Investors warned of 5 Crypto Firms by Canadian Regulator

A warning against five unregisreted cryptocurrency firms has been published by the Ontario Securities Commission
22 May 2018   460

The regulator began gaining the information about these trading platforms after accepting complaints about them. The Ontario Securities Commission (OSC) issued an Investor Alert on Friday, cautioning the public of 5 firms that "appear to be involved in schemes that target Ontario investors and encourage them to trade or invest in cryptocurrencies". 

Btcreal, Bitserial, Hypercube Ventures LP, Cabincoin OÜ, and Baappay Inc. are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities.
The Ontario Securities Commission,
Canada

The OSC published last month an Investor Alert on Bitconnect, Bitconnect Coin and the BCC Exchange. “Bitconnect, the BCC Exchange and representatives of Bitconnect are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities,” the regulator declared.The first mentioned company is Btcreal which “claims to provide full investment services for cryptocurrency-related investments and forex,” promising investors “high returns in short periods of time,” the OSC reported. The next one is Bitserial which “encourages investors to participate in a lending program where they can exchange bitcoin, litecoin, or ethereum for BTE Tokens that are ‘lent out’ for high returns,” the Commission added.

The third company, according to the comission, is Hypercube Ventures LP which processes multiple websites to encourage investors to buy “emission pools” in order to generate “VNN cryptocurrency”. The fourth is Cabincoin OÜ which "is currently advertising an unregistered token sale for Cabincoin Tokens". The last on the list is Baappay Inc. that “is a multi-layered platform that integrates both fiat and cryptocurrency payment services for merchants, that will confirm and guarantee all payments in seconds,” its website declares. 

The Commission has got the information about these crypto trading platforms last month after it received a number of complaints about them, claiming that to date no platform has been estimated by the OSC as an exchange or exempted from recognition. Any platform suggesting cryptocurrencies that fit the definition of securities “must determine whether it is a marketplace. Marketplaces are required to comply with the rules governing exchanges or alternative trading systems,” the news source added.

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   290

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.