IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Russian Troika laundering scandal explodes. IMF looks at fintech through Ripple and Circle. Coinbase backpedals on earlier statements. Cash use declining steadily in the UK, and QuadrigaCX widow demands payment while exchange wins legal delay.

More Spice: Bitcoin White Paper Webcomic by Comics Legend Scott McCloud

“Troika Laundromat” Russian Laundering Scandal Includes Banks and Politicians

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

A new scandal was made public by the OCCRP (Organized Crime And Corruption Reporting Project), linking powerful bank groups like Citigroup and Deutsche Bank, and politicians as powerful as Vladimir Putin and Prince Charles, with a gigantic offshore money laundering operation. In total, almost 9 billion dollars were laundered through a network of more than 60 offshore companies outside Russia, in what is one of the biggest laundering operations discovered ever.

IMF Includes Ripple Founder and Circle CEO in “High-Level Advisory Group”

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

The International Monetary Fund (IMF) included two important cryptocurrency proponents into a “high-level advisory group”: Chris Larsen, the Founder of Ripple and Jeremy Allaire, the CEO of Circle. They will be involved in high-level discussions concerning the Bali Fintech Agenda, a set of rules that seek to promote fintech as an alternative for the unbanked in small states, where these initiatives have the potential of reaching the underserved.

QuadrigaCX Gets Court Extension for Creditor Protection

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

A court in Halifax, New Scotia granted a new extension of 45 days to QuadrigaCX, the insolvent exchange as a consequence of the death of its CEO, Gerald Cotten. This new grant of time could be the response to another report stating the bitcoin wallets of the exchanges were empty since April 2018. Court Justice Michael Wood told the court he was  “satisfied that it’s appropriate to extend the stay, there’s value in continuing it and the company is continuing to work in good faith.”

Coinbase Spokesperson Backpedals on Declarations of Selling Customer Data

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

A spokesperson from Coinbase declared they had never sold “customer identifiable” data to third parties, backpedaling on recent declarations a high-level executive from the company made during an interview with Cheddar. Christine Sandler, Coinbase’s director of institutional sales, mentioned their previous analytics provider sold data to third parties, quoting this as the most important reason for them to acquire Neutrino, a security provider linked to Hacking Team, an internet hacking organization.

Cash Use On Decline, UK Study Finds

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

A new study called Access to Cash Review found ordinary cash use is declining at an alarming rate, estimating the UK society won’t be using bills by 2026 if the current rate of decline maintains constant. In 2017, people in the UK used debit cards in more transactions than never before, using cash in far fewer operations.

Gerald Cotten’s Widow Demands Repayment of Legal Expenses in QuadrigaCX Case

IMF Courts Ripple, Troika Laundromat $9Bn Scandal Explodes, UK Cash Use Slows

Jennifer Robertson, the widow of the late Gerald Cotten, CEO of QuadrigaCX, is looking to be repaid for the financing she provided to help the company reach creditor protection. According to sources, the exchange was not able to provide the money necessary and Cotten’s widow provided “interim financing,” paying costs of $225,000 approximately. Creditors argue that payment, in this case, would be inappropriate until the situation is clarified.

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