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John McAfee Indicted For Tax Evasion, Accused Of Hiding Cryptocurrency, Yacht From IRS
Breaking||Oct 5, 2020,07:06pm EDT
Antivirus software pioneer John McAfee was indicted by the U.S. Justice Department on Monday for tax evasion and failing to file tax returns, capping years of outrageous and erratic behavior from the tech entrepreneur.
John McAfee makes speech during the China Internet Security Conference on August 16, 2016 in … [+] Beijing, China.
The indictment alleges McAfee earned millions from promoting cryptocurrencies, consulting work, speaking engagements and selling the rights to his life story for a documentary, but did not file tax returns from 2014 to 2018.
Authorities also allege McAfee concealed assets from the IRS, including real estate, a yacht, a car and cryptocurrency.
He was indicted on June 15, but the document was unsealed Monday after he was arrested in Spain, where he awaits extradition to the U.S.
McAfee admitted last year to not paying taxes in a video posted on Twitter, where he also said he was fleeing the country and running for president “in exile” because of an IRS investigation.
McAfee is facing even more legal trouble: On Monday he was sued by the SEC for improperly promoting cryptocurrency ICOs.
“People saying: ‘Just pay your income taxes and come home’. F*ck no!! Income taxation is unconstitutional. Stop believing that caving in will solve our problems! It merely magnifies them!” McAfee tweeted in June 2019.
Since founding the eponymous software company in the 1980s, and then selling his shares in the 1990s, McAfee has exhibited outrageous and sometimes bizarre behavior. He fled to Belize after the 2008 recession, where he was named a person of interest in the murder of his neighbor there. He has denied any involvement in the killing and he was never arrested or charged with a crime. After attempting to hide in Guatemala, he was eventually deported back to the U.S., where he later met his wife Janice Dyson McAfee and moved to Tennessee.
McAfee also tried to run for U.S. president this year as a Libertarian. On his campaign website, he says his only platform is to “free” the public because the government “has become our master—controlling our every action, down to the detail of what we may or may not put into our bodies and minds.”
His Twitter account chronicles his most recent exploits abroad after fleeing the U.S. He recently tweeted about the “Deep State” and frequently boasts about his sexual prowess on social media, including a TikTok where he wears women’s underwear as a mask with the caption “McAfeestyle.” His Twitter bio reads: “Lover of women, adventure and mystery.”
McAfee was indicted on five counts of tax evasion and five counts of willful failure to file a tax return, which could result in a maximum sentence of 30 years if convicted.
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I’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San
Author: Rachel Sandler
September Selloff Pushed Crypto Prices Down: eToro
As prices of cryptocurrencies drop, eToro suggests that massive selloffs and fall in activity for responsible for the fall. According to analysts, a lot of investors wanted to book their profits in the crypto markets.
This year has been eventful for cryptocurrencies. Social trading firm eToro’s market analyst Simon Peters said that traders should take the long view in the market. He said that August was energetic but September was subdued. He added,
“it is worth noting that every coin has performed positively in 2020, with software platforms such as Ethereum and Tron seeing respective gains of 160% and 84%.”
He noted that crypto trading activity went down in September but it still has an upside compared to 2019.
The monthly trading figure reports from eToro suggest that despite the decline in September, Bitcoin, Ethereum, and XRP are still performing well. The three were the top three most popular cryptocurrencies on eToro for the second month in a row. They were followed by Binance Coin, NEO, Tron, ADA, Tezos, MIOTA and LTC. Binance Coin moved up three spots from the 7th to the 3rd.
The trading volume was down and only NEO was able to mark some increase in trading. The smart contract platform traded 2% more than August. This helped push the crypto asset to the fifth place. Tezos experienced harsher times and fell four places after experiencing a good summer. This is the first time that Tezos has fallen out of the top 5 list in the monthly cryptoasset report from eToro.
Peters explained that XRP and Tezos were worst affected because of the trading volume slump. He said that TRX and ADA are expected to witness some upticks in activity going forward. They may be able to take advantage of the staking rewards which are available on eToro now.
He also said that the selloff could be prompted because investors looking to cash out before the end of the third quarter. Cryptos made some exceptional gains during the summer and investors were motivated to book some profits.