Crypto Market Recovers $7 Billion as Augur and EOS grow

During the last 24 hours the cryptocurrency market has rebounded by $7 billion, inspite the oppose with bitcoin, ethereum, and other major cryptos
17 May 2018   479

Today, on May 17, it was declared by the Augur team that after years of extension, the smart contracts of Augur will be live on the Ethereum mainnet on July 9, 2018. The official announcement caused the market to react, making the price of REP (the native token of Augur) to rise by about 10 percent. 

Actually most effecient tokens in early May including EOS, 0x (ZRX), and WanChain (WAN), fell by large margins during the last 3 days. After that, the 10 percent gain of REP is quite noteworthy. Augur was established in 2014 by Joey Krug as a decentralized prediction platform. Krug displayed that the original Augur smart contracts on Ethereum were written before solidity, the most widely used Ethereum programming language, was invented. 

He underlined that Augur is undoubtedly the complex project on the Ethereum network and is about 10 times more complicated than MakerDAO, which he noted is the second most complex project on Ethereum. Krug affirmed that developing a resolve to decide consensus on real-world events, which Augur users can place bets on, has been as difficult as solving proof-of-stake consensus algorithm due to scalability flaws.

Solving consensus on real world events was initially a research problem, we thought some previous literature had solved it, but it turns out it really hadn’t and had severe scalability and inventive flaws the more we audited it. It’s imo about as difficult as solving PoS. Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavors.
Joey Krug
Augur Core Developer 

The 10 percent increase in the price of REP has shown the condition of the market which has been on a continuous decline since early May.

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   291

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.