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Steam Gaming Platform Launches New Virtual Reality Game, CryptoSpace

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To educate the newbies as well as veterans about the crypto industry, the most significant gaming platform Steam has recently announced the launch of new Virtual Reality (VR) game, dubbed as CryptoSpace.

Crypto-Related VR Game

Developed by Valve Corporation, Steam is a video game digital distribution platform. The platform has recently announced the inclusion of a new game dedicated to educating the crypto industry. The new game, CryptoSpace, is more of an educational game to assist the crypto community with the basic concepts of how the block and overall crypto industry works.

As per the reports, the game was developed by Jesus Najera, and eventual release followed on August 15. With the first version of VR CryptoSpace game, users will be able “to overview chains and review blocks for transactions.”

The first VR blockexplorer, CryptoSpace is the most engaging & educational way to learn about cryptocurrency projects. For newcomers & veterans alike, this first version allows you to overview chains as well as inspect blocks for transactions.

The description of the game reads that the Alpha Version of the game will offer insights into leading cryptocurrencies, including Bitcoin (BTC), EOS, Ethereum (ETH), Litecoin (LTC) and XRP.
As the game is recently included in the list, there’s no review available on CryptoSpace yet.

The steam platform further shared the following system requirements to install the game;

Minimum and recommended requirement of OS and Processor for CryptoSpace is Windows 10 and Intel Core17 respectively. However, it would require 6 GB RAM as recommended memory whereas it can work with 4 GB RAM as its minimum requirement. Besides, the recommended need of Graphic and storage is GeForce GTX 1080 and 1 GB space correspondingly.

Steam Cryptospace

Back in 2017, Steam was reportedly accepting the payment in Bitcoin, allowing users to quickly and easily spend cryptocurrency for software. Accordingly, BitPay payment processor was in place to accept Bitcoin payments.

While cryptocurrency’s involvement in the gaming industry in the form of new token launch for gamers or bitcoin acceptance as payment have been on the rise, CryptoSpace is the first crypto-related game launched by Steam.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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IOTA Price Analysis: Bear and Bull Resume another Tug of War on MIOTA

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Key Highlights

  •  IOTA price is trading within the $0.23 and $0.28 demand zones
  •  The bears overcame the bulls after the $0.45 and $0.40 supply zones were broken
  • On August 14, the market fell to $0.23 demand zone, and after a retest, the bulls made an upward move

IOTA (MIOTA) Current Statistics

The current price: $0.26

Market Capitalization: $722,949,799

Trading Volume: $6,334,816

Major supply zones: $0.40, $0.45, $0.50

Major demand zones: $0.20, $0.15, $0.10

IOTA (MIOTA) Price Analysis August 28, 2019

In June, the IOTAUSD pair was trading at the $0.50 supply zone. At the supply zone, the coin made a downward correction, and the bears broke the $0.45 and $0.40 supply zones. The bears had the upper hand as the market fell to the low of $0.23 demand zone. The bulls defended the demand zone as buyers emerged.

The coin was in an upward move as it reached the $0.28 demand zone but fell to retest the $0.25 price zone. Presently, the market is ranging above the $0.25 demand zone.

However, after a retest at the demand zone, the market is expected to continue its bullish movement to revisit the previous highs. On the other hand, the coin can continue its bearish move and retest the previous low.

IOTA/USD-Daily Chart August 28, 2019

IOTA Technical Indicators Reading

The price of IOTA has 12-day exponential moving average and a 26-day exponential moving average. On June 27, the 12-day moving average crossed below the 26-day EMA signaling the downtrend.

The Relative Strength Index period 14 levels 46 indicate that the coin is ranging between the $0.23 and $0.28 demand zones. Besides, the coin is in a bullish movement as it broke the upper trend line signaling the upward move to the previous highs.

Conclusion 

The IOTA/USD pair is likely to rise after bears’ dominance. The market fell to a low of $0.23 demand zone and commenced a bullish move.

