Re: [Weexchange issue] The fall of Ukyo III - Updates and references
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Wild speculation
Assuming that this is indeed a legal issue it could easily be related to bitfunder which was closed for unknown reasons (right?). The weex coins are obviously involved because a big part of them was used for trading on bitfunder.
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No.Wild speculation
Assuming that this is indeed a legal issue it could easily be related to bitfunder which was closed for unknown reasons (right?). The weex coins are obviously involved because a big part of them was used for trading on bitfunder.
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This would constitute criminal actions by Ukyo.
Using the Weex funds, held in trust, elsewhere constitutes criminal action.
At a guess, embezzlement probably best defines what it would be and you can even look up the jail terms involved.
http://www.criminaldefenselawyer.com/crime-penalties/federal/embezzlement.htm
Edit: After a long discussion with a lawyer, firstly, it's probably Fraud and not Embezzlement,
however, the target of our demands or charges would not be Ukyo, they would be the directors of Weex.
It would be up to Weex to make demands of or lay charges against Ukyo.
Lucky Aus has extradition laws with USA
Since we have the ACN and ABN of Weex, the next step would probably be to call ASIC and ask them what should be done about a company that will not divulge the whereabouts of millions of dollars of funds held in trust and will not return them all when requested.
... and an aside ... as may be obvious from my link above, a criminal charge of Fraud or Embezzlement can include 3 things: fines, jail and (normally) a requirement to repay the funds.