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$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.

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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 shorts overtake XRP longs as USD shorts increase 85 percent on April 17

Akash Anand



XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17
Source: Pixabay

The cryptocurrency market’s volatile behavior was reflected in the ‘buy-in and sell’ sentiments. Despite the bear market taking over again, analysis of the market shows that there are some silver linings. XRP, the third largest cryptocurrency in the market, has not had a fantastic start to 2019 and this was even shown during the recent bullish spike.

XRP was one of the worst performers among the top 10 club at a time when some of the other currencies saw double-digit gains and Bitcoin [BTC] broke the $5000 barrier. New analysis, though, points to the fact that there has been a significant rise in XRPUSD longs on Bitfinex, some even registering record gains. Reports from BehindtheLedger stated that:

“Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs (or vice versa if you prefer) rather than just the longs though. Doing so reveals that shorts have increased more than longs in the past few days.”

At a time when the XRP shorts are on a high, the USD shorts were up by a massive 85 percent on April 17. The analysis from behindtheledger also admitted:

“This isn’t a price prediction and frankly, this indicator probably isn’t reliable

But it’s always good to look at both sides of the equation.”

XRP’s trade has been majorly influenced by developments in its realm with the last major claim coming from Coincheck as the organization provided over-the-counter trading support for Ethereum and XRP on its platform. The exchange had announced:

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”

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