JPMorgan Chase has reportedly agreed to pay $2.5 million to settle a class-action lawsuit filed against it for overcharging users on cryptocurrency purchases by classifying them as cash advances.

Bitcoin mining hardware manufacturer Bitmain has launched the sale of a new Antminer T19 with an 84 TH/s hashrate and greater efficiency.

Bitcoin investors have reportedly lost millions worth of BTC after investing in a crypto investment firm that abruptly shut off communications with the public and is yet to repay investors.

Top stories in the Crypto Roundup today:

• JPMorgan Pays $2.5 Million for Overcharging Cryptocurrency Fees
• Bitcoin Mining Giant Bitmain Launches Sale of the 84 TH/s Antminer T19
• Bitcoin Investors Reportedly Lose Millions in South African Exit Scam

At the time of writing, bitcoin (BTC) is trading at $9,571.37 (0.29%) with a daily Top Tier volume of $2.29 bn. As for ether (ETH), it is trading at $238.90 (0.58%) with a daily Top Tier volume of $1.18 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,223.54 (0.26%).

JPMorgan Pays $2.5 Million for Overcharging Cryptocurrency Fees

JPMorgan Chase has reportedly agreed to pay $2.5 million to settle a class-action lawsuit filed against the bank in 2018, alleging it overcharged customers who were buying cryptocurrencies using Chase credit cards by classifying the purchases as cash advances.

As part of the deal, JPMorgan Chase is not admitting to any wrongdoing. A motion filed in Manhattan federal court reads the bank agreed to pay the $2.5 million, noting:

"Plaintiffs said the settlement would result in class members getting about 95% of the fees they said they were unlawfully charged."

Brady Tucker, one of the plaintiffs, claims the financial institution violated the Truth in Lending Act since it did not inform its customers cryptocurrency purchases were being traded as cash advances, which meant higher fees.

At the time the lawsuit was filed the bank was seemingly hostile toward cryptocurrencies, with CEO Jamie Dimon claiming bitcoin was a “fraud.” Since then, the bank has launched its own stablecoin called JPM Coin.

Bitcoin Mining Giant Bitmain Launches Sale of the 84 TH/s Antminer T19

Chinese cryptocurrency mining hardware manufacturer Bitmain has launched the sale of its latest ASIC-based SHA-256 miner, the Antminer T19. In a press release, the firm revealed the new ASIC miner uses the “same generation of custom-built chips found in the Antminer S19 and S19 Pro.”

According to Bitmain the T19 “greatly improves performance, allowing miners to achieve better efficiency and earnings” when compares to the T17 model. The ASIC miner is already on sale on Bitmain’s website with a 2 unit limit per customer. It weighs 14.2Kg and costs $1,749. Its current shipping date is between June 21 and 30.

Bitmain was founded by Jihan Wu and Micree Zhan in 2013. In 2018 Wu stepped down as the firm’s CEO, and a year later Zhan was fired and Wu was officially reinstated as the company's sole CEO last December.

Bitcoin Investors Reportedly Lose Millions in South African Exit Scam

South African bitcoin investors have reportedly lost millions in what appears to have been an exit scam, as the CEO of VaultAge Solutions, a cryptocurrency investment firm, is believed to be on the run.

Willie Breedt, the CEO of VaultAge Solutions, has not been communicating with the public since December 2019, and is believed to be in a town near Jeffrey’s Bay, South Africa, on the run after the country’s criminal investigation unit started investigating him.

Investors believe the CEO of the now-defunct firm may, however, have fled to Mozambique. Breedt is being accused of stealing millions worth of bitcoin, and despite having over 2,000 investors it has been found his firm VaultAge Solutions is not registered with the Financial Services Conduct Authority (FSCA)

In a written reply sent to a local news outlet Breedt wrote he as “busy attending to the commitments” he made to other members, and would pay back investors by May 31.

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