Given the large amount of debt and numerous creditors' claims, equity holders like DCG have no possibility of remaining assets.

Genesis Global Holdco, a bankrupt crypto lending company, received court approval last Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of the bankruptcy liquidation process. This decision was made by US bankruptcy judge Sean Lane.

In addition, Judge Sean Lane rejected the Digital Currency Group's (DCG) attempt to challenge the proposed distribution plan for the debtor's assets in the bankruptcy case.

DCG has raised objections to the distribution plan, as it believes the repayment amount should be limited to the value of crypto assets at the time of Genesis filing for bankruptcy in January 2023. Since then, the value of cryptocurrencies like Bitcoin has soared significantly, with Bitcoin's price jumping from around $21,000 to nearly $67,000.

The company also claimed that the plan provided excessive returns to creditors at the expense of sacrificing DCG's interests. Essentially, DCG believes that it has been unfairly disadvantaged in terms of the distribution of returns.

However, DCG's argument failed to convince the court. Judge Sean Lane ruled that as a shareholder, DCG's financial interests would not be directly affected by the distribution of assets. Shareholders can only be paid after all creditors' claims have been satisfied.

Furthermore, given the insolvency of Genesis Global Holdco and the substantial amount of claims from creditors, DCG as an equity holder will not receive any asset distribution under this liquidation plan.

The total amount claimed by the creditors exceeds the available assets of the debtor, Genesis Global Holdco, by billions of dollars. These creditors are demanding priority over DCG equity holders in the bankruptcy proceedings, meaning that they will be the first to be repaid in the liquidation of assets.

The ruling also prioritizes the claims made by federal and state financial regulatory agencies, totaling up to $32 billion, giving them consideration ahead of DCG's equity.

Genesis previously expected to pay up to 77% of the customer claim value, but this ratio may be influenced by future market fluctuations.

Genesis, like other lending platforms, suffered from liquidity issues during the market downturn in 2022, which was exacerbated by the collapse of Three Arrows Capital (3AC) and FTX. This ultimately led to the company filing for Chapter 11 bankruptcy protection in January 2023.

Genesis' list of creditors includes some well-known entities such as Gemini, Mirama under Bybit, Decentraland, and VanEck.

To make matters worse, Genesis Global Capital has also faced a legal lawsuit filed by the Securities and Exchange Commission (SEC) in the United States. The SEC claims that Genesis and Gemini's products offered through Gemini Earn involve the sale of unregistered securities. In response, the company reached a $21 million settlement with the SEC in March of this year.

Conclusion:

Genesis Global Holdco's bankruptcy case demonstrates the high-risk nature of the cryptocurrency market and the urgent need for regulation. Despite being allowed to return substantial assets to creditors, equity holders like DCG may end up with nothing. This event serves as a reminder to the industry to strengthen risk management and compliance.

With the strengthening of regulations and the development of the market, cryptocurrency enterprises need to constantly adapt to ensure sustainable and responsible growth, in order to win broader trust and realize their potential to change the financial world.

Three employees of a Tsim Sha Tsui cryptocurrency exchange have been detained on suspicion of defrauding a customer with counterfeit cryptocurrency.

Hong Kong police have detained three employees of a cryptocurrency exchange suspected of engaging in fraudulent activities.

Previously, a customer in the store reported encountering a stack of "ghost money" when executing a cryptocurrency transfer worth about 1 million Hong Kong dollars.

Hong Kong authorities arrest 3 people suspected of cryptocurrency fraud

On Wednesday, the Hong Kong Technology Crime Division arrested three individuals aged between 31 and 34. The authorities seized 3,000 Hell Bank notes, a safe, and a cash counting machine from a shop in Tsim Sha Tsui. Hell Bank notes, which are traditionally offered to ancestors or deities in Chinese rituals, were also confiscated.

The arrest operation took place after a 35-year-old man filed a report on April 12. The man claimed that he sold approximately 1 million Hong Kong dollars worth of Tether (USDT) in a shop in Tsim Sha Tsui but was unable to retrieve the cash.

The subsequent investigation revealed that the suspect showed the victim a stack of 500 HKD counterfeit banknotes and persuaded the victim to transfer USDT to the cryptocurrency wallet they provided.

After receiving Virtual Money, the suspects failed to fulfill their agreement. They came up with various excuses to quickly leave the scene, leaving the victim short short alone.

In Hong Kong, fraudulent acts can be punishable by up to 14 years of imprisonment. Individuals charged with obtaining property through fraudulent means may face a maximum sentence of 10 years.

After this incident, the Hong Kong authorities called on residents to be cautious when trading and advised them to choose reputable cryptocurrency exchanges and check the security features of banknotes to prevent becoming victims of such fraud.

