Six years have passed since the first Bitcoin paper, and the former Moolah CEO is now also facing legal action from cryptocurrency exchange MintPal. Here are the cryptocurrency highlights of week 44:
- It has been six years since the mysterious Bitcoin inventor Satoshi Nakamoto announced his paper regarding the digital currency titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The announcement was made on October 31, 2008. It would take a bit longer for Bitcoin to become reality, as the genesis block was mined on January 3 of the following year.
- Bitcoin ended October with another monthly loss. The price of a single coin was hovering around $338 per coin compared to $386 at the start of October, a loss of more than 12 percent. It is already the fourth consecutive month in Bitcoin’s current losing streak. Litecoin faced an equal loss, while Dogecoin even lost more than 40 percent of its value during the past month.
- Resigned Moolah CEO Alex Green was already facing a legal case by Syscoin representatives, and will also have to battle cryptocurrency exchange MintPal in court soon. Moolah had acquired the troubled exchanges in July shortly after it got hacked. Green has been accused of stealing 4,000 Bitcoins (worth $1.2 million) from the platform. MintPal is currently looking to raise funds to cover the legal fees.
- Former US Securities and Exchange Commission (SEC) Chairman Arthur Levitt has become an advisor for Bitcoin payment processor BitPay and Bitcoin exchange startup Vaurum. Levitt was the chairman of the SEC between 1993 and 2001, which immediately makes him one of the highest profile Bitcoin supporters.
- In the meanwhile, the SEC is targeting Bitcoin and cryptocurrency companies that performed unregistered securities offerings via the Bitcoin Talk forum. Initially, the SEC is requesting further information about the operations, fundraising activities and finances of the companies involved, and will ultimately result in action against several of these companies. It is even speculated that cryptocurrency exchange mcxNOW is shutting down and deleting its wallets due to SEC action.