Singapore Investigates Death Of Virtual Currency Exchange Head

Tom Burroughes

7 March 2014

In a further twist to the controversial saga of the virtual currency system known as Bitcoin, reports said that Singapore police are investigating the “unnatural” death of Autumn Radtke, a US citizen who was a chief executive of a currency exchange.

The 28-year-old cloud computing expert was found dead last week at an apartment block in Singapore, the Financial Times said. Radtke was recruited by Singapore-based entrepreneur Douglas Abrams in 2012 to head First Meta Exchange, which accepts Bitcoin to buy and sell other virtual currencies used in online games.

The First Meta has the following message on its homepage: “The First Meta team is shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke. Our deepest condolences go out to her family, friends and loved ones. Autumn was an inspiration to all of us and she will be sorely missed."

Singapore police said they had discovered a woman’s body at an apartment block on 26 February after they “received a call requesting assistance”.

“She was pronounced dead at scene by paramedics. Police are investigating the unnatural death,” the FT quoted police as saying. A spokesman confirmed that the case involved Radtke. The police said preliminary investigations showed that “no foul play was suspected”.

In contrast to China and some other jurisdictions, Singapore has adopted a relatively liberal approach to Bitcoin. (For more on Bitcoin in Asia, see here.)

The virtual currency, seen by some advocates as a form of money that is superior to the fiat money systems used by central banks, is controversial precisely because it is seen as a challenge to the macro-economic powers of central banks, such as their ability to print money without limit. It has also been criticised for facilitating criminal financial transactions, although there is some debate on just how anonymous Bitcoin really is.

Last week, the Mt Gox exchange that carried Bitcoin transactions, collapsed in bankruptcy.

Separately, a senior lawyer in the UK has issued a warning of a need for authorities to protect consumers as Bitcoin, and potentially other virtual currencies, develop.

“Governments and regulators have remained wary of the rise of Bitcoin, perhaps unnerved that a system perceived as unworkable on a global scale has proved its doubters wrong, at least for the time being. But with an increasing amount of investors using the currency, there is a growing consensus that consumers need to be protected. This has gained further weight following the recent thefts from several online bitcoin banks," Emma Wright, senior counsel, Bond Dickinson, said.

“Global regulation is certainly not impossible, but as we have seen with the drive for transparency in the offshore sphere, uniform acceptance and implementation can be a struggle. It is also important to note that while the argument may appear sound, some might suggest that governments would rather retain control of monetary policy rather than legitimising a currency which is controlled by non-elected figures," Wright said.