Hong Kong cryptocurrency scams are a major problem

This is not the first cryptocurrency fraud and scam incident in Hong Kong. Hong Kong authorities recently arrested three teenagers and rescued a 19-year-old victim who was attacked and unlawfully detained.

The victim was lured with the promise of meeting people and trading encrypted assets. However, when they arrived at a room in the Jiuyun Street Golden Port Hotel, the suspect demanded payment of HKD 180,000 (approximately USD 23,000) in encryption trading profits.

In another incident, a 46-year-old housewife, contacted by a scammer through Instagram, was asked to make cryptocurrency investments through a link to a fraudulent platform, resulting in a loss of 7.1 million Hong Kong dollars (approximately 908,000 USD).

A malicious actor impersonating a customer service representative of a fake trading platform convinced her to transfer over $900,000 to 15 different bank accounts between August 19, 2022, and March 4, 2023. However, she did not receive any investment returns during this period.

Conclusion:

In the field of cryptocurrency, fraud incidents occur from time to time, which brings great risks and troubles to investors and traders. In order to protect our assets and information security, we should always be vigilant and choose reputable cryptocurrency trading platforms for transactions, avoiding trusting strangers' promises and baits. Hopefully, relevant authorities can strengthen regulation and crack down on cryptocurrency fraud in the future, making this field more secure and reliable.

The suspect is suspected of using USDT to operate forex payment and settlement businesses, providing illegal services to cosmetics and drug smugglers.

Chinese police have cracked down on an underground banking operation that used the popular stablecoin Tether (USDT) to facilitate transfers worth up to 13.8 billion yuan ($1.9 billion).

According to reports from local media WeChat official account, the Chengdu Public Security Department arrested 193 suspects related to this case and froze 149 million yuan (20.6 million US dollars), previously raided the location of the business.

$1.9 billion underground banking business

Since 2021, investigations conducted by the police have revealed that this underground banking operation is led by a criminal gang originating from China's import and export business. They use USDT to operate forex payments and settlement services, providing illegal services to smugglers of cosmetics and drugs, as well as locals seeking to acquire foreign assets.

In addition to using stable coins to transfer funds abroad, the gang also collaborated with other companies to obtain tax refunds through fraudulent means. The police also found that USDT was used to circumvent national foreign exchange regulations, posing a threat to the country's financial security.

In addition to providing illegal forex settlement channels, the gang's operations are also related to work-related crimes, smuggling of prohibited goods, and financial fraud, such as obstructing credit card management and defrauding export tax refunds.

Crackdown on China's Underground Banks

The Longquan District Branch of the Chengdu Public Security Bureau first discovered this business when handling a drug case involving underground bank fund settlement in November 2022.

In June 2023, the Ministry of Public Security established a special task force and conducted raids in six municipalities, including Shanghai, Changsha, Nanjing, Shenzhen, Fuzhou, and Jinhua, to search for underground banks. The raids resulted in the arrest of 25 suspects and the seizure of numerous payment tools, including bank cards and U-shields.

In August 2023, another raid was conducted, and 168 people were arrested in 26 provinces. Subsequently, the Ministry of Public Security launched a nationwide campaign to combat underground banking crimes.

Meanwhile, the raid in Chengdu is the second one this month. Earlier this week, the police in Panshi City, Jilin Province, cracked down on another underground bank involving 2.14 billion yuan ($29.6 million) and arrested six individuals, including a South Korean fugitive.

**Conclusion: **

In the crackdown on illegal USDT banking operations by the Chinese police, we have seen the firm determination and effective action of law enforcement agencies in safeguarding national financial security and combating economic crimes. Through cross-province cooperation and nationwide operations, the police have successfully cracked down on underground banking operations involving a total amount of up to 1.9 billion US dollars, arrested a large number of suspects, and frozen a large amount of illegal funds. This not only demonstrates the Chinese government's determination to combat underground financial activities, but also conveys a clear message to the public: any attempt to undermine economic order and financial security through illegal means will be severely punished by the law.

At the same time, this operation also reminds the public that financial security is an important component of national security. Everyone should be vigilant and avoid participating in any transactions that may involve illegal financial activities. Only in this way can we together maintain a healthy, stable, and orderly financial environment and ensure the sustained and healthy development of the national economy.

Finally, the success of this series of actions also highlights the importance of technology in modern law enforcement. With the development of financial technology, criminal methods are constantly evolving. Therefore, law enforcement agencies must constantly update their technology and methods to adapt to new challenges. Only in this way can we more effectively combat crime, protect people's property security, and maintain the financial stability of the country.

Paribu, released its new commercial film for Paribu Pizza Day, where it celebrates the anniversary of the first transaction in Bitcoin history every year. In the film, starring actor Cengiz Bozkurt, Paribu introduces viewers to the pepperoni pizza that was purchased in the first transaction in Bitcoin history.

