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   2189

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. 

ING Bank to Sign Agreedment with R3

Dutch bank will begin integrating CorDapps into its international business operations
23 January 2019   91

The financial giant ING Bank has concluded a 5-year agreement with the blockchain consortium R3, under which it obtained the right to an unlimited number of licenses to use the corporate platform Corda.

The partnership will allow the Dutch bank to begin integrating Corda distributed applications (CorDapps) into its international business operations. The latter are focused on a range of financial services, including trade finance, customer identification, insurance, and capital markets.

Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry. Strengthening our partnership, by signing this licencing agreement, marks a huge milestone towards empowering clients to transition to a distributed economy. We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.
 

Annerie Vreugdenhil

Head of Innovation for wholesale banking, ING

In July last year, the R3 consortium announced the launch of the Corda Enterprise platform focused on institutional clients.

In December, R3 announced the launch of the Corda Settler application for international cryptocurrency payments in corporate distributed networks.