South Korean Court Orders Seizure of $1.4 Million of #Bitcoin, #Chinese President Praises #Blockchain and Poland’s #BitBay to Move to Malta

Crypto Corner - May 30, 2018

South Korean Court Orders Seizure of $1.4 Million of Bitcoin, Chinese President Praises Blockchain and Poland’s BitBay to Move to Malta

South Korea's Supreme Court ruled in favour of the forfeiture of roughly $1.4 billion USD worth of bitcoins in a "case of cyber sex crime". Yonhap Newsreports that the operator of a child pornography website has been sentenced to 18 months in prison and must pay a penalty of 696 million won ($644,000 USD) in addition to the confiscation of bitcoins.

The ruling is significant as initially the seizure of 191 bitcoins was contested by a lower court as they weren't physical assets, but was then overturned by the top court.

"The 33-year-old was charged in May 2014. A lower court refused the prosecution's request for the forfeiting of Ahn's cyber assets, saying they exist electronically and have no physical form.

An appeals court reversed the ruling, deciding that cryptocurrency can be seen as "profit earned from trade in goods.""

Chinese President Xi Jinping expressed approval for blockchain technology in a speech at an academic conference on Monday, naming it as part of a "new generation" of tech that is leading a "breakthrough".

"The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain accelerate the breakthrough in application and bred new life science fields represented by synthetic biology, gene editing, brain science, and regenerative medicine."

Poland's largest cryptocurrency exchange, BitBay, is moving to crypto haven Malta in response to being shut out by all Polish banks. In an announcement yesterday, BitBay said that all functions of the exchange will be available until May 31, 2018, and that users are encouraged to pick up with the exchange once it moves.

"After logging on account on webpage Users will be able to create their own BitBay account in Malta. The exchange will be conducted by the new supplier on Malta with usage of the same software as until now was used by BitBay exchange in Poland, based on the domain and BitBay trademark."

Sam Mowers, Investorideas

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