If the bullish trend resumes after a retest at the $0.25 demand zone, the crypto’s price is likely to rise to break the $0.28 and $0.30 demand zones. However, if the coin continues its range-bound movement, traders should buy on a rebound at $0.23 demand zone; or sell near the $0.28 resistance zone.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin Price Analysis: BTC in a Decisive Move above the Critical Demand Zone

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Key Highlights

  • Bitcoin price forms a triangle as the market fell from $13,000 to $10,000 supply zones
  • The crypto king is likely to rebound at the $10, 000 supply zone
  • If price breaks the $13,000 supply zone, it is an indication of a resumption of an uptrend

 Bitcoin (BTC) Current Statistics

The current price: $10,201

Market Capitalization: $182,623,809,319

Trading Volume: $13,348,171,354

Major supply zones: $13,000, $14,000, $15,000

Major demand zones: $8,000, $7,000, $6,000

Bitcoin (BTC) Price Analysis August 28, 2019

In the last three months, the coin had been trading between the $10,000 and $13,000 supply zones. The crypto’s price tested the $13,000 supply zone but found support at the $9,000 demand zone. As the price fluctuations continued, the market formed a symmetric triangle.

In its sideways move, the market recorded four higher lows where price tested and rebounded. This gives the impression that the Bitcoin (BTC) price has strong support to buy. Meanwhile, if the market makes an upward move and breaks the $13,000 supply zone, this will signal the resumption of an uptrend.

BTC/USD Daily Chart August 28, 2019

 Bitcoin Technical Indicators Reading

The coin’s symmetric triangle is a continuation pattern. A breakout of the symmetric triangle will mean that the BTC price will resume its uptrend. This allows traders to initiate long trades. However, if the symmetric triangle is a bearish pattern, a breakdown below the symmetric triangle will mean that the market will further depreciate.

Besides, the BTC price has reached a 40% range of the daily stochastic. This implies that the Bitcoin market is in a bullish momentum and a buy signal. The two-colored moving averages are horizontally flat, indicating that price is fluctuating.

Conclusion 

The BTC price is in a decisive move as it had been trading above the $10,000 supply zone in the last three months. At the supply zone, if more buyers are introduced, the upper line of the symmetric triangle is likely to be broken, and the crypto’s price will rise to retest or break the $13,000 resistance zone.

On the other hand, if the symmetric triangle is a bearish pattern, the Bitcoin price would fall and reach the lows of either $7,400 or $8,000 demand zone.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple (XRP) is Yet to Reach its Bottom, Claims a Crypto Analyst

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The month of August has been a lousy month for Ripple (XRP) as the third-best cryptocurrency by market cap has been bearish all through the month declining form its July 0.32 US dollar price value to struggling prices since the drop. Despite these bearish trends, Ripple is yet to reach its bottom according to a crypto analyst.

After attempting to bypass its short-term resistance level of 0.27 US dollars, Ripple’s XRP was once again rejected to settle at its current price action, a fate that closely mirrors that of Bitcoin and other significant altcoins.

Following its recent price movements, analysts are now arguing that XRP is yet to hit its long-term bottom. What this means is Ripple traders and investors should brace themselves for further rainy days. A new price dip in the coming weeks or months is expected before Ripple finds a long-term support level that will allow it to recover from its recent price decline.

Ripple (XRP) Faces Heightened Selling Pressure as Further Price Dip is Likely

At present, Ripple is exchanging at about 0.266590 US dollars, a 1 percent price decline from its 24-hour high of about 0.271 US dollars.

It seems that the 0.27 US dollar mark has become Ripple’s new near short-term resistance level. On careful observation, it has become clear that every time Ripple reaches the 0.27 US dollar level, it is followed by a slight rejection that pushes it on the lower side. This trend has been going on for the past several days and weeks.

Ever since the third cryptocurrency by market cap broke below its previous support level of 0.30 US dollars, it has perpetually traded around the 0.25 US dollar region signaling a trading range of 0.25 and 0.27 US dollars. According to some crypto experts, Ripple’s new trade range might hold firm in the short-term as long as the number one cryptocurrency, Bitcoin does not make any significant price movements.

Discussing Ripple (XRP), Chronis Trading, a renowned crypto analyst, tweeted sharing his predictions that Ripple XRP was yet to find a long-term bottom. According to Chronis Trading, XRP might face a substantial and a deeper pullback in the coming days. Chronis Trading disclosed while refereeing to Ripple’s trading table that,

“$XRP – why does the community keep speaking bottoms on Ripple XRP? The number three crypto asset by market cap is not even close to the bottom.”

