Singaporean businessman sold all possessions to buy cryptohome


Singaporean businessman Eric Cheng has spent all their savings and sold all their possessions, including two Rolls Royces, Lamborghini, Ferrari and Porsche to acquire 100% of the shares of the Japanese crypto currency exchange BitTrade.

If the risk is warranted

Only a week ago, the largest South Korean Bithumb crypto currency exchange was hacked and lost over $30m in client money in Bitcoin and Ethereum. Team Bithumb has officially announced that it fully compensates its customers lost money that was kept in cryptocurrency.

However, for small kryptomere usually difficult to cover the funds stolen as a result of hacker attacks, especially if the stolen amount is more than the total capital of the company. For example, the largest cryptohome Coincheck, losing $450 million in NEM, was forced to declare bankruptcy, because he could not return custom tools.

Consequently, there are high risks in this business, despite its high profitability, since successful operation requires experienced and talented developers, experts in the field of security and it professionals. Even Coincheck, previously the largest exchange, Japan recognized that its breaking was caused by the shortage of specialists in the field of security.

The willingness to take risks

Cheng, who has spent all their savings in the amount of $67 million for the acquisition BitTrade, said he has no regrets about what has a chance and very happy with my purchase.

“The cryptocurrency industry is growing exponentially. Against this background, the main key to improving the growing demand is well regulated licensed kryptomere. Thanks to this Japanese licensed the platform I will work closely with regulators to develop its activities on a global scale,” said Cheng.

It is likely that Cheng decided to buy BitTrade because of the compliance of the exchange legislation. BitTrade is one of cripture in Japan, which are licensed and approved by the financial services Agency (FSA), and the process of obtaining permission to work as a exchange of digital assets is costly and difficult.

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