Blockmanity’s TakeĪs the industry matures more and more similar partnerships are expected. Together with AQUA Intelligence, we’re aiding business and enhancing customer experience and satisfaction across industries that need it most”. “We’re proud to partner with AQUA Intelligence to empower the trust economy, and truly understand consumers, customer service matters more than ever with ever-increasing competition and informed consumer demands, and the way to provide top-notch service is to know your customers inside and out. Justin Jung, the CEO of Alchemy Coin mentioned,
The platform allows for instant and direct lending between supply-side lenders and demand-side borrowers from all over the world in a trusted manner using the advantages of smart contracts and blockchain technology. The company plans to use data analytics to validate personal information and providing valid services toĪlchemy is a blockchain-based peer-to-peer (P2P) lending marketplace. The partnership also includes a $1 million investment by Alchemy Coin into Aqua Intelligence.Īccording to Aqua’s website, AQUA Intelligence is a data-driven platform on the blockchain that enables consumers to monetize and validate their personal data. New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin-as originally envisioned by Satoshi Nakamoto-and blockchain.Blockchain-based P2P lending platform Alchemy coin and Aqua intelligence have come on a formal partnership according to a PR by Aqua Intelligence. He faces sentencing on August 3 by District Judge Alison Nathan.įollow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups-from BitMEX to Binance, , Blockstream, ShapeShift, Coinbase, Ripple and Ethereum -who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market. Collectively, he faces a maximum of 80 years behind bars for his crimes. The 24-year-old pleaded guilty to one count each of bank fraud, securities fraud, wire fraud and major fraud against the United States.
#Alchemy coin registration#
From April that year, he reportedly solicited investment in Alchemy Coin Technology Limited.ĭoJ stated, “These investments were obtained through materially false and misleading statements and omissions regarding Alchemy Coin’s access to capital, use of investor proceeds, the product readiness of its purported blockchain-based peer-to-peer lending platform, and the registration of its tokens as part of an initial coin offering.” Once he received the loans, he reportedly used it on personal expenses including a $40,000 18-carat Rolex watch, a $17,000 per-month condominium, a Mercedes Benz and over $37,000 in designer clothes.Īside from the COVID-19 relief funds fraud, Cheng also pled guilty to conducting a fraudulent ICO back in 2017. In some of the applications, he listed the names of several athletes, actors, artists and other public figures as his employees. However, he only had 14 employees.Ĭheng reportedly submitted fraudulent and doctored tax records to get the loans. In his applications, he falsely claimed that his companies employed over 200 people and paid a total of $1.5 million in wages, authorities said. Cheng applied for the loans from at least five financial institutions, getting over $7 million. The funds were part of CARES Act meant to save small businesses and allow them to retain jobs and offset other expenses during the brutal economic times. Department of Justice said that from April 2020, Cheng used the identity of other individuals to apply for the COVID-19 relief funds.
The Taiwanese national, who resides in New York, also admitted to conducting a fraudulent ICO in 2017 for Alchemy Coin. government of over $7 million through the COVID-19 relief program. Justin Cheng has pleaded guilty to charges of defrauding the U.S.
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