Paribu, Turkey's leading technology company and the leading cryptocurrency trading platform, is celebrating the anniversary of the first Bitcoin transaction in history with Paribu Pizza Day and giving away 100,000 pizzas to its users between May 19-22. Paribu announces this special celebration with a fun advertisement film starring Cengiz Bozkurt.

Paribu's annual Paribu Pizza Day, which is celebrated with its users every year, is set during a plane journey. The curious passenger character portrayed by Cengiz Bozkurt starts a funny dialogue with the pizza sitting in the adjacent seat when he sees it.

Moreover, this pizza is not just any pizza. It's the pepperoni pizza that was bought for exactly 10,000 Bitcoins in 2010. In other words, it's the very first transaction in Bitcoin history. When the curious traveler character realizes the value of the pizza he's traveling with, the course of events suddenly changes.

In the film, Kıvanç Kılınç voiced the pepperoni pizza, which is the subject of the first transaction in Bitcoin history. Puppet artist Bülent Aksu took on the design of the pizza box as a puppet mechanism. Bülent Aksu also brought the pizza box to life during the filming of the movie.

You can watch the Paribu Pizza Day advertisement film on Paribu's official YouTube channel.

The profile of the campaign:

Advertiser: Paribu Technology Inc.

Advertiser Representatives: Paribu Marketing Team

Advertising Agency: Diego Armando

Founders: Emrah Karpuzcu, Kenan Ünsal

CEO: Ender Orfanlı

Digital Integration Director: Gül Ölez

Agency Manager Producer: Övgü Akgürgen

Agency Production Team: Eren Bakırcı, Onur Bilge, Kemal Can Akçe

Art Director: Elif Tağ

Motion Designer: Hasan Kobal

Graphic Designer: Yasemin Kıldiş

Production Company: Multivitamin

Director: Özer Feyzioğlu

DOP: Fatih Türker

Puppet Artist: Bülent Aksu

Video Editor: Kubilay Ertürk

Post Production: Magic

About Paribu:

Paribu, founded in 2017, continues its activities as a leading technology company and a leading cryptocurrency trading platform. With its Customer Experience Business Unit, which provides 24/7 service, Paribu offers fast, easy, and secure cryptocurrency trading services to its 7 million users. Paribu, which developed Turkey's first independent blockchain project, also supports different projects in the ecosystem with financial and technological investments. While working to increase blockchain awareness, Paribu takes responsibility in the fields of culture, art, sports, and education, contributing to the world of tomorrow. It publishes content about the industry on ParibuLog, the source of accurate information. For more information about Paribu, you can visit www.paribu.com.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.

The cryptocurrency world witnessed yet another meteoric rise this week. But this time, the story is not about a brand new token or an exaggerated project. This story is about a smart investor, a keen sense of opportunity, and plenty of #1DOL. Sundayfunday.sol, besides being the biggest BOME coin investor, has now become a name among DeFi legends. With a modest investment of 13 SOL (approximately $2,275), he astonishingly turned it into $2.26 million in just eight hours. This translates to a staggering 993% return that even the most experienced Wall Street wolves would envy. But for Sundayfunday.sol, it seems like just another Sunday fun day.

The largest BOME coin investor made 993x with a altcoin

The cryptocurrency world witnessed another meteoric rise this week, but this time it's not about a brand new token or an exaggerated project. It's about the biggest BOME coin investor, with a sharp eye for opportunities and a generous amount of #1DOL. Sundayfunday.sol, now a name etched into the DeFi (Decentralized Finance) knowledge, astonishingly turned 13 SOL (approximately $2,275) into $2.26 million in just eight hours. This 993x return is a remarkable success that would even put the most experienced Wall Street sharks to shame. However, for Sundayfunday.sol, it's just another Sunday fun.

sundayfunday.sol turned 13 $SOL($2,275) to $2.26M in just 8 hours by buying #1DOL, a gain of 993x! > sundayfunday.sol is a legend!

He is the largest pre-sale participant of $BOME, spending 421 $SOL($72K) to participate in the pre-sale and received 1.43B $BOME($40M at peak).

Then... pic.twitter.com/4zYtCcP5Yi

— Lookonchain (@lookonchain) May 19, 2024

This is not the first rodeo where Sundayfunday.sol has made strange gains. The biggest presale participant for $BOME, a rapidly appreciating token, was this investor. With 72,000 dollars (421 SOL), the investor obtained a massive BOME worth 1.43 billion dollars. This was a holding briefly worth 40 million dollars at its peak.

What did BOME do with the investments?

Sundayfunday.sol converted 530 billion BOME into cash for 7.66 million dollars (38,305 SOL). Despite this strategic sale, it continues to be the largest individual owner of $BOME with 894 billion tokens worth over 10.5 million dollars. As a result, the investor came to the agenda with a 1DOL investment other than BOME. After eight hours, 13 SOL turned into 2.26 million dollars, which is a life-changing amount for many of us.

