Beijing Published The Blue Paper about Blockchain Technology, Upbit’s Wash Trading Case is On Trial.
Beijing Blockchain Technology Application Association (BBAA) Unveiled its “Blue Paper”, after President Xi’s Presentation about Blockchain
The Beijing Blockchain Technology Application Association (BBAA) has released the Blue Paper of the China Blockchain Development Report (2019) on Nov 16. The Blue Paper was led by the People’s Bank of China, involving government agencies, several R&D organizations, and academic institutions.
According to a report published by crypto media 8btc, the Blue Paper emphasizes the importance of data sovereign identity. It also predicted changes in the personal information management system in the future.
The paper also described that the system will pass through the progress developing from a cross-platform alliance,user-centered, and finally to data sovereignty. It also explained that its sovereign identity is free from third-party involvement and that each person can manage and use his or her personal information to prevent mass leaks and invasions.
In Conclusion, in the era of data sovereignty, as the personal information resides in individuals, not centralized servers, it can manage both the flow and the sales status of personal user data.
The blue paper also insists that the sovereignty of Data will be accomplished based on blockchain technology.
Upbit’s Fake Transaction Case had a Trial in Seoul: “Cross Trading was not Conducted on Purpose”
In the Upbit’s Wash Trading (Cross Trading) case trial, a witness called Mr. Kim from the Upbit side was attending a trial held against the defendant. In the trial, Kim admitted that he didn’t fake the transaction record of Upbit, Cross Trading was not conducted on purpose. Cross trading means that exchanges buy and sell cryptocurrency on their own and fake the number of the transaction.
According to the report on Nov 19th, the 12th part of the Seoul Southern District Court criminal agreement (Oh Sang-yong) held the eighth trial on the Upbit on Nov 15th. The defendants are Kim’s Upbit team leader, Song Chi Hyeong, Dunamu, Operator of Upbit’s board chairman, and Mr. Nam of the financial director of Dunamu.
They were prosecuted last December for fraudulent crypto transaction records and fraud under certain economic crime laws.
According to the prosecution, the defendants manipulated the computer account as if corporate account ID “8” had more than KRW 122.1 billion in cryptocurrency and fiat. With account ID called “8”, they traded 35 types of cryptocurrencies with general members and also placed large orders. He also introduced a bot program that keeps Bitcoin quotes higher than its competitors. There are 11,500 Bitcoins sold by the accused, and the amount collected is about 149.1 billion KRW.
Mr. Kim from Dunamu mentioned in the court, “: Hundreds of cryptocurrency exchanges around the world were doing the cross trading. I didn’t know what the Upbit would be like in the early days of opening, so I thought it would be helpful. We admit the team’s reaction was quite late after Upbit’s business going well, We should have stop wash trading.”
The next trial will be held on Nov 29th in Seoul.