A British Colombia based market firm, filed a lawsuit accusing Jason Arnold, the former chief operating officer, of stealing more than US$5.3 million.
The lawsuit was filed by Shair.Com Global Digital Services where they claim that they lost their money right after their company-issued laptop ‘died’. The Supreme Court of British Colombia issued a ruling directing Arnold to turn the computer over regardless of its condition. According to Arnold, he decided to invest in cryptocurrencies in late 2013 and being promoted to a most knowledgeable person in the company, he got a task to explore cryptocurrencies.
In 2014 Arnold told his employer that he set up a Bitcoin wallet and that he backed up the company’s server. Right as the summer started the same year, the company gave Arnold US$14,000 to purchase Bitcoin that today would be worth US$172,000. This decision was brought up after Arnold hired a digital currency consultant.
According to the ruling:
“The investigation was unable to determine the current location or value of digital currencies owned by the plaintiff, but the plaintiff alleges that the [C]$18,500 in Bitcoin purchased by it in June and August 2014, if it remained in Bitcoin, would have a current value of approximately [C]$225,000,”
Regardless of leaving the company, Arnold still remains a shareholder in the company. Most interestingly, Arnold’s employer only figured it out that though Arnold left the company, the laptop given to him had not been returned and there was no digital backup of the bitcoin wallet on the company’s server as promised.
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"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
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“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
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