This raises the question: What is the secret sauce of Sundayfunday.sol? Is it purely luck or is there a deeper strategy? Experts are divided. Some believe that Sundayfunday.sol is engaging in insider trading. There was even a response to Lookonchain's X post.

THE insider trader

— ashen (@solashenone) May 19, 2024

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Bitcoin's (BTC) relatively good level has started to scare some investors despite developments in some altcoins.

Bitcoin, trading around $67,000, continues to push the altcoin market to new highs. Many altcoins have gained more than 10% in just a few days. However, some upcoming key developments of certain projects have already started to worry investors. Especially the presence of names like ARB and AVAX on the list has stirred up the Turkish crypto ecosystem.

1- Pyth Network (PYTH)

On May 20th, Pyth Network, which will unlock, will release 2.13 billion tokens ($943.42 million). PYTH, which investors are flocking to take advantage of airdrops in the Solana ecosystem, seems to be facing selling pressure at the moment.

2- Arbitrum (ARB)

Arbitrum, which is well known in the Turkish crypto ecosystem, will have a key unlock on May 21st. It is not expected to have a significant selling pressure on the price with the release of 497,140 ARB (514,040 dollars) into the market. However, the downward trend of ARB as a pair may increase selling-oriented transactions during this process.

3- Avalanche (AVAX)

Avalanche, which has attracted attention with its recent poor performance, will unlock 9.54 million tokens (347.7 million dollars) on May 22nd. Not only among major coins, but also compared to the overall market, AVAX, which has remained quiet, may be affected by this unlocking.

4- Space ID (ID)

Space ID, which performs regular lock releases, will release 18.49 million tokens (13.71 million dollars) on May 22nd. Although the amount of tokens to be unlocked is small, the fact that ID will periodically release tokens to the market can sometimes cause panic among investors.

5- 1inch (1INCH)

Regularly unlocking another project, 1inch (1INCH) will unlock 21,430 tokens (8,490 dollars) on May 23rd. It is not expected to have much impact on the parity compared to other unlockings. However, a possible BTC drop during this process could increase sales of 1INCH.

6- Acala (ACA)

Acala, which has been worrying its investors with its bearish price action for a while, will unlock 4.66 million tokens ($501,700) on May 25th. ACA, which will include 0.48% of the circulating supply in the market, is showing a stable movement as of the time of writing the news. ACA investors are eagerly awaiting short-term price movements.

7- Polkadot (DOT)

After a long hiatus, Polkadot, which performed the unlocking, will release 401,230 tokens ($2.89 million) on May 26th. Considering the market value of DOT, this amount is not currently causing panic. However, the performance of BTC will be decisive on the unlocking day.

8- Nym (NYM)

Regularly unlocking another altcoin, NYM, will unlock 25 million tokens (3.98 million dollars) on May 27th. NYM, which is at low levels in terms of market value, will release 3.26% of the circulating supply to the market. It is highly likely that this development will create selling pressure in the market.

9- Yield Guild Games (YGG)

Yield Guild Games, which will go for a lock-up opening on May 27th, will release 16.69 million YGG (14.79 million dollars) to the market. This amount, which corresponds to 4.51% of the circulating supply, naturally scared investors. As we approach May 27th, the risks seem to increase for YGG.

10- SingularityNET (AGIX)

Listed among the most notable projects, AGIX will unlock the lock of 8.71 million tokens (8.48 million dollars) on May 28th. AGIX, one of the biggest names in artificial intelligence projects, will contribute 0.68% of the circulating supply to the market. It is eagerly anticipated how the strong artificial intelligence trend will be affected by this development in AGIX.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.

The cryptocurrency market witnessed a significant shake-up this week, with meme coins experiencing a sharp decline. At the heart of this storm lies Dogwifhat (WIF coin), a dog-themed meme coin that saw a meteoric rise but is now facing harsh reality checks.

WIF coin, on the sales list of whales.

The value of meme coins like WIF, fueled by the recent GameStop (GME) rally, has increased. However, as the price of GME stock has fallen, it has had a domino effect on the meme coin market. WIF, once a favorite of the meme coin craze, has seen a decrease of over 12% in the last 24 hours and is currently trading at a significantly lower price point than its recent highs.

Analysts point to a combination of factors contributing to this decline. One of the significant factors was the actions of "whales". According to Lookonchain, whale movements were as follows:

• A whale bought 732,481 WIF ($1.85 million) and 716,344 POPCAT ($281,000) tokens three days ago.
• This whale bought 732,481 $WIF ($2.18 million) at $2.98 and 716,344 $POPCAT ($361,000) at $0.5 three days ago. In three days, it lost $336,000 in $WIF and $80,000 in $POPCAT.

