Category: Australia

Categories
Australia Blockchain Scams

Sergei Sergienko Wins Against Convicted Fraudster in Supreme Court Ruling

Russian-Australian blockchain entrepreneur Sergei Sergienko won his recent case at the Supreme Court against Oliver Roths – who was already convicted for fraud in the past. The dispute was over an ASX-listed financial entity – PLC Financial Solutions – which Sergienko had paid for, aiming to repurpose it for another one of his projects.

Transaction Failed

Sergei Sergienko – better known for his blockchain fintech firm Chronobank, among other projects he’s been involved in – took Roths to court back in 2018 when he negotiated a deal with Roths and his business associates – such as AXL Financial – worth $1.58 million to take over PLC Financial.

At least $530k of that money was used to purchase 6.33 million shares in PLC, with each share costing 5.5 cents on average.

However, a dispute appears to have taken place between Oliver Roths and Harry Fung – the chairman of the company in question.

Whatever the dispute was, Mr. Sergienko never received the shares he had paid for. He promptly took Roths to court – and the Supreme Court has ruled in his favour. The company was also unlisted by the ASX in 2020.

In addition, AXL Financial was obliged by the court to provide Mr Sergienko with a mortgage in deliverable form on a property in Sydney’s Killarney Heights.

Mr Roths previously spent 7 years in jail for fraud and perjury – and the deal was allegedly brokered by a mutual business associate, namely Ian “Rocky” Chalmers, who also did time for attempting to import 30 kilos of cocaine from Bolivia.

Categories
Australia Blockchain Power Ledger

Solar Powered Beer – VB and Green Energy

Solar Exchange has been launched – a blockchain-powered program that will allow people who produce more energy from solar powers than they need to be paid for it in packs of Victoria Bitter.

Every $30 worth of extra power will get members of the Solar Exchange program a pack of VB delivered straight to their backyard, just in time for a good old barbie.

Only 500 Places For Now

According to Brian Phan – GM of Marketing at VB – there are only 500 spots available in the program for now. However, the Solar Exchange gig should be expanding in the near future.

Last year we put the Australian sun to work and started brewing VB with 100% offset solar energy. Now we’ve launched this Aussie-first program to thank those who have made the effort to go solar with some hard-earned VB. There are currently only 500 spots available. While we want to have more people exchanging solar credit for beer down the track, for now any beer lover who wants to participate should sign-up quickly […].

Brian Phan, General Manager of Marketing at Victoria Bitter

The Solar Exchange was created for VB by Power Ledger in cooperation with Diamond Energy. On the back end, VB will be receiving solar credits from Diamond Energy. They then plan to reinvest the funds back into the program, as a part of the company’s reportedly strong stance on environmental issues and renewable energy.

For now, the program is open to customers from SA, as well as Energex customers in VIC, NSW, and QLD. In order to participate, you must also be a residential householder.

Dr Jemma Green – Power Ledger’s co-founder and chairman – also commented on the program, mentioning the affinity many Aussies have for beer.

Power Ledger is delighted that our technology is being used to keep participants informed of their progress in the program. We are a global pioneer of peer-to-peer energy trading, and in a country that thrives on the beer economy, we are excited to be part of Australia’s first peer-to-beer energy exchange scheme.

Dr Jemma Green, Co-Founder and Chairman of Power Ledger

Cheers!

Categories
Australia Binance Crypto News Swyftx

Binance Australia CEO and Swyftx Founders Featured amongst Brightest Aussies Under 30

Jeff Yew (Binance Australia), Alex Harper and Angus Goldman (Swyftx)
Jeff Yew (Binance Australia), Alex Harper and Angus Goldman (Swyftx)

In a recent article the Courier Mail published a list of 30 Australians under 30 with outstanding business achievements thanks to technology.

The selection featured personalities innovating many different fields, including cryptocurrency platforms. Focusing on that, two entries have made the cut and we are happy to highlight them in congratulations for their respective results.

Jeff Yew, CEO of Binance Australia

Jeff Yew (Binance Australia)
Jeff Yew (Binance Australia)

Binance Australia is one of the largest cryptocurrency exchanges locally based and operated in Australia. It is led by Jeff Yew, a 27 year old who funded his university degree by investing into Bitcoin. Before Binance Australia, he was the CPO of another cryptocurrency-related business, TravelByBit – an Australian startup facilitating crypto payments in the travel industry, making Brisbane the first city in the world with a crypto-friendly airport.

[…] I believe Bitcoin is the single most important social infrastructure in the history of humanity and I’m committed to see it through till the end. […] It’s the money of the people in the digital age.

