. Subsequent votes brought the rate up to 19.5% at the beginning of May.