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   1196

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.

Coincheck OTC to List ETH & XRP

OTC-platform from Coincheck aimed at large investors, started working about two weeks ago and minimum transaction threshold is 50 BTC
15 April 2019   309

Coincheck has added support for Ethereum (ETH) and Ripple's XRP token to the recently launched over-the-counter (OTC) platform. This is reported by Cointelegraph.

In addition to ETH and XRP, the Coincheck OTC platform supports Bitcoin. The management of the marketplace plans to add other cryptoactives in the future.

OTC platforms are focused mainly on large traders who want to reduce transaction costs when working with large amounts. In particular, transactions on such platforms are carried out outside the main book of exchange orders, which sometimes allows to avoid excessive price fluctuations. In addition, at such sites, investors often have the opportunity to buy or sell an asset at a better price.

OTC-platform from Coincheck started working about two weeks ago. The minimum transaction threshold is 50 BTC.

Last year, Coincheck fell victim to a massive hacker attack, during which over $ 500 million in XEM equivalent was stolen.

Then the exchange was bought by a large online broker Monex Group Inc. The deal amounted to $ 33.6 million.