Author: NBTC
The U.S. has accused a businessman of running an unlicensed cryptocurrency operation that allegedly enabled secretive “off-the-books” transactions. Unlicensed Crypto Transactions: Businessman Christopher Scanlon Indicted on Federal Charges Christopher James Scanlon, a Florida-based businessman, faces federal charges for allegedly operating an unlicensed cryptocurrency and fiat currency transmitting business, the U.S. Department of Justice (DOJ) announced. Scanlon, originally from Utah, was arrested on Oct. 10 at Miami International Airport and later pleaded not guilty in Newark federal court. According to the indictment, Scanlon, CEO of Aurae Lifestyle and Club Swan, managed entities such as PMA Media Group and AU Card LLC,…
Georgia’s leading opposition party, the United National Movement, launched United Space, an identity app powered by Rarimo ahead of the Oct. 26 parliamentary elections. According to a report on Alexa Blockchain, the app aims to use the block-chain powered system to combat low voter turnout in Georgia by rewarding citizens for participation, regardless of their political stances. If elected, the party wants to use the app to “digitize” the Public Service Hall as a platform for experimenting with Universal Basic Income, with the proceeds returning to citizens. Powered by zero-knowledge social protocol Rarimo, the United Space app wants to implement…
A closely followed crypto strategist says he’s seeing signals that Bitcoin (BTC) is in the early stages of reversing its latest correction. Pseudonymous analyst Credible Crypto tells his 417,400 followers on the social media platform X that Bitcoin trader activity suggests that BTC could be setting up for a short squeeze. A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies. The trader says he’s bullish on Bitcoin…
As market analysts closely observe the Ethereum ecosystem, the upcoming week is expected to bring renewed activity, signaling a potential breakout for various assets linked to Ethereum, including Optimism (OP). OP’s price movements, in particular, have garnered attention as it consolidates near a crucial breakout area. Optimism’s price action above $1.75 is seen as a pivotal threshold that could lead to a bullish surge, or as some put it, “party time.” I think next week will be the week that the $ETH ecosystem wakes up.$OP is doing great, just consolidating.Above $1.75 = party time. pic.twitter.com/0MHrYVAJn8 — Michaël van de Poppe…
Indictments reveal how eight Chinese firms used cryptocurrency to obscure profits from illegal chemical sales. US Indicts Chinese Firms Using Cryptocurrency in Illicit Trade The U.S. Department of Justice (DOJ) has unsealed indictments against eight China-based chemical companies and employees for their alleged involvement in trafficking fentanyl precursor chemicals and laundering money through cryptocurrency. Filed in the Middle District of Florida, the charges reveal how these companies and individuals used cryptocurrency wallets, including bitcoin, to mask payments linked to illegal synthetic opioid sales. For example, Guangzhou Tengyue Chemical Co. Ltd. and Hubei Shanglin Trading Co. allegedly used bitcoin wallets managed…
The Russian government has enacted a new law regulating digital currency turnover, aiming to control Bitcoin and crypto mining activities, Russian news agency TASS reported Saturday. Set to take effect on November 1, the legislation enables the Russian government to ban digital currency mining in designated regions or territories. It also outlines the conditions under which such bans can be implemented. Under the new regulations, the government can regulate the activities of mining infrastructure operators, a shift from previous obligations to a now formalized right, the report stated. The law also broadens the scope of entities that can access digital…
This is a segment from the Empire newsletter. To read full editions, subscribe. If you think the Ethereum L2 space is overcrowded, perhaps you’re not thinking big enough. Granted, there are now more than 100 different satellite blockchains orbiting Ethereum mainnet, per L2Beat. Kraken is preparing to launch one more, Ink, which it aims to deploy on Optimism’s Superchain. It will be the Superchain’s 24th fully participating network. L2s generally process transactions offchain — where it’s much cheaper — and periodically transmute them to Ethereum for proper settlement. The low fees and speed free developers to build apps that are…
Economist Alex Krüger is putting traders on notice in regards to Ethereum, saying that one of ETH‘s biggest rivals has already reached escape velocity and will likely continue to outperform. In a post on the social media platform X, Krüger tells his 184,000 followers that “it’s about time to stop betting on ETH the asset,” given its underwhelming performance over the last several years. “Even in the event of a Trump win. When an asset is supposed to go up and it does the opposite, that’s the market telling you something. There are better crypto assets to bet on. Don’t…
The Ripple Chairman Chris Larsen has moved 20 million XRP from the 50 million tokens he shuffled days ago. Notably, speculations point to Binance as the ultimate destination of these 20 million tokens, given the historical movements associated with the recipient address. However, these remain unconfirmed at the reporting time. Earlier 50M XRP Transfer For context, one of the wallets belonging to the Ripple Chairman moved out 50 million XRP on Sept. 16, as previously reported by The Crypto Basic. This transaction was especially noteworthy, as the sending address had not recorded any substantial outflow since its creation in 2013.…
A group of victims is preparing a lawsuit against crypto exchange WazirX following the $235 million hack. Thirty victims of the July 18 hack on WazirX, which saw roughly 45% of user funds drained from the platform’s hot wallet, are preparing to file a class-action lawsuit with the National Consumer Disputes Redressal Commission in India, according to a local media report. The victims seeking to recover crypto assets worth over INR 5 crores (around $600,000) argue that the exchange acted outside its legal boundaries. The $235 million hack impacted roughly 4 million users, compelling the exchange to seek a Scheme…