Yes, This Wu-Tang Clan-Themed Cryptocurrency Is Actually Happening

Months after its debut, the cryptocurrency being launched by the estate of the late Wu-Tang Clan member Ol’ Dirty Bastard (ODB) is moving ahead – starting with a public pre-sale that begins this week.

Back in March, performing artist Young Dirty – ODB’s son, whose real name is Barson Jones –  spoke to media outlets about the plan to create a fan-centric cryptocurrency, built on top of the TAO blockchain network and traded on the AltMarket exchange (which is hosting the pre-sale).
And perhaps unlike other cryptocurrencies with celebrity backing – an area that the U.S. Securities and Exchange Commission has taken a stern tone toward – those behind ODBCoin say they moved carefully toward launch.

“We had to take the time out to get everything correct,” Young Dirty said in an interview.

Bryce Weiner, AltMarket’s CEO, described ODBCoin as “merchandise, like a T-shirt, which makes it a commodity” in the eyes of U.S. regulators.
The idea is that ODBCoin (formerly known as Dirty Coin) will be the first of a planned series of artist-branded cryptos developed and distributed. Rather than serving as vehicles for investment, the tokens are intended to act as a kind of incentive for fans of artists like Young Dirty, allowing them to be spent at shows or on merchandise.

The Wall Street Journal – How One Stubborn Banker Exposed a $200 Billion Russian Money-Laundering Scandal

Howard Wilkinson, a British trader at a Danish bank’s branch in Estonia, noticed a London business was moving about $1 million through branch almost daily, yet had filed a report with the U.K. government claiming that it had no income or assets. Downloading the report costed him one pound.

Once he dug deeper, he found that more than $230 billion had flowed from Russia and other former Soviet states through its tiny branch in Estonia.

“If you wanted to launder money all you need to do is find an obscure branch in a bank with a good name,” he said. “And nobody is going to ask you any questions.”

Reuters – Capital One Bank fined $100 million over money-laundering controls

Capital One Bank failed to enforce anti-money laundering controls that have been in place for years by a leading bank regulator.

The Office of the Comptroller of the Currency (OCC) said Capital One did not satisfy a 2015 consent order that demanded the bank improve its policies.

NBC News – Yahoo to pay $50 million, offer credit monitoring for massive security breach

Yahoo has agreed to pay $50 million in damages and provide two years of free credit-monitoring services to 200 million people whose email addresses and other personal information were stolen as part of the biggest security breach in history.

The digital burglaries occurred in 2013 and 2014, but were not disclosed until 2016. It adds a financial fallout to the end of Yahoo’s existence as an independent company and Marissa Mayer’s six-year reign.

Reuters – U.S. DoJ probing AmEx’s foreign exchange international payments unit

American Express Co. received subpoenas from both the civil and criminal divisions of the Department of Justice, as well as inquiries from the Federal Reserve, the Federal Deposit Insurance Corporation and other agencies.

The foreign exchange international payments unit (FXIP) offers cross-border payments services mainly to small and middle market business customers in five countries, including the U.S. Pricing practices were being probed by the FBI last month.

Newsmax – Humbled Bitcoiners Want Lawmen to Legitimize Their Wild Market

Crypto’s 1,400 percent rally last year has finally gained some attention for Bitcoin after being introduced a decade ago. On the other hand, some cryptocurrencies have plunged as much 90 percent during the recent crypto crash.

“If the crypto market is ever to establish itself as a credible alternative asset class, it will need a set of rules that will weed out fraudulent activity and encourage stable growth, which should attract the deep pockets of institutional investors,” said Daniel Santos, a former Standard Chartered Plc banker who’s starting a Singapore-based ratings company for digital assets.

His company, Digital Asset Rating Agency, will grade issuers’ business models, management and compliance with their utility and security tokens.

“Regulation is in fact a betrayal of the origins of Bitcoin, which was built around anonymity and skirting government oversight,” said Ryan Zagone of Ripple Labs Inc., the digital money transfer company’s director of regulatory relations. “This philosophy is unrealistic and immature.”

Reuters – Japan grants cryptocurrency industry self-regulatory status

The Japan Virtual Currency Exchange Association will now police and sanction exchanges for any violations. This comes on the heels of an industry in Japan that has been by large-scale thefts twice.

“It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,” a senior FSA official said in a briefing, declining to be named.

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