Jeff Yew [Twitter]

In the last few months, Binance Australia has reported massive trading volumes and growth. You can read more about Binance Australia in our review.

Alex Harper & Angus Goldman, Founders of Swyftx

Alex Harper and Angus Goldman (Swyftx)
Alex Harper and Angus Goldman (Swyftx)

Alex Harper and Angus Goldman founded Swyftx, a Brisbane-based and AUSTRAC-registered Australian crypto currency exchange and trading platform. The couple of now-26 year olds first met at a Summer Computer Science Camp held at the University of Sydney. Later on Alex and Angus decided to quit their jobs, investing their savings and joining efforts to eventually launch Swyftx in 2019.

We wanted to solve the many problems we faced as consumers, including a distinct lack of customer service, dated user interfaces, poor education practices and high fees.

Swyftx

In a short amount of time, Swyftx has seen record-breaking growth, also recently becoming the first exchange in Australia to offer Debit Card Payments. Feel free to check out our review of Swyftx.

Categories
Australia Crypto News Regulation

Australia Needs to Regulate its Crypto Market to Compete Globally, Says BTC Markets

Australian digital exchange BTC Markets has recently stated that the cryptocurrency market should be regulated in Australia, amid a surge in interest for currencies such as Bitcoin and other cryptos.

According to its CEO, Caroline Bowler, the crypto market in the country needs “regulatory oversight,” and a more clear infrastructure for crypto-companies.

Australia Needs to Keep Apace With Change

The Australian government has increased its focus on blockchain technology, following the calls from key players in the crypto industry for more government support on the matter.

As part of the Australian Blockchain Roadmap, the government allocated AU$6.9 million to conduct two blockchain pilot programs to demonstrate how to use this technology and expand business adoption.

While this comes in handy for leaders in the crypto-space, Bowler believes that the regulatory weather in Australia remains “unclear.” The fintech space is growing fast, and Australia needs to “keep apace of the change,” she added.

An “Outdated” Regulatory Environment

Bowler thinks that the regulatory infrastructure in Australia is “outdated” and only works for traditional markets. Accordingly, this closes the doors for prospective companies seeking to enter APAC countries.

A clearer regulatory environment could help Australia become a leader in financial technology and compete globally with countries like Singapore —which already made several advances with blockchain technology and regulating crypto-related activities. Besides, this could lay the groundwork for international projects coming into Australia.

“[…] I do think that regulatory clarity will help with other international projects/partners. We are looking forward to seeing what the Senate committee will be putting forward next month on this.”

Caroline Bowler [Twitter]

Not only crypto-exchanges are demanding a better environment and more support. Senator Andrew Bragg recently said the Australian Committee needs to consider the opportunities that digital assets and blockchain presents, which could also turn Australia into a leading country in finance and technology.

I fully expect the Committee to focus on removing more barriers to Australian growth as a technology and finance centre. […] This is a golden opportunity to bolster Australia’s economic growth, and I want to ensure we take full advantage.

Senator Andrew Bragg
Categories
Australia Europe Gold Coast Scams

Modern Assets Australia Sued For 800K After Deal Gone Bad

Modern Assets Australia, a cryptocurrency advisory and research company based on the Gold Coast, is being sued in the Federal Court of Australia for $800k plus damages by a French man by the name of Alexandre Raffin, following a cryptocurrency buying deal that fell through and ultimately ended up with him getting scammed.

Agreement Not Reached, Direct Contact Established

Alexandre Raffin, who runs the cryptocurrency brokerage firm GAINS Associates out of Paris, was originally supposed to receive $800k worth of the cryptocurrency Klaytn from Mordern Assets, in exchange for fiat. However, the deal went nowhere for an undisclosed reason – and as a result, Raffin was introduced directly to the supplier.

A new deal was reached with the mysterious supplier, who was allegedly supposed to provide 937,500 Klaytn in exchange for about $93k.

Unfortunately, the mysterious contact made off with the money, and went off the grid, deleting his messaging accounts.

At the time, Klaytn was only worth about 10 cents – but the cryptocurrency has increased in value 30 times over. In other words, if the deal had not fallen through, Mr. Raffin and his associates would have been nearly 2 million in the green, seeing as $93k worth of Klaytn at the time is now worth around $2.8 million.

Mr. Raffin says that although he’s been in the crypto world for a while – and as a result, is no stranger to losses and risky moves – this was a huge loss, even for him. He’s paid investors for the loss out of his own pocket, which was a big blow to his assets.

