Bitcoin

Bitcoin Daily: SEC Charges BitFunder Founder With Fraud, Traders Score 'Free' Crypto

Bitcoin Daily

A former cryptocurrency exchange and its founder are facing charges from the Securities and Exchange Commission (SEC), the agency announced in a press release on Wednesday (Feb. 21). The commission alleges BitFunder and Founder Jon E. Montroll operated an unregistered online securities exchange and defrauded its users by misappropriating their bitcoins. In addition, the SEC alleges Montroll and the exchange failed to disclose a cyberattack on BitFunder’s system that resulted in the theft of more than 6,000 bitcoins.

And cell service can, in fact, be impacted by cryptocurrency mining. The Federal Communications Commission (FCC) apparently ordered a miner to stop using an Antminer S5 bitcoin miner that caused interference on a T-Mobile cell network in Brooklyn, Investopedia reported.  The device’s “harmful interference” went away after the miner turned the device off.

In crypto exchange news, traders on Coinbase and Bitfinex might experience cheaper and quicker transactions, CNBC reported.  The exchanges are using SegWit software, which has the potential to lower fees by up to 20 percent. Currently, it can take exchanges longer than a day to confirm trades and bitcoin transaction fees have risen higher than $20.

And, in more crypto exchange news, a few users of Zaif were able to snag digital coins for the low price of, well, zero yen, CNBC reported. Seven users "bought" the coins without exchanging any currency due to an error in the exchange’s price calculation system. While six transactions have been voided, the exchange is still working with one user who tried to take his coins to another exchange.

In mining news, people want to mine crypto but don’t have the space or the electric capacity to do so, The Wall Street Journal reported. As a result, an industry of “hosting” or “colocation” facilities has arisen — ready to supply miners with security, electricity and infrastructure. “It’s just difficult as an individual to handle all the logistics,” one person that mines coins told the WSJ.

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