Trading Predictions on Significant Forex Exchange Platforms May Spell Doom for Major Crypto Assets

According to a famous crypto expert who goes by the name Nik Patel, predictions towards forex traders on IG, a significant FX trading platform, may affect the price performance of significant cryptos including XRP negatively.

Patel noted,

“Customer sentiments on IG towards Bitcoin, Ethereum, and Ripple looks like a disaster in waiting.”

Given the fact that overleveraged long and short-term positions of any individual asset or market are generally viewed as counter pointers by most experienced investors, the reality that 97 percent of Ripple traders on IG are currently long on XRP may give life to the notion that further losses are looming.

However, despite the current situation, traders and investors are advised not to participate in panic selling of their assets. Traders who do not participate in swing trading should not be concerned. The best way to approach this situation is by looking at the big picture of Ripple by staying focused on the long-term gains that are inevitable in regards to XRP.

The current price dip is just but a stage in the crypto asset’s market cycle. According to cryptocurrency trading experts, major price downturns are usually followed by significant upturns allowing patient traders and investors to make the most significant gains in the long run. As the market anticipates further price declines from Ripple (XRP), the best is yet to come from the digital coin.

Ambitious Ripple followers are still expressing confidence towards their favorite coin, XRP, and are undeterred by its current misfortunes.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin Price Heads Back to $10k Support, Can BTC Hold this Time?

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  • Bitcoin is down by 1.35%, but the market is still looking indecisive at the moment
  • Bitcoin (BTC) is rolling back to technical support at $10000 with a possible breakout.

Since our previous Bitcoin’s price analysis, the price is yet to break away from the triangle as BTC price underway for a breakout and keeping the market subdue in a tight range.

As we can see, the price action is still trading in a rising channel, although the yellow-dotted descending line is holding the bulls down alongside $10500 resistance which was nearly broken yesterday.

While the channel’s lower boundary stands against the bear surge, the $10000 support has continued to bolster as well since the August 15 sharp bounce. In a couple of hours, we would know the actual direction for Bitcoin. As of now, the market is indecisive.

Bitcoin (BTC)’s Current Statistics

Trading Price: $10185

Market Capitalization: $182,337,137,950

Trading Volume: 13,739,499,164

Key resistance levels: $10500, $10993, $11250

Key support levels: $9800, $9500, $9300

Bitcoin (BTC) Price Prediction for August 28, 2019

The past 12 days of trading has made Bitcoin carve a channel pattern on the hourly graph, but the price action seems to be respecting a triangle formation, which is now reaching a break area. Now, Bitcoin is looking fragile and weak as a bearish move is likely if the $10000 support can no longer contain selling pressure.

Bitcoin BTC price technical analysis

If such a scenario occurs, the $9800, $9500, and $9300 support may be tested within a blink. However, an evident surge above the yellow-dotted line could bring BTC back in an upward range, meeting $10500, $10993 and $11250 resistance levels where the channel’s upper boundary lies.

Conclusively

There’s a need for an increasing volume for a surge in volatility to occur. Otherwise, Bitcoin’s price might remain in the middle of consolidation until we can see a significant wave.

Technical Indicator Reading

The hourly RSI for Bitcoin is currently looking bullish, indicating the buyers are gaining control of the market and the price may increase if the bulls can further sustain pressure.

The Stochastic hourly RSI has reached the overbought area, revealing a sell signal for BTC.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Price Analysis: XRP Stands Indecisive, Waiting for a Price Surge

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  • The Ripple’s XRP price is ranging between the $0.26 – $0.28 levels over the past few days.
  • Ripple (XRP) may establish a new low if the market drops below the channel’s lower boundary.

Over the past weeks, Bitcoin’s pattern has been shaping altcoins’ movement including Ripple’s XRP, which is similarly forming a channel pattern on the hourly chart, although the coin is struggling to surpass the dotted descending line, drawn in yellow from the $0.30 to $0.27 price level and subjecting the market in an indecisive condition.

