First Crypto EFP Transaction to be Concluded

The participants of the transaction say that they realized the first EFP-transaction in the history through the Chicago Mercantile Exchange
25 July 2018   346

The futures trading platform ED & F Man Capital Markets and the exchange for institutional investors itBit carried out the EFP-transaction for the exchange of bitcoin futures for a physical asset. This is reported by CCN.

The participants of the transaction say that they realized the first EFP-transaction in the history of the crypto-currency industry through the Chicago Mercantile Exchange (CME Group).

Every day we facilitate EFPs for our clients in physical assets such as soybeans, wheat and treasuries. EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.

Brooks Dudley

ED&F Man Capital Markets Inc.

CEO itBit Paul Cevadini is convinced that such institutional solutions will help to calm the differences in the crypto-currency market.

Prior to this transaction, the US Commodity Futures Trading Commission (CFTC) only approved bitcoin-futures trades, settlements in which were conducted in a fiat currency. This type of transaction implies that after the expiration of the contract, the investor will receive only the monetary value of bitcoin, and not the cryptocurrency itself.

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   269

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.