Ripple Trade Japan Operator arrested; XRP falls

Yuki Takenaka, operator of Ripple Trade Japan, arrested in Japan; XRP lost about 6% in 24h
19 October 2017   861

Tokyo police arrested the head of the Ripple Trade Japan platform, Yuki Takenaka, on suspicion of cheating the investor as part of a large-scale investigation of fraudulent schemes. This is reported by Cryptocoinsnews with reference to local media.

Arrested Ripple Trade Japan Operator
Arrested Ripple Trade Japan Operator

The Ripple Trade Japan platform was founded in 2014. In exchange for investments, clients received promissory notes that could be exchanged among themselves or converted into both XRP tokens and fiduciary funds.

Takenaka is suspected of stealing funds from one of the investors for an amount of 1.4 million yen. It is assumed that he persuaded the victim to send money to the bank account of the trading platform, although at that time the company was already bankrupt.

Also, the anti-cyber crime unit of the Tokyo Police is investigating the theft of client funds of Ripple Trade Japan in the amount of 17 million yen and suspects precisely Takenaka in this crime.

In addition, law enforcement officials also believe that Takenaka could have appropriated 120 million yen in the form of debt receipts between November 2014 and February 2015. It is assumed that he exchanged some of these receipts for the receipts of other trading floors, and the rest converted to fiat, using the money so obtained for personal enrichment.

According to the police, Takenaka himself acknowledges most of the charges.

Ripple Price

It is known that cryptocurrency market is very volatile and it reacts immediately to any news. So let's check Ripple price on the backgrown of this event.

Ripple Price Chart
Ripple Price Chart

The arrest may not be the only reason, but  Ripple lost about 6% of it's price in 24h. At the moment or press, XRP price is $0.210255 with $8,101,448,716 marketcap. 

RippleNet expands into emerging markets

Additional 5 international financial institutions have joined Ripple
21 February 2018   62

Banks from Brazil (Itau Unibanco) and India (IndusInd) along with remittance providers from Singapore (InstaReM), Brazil (Beetech) and Canada (Zip Remit) joined the ranks of members of the enterprise blockchain solution for global payments. This announcement with an earlier partnership with China (Lianlian) brings Ripple even closer to the so called 'emerging markets'. With the partners base of more than 100 organizations worldwide, Ripple allows its members access and exchange payment information between each other and finalize the transactions in an instant.

We are pleased to partner with Ripple. Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.

 

Prajit Nanu

Co-founder and CEO, InstaReM

On top of that, with the application of a blockchain technology the costs of transactions and the transfer times get drastically decreased. It is reported that IndusInd and InstaRem will use Ripple's xCurrent platform to improve cross-border payments to other financial institutions globally; and Beetech with Zip Remit will use xVia to deal with global payments for their respective customers.

The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.

 

Patrick Griffin

Head of business development, Ripple