Cryptocurrency This Week: Bitcoin Extortion Case, Indian Cryptocurrency Exchanges Bending Their Crypto Way And More

This week, Bitcoin touched the lowest mark in the last 26 weeks, hitting $7.1K. However, things are not so somnolent ahead, as it’s hardly 12 days remaining for the Fifa World Cup, and cryptocurrencies are expected to get a boost from the world’s chest-thumping gaming fest.

China, once the third largest market of cryptocurrencies might undo the ban and regulate cryptocurrencies and ICOs in near the future. Global Times, the Chinese government-affiliated news daily, has stated that “improved regulation makes more sense than just saying no to Bitcoin in China”.

Meanwhile, the investigation by the US Justice Department is still on whether Bitcoin price is being manipulated by its HNIs or not. It is worth noting that around 1,000 HNIs hold over 40% of the cryptocurrency. This becomes more uneven in case of Ripple.

Let’s take on this week’s Bitcoin stories!

Indian Cryptocurrency Exchanges Bending Their Way Post RBI’s Barrier

As the RBI’s grace period to banks – dealing with cryptocurrency entities – is set to end next month, the Indian cryptocurrency exchanges which include Zebpay have explored other routes such as crypto-to-crypto to bend around the rules the tech way. While Unocoin has launched a new platform UNODAX, a multi-crypto asset exchange; BuyUcoin, another cryptocurrency exchange and wallet company, has now announced the launch of BuyUcoin Token (BUC).

The total supply of BUC will be over 100 Mn, says the company. The token can be used to pay any kind of fees on Global BuyUcoin Exchange, to avail discounts or to trade cryptocurrencies on the exchange.

The crypto-tokens will be available from tomorrow onwards. On June 1,  2018, BuyUcoin will be pursuing 25,000 BUC airdrops, the BUC will then be distributed to the BUC holders according to the ratio of the amount of BUC they are holding to the amount of total BUC booked at that time on BuyUcoin.

Gujarat Police CID Investigating Bitcoin Crime Enters Phase Two

As the state police CID has intensified, the investigation of 2,000+ Bitcoin extortion from a Surat-based retailer, the police have decoded a Bitconnect firm involved in the crime.

As per a ToI report, the firm was managed in Surat by Divyesh Darji and Satish Kumbhani whereas Dhaval Mavani was looking after transactions. The police have also recovered 12 Bitcoins from Nikunj.

Nikunj has further informed the police that the promoters of the firm used to mention a special software that used to decide on low and high points of Bitcoin for purchase and sale respectively. The difference used to be earning and the firm had promised 365% annual return or 1% daily.

Addicted To Cryptocurrencies? Here’s A Crypto Rehab Centre

Cryptomania has been on a ride across the world. While many have been enjoying it to the fullest. For some, it has turned to an addiction irrespective of their loss or gain.

As a result, a crypto-rehab centre has now been opened to help people get out of crypto-addiction, reported The Inquirer.

Chris Burn, a gambling therapist at Castle Craig Hospital stated, “The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation.”

As per the report, cryptocurrency trading addiction can be identified if a person exhibits some or all of 12 pointers noted by the hospital, including a person spending all their time and money trading, believing a big win is about to happen or even pawning their belongings to raise funds for trading.

A Cryptocurrency For Community Service

A Japanese startup Otaku Mode has planned to launch a new cryptocurrency called Otaku Coin which will serve as cross-border digital cash for smaller communities, such as hobbyists, that can be used within the group to build closer bonds and exchange assets reported The Japan Times.

The Tokyo-based startup runs an e-commerce site selling goods related to anime, manga, and video game titles. Its Otaku Coins are likely to be launched as early as this summer, and unlike many cryptocurrencies, Kodaka does not plan to make the new coins an investment tool with wildly fluctuating values.

South Korea’s Top Court Recognizes Cryptocurrencies As Asset

In a major breakthrough, South Korean Supreme Court has now recognised Bitcoin as an asset with some economic value.

The development is in line with the similar decisions taken by Russian Federal Court, and Japanese regulatory understandings.

The latest decision by the South Korean Supreme Court has overturned the lower court’s ruling which had earlier refused to recognised so.

As per Korea Times, this marks the first time a cryptocurrency has been subject to confiscation. “The cryptocurrency is recognised to have value so it can be confiscated,” the Supreme Court stated.

In other news, Taiwan’s electronics company Asus has announced the launch of H370 Mining Master motherboard which is specifically designed for cryptocurrency mining. The board supports up to 20 graphics cards. A good prep for miners, huh?!

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.