Connect with us


$24 million worth Bitcoin lawsuit dropped by the Finnish BTC millionaire

Ajay Narayan



$24 million worth Bitcoin lawsuit dropped by the Finnish BTC millionaire
Source: Unsplash

On 5th September 2018, the Bangkok Post, a Thailand daily, stated that the 22-year-old Finnish victim Aarni Otava Saarimaa was recently lured into investing 797 million Thai baht worth of Bitcoin. He recently dropped his complaint after reaching a settlement with two of the alleged scammers, Prasit Srisuwan and Chakris Ahmad.

The victim had given 5500 Bitcoin [BTC] to Mr. Prinya who supposedly did not spend the money on the agreed investments. Instead, Prinya transferred most of the BTC to his family members. His younger brother, famous Thai screen actor Jiratpisit Jaravijit, his father Suwit Jaravijit, his mother Lertchatkamol and his younger sister Supitcha Jaravijit have been accused.

The Finnish man, along with his partner, Chonnikan Kaewkasee, a Thai businesswoman handed over 797 million Thai baht in Bitcoin [BTC] to the scammers under an agreement to invest the Bitcoins in three different ventures. The ventures included Dragon Coin and Expay Software Co. However, the money was used for investment in real estate businesses.

The police have taken the defendants into custody which includes the popular actor, Jiratpisit “Boom” Jaravijit. The actor’s brother Prinya was the key suspect and is reportedly overseas. He is expected to turn himself in on 17th September. The actor’s parents faced more serious charges of money laundering and were accused to move the Bitcoins from wallet to wallet.

The deputy commander of the Crime Suppression Division, Pol Col Chakrit Sawasdee stated that Mr. Saarimaa withdrew the complaint against the accused after they reached a settlement. The Thai law permits such charges to be dropped if the victim agrees to reach a settlement. According to the law, both the accused would no longer face any charges in relation to the Bitcoin fraud case. However, the compensation involved in the settlement is not clear.

Based on further investigation, the police found that Mr. Prinya and his group convinced Mr. Saarimaa to invest 440 million Thai baht in Dragon Coin, 92.69 million baht in Expay Software Co, and 264.78 million baht in companies listed on the Stock Exchange of Thailand.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.


XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind




XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.

Subscribe to AMBCrypto’s Newsletter

Continue Reading