South Korean bank to launch Bitcoin service

South Korean bank Shinhan announced plans to create Bitcoin vault and wallet platform
25 November 2017   1106

Shinhan, a bank which is headquatered is Seoul in South Korea and historically was the first bank in Korea, made a decision to launch savings service for Bitcoin and the wallet platform for cryptocurrency. This decision was made in a response to the recent hacking attacks of the leading South Korean cryptocurrency exchanges including Bithumb.

Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals.
 

Shinhan Bank official

Currently South Korea can be considered as a leading cryptocurrency market, and the integration of Bitcoin vault and wallet might help to increase Bitcoin adoption in the country. 

The plans of Shinhan Bank to launch Bitcoin vault and wallet platform are set to the middle of 2018. If the plans will be imlemented the company will become the first regulated and large-scale commercial bank which provides Bitcoin vault and wallet service.

Previously, it was reported that South Korean Financial Supervisory Service denied value of cryptocurrency, and South Korean authorities were making plans to ban all types of ICO due to the risk of scam and fraud.

At the moment of press, these are main market parameters of Bitcoin:

  • Average price: $8647.55
  • Marketcap: $144,423,917,264
  • 24h volume: $4,362,670,000

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   270

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.