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Roundup – 22/03/2019 – AriseBank CEO Pleads Guilty – $4.2 Million Scam & more

AriseBank CEO Pleads Guilty – $4.2 Million Scam

The founder of AriseBank, Jared Rice has pleaded guilty to the charges against him. Rice has scammed investors out of $4.2 million by selling security tokens. He claimed that he would give investors Visa credit cards and accounts insured by the Federal Deposit Insurance Corporation. None of that was true. The authorities convicted Rice in November last year. The plea agreement states that Rice will spend 60 months in prison. However, he could still face a more severe sentence. Rice could face up to 20 years in prison and a $5 million fine.

QuadrigaCX: Law Firm’s Conflict of Interest Revealed

The law firm Stewart McKelvey that represented QuadrigaCX following the death of CEO, Gerald Cotten, had to withdraw from representing QuadrigaCX due to a conflict of interests about three weeks ago. The law firm Ernst and Young pointed out the conflict of interest and requested the QuadrigaCX’s representatives to appoint another law firm. Neither Ernst and Young nor Stewart McKelvey disclosed the details of the conflict. However, the exchange’s new law firm Miller Thomson stated in a letter addressed to QuadrigaCX’s creditors that the interest of conflict consisted of Stewart McKelvey representing both QuadrigaCX and Jennifer Robertson, wife of Gerald Cotten and current director of the exchange.

Coindex Exchange Introduces A Lending Program

Coindex exchange has said that Dcxlend, the lending program, is now fully launched after coming out of the beta testing phase. The virtual currency trading website added that the program would support five coins namely Binance Coin (BNB), Ripple (XRP), Ethereum (ETH), Tether (USDT), and Bitcoin (BCT). The exchange has already displayed the different interest rates for different coins on its website. ETH, XRP, and BNB will have monthly interest rates of 0.75 percent, 0.75 percent, and 1 percent respectively. USDT and BTC will have interest rates of 1 percent and 2 percent respectively. While explaining the difference in interest rates in different coins, Gupta said that margin trading in BTC markets is the most common on the website leading to high demand for its lenders.

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Kyber Network and IDEX Join Midas Protocol In Creating A Universal Crypto Wallet

Kyber Network and IDEX are blending their technology to enhance the Midas ecosystem/protocol. This technology offers an infrastructure for the revolutionary universal Crypto wallet dubbed as the Midas wallet. The Midas universal Crypto wallet is bringing security and accessibility to all Crypto holders-both novice users and experts. Further, the Midas protocol innovative technology can support smart wallet-based services such as portfolio management, intelligent trading, and safekeeping. The services are all essential for cryptocurrency operations. Hence, the Midas ecosystem enhances Crypto trading activities by formulating viable investments.

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