This suggests that the market is likely to experience a price surge in future trading. An increase in price could allow the XRP market to trade back conveniently in the channel formation. If the price falls, we might witness a massive sell-off in the market as the cryptocurrency may look for a new low.

Ripple (XRP)’s Current Statistics

Trading Price: $0.269

Market Capitalization: $11,554,855,419

Trading Volume: $981,246,679

Key Resistance Levels: $0.28, $0.29, $0.30

Key Support Levels: $0.26, $0.25, $24

Ripple Price Prediction for August 27, 2019

Following the channel pattern, Ripple (XRP) appears bullish on the hourly chart. Over the past seven days, the price action is trading within a tight range of $0.26 – $0.28 zones. Up till now, the market is yet to break these levels.

Ripple XRP technical price analysis
XRPUSD, 1H Price Chart – August 27, 2019

If a surge in volatility occurs, the price of Ripple’s XRP may rise above the dotted line to $0.28, $0.29 and $0.30 resistance levels. Inversely, the price could fall back at $0.26, $0.25, and $0.24 support levels after breaking the two-weeks channel formation. Meanwhile, the long-term perspective remains in a dominant bearish bias.

Conclusively

Looking at the channel pattern (a bear flag formation), the price action is more likely to continue bearish after facing strong rejection at the descending dotted line. However, if the bulls manage to escape this trap, the $0.30 may be another tough level for the Ripple’s XRP market.

Technical Indicator Reading

The hourly RSI has been maintaining a sideways movement over the past few 48-hours, which shows that the market of Ripple (XRP) is currently in a short-term consolidation mode.

The Stochastic hourly RSI is now reflected in the overbought area as the market compounds for potential selling pressure.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Misha Lederman joins Tron-based BeatzCoin as the project’s CCO

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BeatzCoin is a Tron-based blockchain project which incarnates Tron’s ambitions perfectly. Its multimedia platform VibraVid aims to allow content creators to monetize their work and bring them together with their fans and followers.

The trick consists in combining the power inherent in Tron’s blockchain and the Tron-owned BitTorrent network. But there’s another ingredient. The fuel behind the platform is a cryptocurrency issued by VibraVid known as BeatzCoin (BTZC).

Well, there’s some fantastic news around BeatzCoin. They have a new Chief Communications Officer (CCO). We were lucky enough to speak with the new CCO about his new role. Read on for the details.

Misha Lederman of IAmDecentralized joins BeatzCoin’s core team as Chief Communications Officer (CCO)

Misha Lederman is something of a personality when it comes to Tron and PR. The Tron community very well regards his communication skills and, now, he will be the head of communications for BeatzCoin.

Mr. Lederman had this to say regarding his new appointment,

“I’m excited to deepen my role in BeatzCoin by joining the core team at VibraVid as Chief Communications Officer, making sure that we simplify our message and streamline our communication based on the values of truth, facts, and trust to expand our community of creators and user base.”

He added that,

“This is even more essential now as we are approaching the imminent launch of the VibraVid platform and the subsequent BeatzCoin (BTZC) IEO around the corner, in addition to some major game-changing partnerships to be announced.”

BeatzCoin and VibraVid in the CCO’s words

While we know what VibraVid and BeatzCoin are, we thought it would be interesting to ask the project’s brand new CCO for his views on the platform and the token respectively. Misha states that,

“BeatzCoin is, in my opinion, fulfilling the original vision of decentralizing the web as laid out by Justin Sun and the Tron Foundation by providing a platform that offers free decentralized storage through BitTorrent’s BTFS.”

VibraVid enables artists, musicians, and content creators to share their work and earn full revenue through a new P2P economy.

The platform allows tipping, sales, and purchases through a more direct interaction between creators and viewers. Describing BeatzCoin, Lederman elaborates that,

“BeatzCoin’s revolutionary advertising model also enables both creators and users to earn by sharing the ad-revenues, while fans and followers can earn through bounties and watching content.”

