Indian Policeman Suspected in BTC Extorsion

Anisuddin Anwarali Saiyed of Umra police station was arrested on Sunday for his alleged involvement in kidnapping and BTC extortion case
12 March 2018   394

According to the case file, Saiyed, having teamed up with other policemen, including the head of the police station, Chintan Shah, kidnapped a businessman and extorted a ransom in Bitcoin. This is reported by Times of India.

Currently, the police are trying to identify whether Said and Shah were involved in such crimes, whose victims did not seek help.

The police department said that businessman Jinesh Patel was kidnapped from a shopping center parking lot on 12 February. Attackers demanded from him to transfer to their account all available tokens in exchange for freedom.

In response to threats from the kidnappers, Patel said that he refused to work with crypto-currencies, however, Saiyed did not believe him. Later, not having achieved the desired, the criminals threw an entrepreneur in the Jahangirpur district, from where he contacted the police.

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   80

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.