The manager and operator of Japanese Ripple exchange Ripple Trade Japan has been arrested for allegedly defrauding a customer for ¥1.4 million ($12,470) with potentially further charges pending.
Yuki Takenaka, a 31-year-old head of Ripple Trade Japan allegedly defrauded a man from the Miyagi Prefecture of Japan back in March 2015, knowingly allowing him to deposit funds despite the fact that the company was foundering and unable of processing refunds. According to police, Takenaka, a resident of Kyoto has pleaded guilty to the charge.
The cryptocurrency exchange, which was set up by Takenaka in Hamamatsu, Shizuoka Prefecture, in May 2014, began showing signs of distress less than a year later, ignoring customer inquiries and halting withdrawals. Prior to the exchange owner’s disappearance, he had been collecting money and exchanging it for IOUs needed for Ripple online transactions. Users were then able to exchange these IOU notes for Ripple or convert them back into fiat. Takenaka is believe to have issued fake IOUs worth a total value of around 120 million Japanese Yen ($1.06 million USD).
Cryptocurrency Exchanges In Japan
With Japan now eager to endorse their Fintech industry, allowing Bitcoin to be used to buy goods and services …
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