Europe Crypto Roundup: Germany Welcomes New RWA Platform, French Police Catches Holograph Hackers, and More

By admin On Aug 26, 2024

BeInCrypto’s comprehensive Europe Crypto Roundup covers the latest news and trends shaping the continent’s crypto landscape. With reporters across key markets like Germany, France, and the UK, we provide in-depth insights into evolving regulatory environment, adoption rates, major industry events, and market movements.

This week’s roundup covers the launch of a new tokenized real estate platform in Germany, Bitpanda’s partnership with Finland’s largest crypto broker, the arrest of Holograph hackers, and more.

New Platform for Tokenized Real Estate Launches in Germany

A new platform for tokenized real estate has launched in Germany, bringing the analogue and digital investment worlds closer together. This initiative is led by MyHouse AG, a provider of real estate investments for private and institutional investors, alongside Berlin-based Web3 company Tokenforge.

According to the announcement, the platform’s initial rollout will include assets from Degag Deutsche Grundbesitz AG. The follow-up phase will introduce digital securities from MyHouse AG. The companies describe this as a “significant step in democratizing and digitalizing investments in the real estate sector.”

“The processing of digital securities not only significantly increases management efficiency but also makes it easier for our investors to access these opportunities through tokenization. This approach allows investors to “invest small amounts in high-quality real estate and tangible asset projects, opening the market to a much wider group,” said Alexander Hupe, CEO of MyHouse AG.

The platform, regulated under Germany’s Electronic Securities Act (eWpG), will first focus on real estate in Germany. It plans to expand to other assets and international markets later.

Montenegro Arrests FutureNet Executive

Montenegrin police have arrested Roman Ziemian, co-founder of the alleged crypto fraud scheme FutureNet, who was living under a false identity in the capital city of Podgorica. The arrest, announced on August 19 by Montenegro’s Police Directorate, follows an international investigation involving South Korea and Poland. Both countries have issued warrants for Ziemian on charges of fraud, money laundering, and theft.

Authorities say Ziemian could face life imprisonment in South Korea for his role in the $21 million scheme. Upon his arrest, police seized devices and items suspected of being used in his criminal activities. Ziemian is now awaiting a hearing at Podgorica’s High Court to determine his extradition.

FutureNet, founded by Ziemian and Stephan Morgenstern in 2018, was promoted as a multilevel marketing business featuring FuturoCoin (FTO). In 2019, Poland’s Office of Competition and Consumer Protection (UOKIK) flagged FutureNet as a pyramid scheme, warning that it sold “participation packages” ranging from $10 to $10,000, with promised returns for recruiting new participants.

South Korean authorities began investigating the scheme in 2020 after 950 victims reported losses totaling millions of dollars. Ziemian’s arrest mirrors that of co-founder Stephan Morgenstern, whom authorities detained in Albania in August 2023. Both men face potential life sentences in South Korea.

Finnish Crypto Broker to Offer Over 400 Digital Assets Through New Partnership

Coinmotion, Finland’s largest cryptocurrency provider, has partnered with Bitpanda Technology Solutions (BTS) to offer more than 400 virtual currencies to its users. Based in Jyväskylä, Coinmotion will soon deliver the most extensive crypto service package in the Nordic region.

BTS, a part of Austrian fintech company Bitpanda, enables businesses to integrate its cryptocurrency trading solutions. With this partnership, Coinmotion users will access all supported currencies through the Coinmotion app. Initially, 10 popular assets —including Solana, Tron, and Polkadot — will be available, with more added gradually over the year.

“Thanks to this partnership, Coinmotion can easily expand its offering and deliver the widest range of virtual currencies in the Nordics,” said Lukas Enzersdorfer-Konrad, CEO of BTS.

A recent survey revealed that 300,000 Finns, or 7% of the adult population, own virtual currencies — a figure expected to triple within a decade. Coinmotion’s expanded offerings aim to attract both new and existing investors in a secure environment.

“Our customer base is growing as more Finns begin investing in virtual currencies. We believe virtual currencies will soon be as common as other asset classes,” said Antti-Jussi Suominen, CEO of Coinmotion.

The partnership will provide trading opportunities for over 25 million customers across Europe, reflecting the increasing demand for secure digital asset solutions.

Holograph Hackers Caught by French Police in Italy

After a two-month investigation, French police have arrested two suspects involved in hacking the Holograph crypto platform. Hackers compromised Holograph in June and fraudulently created a billion HLG tokens.

They managed to deploy an unverified smart contract on the Mantle network, enabling the creation and immediate sale of the excess tokens, which caused the market value to plummet. Holograph managed to freeze 200 million tokens across several exchanges, including Bybit, Gate, KuCoin, Bitget, and Backpack.

The investigation was relatively straightforward, as some stolen funds were traced to a Paris-based individual known as “Acc01ade,” who exchanged the stolen HLG tokens for USDT and ETH. The suspect had previously identified himself online as a “super shadowy coder” and had even listed his position as a developer for Holograph on LinkedIn since May 2021.

The investigation was conducted by the Office of Cybercrime Prevention (OFAC) in collaboration with the Brigade for the Suppression of Banditry (BRI), Europol, the Italian Anti-Mafia Investigation Directorate, and the Royal Cayman Islands Police Service (RCIPS). These agencies tracked down and apprehended the suspects in Italy. The individuals are now awaiting extradition to France, where they will face charges related to the crypto hacking case.

The total estimated value of the theft is $14.2 million. To restore balance, Holograph has since destroyed an equivalent number of tokens to return the supply to its original level.

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