NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Virtual currency Gemcoin claims its victim, Councilman loses job

NewsBTC
NewsBTC
4 years ago
2 mins read
Capture

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Speaking favorably about the troubled virtual currency Gemcoin in the past has cost Arcadian Councilman John Wuo his job.

The news of his resignation was reported by the news site Latimes.com.

Wuo had earlier appeared in several YouTube videos promoting Gemcoin which brought irate users of the digital currency to demand an explanation from him as well.

The resignation of the Councilman also comes close on the heels of a major investigation which is being undertaken on the complaint of the disgruntled consumers of the virtual currency.

The problem with the Gemcoin came to light after a complaint was filed with the Securities and Exchange Commission (SEC)  against the company founder Steve Chen who was accused of running a pyramid scheme.

Another charge against Chen was that he had attempted to transfer $7.5 million out of USFIA’s account at Bank of America (BoA) to a Chinese bank.

Later, Arcadia-based Gemcoin was in the news when it was raided by federal authorities on the charges of bilking about $32 million from Chinese and U.S. investors.

The authorities removed many computers and boxes containing evidence and even locked the doors of the firm.

Wuo’s appearance in the videos, was in recent months, under heavy criticism and the pressure was mounting on him to quit the job.

However, Latimes.com also reported that the calls for his resignation increased further this Monday when an investor filed a suit against Wuo, USFIA and other parties in Los Angeles Superior Court which also claimed fraud and negligent misrepresentation.

It is prudent to note that USFIA is legally registered in the United States of America and has its headquarter in Arcadia, California and on its website, the company proudly highlights that it is a US-Chinese joint venture that also enjoys strong political patronage.

The company also claims that the value of Gemcoin is backed by “parent company AFG’s 10 Precious Gem mines and that its coins are stable as it is backed by its equivalent in precious stones.”

 

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

stellar xlm xlmusd

XLM Battles $0.45 Resistance Again: Is This the Breakout That Finally Sparks a Run to $1?

Stellar (XLM) has made its fourth attempt since June to break the $0.45 resistance, though it now trades at $0.36...

James Halver 1 hour ago
Ethereum Demand Stays Strong As Exchange Reserves Keep Falling – Details

Ethereum Demand Stays Strong As Exchange Reserves Keep Falling – Details

Ethereum (ETH) is currently trading above the $4,400 level, showing resilience despite recent selling pressure and market-wide volatility. However, price...

Sebastian Villafuerte 2 hours ago
Bitcoin

Is The Bitcoin Price Bottom In? Here’s What Social Sentiment Says

On-chain analytics platform Santiment has weighed in on whether the Bitcoin price has reached its bottom, following its drop to...

Scott Matherson 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

dogecoin-resistance-ema-hashrate-record

Dogecoin : test de la résistance EMA à 0,22 $ et un hashrate en plein record

guillaumev 30 minutes ago
Analist waarschuwt: XRP ETF's kunnen mislukken - Wall Street reuzen blijven weg

Analist waarschuwt: XRP ETF’s kunnen mislukken – Wall Street reuzen blijven weg

Lars Diederiksen 1 hour ago

Chainlink: Πού κατευθύνεται η τιμή μετά την εντυπωσιακή άνοδο;

Ιωάννης Ριζόπουλος 1 hour ago

Premium Sponsors

Press Releases

  • Earn 1,000 XRP Daily? Rich Miner Cloud Mining Enables...

    35 minutes ago
  • ドージコイン 今後の価格予測:DOGEのゴッドキャンドルが間もなく出現か – 1ドル未満の最後のチャンス?

    ドージコイン...

    42 minutes ago
  • ETF承認でXRPは7ドルに到達か?アナリストが見るリップル 今後の4ドルと7ドルの価格予測

    ...

    55 minutes ago
  • 専門家が予測する100倍の成長と、機関投資家の役割

    イーサリアム...

    59 minutes ago
  • 残りわずか3日!仮想通貨プレセールで話題の新興ミームコインが資金調達300万ドル達成

    ...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.