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Daily Dose: OneCoin Scammer Faces 90 Years


BTC broke below the 50 MA in the daily chart which is an indication that BTC is moving closer to a bearish scenario; if price action doesn't pick up with decent volume from buyers. The current resistance would now be around 8,500. If momentum picks up, this break of 50 MA would be a possible overshoot for a bounce. Otherwise, BTC is likely to head lower with next possible target around $8,000 - $7,800 as immediate support, while key support sits around $7,300.

Global market cap is at $234B, while BTC's market cap is at $154B.

* Konstantin Ignatov, Co-founder of alleged crypto scam OneCoin, pleaded guilty to participation in OneCoin which is a multi-billion dollar fraud. Ignatov signed the plea on Oct. 4 and now faces up to 90 years in prison.

Ignatov was arrested at Los Angeles International Airport in March 2019, several charges which he pleaded guilty to include money laundering and fraud. He has yet to be sentenced and will reportedly not face further criminal charges for his role in OneCoin, other than potential tax violatiosns. OneCoin has been known as a major crypto exit scam alongside another big crypto scam BitConnect.

* Venezuelan President Nicholas Maduro announced that the Christmas bonus for the country's retirees and pensioners will be paid out in Petro, the national cryptocurrency. This is similar to last year, when Venezuela forcibly converted all of their pensioners' bonuses for the year into the gold- and oil-backed crypto. The Petro, and cryptocurrencies as a whole, continue to be pushed by the local government for use by their citizens.

​* A unit of Ukrainian Railways (Ukrzaliznytsia) was caught for diverting company electricity to mine bitcoin. Security department and law enforcement officials announced on Friday (Nov. 15), the discovery of branch employees in the western city of Lviv who had been secretly running a bitcoin mining farm using the railway's resources. The mining farm has 100 pieces of computer equipment identified that were used to mine bitcoin. The state also incurred a cost of over $40,000 in power due to the illegal mining activity.

Criminal charges has now been filed over the illegal mining in Lviv and evidence from the branch has been sent to police.


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