Technology has opened doors to new sectors like financial technology that involves cryptocurrency and blockchain. While most of the innovations introduced are legitimate, some are questionable, fraudulent, and scammy. It would help if you learned to distinguish the good between the bad, especially for those that promise new technologies.

Companies like BTC Trading Inc review the alleged Bitcoin corruption scandal that involves Bakkt.

What is Bakkt

Bakkt, when it first came out, was like a delicious pie. It was promising to be the Paypal of the cryptocurrency age. Bakkt and NYSE CEO and owner, Kelly Loeffler, have plans climbing the political ladder at blazing speeds quickly, even without political qualifications. 

But why is it note on corruption? And why is Bakkt is not suitable for Bitcoin? Let’s find out.

Corruption and Cryptocurrency

There are speculations that Senator Kelly Loeffler, the owner, and CEO of Bakkt, plans to manipulate and create laws for the advantage of her company. She’s one of Trump’s favorite, in which both could dominate the US dollar currency. 

As being eyed to be the next Republican presidential candidate, she’ll be stepping down as the CEO of Bakkt. Adam White, the former executive of Coinbase, will fill the vacated position. Kelly will be creating influencing laws in favor of the world of crypto and futures. As BTC Trading Inc Review advises, everybody should be aware of such political impacts on the crypto world. 

Fishy Proof Reserves Tool 

Instead of services such as Bit Universe having to trace Bitcoin blockchain for BTC reserves, this Elements tool provides standard proof of reserve for the industry. However, Bakkt doesn’t use it, so there’s something shady going on. 

Suspicious People Behind It

The developers of this Elements tool are Steven Roose and Luke Dash Jr., who are working under the Elements Company and Blockstream, which was founded by Digital Currency Group or DGC. They are not the only ones.

One of the heads of DGC is Glen Hutchins, who is also on the board of the Federal Reserves (obsessed with Fiat dollar bills). Also, he is the director of AT&T, and the top shareholder of Virtu Financial, a money-maker and controller of crypto in the future. These people have hidden interests in controlling cryptocurrency because of their business relations from one company to another. 

Intercontinental Exchange 

Intercontinental Exchange or ICE and Blockstream partnered and upgraded have their database product using the Elements tool. However, a bunch of watchmen runs these shady crypto transactions.

As the crypto market becomes more regulated, it seems that the people behind would eventually control the prices and the US dollar currency. And who will suffer? The investors and the general public, while the controllers become richer. 

Final Thoughts

Since financial technology is a relatively new discipline, there’s a call for firms like BTC Trading Inc review loopholes and exploits at the early stages. Exercise due diligence and research on the various cryptocurrencies that are in the market, before you decide to invest in their technology.