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   960

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.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   105

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.