Big Japanese Bank Launch Own Coin, Exchange And BTC-trust

Mitsubishi UFJ Financial Group has already submitted a relevant application to the Japanese Financial Services Agency
17 January 2018   248

Mitsubishi UFJ Financial Group (MUFG) plans to launch its own crypto exchange, coin, backed by the national currency and the service of separate bitcoins-accounts for clients of other sites. This is reported by Mainichi.

According to the publication, MUFG has already submitted a relevant application to the Japanese Financial Services Agency (FSA). The launch of the exchange is planned in this fiscal year.

Also, the bank is going to issue its own MUFG Coin, which initially will be backed up by the Japanese yen and tied to it in a one-to-one ratio, but subsequently the coin rate may change. According to bankers, this approach will help to smooth out the sharp price jumps, so customers will be more willing to use it for everyday purchases and other calculations.

In addition, the bank is working on its own service for crypto-currency traders called MUFG Trust, which will allow trading without the need to transfer their funds under the control of exchanges. This should protect customers' money in case of hacking or bankruptcy of sites. The service will also monitor and flag suspicious activity on the account.

At first, MUFG Trust service will be available only for bitcoins. The launch is scheduled for April 2018 or as soon as the FSA recognizes bitcoin as an asset that is allowed to be placed under trust management. In addition, for the use of MUFG Trust services, traders will be charged a commission, however, "customers will be calm knowing that their assets are under the control of the trust," added the executive director of the Bitbank Tokyo Stock Exchange, Noriyuki Hirosue.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   55

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.