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Two Singaporean company directors charged for promoting ‘fraudulent cryptocurrency,’ OneCoin

Ketaki Dixit



Two Singaporean company directors charged for promoting 'fraudulent cryptocurrency' OneCoin
Source: Pixabay

Two Singaporean company directors have been charged by local authorities for allegedly promoting OneCoin, a fraudulent cryptocurrency, using a multi-level marketing scheme, reported local news outlet, The Straits Times.

In a statement, the Singapore Police Force (SPF) said,

“The supposed cryptocurrency OneCoin is purportedly founded by a Bulgarian, and has several features that are similar to Bitcoin. Several countries including New Zealand have issued warnings to the members of the public against having involvement with OneCoin.”

OneCoin was founded in 2014 by Ruja Ignatova in Bulgaria and has been termed a fraudulent cryptocurrency by the United States. Additionally, several countries including New Zealand and Bulgaria, have warned people about the cryptocurrency scam.

On 10 April, Lim Yoong Fook, Director of Singapore-based interior decoration firm One Concept, was charged under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.

While Lim Yoong Fook was charged with two offenses, Fok Fook Seng, Director of locally registered companies, faced one charge under the same Act. The latter’s bail was set at $30,000, while the former was offered bail at $60,000.

According to reports, the pair took investments in return for education courses and OneCoin tokens, while compensating people under an initiative called “OneLife Network Global Compensation Plan.”

The offense was reportedly committed between June 2015 and June 2017, by both the offenders over different time periods.

Although the details of the scheme, including the amount of money and the number of participants involved were not revealed, Lim was accused of using his interior decoration firm to promote the scheme.

The Monetary Authority of Singapore (MAS) listed OneCoin and One Concept on the Investor Alert List (IAL), a list of unregulated entities which may have been wrongly perceived as being licensed by the MAS. The police said,

“[..] investors should bear in mind that these entities have had a past record of being wrongly perceived by others as being licensed by the MAS when they are not.”

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.


Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app




Binance Chain's "decentralization" questioned by Bitcoin enthusiast; calls Binance DEX as just an "app"
Source: Unsplash

Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.

According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.

He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:

“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”

He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.

Wertheimer further added:

“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”

A Twitter user, @bag_holder commented:

“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”

Another Twitter user, @thecryptostefan commented:

“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”

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