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Ripple Targets 10 Million Customers With New Strategic Partnership

Despite the looming SEC legal action against Ripple, the San Francisco-based blockchain startup shows no signs of slowing down its cross-border remittance offerings.  Ripple recently announced a tie-up with Mobile Money, a Malaysian mobile wallet firm, in a move that would facilitate real-time wallet-to-wallet remittances between Malaysia and Bangladesh. Mobile Money will tap into the […]

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Despite the looming SEC legal action against Ripple, the San Francisco-based blockchain startup shows no signs of slowing down its cross-border remittance offerings

Ripple recently announced a tie-up with Mobile Money, a Malaysian mobile wallet firm, in a move that would facilitate real-time wallet-to-wallet remittances between Malaysia and Bangladesh.

Mobile Money will tap into the RippleNet global payments network to connect with bKash, Ripple’s longtime partner based in Bangladesh that boasts over 45 million customers. 

By powering remittances between the largest mobile financial services provider in Bangladesh and Malaysia’s top e-wallet company, RippleNet will ensure a seamless payout experience for users in both countries.

Under the new partnership, bKash and Mobile Money will leverage a wide range of RippleNet’s features to facilitate wallet-to-wallet payments to serve the remittance corridor between Bangladesh and Malaysia. 

According to Kamal Quadir, CEO of bKash, the collaboration will benefit the national economy by encouraging inward foreign remittance flow. He added: 

“bKash is happy to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost-effective, fast, transparent, and reliable remittance sending experience to more than 10 million non-resident Bangladeshis all over the world.”

RippleNet Offers Cost-Effective e-Payment Solutions 

The RippleNet network can solve most payment service providers’ problems, particularly overly costly and slow remittances.

bKash, which joined forces with Ripple in Nov 2019, has single handedly transformed Bangladesh into a digital-based economy by leveraging the blockchain for instant, transparent, and low-cost global payments. 

The nation is now a lucrative market with the third-largest remittance flows in South Asia. Malaysia ranks as one of the top five sources of remittances for Bangladesh. 

Mobile Money plans to use the RippleNet network to serve its clients better and grow its user base of Bangladeshi workers by 20%. According to Lee Eng Sia, Founder of Mobile Money, the urgency for cost-effective and convenient remittance solutions that enable people to transfer money across borders has been intensified by the Covid-19 pandemic.

Lee applauded the partnership with RippleNet, which makes Mobile Money one of the pioneering e-wallet enterprises to offer digital remittance services to Bangladeshi workers. 

Ripple CEO Claims Most Customers are Not US-based 

The recent SEC decision to pursue a lawsuit against Ripple threatens the blockchain company’s future and that of its affiliated XRP cryptocurrency. 

However, Ripple CEO Brad Garlinghouse, who remains adamant that his company did nothing wrong, says that proceedings in the US may not damage his company’s overall remittance operations extensively. 

His claims are evidenced by the growing number of Ripple partnerships, including the latest one to serve the South Asia remittance corridor. Garlinghouse explained that over 90% of RippleNet customers are not from the US, and many countries use the remittance service to solve their cross-border payment problems. 

Source: https://thedailychain.com/ripple-targets-10-million-customers-with-new-strategic-partnership/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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