Ripple Trade Japan's manager is arrested for fraud
In a desperate maneuver, Yuki Takenaka, operator and manager of Ripple Trade Japan - not to be confused with the Ripple company - wanted to save the furniture or even run away with the cash register.
Japanese police recently announced that they detained Yuki Takenaka, following allegations of fraud by a man who reportedly stole 1.5 million yen.
He is also suspected of having created false IOUs, in order to enrich himself with about 120 million yen (slightly less than 900,000 euros). According to the authorities, he pleaded guilty to most of the charges against him.
Exchanging IOUs for Ripple
Launched in May 2014, Ripple Trade Japan proposed exchanging IOUs for Ripple Tokens (XRP) or cash. Yes, it is granted, the buisness model is a dubious thing, but after all, any lucrative domain brings a lot of scams. Between November 2014 and February 2015, Takenaka is suspected of using his company to extract 10 million yen (about 75,000 euros) for his own account. In March, the platform crashed and withdrawals or deposits were impossible. Soon after, the Ripple Trade Japan site was inaccessible, without further ado.
The trigger for his arrest was a fraudulent transaction, in which he took 1,5 million yen (about 11,200 euros) from an investor despite his bankruptcy.
It really isn't helpful for acceptance. But like the author says any lucrative enterprise...
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