Bitcoin Is Controlled by China, CEO Ripple Says

This is said by Brad Garlinghouse at 2018 Stifel Cross Sector Insight conference
13 June 2018   519

Concerns about the centralization of mining have been preserved in the community since it became apparent that most of the hash-rate of the network belongs to several mining pools. CEO Ripple Brad Garlinghouse drew attention to the fact that the problem is more ambitious - many large pools are located in China. This is reported by The Street.

A number of prominent people, even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that's absurd. I don't think that any major economy will allow that to happen. By the way, it doesn't make sense. I'll tell you another story that is underreported, but worth paying attention to.  Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won't intervene?  How many countries want to use a Chinese-controlled currency? It's just not going to happen.
 

Brad Garlinghouse

CEO, Ripple

Although this statement may seem sensational, the largest mining pools of Bitcoin like BTC.com, Antpool, F2Pool and BTC.TOP are really located in China. They account for about 59% of the bitcoin hash-rate. If we add to them smaller Chinese pools, then this country will have more than 75% of the computing power of the network.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   290

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.