A whale sold 732,481 $WIF($1.85M) and 716,344 $POPCAT($281K) at a loss 1 hour ago.

This whale bought 732,481 $WIF($2.18M) at $2.98 and 716,344 $POPCAT($361K) at $0.5 3 days ago.

He lost $336K on $WIF and $80K on $POPCAT in 3 days. pic.twitter.com/CE2M1erP2x

— Lookonchain (@lookonchain) May 18, 2024

• Another whale is selling 1.7 million $WIF (4.4 million dollars) at a loss to buy $tremp and $BONK after the WIF price drops. This has caused the price of $tremp and $BONK to increase. The whale spent 25,682 $SOL (5 million dollars) to buy 1.7 million $WIF at $2.94 on March 17th.
• $WIF started selling to buy $tremp and $BONK 10 hours ago after the price dropped.
• So far, 1.28 million $WIF (3.3 million dollars) has been exchanged with 127.16 billion $BONK at 0.00002593 dollars, while 410,688 $WIF (1.06 million dollars) has been exchanged with 966 thousand $tremp at 1.1 dollars.

A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.

Which caused the price of $tremp and $BONK to increase. > The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.

After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50

— Lookonchain (@lookonchain) May 19, 2024

Current status of WIF price

Traders also joined the exit strategy with the fear of more losses, further accelerating the decline in WIF price. Technical indicators point to a potential support level of $2.50 per WIF token. Analysts warn that if this important support level is breached, there is a potential for a devastating drop in price, possibly down to $1.60.

However, there is still a glimmer of hope. Unlike whales and short-term traders, derivative markets have not exhibited the same level of panic yet. In fact, open positions of WIF futures contracts have increased by nearly 5% in the past 24 hours. This can be interpreted as a sign that some investors who believe in the long-term potential of WIF still hold their confidence. However, these derivative traders may enter the market with open positions if the support level of $2.50 falls, potentially intensifying the decline.

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The cryptocurrency market experienced a positive momentum last week, as evidenced by the increase in prices of major cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP, and others. Meanwhile, the rally came after developments in the broader financial market, not just the crypto sector. However, some market observers are predicting whether the positive momentum will continue throughout this week. Various developments can shape the performance of the crypto market this week. Here, we discuss some of the prominent reasons that could further fuel the rally in the coming days.

Pay attention to Bitcoin ETF inflows and "cooling" of inflation data.

The Spot Bitcoin ETF in the US received significant attention last week with inflows approaching approximately $950 million. The substantial inflow experienced last week has boosted investor confidence, particularly after a cooling in fund flows over the past few weeks. Considering that Spot Bitcoin ETFs continue to witness such inflows, market participants are expected to shift their focus more towards the cryptocurrency asset class, potentially leading to further price increases.

In the meantime, as we reported at Kriptokoin.com, the US Consumer Price Index (CPI) data for last week showed that inflation cooled down in April and boosted market confidence. So far, the cryptocurrency market and the broader financial sector have witnessed increased fluctuations due to inflation concerns. However, the latest US CPI inflation data has eased market participants to some extent. In addition, the price of Bitcoin also started to rise after investors relied on the Fed's dovish stance in the coming days following the US Labor market data.

Investors, on the other hand, will closely follow the upcoming minutes of the Fed's May meeting to gather more information about the potential move of the Fed. Specifically, the minutes of the Fed's recent meeting will be published on Wednesday, May 22nd.

### Fed official's speeches and economic data

The cryptocurrency market will also closely follow the Fed speeches next week. Fed Vice Chairman for Supervision Michael Barr and Fed Vice Chairman Philip Jefferson will speak on Monday, May 20. Following this, Fed Governor Christopher Waller and other officials such as Cleveland Fed President Loretta Mester, Atlanta Fed President, and Boston Fed President will speak on Tuesday. In addition, the Consumer Confidence data for May, which will provide more information about the current economic situation, is expected to be announced next week.

Ethereum ETF final date and Ripple case

"Ethereum has gained significant attention recently with the approaching deadline for the Spot Ethereum ETF next week. While many analysts are betting on a potential drop from the SEC, any other move could lead to a strong rise in the crypto market. Meanwhile, market observers who compare Bitcoin's strong performance after the approval of the US Spot Bitcoin ETF by the SEC are expecting the same scenario after the approval of the Ether ETF. However, according to Polymarket, the probability of approval for the Ethereum ETF by May 31 is currently only 11%."

