TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Facebook Coin plagiarism alleged from an academic paper, according to NYU professor. Huawei calls for a Chinese Libra rival. CNBC host believes Justin Sun lunch with Warren Buffett was canceled due to political pressures. BTC-e exchange sued for $100 million, and Roger Ver aims to be present at the Bitcoin Cash City conference despite visa issues.
Facebook Coin Plagiarism Alleged by NYU Professor
Libra, the cryptocurrency project supported by Facebook, is being accused of plagiarism, of having copied some elements from an academic paper. Alexander Lipton, a professor at MIT and NYU, claims Libra is “pretty much lifted verbatim from the paper which Sandy Pentland and Thomas Hardjono and I published last year.” However, he recognizes some elements are certainly different. The paper, titled “Digital trade coin: towards a more stable digital currency,” describes a currency called Tradecoin backed by commodities such as gold.
Huawei CEO Calls for China to Build Libra Rival
Huawei, one of the biggest telecom companies in the world, called upon China to build a rival for the upcoming Facebook backed cryptocurrency, Libra. Huawei CEO, Ren Zhengfei, declared during an interview that “even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.” Facebook has faced great opposition from regulators of different countries, fearing the effects of a private coin on their economies.
CNBC Host Says Justin Sun’s Warren Buffett Lunch Not Likely to Happen
The plot thickens;
Sources in China say the Chinese government believed that @justinsuntron “promoting” the Warren Buffett lunch was a “provocative” act given current trade tensions. He has been told not to pursue the lunch. My source believes the lunch won’t happen at all.
— Ran NeuNer (@cryptomanran) July 27, 2019
Rand Neuner, host of Crypto Trader on CNBC, shed a light on the possible motivations behind the drama and postponement of the lunch between Tron CEO Justin Sun and legendary investor Warren Buffett. Neuner stated there is a political reason in these actions because “promoting the Warren Buffett lunch was a ‘provocative’ act given current trade tensions,” according to an unnamed source. The Chinese government is said to have urged Sun not to pursue the lunch that cost him more than $4.5 million to win in a bid.
DOJ Sues BTC-e Exchange for $100 Million
BTC-e and its operator Alexander Vinnik are being sued for $100 million dollars after allegedly laundering millions of dollars that resulted from the Mt.Gox hack. BTC-e is also being sued by not completing KYC proceedings for its customers, failing to report suspicious activities, and operating without registering as a Money Services Business. The Department of Justice insisted BTC-e “became the virtual currency exchange of choice for criminals looking to launder their illegal proceeds,” according to the complaint.
Roger Ver Offers Support to The Bitcoin Cash City Conference Despite Visa Issues
Roger Ver, one of the most relevant personalities in the Bitcoin Cash community and CEO of Bitcoin.com, confirmed his personal support to the Bitcoin Cash City conference in North Queensland, Australia, where the cryptocurrency enjoys of a great amount of adoption among merchants. Ver requested a visa to be personally at the event that is still pending approval, but he declared: “Even if I’m not there, Bitcoin.com will be there and lots of people from Bitcoin.com helping to spread mass adoption.”
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