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ISIS Bitcoin Bank Fraud, Crypto Miners can exit

A woman in New York has pleaded guilty and faces up to 20 years in prison for helping ISIS with an elaborate scam involving bank fraud, cryptocurrency and money laundering.

According to CNBC, Zoobia Shahnaz of Brentwood, Long Island has admitted that it has wired more than $ 150,000 last year to individuals and shell entities that were fronts for ISIS in Pakistan, China and Turkey. He will be condemned to provide material support to a foreign terrorist organization.

In other news, bitcoin miners might start looking for another line of work.

The Chicago Tribune reported that the hash rate of the bitcoin network fell about 24% from the historic high at the end of August.

"This suggests that prices have fallen to a point where the mining sector is becoming uneconomical for some," wrote JPMorgan's strategists in a Friday report.

Miners perform calculations to confirm transactions in the cryptocurrency and are paid for their work with bitcoins. If prices fall below break-even costs, miners may be forced to close the store or may operate at a loss.

The break-even cost to extract a single bitcoin was estimated at around $ 7,000 in a recent report. But the largest digital token fell about 80% from its December peak, and now stands at $ 3,742, while the Bloomberg Galaxy Crypto Index has dropped to a minimum of 14 months.

And the Financial Conduct Authority (FCA) of U.K. has revealed that he has investigated 50 companies suspected of providing financial services without the permission of the regulatory authority. Furthermore, this year received seven reports from interested employees of cryptographic companies.

"The huge sums lost because of the cryptocurrencies that come down this year will cause a wave of complaints to the FCA," said Andrew Jacobs, a partner of Moore Stephens, an accounting firm, The Telegraph. "Now that prices have plummeted, fraud is likely to be exposed, with increased pressure from the FCA to ensure that this market can operate in a transparent and fair manner."

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