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   2743

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. 

BoA to Develop Settlement System With Ripple

A patent application was posted on Google Patents and describes a system using Distributed Ledger Technology (DLT) as an interbank communications tool
22 July 2019   282

Bank of America, one of the largest financial institutions in the USA, filed a patent application for the settlement system, in the description of which the distributed Ripple ledger is mentioned, Cointelegraph reports.

The application was posted on Google Patents on June 6 and describes a system using Distributed Ledger Technology (DLT) as an interbank communications tool.

The proposed system should provide real-time payments and implies access of participating banks to the general decentralized registry, through which transactions and verification of senders and payees are carried out.

BoA Patent Filling
BoA Patent Filling

In the description of the patent, the technology of the Ripple's distributed registry is encountered several times, although the XRP token itself is not mentioned.

Bank of America is one of the world leaders in the number of successfully obtained or being in the process of consideration of patents in the field of cryptocurrency and blockchain. So, in December last year, the organization submitted an application for a system aimed at improving the handling of cash.

A month earlier, Bank of America received a patent for a mechanism that would allow large companies, including stock exchanges and custodial services, to store their clients' cryptocurrency assets.