SEC to Seek Comment on Another Bitcoin ETF

Watchdog called for comments on a proposal by the Cboe to list and trade the SolidX Bitcoin Shares
28 June 2018   412

The US Securities and Exchange Commission again wants to receive a comment regarding the potential launch of the bitcoin ETF. This is reported by CoinDesk.

The watchdog is waiting for comments on the offer of the Cboe exchange to list and trade of SolidX Bitcoin Shares, which in turn was proposed by VanEck SolidX Bitcoin Trust.

ETF will invest exclusively in bitcoin, the document says, as its net assets will "consist of bitcoin held by the Trust utilizing a secure process."

According to Cboe's application, ETF securities will become a tool for investing in bitcoins by players in traditional markets. While operators will buy and sell bitcoins in accordance with the needs of customers, the "trust will not be actively managed".

The presented ETF was the result of cooperation between the investment firm VanEck and the start-up SolidX. It marks the third attempt of VanEck to launch a mechanism for investing in bitcoin.

VanEck CEO Jan van Eck considers bitcoin to be a "full-fledged investment opportunity and" digital gold, "which can find a place in investor portfolios," despite regulatory barriers that his company faced in the past.

We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.
 

Jan van Eck

CEO, VanEck

Although previously several companies tried to launch their own bitcoin-ETF, the SEC forced them to withdraw their bids. Then the regulator said that, among other things, it was concerned about the problems of volatility and liquidity of the cryptocurrency.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   234

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.