Home ICYMI Fidelity Crypto Expands, G7 Worried About Facebook Coin, Ripple/Moneygram Partner in Korea

Fidelity Crypto Expands, G7 Worried About Facebook Coin, Ripple/Moneygram Partner in Korea

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Fidelity crypto files to be a trust in New York. G7 worried about Facebook Coin Libra. Ripple to enter Korea through third party partnership. Justin Sun announces two more people lunch with Warren Buffett. Israeli hacker charged for crypto theft, and cryptocurrency-related crime damages amount to $2.3 billion. 

Fidelity Crypto Files to be a Trust in New York

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Fidelity crypto, better known as Fidelity Digital Assets (the cryptocurrency branch), filed to become a trust in the state of New York. Fidelity is allegedly applying for this approval before the New York Department of Financial Services (NYDFS), as it is looking to offer their customers more services than a simple BitLicense, such as financial advice.

G7 Worried About Facebook Libra

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The G7, the group of the most developed seven nations of the world, has not kept silent about Facebook’s latest endeavor, Libra. In an informal meeting, the G7 expressed its concerns about the effect this initiative might have on world economies. Bruno Le Maire, Finance Minister of France, president of the G7 this year, declared they could not “accept private companies issuing their own currencies without democratic control.” Also, there was a general consensus about stablecoins like Libra raising “serious regulatory and systemic concerns.”

Ripple Finds Its Way Into Korea Through Moneygram Partnership

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Ripple could have found its way into the Korean market through a third party partnership between Moneygram and local Sentbe. Moneygram is a remittance company in the process of adapting its platform to use Ripple as a driving force behind its transactions, and Sentbe is a local Korean company responsible for millions in transactions. Sentbe also operates the payment services of Samsung (Samsung Pay). While the relationship between these two companies is still unclear, Sentbe will act as “virtual agent” of Moneygram in the region.

Justin Sun Invites More People to Warren Buffett Lunch

Justin Sun, the founder and CEO of Tron, a smart contract enabled cryptocurrency, announced two more people to accompany him at the charity lunch he bought for $4.5 million with the objective of changing Buffett’s mind on crypto. Sun unveiled two more participants via his Twitter account: Yoni Assia, the CEO of the trading platform eToro, and Helen Hai, head of the Binance Charity Fund. The dinner will be held July 25, and there are still more attendees yet to be announced in the following days.

Israeli Hacker Charged in Cryptocurrency Theft

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Eliyahu Gigi, an Israeli hacker, was arrested last month, accused of stealing $1.7 million in different cryptocurrencies. Gigi, who was apprehended with his brother, was allegedly using several websites to steal cryptocurrencies such as bitcoin and ethereum. Gigi also performed different phishing attacks and used malware to steal cryptocurrency from hosts’ computers. While initially Gigi was believed to have stolen more than $100 million, the amount was considerably less as of the current charges, $1.7 million.

Cryptocurrency-Related Crimes Damages Amount to $2.3 Billion

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The justice ministry of South Korea announced damages from cryptocurrency crimes and scams was of about $2.3 billion in the period between June 2017 and June 2019. While the country has often been viewed as favorable toward cryptocurrency and has fought crypto-related crime, it seems these incidents are becoming more regular over time. The ministry declared that hundreds of criminals have been detained over that time, and more than 200 were indicted.

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