October 23, 2020

Altcoin NewsZ

Daily Cryptocurrency Update

Fool’s gold? Peter Schiff’s bank under investigation in tax evasion probe

This morning, millionaire dealer and famous Bitcoin skeptic Peter Schiff awoke to search out his financial institution below renewed scrutiny because of a global felony investigation. 

In accordance with reporting from Australian newspaper The Age and The New York Occasions, the J5 — a joint job drive of tax authorities from main Western governments convened within the wake of the bombshell publication of the Panama Papers — have positioned “a whole lot” of accounts at Schiff’s Puerto Rico-based Euro Pacific Bank below investigation for tax evasion and different monetary crimes. 

The experiences element what seems to be a comically inept group liable for harboring the fortunes of a solid of shady businessmen and criminals. Workers employed after a fast Google search screening had been tasked with attracting purchasers corresponding to Simon Antequetil, the famous Australian fraudster and tax avoidance maestro.

In an interview with The Age final month, Schiff denied wrongdoing on the a part of Euro Pacific, saying the financial institution “turns down much more accounts than we approve as a result of our compliance is so rigorous”. 

He later stormed out of the interview.

However nestled amid the experiences is a key element which can shed some gentle on why Schiff has been such a virulent critic of the world’s hottest cryptocurrency, Bitcoin. 

From The Age:

“The financial institution’s safety was additionally an issue […] at one level, Russians tried to extort the financial institution for a ransom of 1000 bitcoins, value hundreds of thousands of {dollars}.”

Whereas Schiff was criticizing Bitcoin as early as 2013, the tried extortion scheme may clarify why he’s been significantly vocal as of late, most notably in a Twitter spat with Gemini co-founder Tyler Winklevoss.

Schiff has additionally demonstrated a historical past of paranoia relating to hacks, particularly cryptocurrency-related hacks. In July, Schiff augured that the hack of a number of Twitter accounts by an American teenager may be a “harbinger” for a Bitcoin hack, and in April he tweeted about “the potential for enhancements in know-how to hack the blockchain and counterfeit Bitcoin.”

Regardless of Schiff’s issues over the potential hacking of the Bitcoin blockchain, there isn’t any equal within the digital asset world to iron pyrite. Until we rely BSV.