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$5 Mln Worth of Bitcoin Paid for New Art Collection

  • Alex Dovbnya
    📰 News

    Lincoln Townley resists the rules of the traditional art market with his huge Bitcoin bet 

$5 Mln Worth of Bitcoin Paid for New Art Collection
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British painter Lincoln Townley has sold his Greed collection that consists of 19 paintings for a whopping 490 BTC (around $4.9 mln at the time of writing), Evening Standard reports. His works are now owned by a Singaporean investor whose name hasn’t been disclosed.

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Townley’s love for Bitcoin

Townley has been keen on the orange coin ever since selling his Homage to Francis Bacon painting for 40 BTC back in 2017. He later made history by selling his entire collection for crypto via the WeChat messaging app. 

During an interview with Daily Express, Townley opined that artists should look for out-of-the-box ways to sell their works. In such a way, he skirts traditionally galleries and auction, showing other painters how they can take advantage of rapid technological advancement.

Considering that Townley might hold a Bitcoin fortune, it doesn’t come as a surprise that he expects its price to grow in the future.

I think there is a huge market for expansion, with it being something that is going to inflate in value.”

Energy of London was included in the recently sold collection  Caption: image by standard.co.uk
 image by standard.co.uk 

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Shaking up the art industry

The artist's intentions hold more meaning than simply standing out among others. With the help of his network of digital buyers, he wants to decentralize the $70 bln art industry. Just like crypto, it will eliminate unnecessary middlemen when conducting art transactions. 

Townley is not alone. As reported by U.Today, Blockchain turned out to be a hot topic during last year’s Miami Art Week. Numerous experts suggested that the tokenization of paintings would soon become pervasive in the industry.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
    📰 News

    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
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On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

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A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

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Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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