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Today in Crypto – Thursday, 7th November, 2019

Here are the 5 biggest news stories in crypto today:

  1. ATM Coin founders fined for binary options scam Founders of ATM Coin, a generic digital currency, have been fined $4.25 million for defrauding investors. Through the misappropriation of client funds, the founders along with four consultancy firms (Mercury Cove and G. Thomas Client Services, UK-based Blue Bit Banc, and the Caicos-based Blue Bit Analytics firm) deliberately carried out a fraudulent binary options scheme to trick clients.
  2. Ousted Bitmain founder prepares for legal action to return to the firm Having been shunted by the mining giant last week, ex-Bitmain founder, Micree Zhan, claims he will be taking legal action to invoke his return to the company. Alleging that Bitmain cut his position without his consent while on a business trip, Zhan insists he had no prior knowledge of the ‘coup’.
  3. IGOBIT founder faces 20 years in prison for fraud Asa Saint Clair, the president of a fake UN affiliate, has been charged with fraudulently convincing investors to buy into the ‘World Sports Alliance’ by using his cryptocurrency IGOBIT. Investors never received the tokens they’d paid for and the company was never built. If convicted, Saint Clair faces up to 20 years in jail.
  4. Crypto hackers target old Windows computers to mine remotely Thanks to a vulnerability in over 700K old Windows computers, hackers are able to embed remote miners into any computer running Windows 7 or older. With large numbers already affected, old computer users are being urged to apply patches immediately to protect private information.
  5. Shanghai government enter trade alliance with 6 banks  At the China International Import Expo, the Shanghai Municipal Commission of Commerce and Shanghai Customs met with six banks to sign a blockchain treaty for the city’s e-port region. The six banks, which include Bank of Communications and People’s Bank of China, signed the Blockchain Alliance proposal earlier today.