Daily fraud update: 4th February

FortuneJack CEO speaks of need for “fairness”

The CEO of a crypto casino called FortuneJack has given an interview in which he outlined why “fairness” and a “good reputation” are essential for getting crypto users on side.

Boris Kiknadze, who describes himself as a crypto-entrepreneur, made the comments in an interview with the website Coinspeaker.

In it, he was asked what the main challenges are facing the crypto casino world.

He claimed that one of them was the way in which crypto was an “alien concept” at first.

“Back in 2013, we had to get the gamblers accustomed to this new technology”, he said.

“Most people never even heard about such things as the cryptocurrencies. It was an alien concept, so you can say that our journey was quite challenging from the get-go.”

He elaborated on this by stressing the importance of a “good reputation”.

“Probably the most challenging aspect of the operation of a successful crypto casino is the maintenance of a good reputation”, he argued.

“…crypto-casino has to be extremely exceptional in terms of fairness and should maintain a flawless relationship with both crypto and gambling communities”, he added.

FortuneJack is a popular crypto casino, with over 2,500 games available.

It also accepts nine different types of crypto currency.

In the interview, he also touched on the theme of regulation – an important one for those who monitor crypto fraud.

He indicated that “restrictive regulations” were causing challenges.

“Since currencies like Bitcoin are not yet entirely accepted by banks and governments, lots of countries have incredibly restrictive regulations”, he said.

“Some nations embrace the concepts of blockchain, and some are downright refusing to have anything to do with them.”

Senior Upbit figures let off the hook

A group of senior Upbit executives have had fraud charges levied against them dropped, it has been reported.

The Seoul District Court in South Korea removed the double-figure number of counts of market manipulation and fraud which had faced the group of executives.

Lack of evidence was cited as one of the reasons that the executives had the charges against them dropped, according to industry press.

It is also believed that the judge in the case claimed that the managers of Upbit did not act in such a way that the crypto spot market was seriously affected.

Upbit is a big name on the South Korean crypto scene, and it operates a large-scale enterprise.

It was notably the first ever crypto platform to be given a license to do business in the country.

The firm stood alleged of placing trades which went against those of its own clients.

It is also accused of altering prices by placing false and fabricated purchase orders in a period stretching from September 2017 until the end of that year.

However, an audit which was carried out internally at the firm did not reveal any fraud.

Chris Lee

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