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Bitcoin Critic Peter Schiff Liquidates His Euro Pacific Bank

Peter Schiff, a famous critic of Bitcoindefender of Prayed and money manager, reached an agreement with officials to liquidate his Euro Pacific Bank in Puerto Rico.

Euro Pacific Bank, a boutique bank on-line which operates in Puerto Rico, became the subject of an international investigation into its account holders in 2020.

At the time, the bank had $140 million with 8,000 depositors. Some of them were suspected of tax evasion and money laundering. using bank accounts.

The investigation, known as Operation Atlantis, and led by the United States and four other countries, sought the bank’s involvement and awareness in these activities.

peter schiff

“serious insolvency”

In June, the authorities operations were suspended of EuroPacific Bank, citing “serious insolvency” matters.

After the decision, the Commissioner of Financial Institutions (OCIF) of Puerto Rico held a press conference, stating that the conclusion [de si Euro Pacific Bank ayudó a sus clientes a cometer lavado de dinero y evasión fiscal] “it has not been done”.

According to Schiff statementhe “does not admit any legal wrongdoing, neither by the bank nor by me personally.”

The Bitcoin Skeptic Now has to liquidate access to the bank and return 100% ($66.7 million) of deposits to its clients. Schiff will also have to pay $300,000 in fines, the New York Times quoted the official documents of the agreement.

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Liquidation: the only feasible option available

The fund manager admitted that it was not at liberty to sell the bank, leaving liquidation as “the only feasible option available” as “continuing to own and operate the bank” was no longer “a financially viable option”.

Schiff also claimed that as a result of this dispute, his reputation in banking was “tarnished.”

It was previously reported that the staunch defender of gold was ready to accept Bitcoin in case the authorities approve the sale of the bank.

Font: Twitter

Schiff has been a prominent critic of cryptocurrenciesoften participating in public disputes online over the years. He continues to insist that Bitcoin “is not a store of value.”

“It has no value to store, just a market price. You cannot store the price. Before something can be converted into money, it must first have an underlying value. said in one of the Twitter conversations.

Ironically, Schiff’s son is excited about the cryptocurrency industry. Peter shared that Spencer sold all of his “Actions silver” and “went all out for Bitcoin,” noting that his son was “brainwashed.”

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