Bitcoin Pyramid in South Korea swindled $20 Million

Two South Korean suspects have ostensibly used a pyramid scheme based on Bitcoin to fraud some 20 billion Korean won or $20 million from investors in country
20 April 2018   262

The news was brought to a public as a judge from Seoul's Incheon District Court has stated a fine of $15 million and $8 million accordingly to the two men on April 19, as it had been revealed by Yonhap, the South Korea news agency.

The report mentioned the two suspects who began the putative scheme since 2015 and primarily received 26 billion won (or $24 million) from their investors. Then those  suspected citizens afterwards constructed the multi-level company by budding investors with high payoffs through investing in bitcoin.

The judge declared in his report that the multi-level transactions can cause a risk to the order in economic and social spheres with mass production of many victims.  Then the court appointed that the fine is given based on the substantial amount of investment they have allegedly attracted from their defrauded customers.

The report about those events turns up just a few days after South Korea's  neighbor country - China, has also strengthened up efforts in breaking down multi-level marketing schemes that are supposed to be under disguise of bitcoin investment.

ACINQ to Release Lightning API For Bitcoin Mainnet

Strike is API for easy acception of Lightning network payments
25 May 2018   47

Developers from ACINQ presented a version of Strike API for Lightning-payments in the main bitcoin network.

Strike is an API for easy acception of Lightning payments. From a technical point of view, the service works as follows: ACINQ receives and aggregates incoming payments, and then periodically sends transactions to the recipient's wallet. In other words, companies can offer their clients instant and low-cost payments, receiving funds through the usual cash transaction.

We take a 1% fee on payments, and that’s it. Automated payouts to your Bitcoin wallet are free of charge, because we batch them among merchants. The threshold for automated withdrawals can be set between 0.1–1 BTC.


Also, users can make a payment to the wallet manually, however in this case you will have to pay a commission of 0.5 mBTC.

According to ACINQ representatives, although using Strike and assuming the need to trust a third party, the level of risk is minimal, since the service sends an onchain-transaction every time the total amount of payments reaches a user-adjustable threshold.

The developers noted that the Strike integration with the WooCommerce plugin is currently underway. In addition, ACINQ is considering the possibility of partnership with the Canadian Internet company Shopify, which specializes in developing software for online and retail stores. The company serves 500,000 trading companies with a combined turnover of $ 45 billion.