Bitcoin rises after court rules it’s a form of money; Apple co-founder sues Google for cryptocurrency scam

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It has been a busy week in the cryptocurrency world. Here are some updates, local and international.

Bitcoin’s value is increasing

The world’s most famous virtual money is being torn apart.

Tonight (Vancouver time), a Bitcoin crossed the $ 13,000 mark in Canadian currency, according to Morningstar.

Back on Monday (July 20), it fell to $ 12,403 for a Bitcoin. While not a global gain, it represents a 5% increase in one week. Not bad for something that billionaire Warren Buffett says has no value.

The Court rules in favor of Bitcoin

Bitcoin’s most recent surge came after Coindesk reported that a U.S. judge ruled Bitcoin to be a “form of money.”

Judge Beryl Howell delivered the ruling of the District Court for the District of Columbia in a case involving Larry Dean Harmon.

He has faced three counts in connection with his operation of Helix as an underground goblet for Bitcoin on the Darknet.

Justice Howell dismissed Harmon’s request to dismiss two counts, as well as his request for the release of 160 Bitcoins seized by the government. They are currently worth over $ 2 million.

She also said that Helix meets the definition of an “unlicensed money transfer business”.

Steve Wozniak is not thrilled that his face has appeared in cryptocurrency scams on social media.
Lexer

Apple co-founder sues Google

Meanwhile, the Edge reported that Apple co-founder Steve Wozniak and several other plaintiffs have named YouTube and Google as defendants in a lawsuit for bogus Bitcoin promotions.

Wozniak’s face has appeared in videos suggesting he would donate the cryptocurrency.

The action was filed in California.

“With full knowledge of this scam, YouTube resisted the removal of scam videos, allowed them to multiply and contributed to the scam by making them appear legitimate,” the complaint states. “YouTube and Google have taken it to the next level in promoting and profiting from these scams by offering paid ads targeting users most at risk of harm. ”

Other faces of high-tech flyers were used in the scam, which gained worldwide attention after Twitter was hacked on July 15 to spread the message more widely.

Among the victims were Bill Gates, Elon Musk, Mark Zuckerberg and Apple Inc.

Wozniak alleged that YouTube had “not responded” to his repeated efforts to prevent unauthorized use of his face and image.

“Unlike YouTube, in the face of this attack, Twitter took swift and decisive action to protect its users, shutting down hijacked accounts until Twitter regained control,” according to the complaint.

“As a result, the massive Twitter hack resulted in only about $ 120,000 in losses, while the YouTube scam generated millions of dollars in stolen cryptocurrency. ”

None of the allegations have been proven in court.

NetCents reaches international traders

A Vancouver-based cryptocurrency payment technology company says it is attracting more international merchants to use its service.

NetCents Technology Inc. claims that in 2019, only 27% of merchants using its service were outside of the United States.

He says that this year he has reached 67%.

Additionally, NetCents Technology claims that the average transaction for B2B exchanges has reached $ 25,000.

On July 4, it announced the creation of a 100% subsidiary in Germany to support its European activities.

NetCents Technology insists that it has a “white label solution” that it can provide to commercial banks interested in enabling their customers to trade cryptocurrencies.

Last month, the company said it had received a US $ 1.4 billion institutional credit facility “to promote merchant settlements.”

The term is 15 months, according to the company, with “one-year automatic renewal terms” and no interest goes to the credit facility. Additionally, the company said there was no charge for the first three months.

The funds from the sale of parts are in a trust account managed by the legal counsel of the company.

NetCents Technology revealed on July 6 that at the end of April, “the funds are held in trust and are under investigation by the British Columbia Securities Commission.”

“The outcome of this investigation is unknown and funds are to remain in trust until the BCSC investigation is completed. ”

On July 24, NetCents Technology closed at $ 1.12 on the Canadian Securities Exchange, down 10.4% on the day.

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