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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces up to 10 Years in Prison

Crypto Fund Manager ‘Coin Signals’ Pleads Guilty in $5 Million Crypto Fraud Scheme

The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ).

Investors Scammed Into Investing in Coin Signals’ Funds

The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence (aka Coin Signals) has pleaded guilty in a fraudulent cryptocurrency investment scheme.

Spence “solicited over $5 million from more than 170 individual investors for various cryptocurrency funds that he operated, after making false representations in connection with these funds,” the DOJ explained. Spence was charged in June.

U.S. Attorney Damian Williams detailed:

Jeremy Spence, a/k/a, ‘Coin Signals,’ admitted today to luring investors to his cryptocurrency investment scam by touting fictitious historical returns of up to 148%.

“In reality, Spence’s investments consistently lost money, and his scam left investors with a $5 million loss,” the Justice Department continued.

Spence solicited investors for several cryptocurrency investment funds that he created and managed from November 2017 through April 2019. His largest and most active funds were Coin Signals Bitmex Fund (CS Mex Fund), Coin Signals Alternative Fund (CS Alt Fund), and Coin Signals Long Term Fund.

The Department of Justice noted:

Investors who wanted to participate in a fund would transfer cryptocurrency, such as bitcoin and ethereum, to Spence in order for Spence to invest it.

“To hide his trading losses, Spence used new investor funds to pay back other investors in a Ponzi-like fashion,” the DOJ described, adding that he “distributed cryptocurrency worth approximately $2 million to investors substantially from funds previously deposited by other investors.” The Justice Department elaborated:

Spence, 25, pled guilty to commodities fraud, which carries a maximum sentence of ten years in prison.

What do you think about this case? Let us know in the comments section below.

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