Billion Dollar Blockchain Fund in China, Indian Crypto Corruption and Expensive Errors at Samsung

This morning sees Bitcoin at $6.7k and Ethereum at $395, both down slightly overnight along with a number of the top altcoins showing minor falls. No obvious signs of a market turnaround yet despite the announcements of several top level institutions making their way into the crypto markets.

A Chinese blockchain fund to the tune of $1.6 billion has been launched to nurture startups by VC firm Tunlan Investment which includes some $400 million being injected by the local Hangzhou city government to aid the project. The announcement further cements China’s general intent to capitalize on blockchain business development.

Reports in India suggest 10 police officers have been accused of kidnapping, extortion and corruption after the apparent abduction of a businessman and alleged theft of 200 Bitcoin. Whilst not the first extortion story involving cryptocurrency and certainly not the last, this particular plot thickens after the police director general stated initial investigations could not verify the movement of the Bitcoins in question. After considerable confusion following a press release by the Reserve Bank of India recently, interpreted as a “ban on all Bitcoin trading” (which is not the case apparently) suggestions of government level conspiracy to suppress cryptocurrency activity with constant bad news are gaining attention.

Samsung Securities has made an expensive discovery that a blockchain structure could have prevented after an administrative error occurred when distributing bonuses to staff. Instead of the intended 2.8 billion Korean Won, 2.8 billion shares were issued (a equivalent difference of around $27 USD per share). As staff noticed the error, the situation was made worse as they decided to cash-in leading to the dumping of some 5 million shares into the market. Chairman of the Korea Finance ICT Convergence Association Oh Jung-geun went on the record urging securities companies in the region to implement blockchain structures to avoid these problems and increase transaction efficiency and reliability.

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Created: Tuesday, April 10, 2018

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