Cameron and Tyler Winklevoss are reportedly suing early bitcoin investor and entrepreneur Charlie Shrem over thousands of bitcoin they allege he owes them from a previous business deal.

According to a report from The New York Times on Thursday, Shrem – who previously spent a year in prison for money laundering and operating an unlicensed money-transmitting business related to the BitInstant exchange that he founded – had helped the Winklevoss brothers invest in bitcoin back in 2012.

Acting as their first crypto adviser, Shrem had accepted $750,000 to buy bitcoin on their behalf, according to the NYT citing a lawsuit launched by the twins in September and unveiled today. Later, in September 2012, they gave him $250,000 for the same purpose, the lawsuit alleges, but later realized that Shrem had not given them the full value of the amount in bitcoin.

They now claiming to be short by roughly 5,000 bitcoin, worth almost $32 million at today’s prices. At the time of the deal in 2012, one bitcoin was worth approximately $12.50.

The Winklevoss brothers claim they appealed to Shrem for the cryptocurrency they say they were due, but that it was not forthcoming. Specifically, the lawsuit claims that extravagant purchases Shrem has made since leaving jail two years ago – despite having previously said he had almost no money at the time of serving the sentence – including two Maserati sports cars, two powerboats and a $2 million property in Florida, are likely being funded by the alleged misappropriated cryptocurrency.

“Either Shrem has been incredibly lucky and successful since leaving prison, or – more likely – he ‘acquired’ his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole …” the lawsuit states, according to the NYT.

Shrem has now had some assets frozen by the judge presiding in his previous trial, according to the court documents.

In a statement reported in the NYT, Shrem’s lawyer, Brian Klein, said:

“The lawsuit erroneously alleges that about six years ago Charlie essentially misappropriated thousands of Bitcoins. Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name.”

Shrem started his ordered two year prison term in March 2015, though ultimately only served one year.

The CEO of now-defunct bitcoin exchange BitInstant, Shrem had previously been found to have violated anti-money laundering rules by dealing with a customer who supplied $1 million in bitcoin to people buying drugs on the online marketplace Silk Road.

Shrem entered a plea bargain in court, agreeing to forfeit $950,000 to the U.S. government as a condition of compliance with the deal.

The latter agreement may come back to haunt Shrem, according to the NYT, which says that an affidavit filed in court indicates that Shrem did not pay the $950,000 to the government.

Coinbase has just announced that trading of the Basic Attention Token is soon to be enabled on the Coinbase Pro platform, and deposits of the token are now being accepted.  Trading in the token — which runs on Ethereum — will actually begin after a market begins to formulate.

From the announcement:

“Once sufficient liquidity is established, trading on the BAT/USDC order book will start. […] BAT trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.”

Trading is apparently not going to be allowed to residents of New York, likely due to regulatory concerns. Users will have to bring their own BAT, as purchase of the token is not currently available on the regular Coinbase.com.

The price of BAT was around 25 cents as of yesterday, but on today’s news, it has gone up by a nickel. It is not difficult to speculate that the increased exposure through the Coinbase Pro platform will continue this incline and that BAT could see new highs beyond its all-time-high of more than 60 cents per token.

bat ethereum coinbase
Source: CoinMarketCap

The Brave browser project is the primary effort behind  BAT, which is aimed at rewarding users for enabling ads. Brave browser has ads disabled by default. BAT tokens have a real-world value assigned by market traders and benefit both sides of the content world – the viewer and the content provider. Last year, Brave enabled them on YouTube videos and over the past few weeks, prior to the listing on Coinbase Pro, the token has seen a rally due to the program entering beta and increased awareness.

As CCN has previously reported, the Chrome-based browser itself has millions of active users and discourages tracking, malvertising, and inefficient website coding. Current market share reports on browsers do not sufficiently differentiate user agents enough to tell the difference between various forks of Chrome; thus, it is hard to estimate how many people are currently using the browser. Nevertheless, as market share of it grows, the native utility of the BAT will continue to grow, and thus so will demand for it.

