Crypto News Weekly - IMF, India, Ripple & More in Weekly Roundup 08.06.18

IMF - cryptocurrency is a serious competitor, Indian arrests in Crypto Ponzi, Ripple donates $ 50 million and Blockbroker ICO scam leaves red faces


IMF says cryptocurrency could be serious competition

In recent article published on the IMF website, Dong He, deputy director of the IMF’s Monetary and Capital Markets warned that crypto currencies could become serious competition to the traditional fiat currencies. He stated, “If central bank money no longer defines the unit of account for most economic activities—and if those units of account are instead provided by crypto assets—then the central bank’s monetary policy becomes irrelevant”.

Indian arrests in crypto ponzi scheme

Police in Thane in India have arrested the main players in a massive ponzi scheme estimated to have taken over $ 6 billion. They arrested the main protagonist Dr Amit Lakhanpal, CEO of Money Trade Coin Group and CMD of Flintstone Group. More raids and arrests are planned in India and there are reported links to a Dubai based crypto scheme supposedly backed by diamonds from the Al Kasir Group, with one video even showing a joint press conference to launch above scheme.

Ripple donates $ 50 million to universities

Ripple hit the headlines this week with its new initiative to pump $ 50 million into the University Blockchain Research Initiative which allows participating universities including Princeton, MIT and international universities across the world to use the funds into research for future blockchain uses This comes almost a week after Ripple donated $ 4 million to a charity for gorillas live on the Ellen show. In the same week, Ripple also hired former SEC executives to appear in their defense in court against the upcoming SEC’s investigation into whether XRP is a security.

Blockbroker ICO exit scam leaves red faces

A recent ICO that claimed to protect against fake ICOS raised $ 3 million from private investors and performed an exit scam over three weeks after the first signs of it being a fraud emerg. ICO rating sites were left looking red-faced after failing to pick up on the scam, which was first alerted on Reddit discussions in mid-May. Concerned users pointed out that the photo of main founder was false and so was his job history.