Indian Police to Bust Another Crypto Scam

New group of scammers under the 'Ripple Fututre' lable were able to steal around $4 000 000
02 August 2018   1622

While the actions of the Reserve Bank of India threaten the viability of full-fledged crypto-currency companies, they also have a certain positive effect, in particular, in the struggle against fraudsters.

Indian police arrested two suspects in the appropriation of 300 million rupees ($ 4 million), owned by 1,800 investors, according to Press Trust of India (PTI).

The defendants created a crypto-exchange company called "Ripple Future" and promised to triple the deposits of investors for 250 days. Daily and weekly payments plans were available too. The leadership of Ripple Future stated that the company is based in the US, but the police managed to establish that it was operating from the Indian city of Ghaziabad.

A representative of the law enforcement agency said that the suspects were arrested after about 50 investors had complained about non-payment of funds, while the total number of victims of the scheme is much greater. Two men are accused of several articles of the Penal Enforcement Code of India. One of the accomplices is still wanted by the police.

The law enforcement agencies did not specify whether any role played by the XRP's crypto currency in the activities of Ripple Future.

Ripple to Acquire Algrim

Algrim is an Icelandic cryptotrading company and Ripple is sure that Iceland will become one of the biggest RippleNet development centre
30 September 2019   118

California-based fintech startup Ripple hopes to step up operations in Europe with the acquisition of Icelandic crypto trading firm Algrim.

Ripple representatives emphasized that Algrim will play a key role in developing products that provide on-demand liquidity. These products are intended for cross-border payments and are based on the XRP token, which has long occupied the third line of CoinMarketCap.

The company is confident that Iceland will become one of the most important development centers contributing to the development of the RippleNet. Also, representatives of a California startup promised to attract more technical specialists to the new office.

Information about the transaction amount is not disclosed.