Bitcoin's spiking prices have been driven almost entirely by Chinese money-launderers trying to beat the country's currency controls -- controls that have tightened so much that it's tanking the world's real-estate markets as offshore buyers abandon their deposits and disappear.Now, China's top three Bitcoin exchanges have frozen all withdrawals for 30 days.Multiple private Chinese Bitcoin mining operations have more than enough compute-power to overwhelm the blockchain and tank Bitcoin altogether (and have refrained thus far because Bitcoin is worth more to themselves as working mechanisms than as cautionary tales about the problems of proof-of-work), so this isn't anything like the nuclear option for the Chinese government.Starting with January 2016, the People's Bank of China introduced harsher regulations for crypto-currencies, aimed at countering money laundering.The new "inspection and verification system," which Chinese traders are currently implementing, is meant to ensure that no person buys and moves a foreign currency over a limit of $50,000.

The central bank also started investigations into the practices of several Bitcoin trading platforms that were offering too-good-to-be-true offers, such as zero-trading fees.Ever since authorities have cracked down on the local Bitcoin traders, Chinese Bitcoin users have moved operations overseas.Coindesk, a cryptocurrency-centered news portal, points to a virtual exodus of Chinese users to other traders, with trading activity visibly going down at The Big Three.China's Top Three Bitcoin Traders Freeze Withdrawals for a Month [Catalin Cimpanu/Bleeping Computer] SHARE / TWEET / 6 COMMENTS A Chinese vitamin MLM cult is replacing healthcare for poor Ugandans Uganda is so poor that few can afford medical care, giving it one of the lowest life-expectancies on the planet — this toxic combination made the country ripe for infiltration by Tiens, a Chinese Multi-Level-Marketing “nutritional supplements” cult whose members set up fake medical clinics that diagnose fake ailments and proscribe fake medicines, then rope […] READ THE REST $28 Chinese app is a browser for insecure webcams Chinese state media reports on a $28/RMB188 app that browses webcams whose default passwords haven’t been changed, allowing subscribers to watch the goings-on in stores, living rooms, bedrooms, children’s rooms, and anywhere a CCTV might be installed.gold faucet bitcoin

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Attorneys » Southern District of New York » News » Press Releases Justice News Share Facebook Twitter Google+ LinkedIn Digg Reddit StumbleUpon Pinterest Email Operator Of Unlawful Bitcoin Exchange Pleads Guilty In Multimillion-Dollar Money Laundering And Fraud Scheme USAO - New York, Southernattorney in the Southern District of New York said Shrem helped someone he hadn't met in person, Robert Faiella, sell more than $1 million worth of bitcoins to Silk Road customers.dogecoin price usdFaiella, a 52-year-old Florida man, allegedly ran an underground Bitcoin exchange using the alias BTCKing.Shrem was arrested at John F. Kennedy International Airport in New York on Sunday, and Faiella was arrested at his home in Cape Coral, Fla., on Monday, prosecutors said.Both are charged with conspiracy to launder money and operating an unlicensed money transmitting business.

Additionally, Shrem faces a charge for not tipping off the feds to what was allegedly going on.Shrem, 24, is a major player in the Bitcoin world.The BitInstant exchange, based in New York City, lets people buy bitcoins locally at more than 700,000 locations in the United States, as well as Brazil, Russia and elsewhere.It received a $1.5 million investment last year from Cameron and Tyler Winklevoss.Shrem is also vice chairman of the Bitcoin Foundation, one of the currency's biggest advocates.The Winklevoss twins said in an emailed statement that they are "deeply concerned" about Shrem's arrest."When we invested in BitInstant in the fall of 2012, its management made a commitment to us that they would abide by all applicable laws - including money laundering laws - and we expected nothing less," they said.According to the criminal complaint filed in federal court, Faiella first appeared on Silk Road as BTCKing in late 2011.The black market website only let people buy and sell goods with bitcoins, and Faiella made a business of exchanging cash for bitcoins.

That's where Shrem's bitcoin exchange came in handy.Shrem sold Faiella the bitcoins that eventually made their way to drug buyers and sellers, according to an investigation by the Internal Revenue Service.Though Shrem knew where the money ultimately ended up, he never reported it to the Treasury Department, according to the U.S.Federal documents cite email exchanges between Shrem and Faiella that show how close they worked together.Although Shrem never knew Faiella by his actual name -- only by BTCKing -- the young executive helped the older man avoid trouble.For example, when Faiella's frequent and large cash deposits raised eyebrows at a cash processing company, Shrem advised Faiella on how to avoid sounding alarms.The IRS claims the partners exchanged $1.05 million in bitcoins over a 10-month period ending in October 2012.Faiella eventually ended the partnership with Shrem.By 2013, he was exchanging more than $20,000 a week for Silk Road clients.To gather evidence against Shrem and Faiella, federal agents posed as Silk Road users and bought bitcoins from Faiella.