“I’m a pretty tough guy. I’ve become quite desensitised to money through these years in crypto. You lose some, you win some. But this was hard, even for me. We thought they did their due diligence. It seems they didn’t do research on their own contact. Maybe they’re just very good at marketing.”

Mr. Raffin originally enlisted a blockchain investigation company to help him get his assets back – but when that failed, he took it up with the courts.

On their end, Modern Assets have denied the allegations and have stated via a spokesman that they would be “vigorously defending” themselves in the Federal Court (which is yet to determine the claim).

Categories
Australia Bitcoin Scams

BTC Sports Betting Suspect Peter Foster Out On Bail

Back in August, alleged serial scammer Peter Foster was arrested by Queensland law enforcement over an international sports betting scam worth millions of dollars in BTC.

Peter Foster has now been released on bail (with strict conditions), due to issues regarding the jurisdiction in which he should be tried.

After being arrested in Queensland, he was extradited to Sydney to face the charges brought against him over high-roller bets that were apparently never placed.

Alleged Repeat Offender

At the time, Peter Foster was charged with “five counts of publishing false and misleading material to obtain an advantage, 10 counts of dishonestly obtaining financial advantage by deception, and one count of knowingly dealing with proceeds of crime with intent to conceal.”

However, it turns out that Peter Foster should have been charged in Queensland – not in NSW – which is why NSW will be allegedly dropping the case, citing a lack of reasonable prospects for a successful conviction. The charges, however, will remain.

Until the proper jurisdiction for the court case can be confirmed, Peter Foster was granted bail under very strict conditions. Currently, Foster is scheduled to face the court on the 22nd of April.

Although slightly wary, Magistrate Margaret Quinn did not oppose the request for bail – provided the suspect is kept under close observation.

“[It is] a risk, but not an unacceptable risk. Mr Foster, I say this to everybody: if you breach these conditions you may not get bail again.”

Under these conditions, Foster will have to remain at his home in Dover Heights, except for medical emergencies, consulting with his legal team, or reporting to the police – the latter of which he will have to do daily. He will also be required to wear an electronic monitoring device, cannot access the internet, and will have his passport temporarily confiscated.

In addition, Peter Foster must deposit a $180k surety before being released on bail.

Categories
Australia Cryptocurrencies Cryptocurrency Law

BitMEX Hotshot Greg Dwyer Still In Talks With U.S. Authorities Regarding Surrender

Following the surrender of BitMEX founder Ben Delo to US authorities, Greg Dwyer – another senior employee of BitMEX – is still in talks regarding his surrender, and has not been taken into custody.

In Breach Of Sanctions

The Australian national from Sydney is accused – alongside CEO Ben Delo and high-profile individuals affiliated with BitMEX, namely Sam Reed and Arthur Hayes – of violating Anti-Money Laundering (AML) regulations, as well as allegedly allowing sanctioned individuals to access the services BitMEX offered.

More precisely, the US Department of Justice (DOJ) accused the individuals involved of “deliberately and willfully breaching money laundering laws including knowingly accepting fake passports by traders from Iran”. They are also accused of breaching US sanctions and letting bad actors engage in money laundering on the BitMEX platform. If found guilty, the defendants could end up facing up to 5 years behind bars. Mr Reed and Mr Delo have turned themselves in and are currently out of custody, having paid bail. Both founders have pleaded not guilty on all counts.

Arthur Hayes has reached a deal with US authorities and will be turning himself in after the Easter holiday in Hawaii. He will then be immediately released on bail, after handing over the necessary $10 million.

Greg Dwyer, however, is at large in an unknown location – last seen in the Bermudas.

However, Mr. Dwyer’s’ lawyer – Jenna Dabbs – has stated that he intends to defend himself in court.

“We have been in touch with the government on this matter and Mr Dwyer has every intention to defend himself in court against these meritless charges. (He) always worked collaboratively with his colleagues, and in good faith, to comply with all applicable regulations and requirements”.

Mrs Dabbs has also stated that Mr Dwyer was not the one responsible for setting up the AML side of the business.

Categories
Australia Blockchain

Australia’s SMX to Trace Cottons Produced in Israel Using Blockchain

Australia's SMX to Trace Cottons Produced in Israel Using Blockchain

Israeli Cotton Board (ICB) has partnered with an Australian blockchain authentication platform, Security Matters (SMX), to trial the traceability of both organic and conventional cotton produced in the country. According to the report by Ecotextile, the collaboration comes as part of ICB’s broader plan to ensure sustainability and genuineness of cotton grown in Israel. 

