HTS Officials arrested for Embezzlement of User Funds

The president and executives of South Korean HTS were arrested for illegally reallocating the firm’s holdings in bitcoin and ether to their personal accounts
16 May 2018   158

The police of Southern Seoul and local financial authorities headed by inspector Jeong Dae-seong aquired an arrest ordert for 4 executives at HTS including the main developer of the HTS trading platform and operator of the exchange on May 14. As declared in the prosecutor’s office of Seoul, HTS president Shin together with the three representatives of the firm replaced user funds kept in the the company`s cryptocurrency wallet  to external bank accounts, mainly stealing cryptocurrencies from the company’s customers.

Formerly the third largest crypto exchange in South Korea, Coinnest was temporarily closed by the local officials after its executives were arrested in March 2018 for stealing user funds. Then it was reported that millions of dollars in user funds were transmitted to the personal accounts of the firm’s executives.

The prosecutor’s office of Seoul revealed that the local police initially aimed to raid the headquarters of HTS together with Coinnest, but then decided not to in order to concentrate on the investigation on Coinnest, as the government received solid evidence of malpractice.

HTS is not the first exchange in South Korea to be checked and officially investigated by the local police and investigators from the Korea Financial Intelligence Unit (KIU), following Coinnest and Upbit.

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.
 

ACINQ

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.