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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

Coinbase Processed $500,000 in Bitcoin Payments That Helped Ex-Nissan Chairman Flee Japan

Coinbase processed $500,000 in bitcoin payments that aided the dramatic escape of former Nissan Motor Co. chairman Carlos Ghosn from Japan, according to Bloomberg.

In December, two Americans used a box to smuggle Ghosn out of the Asian country, where he was facing criminal charges for embezzlement and financial manipulation.

The former executive, who denies any wrongdoing, now lives in Lebanon, which does not have extradition relations with Japan.

According to a court filing, the money was allegedly sent via the U.S. crypto exchange over a four-month period by Ghosn’s son, Anthony, to an accomplice named Peter Taylor.

In total, Taylor pocketed $1.36 million. He had earlier received $862,500 in a separate transfer, wired by Carlos himself, the July 22 filing states.

Taylor worked with his father, Michael, a U.S. Army Special Forces veteran, to help Ghosn escape in what is thought to be a musical instrument box, and into private jet, to avoid facing financial charges.

The Taylors’ are now seeking to be released on bail following their arrest in May, at Japan’s request. U.S. prosecutors opposed bail, saying the duo was a security flight risk, especially now that they “have access to Ghosn’s vast resources with which to flee.”

Ghosn has promised to assist the people that helped him during his trying times in Japan, according to a recent TV interview, Reuters reported.

Coinbase, which is eyeing a U.S. stock market listing this year, courted controversy recently with its cosing up to law enforcement – something that bitcoin fundamentalists may consider a betrayal of the top crypto’s foundational principles.

The exchange has revealed that it is selling a blockchain tool that provides law enforcement agencies – the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS) – with superior analytical capabilities.

What do you think about Coinbase processing the Ghosn transfers? Let us know in the comments section below.

The post Coinbase Processed $500,000 in Bitcoin Payments That Helped Ex-Nissan Chairman Flee Japan appeared first on Bitcoin News.



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