Police to Bust Another Alleged Indian Crypto Scam

The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and even foreign passports
06 June 2018   692

The police of the Indian city of Thana searched the offices of the multi-million-dollar fraudulent crypto project Money Trade Coin (MTC). According to his promoters, it "provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners." The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and foreign passports. This is reported by Bitcoin.com.

On its website, MTC is described as intellectual property jointly developed by the Dubai-based Bitcoin Global FZE and the British firm Money Trade Coin Ltd. Director of Money Trade Coin Ltd is Amit M. Lahanpal (he is also one of the key employees of Bitcoin Global FZE and the managing director of the Indian company Flintstone Group). On Monday, two people were detained, but Lahanpal was reportedly still at large - police believe he could even leave India.

The Flintstone office in Thana has 20 employees, while the other office of the company, which is located in Vikrohli, a suburb of Mumbai, employs 50 people. An investigation into this case began when a local businessman complained that he and his colleagues could not get a response from the company about the funds invested in it.

He may have even invested in a Bollywood film featuring a major male star, but we are verifying this. Pal and his associates promised investors a 20-times return on investment in a mere six months. But once the deadline passed, the company made several excused to not release the money. A few days ago, some investors even went to Dubai to meet Lakhanpal, but they were allegedly threatened, and were told that they should not ask for their money. We also found that Lakhanpal had never constructed any building, even though he claimed to run a real estate company.
 

Senior police officer, City of Thana

Police say that the company of Lahanpal used his joint photos with "leading politicians" in order to impress their victims. 

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.