VibraVid and IAmDecentralized

The new appointment will also be useful in making VibraVid Inc. and IAmDecentralized LLC closer collaborators. This in itself, could be very fruitful for the Tron ecosystem in the years to come. Mr. Lederman expressed his joy about this:

“I’m happy to see how IAmDecentralized LLC’s consulting is deepening the cooperation with BeatzCoin. IAD’s blockchain analyst and London-based data analyst with more than 20 years experience of developing fintech platforms, Neil Gordon, has led the robust technical development of the VibraVid platform as Technology Director, while David D’Aprile serves as a senior advisor.”

The future and the community

While Tron has a central leadership (we all know who Justin Sun is), the fact is that it’s complemented by a very active, bullish and enthusiastic community. While the Tron Foundation’s leadership will, of course, be critical for the project’s development, the Tron community will be every bit as important in the future, especially as it keeps growing and new users and developers keep joining it.

Lederman concludes:

“As we look to the future, the sky is truly the limit for BeatzCoin and VibraVid. With an imminent launch of the platform and the IEO just moments away, the community’s work and patience will be essential to build up our creators and music libraries as well as our growing user base. Decentralizing the music and content creation industry does not happen in a day. However, with a model that rewards both creators and users alike, BeatzCoin has a recipe for long-term success by encouraging all to release their creativity within and reveal it to the world at large.”

VibraVid will be a critical project in making Tron’s ambitions come to life in the crypto-verse because of its high degree of organization and clear vision as well as the combination of blockchain technology with the new, Tron-based BitTorrent File System (BTFS) protocol. And BeatzCoin, the project’s cryptocurrency will go a long way in giving the Tron blockchain as a whole a good name.

In this context, we welcome Mr. Lederman’s deepening role at BeatzCoin. We’re sure that both the project and the man himself will profit significantly from this ambitious move.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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The Central Bank of Brazil Updates Cryptocurrency Asset Classification

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The Brazilian Central Bank will now follow the guidelines of the International Monetary Fund (IMF) in regards to the cryptocurrency trading.

In a recent ‘External Sector Statistics’ report published by the Banco Central Do Brasil which mentioned that the bank would follow the standard rules of IMF in cryptocurrency trading. In this crypto asset classification, the buying and selling of digital assets will be categorized as non-financial products, and the bank will make a balance sheet on account of the goods.

The balance sheet of the central bank is just like a traditional balance sheet that banks use to record the financial position that is drawn from assets, liabilities, and owner’s equity.

As the trading of cryptos gets done through the foreign exchange contracts, the central bank will provide the cryptocurrency trading in their import and export statistics. Brazil being a net importer of digital assets, has reduced the trade surplus on its balance sheet.

The IMF Recommendations

The IMF recommendations mentioned in the Treatment of crypto assets in macroeconomic statistics state that,

“Despite compilers’ increasing need for advice, there has been no formal guidance on the statistical treatment of crypto assets. Neither accounting nor regulatory standards provide clear guidance either. At present, Bitcoin-like crypto-assets do not meet the definition of a financial asset and hence currency, in macroeconomic statistics.”

The IMF recommendations guide the classification for the treatment of digital assets in macroeconomic statistics based on the current statistical standards and classifications. Bitcoin and other digital tokens without counterpart liabilities should be classified as produced nonfinancial assets in a distinct sub-category under valuables.

A Positive Development for Banco Central Do Brasil

This classification update of the cryptocurrencies is substantial progress for the central bank. As it will help the bank to recognize the digital assets as goods which will allow the users to use the crypto asset as a payment system.

As per the recommendations of the IMF mentioned above, the central bank from now on will continue to follow those instructions and make progress — and let the crypto ecosystem expand all across the state.

The central bank of Brazil has been doing R&D work on cryptocurrencies, knowing the importance of fast-growing blockchain technology and how cryptocurrencies can really boost their market. The central bank was ready to make further progress in crypto and engage such a relation with the new market that would improve the economic condition of the country.

The recent update on the classification of digital assets would open new gates for the financial industry of Brasil and brings more legitimacy as well as reliability to different businesses all over the country. And of course, the awareness of the central bank on the new revolutionary technology will turn out to be very helpful for the economic growth of Brazil in long-term progress.

