Japanese exchange manager arrested for fraud

[Guest]

http://the-japan-news.com/news/article/0004011268

Quote

Police arrested a 31-year-old man on Wednesday for allegedly swindling money he collected from a customer while operating an exchange handling virtual currency Ripple.

The suspect is Yuki Takenaka, head of Ripple Trade Japan (RTJ). Takenaka has largely admitted the charge, according to investigative sources.

Law-enforcement authorities, including the cybercrime division of the Metropolitan Police Department, are further investigating Takenaka, from Kyoto, on suspicions that he defrauded about ¥17 million from more than 40 people across the nation in February and March 2015, the sources said.

 

[karlos]

@R8102V1D2D post about that site a while ago:

 

[Xi195]

41 minutes ago, karlos said:

 post about that site a while ago:

Unfortunately, this is legit...

https://www.japantimes.co.jp/news/2017/10/18/national/crime-legal/manager-ripple-cryptocurrency-exchange-arrested-scam/#.WeeBMxNSxE4

but not a huge deal. Mostly unfortunate because he named the stupid thing "Ripple Exchange". This is a great reason why Ripple needs to vigorously protect its trademark/IP. @miguel

Edited October 18, 2017 by Xi195

[bookworm]

Not pretty ...

https://www.japantimes.co.jp/news/2017/10/18/national/crime-legal/manager-ripple-cryptocurrency-exchange-arrested-scam/#.WeeB30ERXYU

 

[nvok]

Not related to Ripple. And all this for $12,470. What a shame.

[Guest]

I think this is being discussed here:

 

[Xi195]

18 minutes ago, nvok said:

Not related to Ripple.

The exchange is called "Ripple Exchange" and sells XRP. How is this not related to Ripple?

You can argue its irrelevant, but it is clearly related, particularly in Japan where Ripple has had an ongoing struggle to overcome FUD.

Edited October 18, 2017 by Xi195

[nvok]

Just now, Xi195 said:

The exchange is called "Ripple Exchange" and sells XRP. How is this not related to Ripple?

It's largely irrelevant, but it is clearly related.

It's just the name. They are not related to the company Ripple we know.

[Xi195]

Just now, nvok said:

They are not related to the company Ripple we know.

Yes. "Ripple Exchange" is not "Ripple". Related, but not the same.  

[JigglyJelly]

https://www.japantimes.co.jp/news/2017/10/18/national/crime-legal/manager-ripple-cryptocurrency-exchange-arrested-scam/#.Weeo4kyB3BI

 

Glad to see Japan putting these scammers behind bars

Edited October 18, 2017 by JigglyJelly

[CryptoJym]

"In part of media such as newspaper Ripple Labs Inc. (Headquarters: San Francisco, USA, CEO: Brad Garlinghouse, hereinafter "Ripple") is suspected of cheating cash from customers over the transaction of virtual currency "XRP" It is reported that a compulsory investigation will enter the virtual currency affiliated company. 
　The company reported this time has nothing to do with the SBI Group and Ripple, so I will let you know."

http://www.sbigroup.co.jp/news/2017/1018_10846.html

(Translated using google...not sure if the translation is accurate though)

Thoughts anyone?

Edited October 19, 2017 by karlos
merged with existing thread

[pucksterpete]

https://www.cryptocoinsnews.com/japanese-police-arrest-ripple-exchange-operator-fraud/

 

Quote

The individual was arrested on Wednesday for allegedly swindling ¥1.4 million ($12,500) from an investor persuaded into sending the cash into the exchange’s bank account in March 2015. Authorities allege that Takenaka took the money despite the company effectively bankrupt at the time. The cybercrime division of the Tokyo Metropolitan Police department is also investigating claims that Takenaka allegedly defrauded an additional ¥17 million ($150,000) from at least 40 customers in Japan after initially luring them with no deposit fees for trading.

 

[TiffanyHayden]

Ripple Trade Japan wasn't affiliated with Ripple, the company, whatsoever. 

(Anybody can run a server.)

[qoiner]

Any thoughts on this? Seems to me like the guy acted on his own, but the article makes it look like the guy was actually a Ripple employee/manager:

https://www.japantimes.co.jp/news/2017/10/18/national/crime-legal/manager-ripple-cryptocurrency-exchange-arrested-scam/#.Weh_utDQvYU

[Kiir]

I think this is 2nd or 3rd topic and like 7th or 8th  same post (across here, discord and reddit) that I saw today only

It has nothing to do with real Ripple.

News articles are clickbaits, nothing new.