Assistant United States Attorney Nicholas Folly reportedly stated that the parties’ counsels are discussing a potential pre-indictment disposition. The extension has been deemed as appropriate, given that those discussions are still taking place.
Finance news outlet FinanceFeeds reported on Dec. 21 that the continuation of the case was approved until Jan. 12, 2020 based on court documents filed on Dec. 20.
The New York Southern District Court granted a continuance in the lawsuit against David Pike over his alleged link to the OneCoin Ponzi scheme.
“Fenero Funds” – tracking OneCoin’s laundered money trail
Pike was the chief operating officer of an alleged private equity fund known as the “Fenero Funds.” Those funds were reportedly employed to launder money from the OneCoin Ponzi scheme.
Pike is accused of having made materially false statements and representations in front of special agents from the FBI, the IRS Criminal Investigation Division and the United States Attorney’s Office for the Southern District of New York representatives.
$4 billion dollar Ponzi finally ends
The defendant is alleged to have falsely claimed he was not aware that roughly $400 million was transferred into the aforementioned fund belonged to OneCoin founder Ruja Ignatova or that the money came from the scheme.
As Cointelegraph reported earlier this month, the official website for OneCoin has finally shut down, months after United States authorities indicted one of its founders for running a $4 billion pyramid scheme.
Bitcoin News Summary – October 28, 2019
Bitcoin had a real roller-coaster week. The price dropped like a stone on Thursday, falling to five-month lows of just over $7,000, only to bounce back to over $10,000 on Saturday. This 40% price surge represents the biggest daily gain since 2011.
In China, President Xi Jinping declared blockchain technology to be an important innovation. He said the country must increase investment and accelerate development in the crypto space. Following his remarks, the National People’s Congress passed new crypto laws which come into effect next year. While centralized crypto exchange companies won’t be legalized, they do encourage crypto research and education, while promoting adoption and providing regulatory clarity.
Bitmain, the major ASIC manufacturer and miner, is converting a disused aluminum smelting plant in Texas, into a Bitcoin mining farm. The plant will initially provide 25 megawatts of mining energy but soon could scale up to 300 megawatts.
Bakkt, the Bitcoin futures exchange backed by the owners of the New York Stock Exchange, hit a new all-time high in trading volume. 1,131 futures contracts have been traded representing approximately $9.7 million in trading capital.
And finally, Andreas Antonopolous tweeted regarding an issue on the Bitcoin Cash blockchain that an unknown miner has majority hashrate control. This miner found 21 blocks over an hour, where 6 would be the norm. It appears the miner is exploiting BCH’s difficulty adjustment algorithm.