Swiss bank to allow betting against cryptocurrency

Asset management firm Vontobel from Switzerland will start a new futures product aimed to let customers bet against the price of bitcoin
17 November 2017   600

The company will launch two mini futures which will let investors to make a profit if the bitcoin price drops.The futures will be listed on SIX Exchange this Friday.

The advantage of a mini-future certificate in comparison with a futures contract is a limited loss potential.

According to Eric Blattmann, head of public distribution of financial products at Vontobel, the launch of futures coincides with the desire of traders to expand the ways of trading cryptocurrencies.

We have seen big demand for our long tracker certificate from investors interested in playing the upside potential of bitcoin and now they have also the possibility to hedge their position or go short.
 

Eric Blattmann
Head of public distribution of financial product, Vontobel

After CME Group Inc., the world’s biggest exchange, claimed it would start bitcoin futures next month it can contribute to appearance of two-way price movement which shows the cryptocurrency starts to gain mainstream acceptance as a financial instrument.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   57

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.