Overall this is a good development for the crypto market as its significance keeps on growing. This crypto asset classification will also raise a sense of competition for other banks across the world. For staying competitive, more banks will adopt this crypto asset classification. Moreover, with the top financial institutions and governments recognizing the influence of crypto industry over different sectors of life, a massive wave of crypto adoption seems to be on its way.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Tron takes another giant leap as TRX transaction numbers continue to spike

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Tron and Justin Sun have made it a point to ensure that developments and updates take center stage in the cryptocurrency space. This mindset has allowed the currently 14th placed cryptocurrency from making another splash concerning progress momentum, with Tronscan reporting that the total number of TRX transfers on the Tron blockchain had surpassed 80 million.

At press time, the total number of transfers were clocked in at 80.091,874. Justin Sun, the CEO of the Tron Foundation and the company has always believed the transaction numbers, and the number of users on the blockchain play a pivotal part in ensuring that the mantra of ‘mainstream adoption’ becomes achievable.

Despite the updates ad the climb in numbers, Tron still has to ward off the haters and the naysayers, with users like CryptonatorFR tweeting:

“Look at #TRX and #BTT and #WIN holders now

They all have it in their asses and going round in circles to shill it

You still believe in this clown and his lies

TRON Fanboys are marketing personas, or they are the ‘early investors’  in most of TRON’S Ponzi.”

Although these kinds of comments have become the norm, the Tron community or more popularly called ‘Tronics’ have ensured that the upgrades and milestones achieved by the company do not go unnoticed.

Tron’s blockchain has gone through several revamps recently as the block height crossed the 12 million mark while the current transactions vs. the maximum transactions per second were holding at 32/748.

Tron was also in the news recently when the company announced a list of updates in its weekly DApp report.  The Foundation had tweeted:

“According to @dapp_review, the number of #TRON #DApps reached 561 with 8 new #DApps. According to @dapptotal1, the number of smart contracts reached 1,371. #TRON’s #DApp ecosystem is growing at a steady pace.”

The report also spoke about the addition of 8 new DApps to the network over the last week, along with a 30 percent increase in transaction volume and time compared to the previous days.

Tron’s DApp prowess was also on display as Tron’s 7-day volume of 102,795,283 was leaps and bounds ahead of its closest rivals, EOS and Ethereum who clocked in volumes of 53,005,152 and 52,877,49.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Man Behind Unlicensed Bitcoin Exchange and ATM Service Caught Guilty

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Kunal Karla from California, aged 25 pleads guilty for the unlicensed bitcoin exchange and ATM services used to launder money. As per the court reports, the service provided by Mr.Karla was used by dark web drug dealers and other criminals as well.

With the burgeoning trend of crypto and blockchain industry, money laundering cases are quite often appeared on the bulletins across global crypto Medias. However, this case is said to be a first federal criminal case filed for using a Bitcoin kiosk to launder money.

Man Faces Life Sentence For Operating Unlicensed Bitcoin Service

Mr. Karla, who was also known as “Coinman,” shecklemayne today agreed to plead guilty to federal criminal charges for his illegal activity to launder Bitcoin.

Per the reports, Mr.Karla managed to exchange up to $25 million in cash and cryptocurrency for individuals, including drug-trafficking who reportedly used his Bitcoin ATM kiosk. As per the reports, the unlicensed exchange offered bitcoin trading for US dollars and vice versa from May 2015 to October 2017.

Moreover, it also reported that Mr.Karla used to exchange cash for bitcoins to criminals through LocalBitcoin and Paxful. One such example of serving to a criminal is, offering bitcoin exchange service to dealers selling narcotics on the darknet. Besides all these activities, a Bitcoin ATM that didn’t require users to provide their identities or any other security measures as required under the law was also a part of Karla’s services.

It was also stated that Karla’s clients were big picks who were willing to pay at least $5000 as a fee per transaction. Above all, Karla didn’t bother to follow an Anti-Money laundering program to facilitate any of his service to the individual or its clients.

Law enforcement seized about 54.3 bitcoin and $889,000 in cash from Karla along with his vehicles. He is already accepted and agreed to plead guilty of operating the unlicensed crypto exchange and a kiosk, but the hearing is scheduled for next month. The report hints that Karla’s maximum penalty of engaging in wrongdoing is his whole life in federal prison.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.