Here are the 5 biggest news stories in crypto today:
- OneCoin lawyer’s trial starts, accusing him of stealing $400M The trial of Mark Scott, the US lawyer for OneCoin, has begun in New York. Accused of routing around $400M of the cryptocurrency’s funds out of the country, it is alleged that most of this money ended up in a Bank of Ireland account, however a chunk was used to purchase a Ferrari, three homes, and a boat.
- Crypto exchange, Einstein, seized by Canadian regulators Einstein, a Canadian cryptocurrency exchange, has been seized by The British Columbia Securities Commission (BCSC). The exchange owes customers $12.4 million and was meant to halt operations on 31st October. Having failed to do this, the platform has been shut down by force.
- Critics sceptical of Stellar’s $3.5B token burn The Stellar Development Foundation has burned a whopping $3.5 billion worth of XLM, boosting the token significantly. Critics argue that this causes massive market manipulation, hanging the same accusations on Stellar that have been aimed at Ripple. This can already be seen by the 25% pump in Lumens.
- Microsoft showcases enterprise token generation platform In a bid to make blockchain integration a simple plug-and-play system for businesses, Microsoft has developed Azure Blockchain Tokens Platform. Enabling enterprises to easily mint their own blockchain tokens, the TTI-compliant tokens are ideal for loyalty programs and incentivization systems.
- UK updates its crypto taxation laws – deems Bitcoin neither ‘money or currency’ UK businesses will now be taxed on crypto assets, including assets from mining crypto, exchanging, buying and selling, exchanging crypto for products or assets (including other crypto), and as payment for goods or services. While the UK have announced that crypto assets are not currency or money, the catch is that businesses will have to convert funds to pounds and back to crypto to file taxes.