Ripple CFO Jonathan Bilich's recent statement supporting the sealing request of documents related to XRP discounts provided to institutional buyers has intensified the Ripple case. This action aims to protect the confidentiality of sensitive financial information. Meanwhile, this development has emerged during a phase of Ripple's ongoing legal battle with the SEC. Bilich's statement highlights Ripple's efforts to protect private data and strategic decisions. Considering that the deadline for parties and third parties to submit letter briefings against collective letter motions is approaching on May 20th, the outcome of this motion may have implications on the XRP price.

NVIDIA and artificial intelligence coins

Technology market and the crypto world are eagerly awaiting NVIDIA's earnings scheduled for May 22nd after market close. In particular, the global leader in artificial intelligence chip manufacturing is expected to report a strong revenue increase in the first quarter, which could boost investor optimism. Meanwhile, historical data shows that any major advancements in the field of artificial intelligence tend to increase the prices of AI coins. If NVIDIA reports strong earnings, it could trigger a rally in AI coins. The largest AI coins currently are as follows:

{"sl":"Turkish","text":" ","tl":"English"}### What's next for Bitcoin and altcoins?

The cryptocurrency market is eagerly awaiting any developments in SEC's SAB 121. The U.S. Senate's approval of the Congressional Review Act (CRA), aiming to review SEC Staff Accounting Bulletin No. 121 (SAB 121) by a supermajority vote of 60 to 38, marks a bipartisan milestone in cryptocurrency legislation on May 16. Despite the veto threat supported by the White House, the vote signifies a significant change in cryptocurrency regulation.

The fate of the potential veto remains uncertain due to the support of the Democrats and the crypto-friendly sentiments of presidential candidate Donald Trump. In terms of context, historical data shows that veto threats do not always materialize and leave room for speculation about the outcome of the final decision. Meanwhile, investors are cautiously preparing for the upcoming week by closely monitoring macroeconomic changes and market dynamics that could impact the crypto market. By closely following potential developments, they are predicting how these factors could influence the direction of the crypto market in the coming days.

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Abstract:

• The US Department of Justice has arrested two Chinese citizens on charges related to an international cryptocurrency fraud case involving $73 million.

• This scam is called "Pig Killing Plate", involving money laundering through shell companies.

• The case highlights the growing scrutiny of "pig slaughter" schemes involving Crypto Assets.

The US Department of Justice (DOJ) has arrested two Chinese citizens, Daren Li and Yicheng Zhang, for orchestrating a large-scale cryptocurrency scam known as "Ponzi scheme," involving at least $73 million in money laundering activities.

This arrest operation highlights that "Ponzi scheme" fraud is still a major issue in the encryption industry.

The duo is an international fraud syndicate

According to the DOJ, officials arrested Li on April 12 at Hartsfield-Jackson Atlanta International Airport and transferred him to central California. Meanwhile, Zhang was arrested in Los Angeles.

The Deputy Attorney General of the Ministry of Justice, Lisa Monaco, said:

"We announce the arrest of two foreign citizens who are charged with leading a money laundering scheme associated with international cryptocurrency investment fraud. Cryptocurrency investment fraud exploits the borderless nature of virtual money and online communication to deceive victims."

The DOJ found that they coordinated extensively from communications to facilitate international Money Laundering, including discussing the network's commission structure, the various shorter shell companies used, victim information, and at least one video of an accomplice calling a U.S. financial institution.

Li and Zhang manage an international "pig slaughter" investment scam group. They instructed accomplices in Money Laundering networks to open bank accounts in the name of shorter shell companies. Once the victim sent the funds to the shorter shell company, Li and Zhang monitored the lower-level accomplices, transferring the proceeds to an overseas bank account at Deltec Bank in the Bahamas.

This plan involves converting over $73 million into USDT stablecoin. In addition, a cryptocurrency wallet in this plan has received over $341 million in virtual assets.

Li and Zhang are charged with conspiracy to commit money laundering and six substantive counts of international money laundering. If convicted, they face a maximum sentence of 20 years for each count.

The US Secret Service Assistant Director of Investigations, Brian Lambert, explained in response to this case that the US financial infrastructure is being threatened by sophisticated financial fraud schemes.

Lambert pointed out: "Complex financial fraud schemes like 'Ponzi schemes' pose an obvious and urgent threat to America's financial infrastructure, as countless Americans continue to fall victim to this predatory activity."

" "

The main types of cybercrime divided by number of complaints｜Source: Federal Bureau of Investigation

Lambert's statement is consistent with the data from the Federal Bureau of Investigation (FBI). According to the FBI's 2023 Internet Crime Report, investment fraud is the most costly crime event tracked by the IC3 program.

Investment fraud losses increased from $3.31 billion in 2022 to $4.57 billion in 2023, a rise of 38%. A total of 17,823 complaints related to trust/romance crimes were received throughout the year.