Israel to Trace Cotton on Blockchain

As part of the pilot program, the Australian blockchain company will trace organic and conventional cotton production from the cultivation and field stage. SMX will also use blockchain to authenticate the origin of the cotton produced and provide full transparency in the byproducts’ value chain and life cycle for recycling. 

If successfully completed, SMX’s blockchain platform will be adopted by all the cotton growers in the country, per the report. 

For cotton growers in Israel, sustainability is not a fad but a way of life. […] We believe in harnessing advanced technologies like SMX to protect and benefit our growers and enable our customers to obtain digital blockchain certification and be able to tangibly verify that the cotton purchased from ICB is 100% BCI certified and the conventional and organic cotton grown in Israeli is genuine.

Yizhar Landau, ICB’s chief executive 

Supply chain management is one of the major areas where blockchain technologies can play a significant role. The traceability and authentication of products essentially help to boost consumer confidence.

This project is not the first of its kind in Australia. Earlier this year, Australian Wool Innovation (AWI) partnered with Everledger to develop a Proof-of-Concept (PoC) aimed at mapping on the blockchain any wool produced in the country. Noteworthily, Australia is the world’s leading wool producer, accounting for about 90 percent of the wool used worldwide.

Categories
Australia Blockchain DeFi

Unido Partner With Moonstake To Cement Their Leading Staking Position

Unido – an Australian Polkadot-powered crypto custody service and enterprise platform has joined forces with Moonstake, whose goal is to become the largest staking platform in Asia.

Staking and Hedge Funds

Unido will gain access to the staking vaults owned by Moonstake, which will allow their clients to gain extra yields through their DeFi vaults. At the moment, Moonstake supports staking for cryptocurrencies such as Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras and Centrality.

In return, Moonstake clients will have access to a wider range of custody solutions, brought to them by Unido’s network.

Unido’s leadership comes from a strong corporate background – with leading members having a history in Macquarie Bank, Wipro and Goldman Sachs.

Michael Swan – the CCO of Unido – commented on the partnership, stating that the move will be mutually beneficial.

“Unido is committed to delivering a diverse marketplace of DeFi options within the Unido EP dashboard. I’m very excited to include Moonstake staking pools in our dashboard, given their strong market position and compelling yield performance to date. We look forward to providing enterprise-grade custody solutions to encourage further enterprise and hedge fund delegations to Moonstake’s platform.”

In return, Lawrence Lin – the CEO of Moonstake – thanked Unido for the trust shown by the adoption of Moonstake’s SDK API connection, and went on to say that this is only the beginning of a long and fruitful partnership.

“Moonstake appreciates the trust Unido has in our staking solution to utilize our SDK API connection, and we look forward to collaborating further with them to spread awareness and accelerate the adoption of blockchain and distributed ledger technologies globally.”

Doubts have been cast over the ability of DeFi to truly replace traditional banking solutions – but hopefully, Unido will be one of the companies to dispel those doubts.

Categories
Australia Bitcoin

Crypto.com Expands MCO Cards in Australia By Announcing Global Alliance with Visa

Chinese exchange Crypto.com has announced a global partnership with Visa, to accelerate the global adoption of cryptocurrencies and crypto-payment methods using the MCO crypto card.

With a principal membership, Crypto.com can now issue directly bitcoin credit cards and ship them all over Asia, Africa, the Middle East, and South America. The alliance will also include the principal membership in Visa’s network in Australia.

In December, Crypto.com received an Australian Financial Service License (ASFL), as required by all blockchain-based companies. With this licence, the exchange was finally allowed to issue crypto-debit cards all around the country.

Now the exchange plans to expand the reach of crypto-debit cards all over Australia, and in several APAC (Asia-Pacific) countries.

Crypto as Collateral

The exchange will introduce “Spending Power” a new product for cardholders allowing them to check in on the current price of their funds in their crypto-wallets, and to lend fiat using crypto as collateral.

As per the blog post, Kris Marszalek stated that both companies seek to accelerate the adoption of cryptocurrencies worldwide:

Digital currencies have the potential to extend the value of digital payments to a greater number of people and places—and we’re eager to work with companies bringing this vision to life. Through our partnership with Crypto.com, one of the largest Visa card programs connected to a crypto exchange available today, we are making it quicker and easier for people to spend digital currency worldwide.”

With the crypto market reaching over 1.80T in market cap, Visa stated their intentions to work with crypto exchanges to trade Bitcoin for fiat currencies, thus making crypto-payments acceptable in any place that accepts visa —which would be 70 million places globally.