CCN will check in with BAT as trading on Coinbase goes live to see whether the move by one of the oldest, largest, most compliant exchanges will have a positive impact. It’s important to note that BAT has long traded on Binance, which is an exchange with the most volume across several markets.

The team at Lite.IM, the project from Zulu Republic making Litecoin (LTC) SMS payments a reality, have just announced that users of their platform can now send and receive LTC via facebook messenger. In the twitter announcement, the team was quick to point out that LTC and Lite.IM now can be used by the over 2 Billion global users of the popular social media platform.

We are happy to announce that @liteim_official is now live on Facebook Messenger. 2Bn+ @facebook users now have direct access to easily and securely, send, manage and invest in Litecoin.

How to Get Started

  1. Users willing to try out the service, need to start a conversation with Lite.IM using the messenger link of m.me/lite.im
  2. Once the conversation is started, the user is asked to register after accepting the terms and conditions of using the service
  3. After registering, you will be asked to key in your primary email address
  4. Once this is done, you will be requested for your phone number in the following format: +[country][number]
  5. The service will then send an SMS code for you to confirm
  6. After confirming the code, you will be prompted to enter a secure password for your Lite.IM account
  7. You will then be provided with a LTC wallet address
  8. You are now set to send and receive LTC on facebook Messenger

Also Available on Telegram Messenger

The team at Lite.IM had first launched the Litecoin service on the popular messaging application of Telegram. All a user has to do, is open their website at https://www.lite.im/ and follow the prompts to key in a phone number. Once this is done, you will get an SMS asking you to follow the link that opens a conversation with the Lite.IM bot on the platform.

During the launch of the Telegram service back in August, Charlie Lee had urged the crypto community to focus more on crypto adoption during the current bear market. His words were in reference to the newly launched Lite.IM Telegram service.

Zulu Republic Team, the creators of Lite.IM, had this to say about the Telegram launch.

Since day one of the Zulu Republic, we’ve been driven by a vision of what the world might look like if the founding ideals of the cryptocurrency revolution were actually realized…

Today we take that vision one step closer to reality by announcing lite.im, a new project from Zulu Republic aimed at expanding cryptocurrency access to a wider population than ever before.

Lite.im brings Litecoin services to anyone with even the most basic mobile phone, regardless of whether or not they have access to the internet.

With a simple Telegram or SMS message, lite.im users will be able to interact with the Litecoin blockchain, sending and receiving funds from anywhere in the world where a cellular signal can be found.

Back in late August, news broke that the SEC was reviewing nine earlier rejected Bitcoin (BTC) ETFs. What happened is that the rejections were as a result of the Commission delegating some tasks to its staff. The staff had acted on behalf of the Commission and followed through with rejecting the 9 Bitcoin ETFs. However, due to additional rules at the regulatory body, the Commission has the power to review such ‘delegated’ decisions.

Confusion that the SEC Deadline Was the 26th October

Soon after the SEC Commission announced that it was reviewing the 9 BTC ETFs, news spread like wild fire that they had set a new deadline of October 26th. This date was believed by many as when the SEC would decide the fate of the 9 proposed rule changes. However, this was not the case.

November 5th: Actual Deadline for Comments

Further scrutinizing the supporting documents provided by the SEC announcing the review of the ETF proposals by Direxion (5), GraniteShares (2) and ProShares (2), we find that they all have a November 5th deadline for all concerned parties to comment on the ETFs. The common statement on all these documents is as follows:

Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or other person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.

Announcement Could Come Any Time After the 5th

Given that the actual deadline for comments is November 5th, we can assume that the SEC will make an announcement any time soon after the quoted date.

In conclusion, the SEC is set to make a ruling on the 9 aforementioned pending Bitcoin ETF applications. Observing that November 5th is the last date for any concerned party to file comments regarding the ETFs, we can assume that the SEC will make an announcement soon after. Therefore, crypto traders are advised to factor this in when planning their weekly trading strategies.