Analysis of the scam of "Ponzi Scheme" with false promises and empty wallets

'Pig Killing' scams involve scammers creating fake identities to contact potential victims, usually through text messages, social media platforms, or dating apps. Gradually, these scammers develop a seemingly real relationship with their target through regular and friendly interactions. This method is similar to the practice of fattening pigs before slaughter, hence the name.

Once a relationship is established, scammers introduce cryptocurrency into the conversation. They typically do not directly ask for money or cryptocurrency. Instead, they offer assistance with investment strategies and guide victims to platforms they control.

Initially, victims may transfer a small amount of funds to a cryptocurrency exchange. In order to make the scam credible, the fraudster provides false account information, showing that the victim's investment is increasing.

They may even allow the victim to withdraw part of their initial investment in order to appear legitimate. The scammers keep pressuring their victims to send more long funds until they run out of money completely.

A UN report describes the Mekong region in Southeast Asia as the epicenter of this criminal activity. More and more casinos are combining with the ungoverned borders and armed groups in long-standing conflicts in Myanmar. This backdrop creates ideal conditions for large-scale money laundering activities.

Conclusion:

This successful crackdown on the "Ponzi scheme" cryptocurrency fraud case demonstrates the cooperation and determination of international law enforcement agencies in combating cross-border financial crimes. The arrests and charges against Daren Li and Yicheng Zhang by the US Department of Justice send a clear warning to potential fraudsters: using cryptocurrency for illegal activities will be severely punished by the law, regardless of their location. This not only reflects the zero-tolerance attitude of the law towards financial crimes but also demonstrates a firm commitment to protecting investor interests and maintaining financial market order.

At the same time, this case also reminds investors and the public to increase their vigilance against cryptocurrency-related scams. Investors should conduct thorough investigations and risk assessments when investing in cryptocurrencies to avoid becoming victims of fraud. Regulatory agencies and law enforcement departments in various countries should strengthen cooperation, jointly formulate and implement effective regulatory policies to promote the healthy development of the cryptocurrency industry, ensure its full potential is realized, and minimize risks.

Summary:

• The Hong Kong Monetary Authority (HKMA) has approved the use of digital RMB (e-CNY) for retail purposes in Hong Kong, but not for cross-border transactions.

• The adoption of digital RMB in Hong Kong is subject to control and monitoring, with transaction and balance restrictions.

• Hong Kong, through China-approved pilot projects, is promoting the development of Digital RMB to improve the digital money ecosystem in Asia.

{"sl":"Chinese Simplified","text":" ","tl":"English"}

The Hong Kong Monetary Authority (HKMA) announced that it will accept China's digital renminbi (e-CNY) for retail transactions in Hong Kong. This initiative, supported by the People's Bank of China, represents an important step in integrating digital money into daily business.

Residents of Hong Kong and mainland China can now use digital renminbi to shop at physical retail stores in Hong Kong and selected online merchants. A mobile application developed by the Central Bank of China allows users to seamlessly manage their digital renminbi wallets.

Hong Kong only allows the use of RMB for local business

Despite the enthusiasm for digital integration, the program controls circulation by limiting cross-border transactions and peer-to-peer transfers. In Hong Kong, the operational framework of e-CNY sets the maximum wallet balance at 10,000 CNY, with individual transactions and daily expenses limited to 2,000 yuan and 5,000 yuan respectively. These restrictions are aimed at regulating the use of the currency and preventing financial disruptions.

Expanding digital RMB to Hong Kong aligns with broader efforts to internationalize China's currency in the highly competitive global financial market amidst geopolitical tensions. By June 2023, the transaction volume of e-CNY reached 1.8 trillion yuan, indicating rapid adoption by the Chinese population.

HKMA President Eddie Yue said, "By expanding the e-CNY pilot in Hong Kong... users can now deposit into their wallets anytime, anywhere without opening a mainland bank account, making it convenient for Hong Kong residents to make payments at mainland merchants."

e-CNY in Hong Kong | Source: X/HKMA

Currently, over 10 million merchants in 17 provinces and cities in mainland China accept digital Renminbi. This indicates a continuous rise in acceptance of digital money in the region.

Although the use of the CNY in the global financial system is limited, its adoption in the international market reflects China's strategic financial goals. The HKMA is collaborating with the People's Bank of China to explore the potential of cross-border e-CNY payments. This highlights its commitment to improving the practicality of digital money and interoperability with existing payment systems.

Conclusion:

With the approval of the Hong Kong Monetary Authority (HKMA) for the retail use of e-CNY, Hong Kong has taken an important step in promoting the localization of digital money. This move not only demonstrates China's strategic layout in the field of digital currency, but also reflects its vision of seeking greater influence in the international financial market.

Although the use of digital RMB in Hong Kong is currently restricted, with the deepening of pilot projects and the exploration of cross-border payment potential, digital RMB is expected to achieve broader application and deeper international integration in the future. As an international financial center, Hong Kong's innovative practices and regulatory experience in the field of digital money will provide valuable references and inspiration for the development of digital money worldwide.

