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THE DEAL SOUNDED murky from the start: in exchange for bitcoin worth two million euros, the wealthy buyer would hand over the equivalent sum in cash in a luxury hotel on the French Riviera.
The seller, a South Korean businessman with a company specialised in the crypto-currency in Singapore, accepted the proposition nevertheless and met the Serbian buyer in July.
But once the transaction was completed in a hotel in the city of Nice, the South Korean realised the €500 notes he had been handed were crude, photocopied fakes, police sources told AFP.
After the victim filed a criminal complaint at the end of July, the Serbian man was arrested at a top-end hotel in the glitzy town of Cannes in the south of France, apparently living the high-life with a luxury car and a €100,000 watch.
After appearing in court, he was remanded in custody on charges of fraud and being part of an organised crime network, his lawyer Gerard Baudoux told AFP today.
Police are still looking for his alleged accomplice.
The South Korean said he had been approached by the men initially over a possible investment in his company.
The discussions led instead to the transaction that would see the South Korean transfer the bitcoin to a foreign account in exchange for the cash.
Regulators worldwide are grappling with the boom in crypto-currencies like bitcoin, which are known to be used by criminals for transactions and money-laundering.
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Fake money in exchange for fake money. Seems fair.
@Greg Ward: Considering you can buy goods and services using Bitcoin, I reckon you need to re-evaluate your definition of fake.
@Ajax Penumbra: A currency not backed up by a physical commodity.
@Ajax Penumbra: Until I can go into a newsagents and pay for a paper with it, it’s fake.
@Daniel Donovan: So the American Dollar is fake?
@Greg Ward: that’s the style of it Greg!
@Dave Byrne: Well permanently unstable as the current Federal Reserve system stands.
@Daniel Donovan: just like the U.S dollar then.
@Greg Ward: Take your pick, chief: https://www.wheretospendbitcoins.co.uk/category/newsagents
@purple rain: Precisely.
@Greg Ward: <- This caveman still buys newspapers :-)
@Ajax Penumbra: You can buy nothing with bitcoin dude. It’s too volatile for any seller to accept.
@Dexter: I spend bitcoin every day in ireland; newsagents, restaurants, Leap card top up. You name it. Works perfectly with a Revolut card everywhere. Never had it declined.
@Greg Ward: currency is only as good as the confidence. Currently BTC is worth more than €5,000!!!! Is confidence lacking??
@Dexter: I’ve literally bought items using Bitcoin. I really don’t know how else to refute your claim.
@Daniel Donovan: Sounds a bit like the value of the Trump brand.
@optimanic:
Well if you bought for $16,000 a few months ago you’d probably be lacking in confidence right now…
@Daniel Donovan: I don’t think that type of currency has existed for a few decades.
@Walt Jabsco: You may want to change a number in your bitcoin bashing rhetoric. The all-time high was over 20k so your argument may sound more dramatic.
@Daniel Donovan: Have a read of the Bitcoin Standard ;)
Seoul destroying.
Sum Ting Wong there I’d say.
First rule of pulling off a heist: After you get the money, flee the country.
Am I the only one who’s watched films?
Bitcoins worth 2 million at the start of the meeting, 1.5million half way through the meeting and half a million at the end of the meeting
Dope
Diamonds are a girl’s best friend. Alternatively, trade fresh eggs for new potatoes – old fashioned barter.
@Garreth Byrne: Diamonds are pretty much worthless mineral. There is way too many of them and the price is controlled by one company. If you want a prime definition of a bubble then diamonds are the most fitting.
@Pat Patovic: Some bubble that’s held a consistently high value for centuries. Lorry loads upon lorry loads of diamonds around alright but I reckon that the quantities of high end jewelry quality ones is more to the order of wheelbarrow loads.
@Steven Moens: On the contrary, diamonds do not hold value. I am not talking about rings and jewelry which is about 50% loss the day you buy it. Try investment diamonds. They do not drop as much but you will never be able to sell them for what you paid for them. Unless you buy some rare named one but they usually go for millions.
Other gemstones are a better choice to store a value as they are pretty rare. Or gold if you want to hold something with a better chance of gaining value than diamonds.
The whole thing sounds shady and basically money laundering going on even if the euros were real.
@SilexFlint: they should confiscate the Bitcoin if it’s an un-notified cross border transaction.
@Greg Blake: it’s not possible to confiscate bitcoins without private key and bitcoin has no borders!
A fool and his money are soon parted.
Just exactly was he going to do with 2million cash notes if it was real not exactly walking around money
He should have just bought a modest Trump Tower apartment.
That’s how the savvy money launderers operate for decades, comrade.
Sap. He deserved it if he didn’t look at the money first. Bad buzz for him but fools and their money etc etc…….
What was the need for the last sentence in the report?. Even banks (some Irish) are evaluating how they can get on board with cryptocurrencies
have your say