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   3368

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. 

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   287

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.