The original text is: "原文作者：Bugsbunny—e/acc，加密 KOL"

The translated text is: "Original author: Bugsbunny—e/acc, encryption KOL"

VC Cost Dips Guide 1.1 (Revised Chinese Version)

Dare to provide you with a unique reference for catching the bottom from the "market capitalization-valuation" method in perhaps the whole Twitter.

1. Let me explain the meaning of "市值为 1-2 倍估值" in this table.

If VC cannot bring returns of more than 2 times, they would rather directly buy BTC (Fun fact: BTC had a rebound of nearly 80% this year).

When the coin price is at a valuation of 1-2 times, the project party buys back the coin from the VC, just like that.

(AltCoins' biggest selling pressure comes from unlocked coins) At this time, there is nothing more to sell, and market makers can inject liquidity at this time.

Why not look at the seed round valuation?

Seed round projects VC invests in 50, only one of them may succeed, but they should make money from it.

And the seed round valuation and unlock date are chaotic and unpredictable.

Why look at Market Cap instead of FDV?

Most blockchain projects are difficult to operate for more than 2 years, while FDV often starts at 5 years.

If calculated based on FDV, the significance of this table will be very poor.

4. How to use this guide?

Green represents the coin price within 1-2 times the market capitalization valuation.

The coin price is 2-3 times the valuation in blue.

Coins with no color filled in have a valuation that is more than three times higher.

Red means the price has fallen below the valuation.

In theory, market makers need to maintain their market capitalization within a range of 1-3 times the valuation, because there is no further room for decline (this is not the only metric but an important one that cannot be ignored).

So maintaining strong coin prices such as coins with a valuation of 2 times or more (blue marked or unmarked) means that market makers are of higher quality.

5. How are valuations obtained for projects that do not have valuations?

Data source @CoinMarketCap@RootDataLabs, token unlocks, thanks to the data support from these three service providers.

Some projects do not have a PR valuation, so we can only try to estimate it. Please don't criticize too harshly.

6. Note: Extra attention is needed. The highlighted part represents coins that will be unlocked in May and June, which may bring additional selling pressure to the market.

After unlocking, the table will update the relevant data.

Original Link

A trader who shared two tweets about memecoin Pacmoon, which is on the Blast network, received an airdrop worth $168,000.

The adoption and expansion of the cryptocurrency sector day by day are giving rise to new categories and trends. In particular, the memecoin space is defined as the wildest structure in the cryptocurrency sector. Memecoins offer sensational returns to early-stage investors, but they are also classified as risky assets.

A crypto trader named Punk9059 made $168,000 from a memecoin on the Blast network by just sending two tweets. The trader said, "The crazy thing is, I had no idea this would happen."

Big hit from Trader in the memecoin craze

Punk9059, explained how he made $168,000 in Pacmoon memecoin in the Blast ecosystem by just sending two tweets.

In the past few days, a story was written that could only happen in the world of cryptocurrencies and the wild nature of memecoins. A trader made hundreds of thousands of dollars by tweeting.

Pacmoon was launched on the Blast network towards the end of February. The memecoin gained popularity as the Blast network grew and reached a total locked value (TVL) of 1.4 billion dollars. Inspired by Pac-Man, the memecoin garnered significant attention and dramatically increased its user base.

MemeLand employee and former Proof employee Punk9059 shared two tweets about Pacmoon. These tweets would later make him rich.

Punk9059 said that there was news that the first tweet shared would result in a free airdrop of Pacmoon (PAC) tokens to Blast stakeholders. This tweet contained a referral code. The tweet quickly became popular, but due to a mistake, it benefited Punk9059 more than expected.

The trader who shed light on the matter said, "This tweet went viral. People copied and pasted the referral code. My friend Frank DeGods accidentally tweeted my code instead of his own."

Frank DeGods is known as the founder of DeGods and y00ts NFTs. Frank DeGods, who has a large following in X, unintentionally provided a huge gain to Punk9059 by sharing the reference code of Punk9059.

Punk9059, as a second tweet, shared a photo of him holding a $50 bill to thank Frank. This tweet also went viral and the lucky trader won more rewards.

Punk9059 received 354,179 PAC tokens from referral earnings. The trader also earned 698,137 PAC from the number of views of two viral tweets. The lucky individual won 1,052,316 PAC from the memecoin on the Blast network.

During the time of the tweets, the PAC token, which was relatively unknown and not valuable, experienced a sensational rise after the airdrops.

Trader, saw that the value of the airdrops he received reached $168,000 the other day.

Punk9059 said, "There were a few more tweets in the mix, but these two did the lion's share of the job."

This article does not contain any investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.