OSC Study: Only 5% of Ontarians hold Crypto

Ontario Securities Commission issued a research displaying that in spite of big interest to cryptos among locals, mostly they lack knowledge about the technology
29 June 2018   344

The study claims that “the vast majority of Ontarians are approaching cryptoassets with caution.” It is explained in the research that practically, this shows that “only a small percentage” of Ontarians own digital currencies, and that holders “tend not to spend substantial sums of money acquiring them.”

The OSC ostensibly processed the study to get a better understanding of the way that Ontarians interact with cryptocurrency as the commission prepares to up its regulatory efforts. ING issued a resemble study with European, American, and Australian participants earlier this week. The study underlined that because Ontario has such a large population (13.6 million) that “a small percentage” is really a significant number-roughly 500,000 people, a figure that is “sufficient to concern the OSC as a securities regulatory authority.”

Of the total number of participants 500,000, roughly 42 percent said that they acquired digital currency for speculative purposes, in order to make a profit by holding onto their coins and then selling them at a higher price. Half of them reported that they purchased cryptocurrencies because of excitement for the technology.

Nevertheless, the majority of the people who reported that they had learned of Bitcoin but were unable to answer basic questions about the technology. Six statements about Bitcoin were introduced to the participants and asked whether or not they were correct; only 30 percent correctly identified 4 or more of the statements as true or false, and only 3 percent found all of the allegations correct.

It was also stated by the research that many Ontarians are not confident about the regulatory status of ICOs, noting that most ICOs are subject to securities regulation in Ontario. 10 percent of survey participants claimed that they had been solicited to participate in an ICO; 67 percent did not know what government body was in responce of regulating ICOs, and 18 percent answered that they did not think that ICOs were regulated at all.

Only 1.5 percent of participants declared that they had really acquired crypto assets through a token sale, that translates to roughly 170,000 people.

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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   272

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.