Cryptocurrency and Luxury Goods as Avenues for Laundering Funds

The fugitive fraudster and the accused laundered money through cryptocurrencies and luxury items.

Attempted Purchases of Multi-Million Pound Properties with Laundered Funds

The accused tried to purchase multi-million pound properties in London with the laundered funds.

Read more here at https://news.sky.com/story/ex-takeaway-worker-on-trial-after-1-4bn-bitcoin-seized-by-police-says-i-was-duped-13075660

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American-born billionaire and founder of cryptocurrency exchange FTX, Sam Bankman-Fried, has invested $20 million into Causal. The London start-up hopes to rival Microsoft Excel for finance departments and quant traders globally. Causal has created a software product for complex financial models that directly plugs into accounting systems, customer databases and other data stacks. The software allows people to collaborate and write formulas in simple English, as opposed to being based on cell locations. Abdaal, co-founder of Causal, claims that they have “public companies using us, we have startups using us and everything in between.”

Fresh Funds Used to Grow Causal’s Staff from 15 to 50 with an Emphasis on Sales

The funding from Bankman-Fried, made via FTX’s venture capital arm, will be used to grow the staff from 15 to 50, with an emphasis on sales. The fresh funds have been provided in a “Series A” funding round and other backers include Accel, London VC, Coatue Management, the hedge fund run by Philippe Laffont and the founder of business review site Yelp, Jeremy Stoppelman. Upon being asked about their valuation in the round, Abdaal declined to comment.

Founders Met While Studying Maths at Oxford University and Moved Back to London to Set Up Causal

Causal’s founders, Taimur Abdaal and Lukas Köbis, both 26 and 27 respectively, were both working in California before deciding to come back to London to start the business. They both met while studying maths at Oxford University and came together after they realised that they wanted to start a business together. Shipping back to London from California was not a problem as Abdaal claimed that “as VC (venture capital) has become less geographically constrained, you can actually stay where you are and still access the capital.”

Read More Here https://www.standard.co.uk/business/causal-series-a-sam-bankmanfried-ftx-london-accel-coatue-management-b990398.html

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The cryptocurrency market has suffered a massive crash, erasing over $1tn off its market value. Crypto insiders speculate that the crypto market is experiencing its own version of the Lehman Brothers’ fallout. Bitcoin, Ethereum, and other cryptocurrencies have taken a beating in recent months, with Coinbase, the leading crypto-trading platform in the US, losing half of its value in a week and expressing concerns that users could lose everything. The recent crisis has raised questions about the future of cryptocurrencies, including whether the Bitcoin bubble has finally burst.

Critics call for immediate regulation due to the unregulated nature of cryptocurrencies

Critics have raised concerns about the unregulated nature of cryptocurrencies while insiders speculate it’s only a matter of time before governments introduce regulations to safeguard investors and prevent future crashes. With an increasing number of young Londoners investing in crypto, experts are worried about the possible impact on the city’s economy. Recent events have created uncertainty across different asset classes and have left young investors skittish about the future of cryptocurrencies.

Experts fear possible impact on London’s economy due to young people investing in crypto

Although this isn’t the first time the crypto market has crashed, experts worry that this time could be different. The market value of cryptocurrencies has fallen by more than half, and insiders are discussing whether this marks the start of a long ‘crypto-winter’. Some investors have voiced concerns that crypto will never recover from this period of instability. Others, however, are more optimistic, pointing out that the market will recover and noting that the crypto market tends to follow a cyclical pattern of crashes and recovery.

Read More Here https://www.standard.co.uk/insider/bitcoin-ethereum-elon-musk-crypto-crash-b1001656.html

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