24 Feb '16, 6pm

Former Bitcoin Insurance Advisor Accused of Securities Fraud

Former Bitcoin Insurance Advisor Accused of Securities Fraud

More than a year ago, an effort began to offer insurance products to companies in the bitcoin space – an intriguing idea at the time given the infancy of the industry and the inability of startups to secure this protection for user funds. The initiative marked some key early successes – security startup BitGo and wallet service Xapo would go on to acquire insurance by way of those efforts – but at least one of those involved says demand for insurance, particularly bitcoin theft insurance, never fully materialized. Now, a former president and founder of a business venture dedicated to promoting these insurance products to bitcoin companies is facing serious fraud allegations. Court documents obtained by CoinDesk allege that Joseph Donnelly, founder and ex-president of Bitcoin Financial Group borrowed $300,000 from Raymond and Suzanne DeBiasa of New Jersey in 2008 to invest ...

Full article: http://www.coindesk.com/bitcoin-insurance-advisor-founder...

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via @CoinDesk

via @CoinDesk

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