TL;DR Breakdown OneCoin lawyer Mark Scott has been denied a new trial in his money laundering case. The Judge is set to move forward with sentencing after the dismissal. Description In a significant development, a U.S. judge has denied a request for a new trial by Mark Scott, a lawyer implicated in the laundering of $400 million from the notorious OneCoin crypto pyramid scheme. This ruling paves the way for the sentencing of the 54-year-old Scott, despite revelations of a key prosecution witness, Konstantin Ignatov, … Read more In a significant development, a U.S. judge has denied a request for a new trial by Mark Scott, a lawyer implicated in the laundering of $400 million from the notorious OneCoin crypto pyramid scheme. This ruling paves the way for the sentencing of the 54-year-old Scott, despite revelations of a key prosecution witness, Konstantin Ignatov, admitting to lying in court. Mark Scott had been accused of playing a pivotal role in Onecoin’s fraudulent activities. Investors lost $4 billion in the OneCoin scam Prosecutors alleged that he earned $50 million by establishing a…

TL;DR Breakdown The Philippines Securities and Exchange Commission (SEC) collaborates with the U.S. and the Asian Development Bank to combat crypto-related crimes. A special IOSCO Investigation and Enforcement Training workshop was held in August to boost the Philippines SEC’s crime investigation skills. The Philippines SEC has ratified the IOSCO Multilateral Memorandum on crypto crime and seeks stronger enforcement laws. Description In a strategic move to counter the rising tide of financial crimes in the crypto world, the Philippines Securities and Exchange Commission (SEC) has enlisted the support of the United States and the Asian Development Bank. Their combined mission? To hone their capabilities and tools to prevent fraud and scams, especially those rampant in the … Read more In a strategic move to counter the rising tide of financial crimes in the crypto world, the Philippines Securities and Exchange Commission (SEC) has enlisted the support of the United States and the Asian Development Bank. Their combined mission? To hone their capabilities and tools to prevent fraud and scams, especially those rampant in the world of digital currency. Building A Strong…

TL;DR Breakdown CoinEX has announced the restart of its services using a new wallet system after its previous hack. Restarting services on the platform and the way forward. Description Cryptocurrency exchange CoinEx is gearing up to resume deposit and withdrawal services for its users following a devastating $70 million hack, which occurred due to compromised hot wallet private keys. The exchange had previously outlined its commitment to developing a new wallet system that would support its extensive range of 211 blockchains and 737 tokens, … Read more Cryptocurrency exchange CoinEx is gearing up to resume deposit and withdrawal services for its users following a devastating $70 million hack, which occurred due to compromised hot wallet private keys. The exchange had previously outlined its commitment to developing a new wallet system that would support its extensive range of 211 blockchains and 737 tokens, all of which were affected by the hacking incident. CoinEX enables deposits and withdrawals In its latest statement, CoinEx announced the resumption of deposit and withdrawal services for major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD…

TL;DR Breakdown China is experiencing a broad deflationary trend across various sectors. Despite rebounds, food products, home appliances, and transport prices continue to drop. China’s falling export prices raise concerns for global economies. Supply chain complexities, from production to retail, affect final consumer prices. Description The very mention of China’s growing influence is enough to get the pulse racing. But here’s the kicker: China isn’t just spreading its influence through investments or technological innovation. No, its modus operandi is far subtler. Now, the world is buzzing with the suspicion that China might be on the brink of triggering a global … Read more The very mention of China’s growing influence is enough to get the pulse racing. But here’s the kicker: China isn’t just spreading its influence through investments or technological innovation. No, its modus operandi is far subtler. Now, the world is buzzing with the suspicion that China might be on the brink of triggering a global deflation wave. Diving into China’s Deflationary Tendencies China is currently experiencing an unusual trend, with negative inflation rates splashed across various price…

TL;DR Breakdown Major League Baseball thrills fans to its new metaverse game day view. The digital realm and its growing role in sports. Description In a groundbreaking move, Major League Baseball (MLB) will treat its fans to an extraordinary experience as they will watch a real-world MLB game unfold in 3D within the metaverse. This technological marvel will be unveiled by Improbable, a metaverse technology company, during a regular season Major League Baseball game between the Tampa Bay Rays … Read more In a groundbreaking move, Major League Baseball (MLB) will treat its fans to an extraordinary experience as they will watch a real-world MLB game unfold in 3D within the metaverse. This technological marvel will be unveiled by Improbable, a metaverse technology company, during a regular season Major League Baseball game between the Tampa Bay Rays and the Los Angeles Angels. While the physical game will take place at Tropicana Field in St. Petersburg, Florida, fans from across the globe have the chance to witness the action in an entirely new dimension. Improbable’s role in the Major League Baseball…

TL;DR Breakdown North Korean hackers use Russian crypto exchanges to launder stolen funds, says Chainalysis. Despite less activity in 2023, North Korean groups stole $340.4 million, making up 30% of crypto thefts. Russian-North Korean collaboration complicates global law enforcement efforts. Description North Korean hacking groups have intensified their collaboration with Russian cryptocurrency exchanges known for facilitating illicit financial activities, according to a report by Chainalysis, an on-chain analytics firm.  Chainalysis disclosed that North Korean hackers recently transferred over $21.9 million in stolen cryptocurrency to a Russian exchange notorious for money laundering. The development marks a significant … Read more North Korean hacking groups have intensified their collaboration with Russian cryptocurrency exchanges known for facilitating illicit financial activities, according to a report by Chainalysis, an on-chain analytics firm.  Chainalysis disclosed that North Korean hackers recently transferred over $21.9 million in stolen cryptocurrency to a Russian exchange notorious for money laundering. The development marks a significant escalation in the partnership between the cyber underworlds of North Korea and Russia, raising concerns for international authorities. The numbers speak: A decline but still a…

TL;DR Breakdown South Korea’s tax agency reports that citizens and businesses hold around $99 billion in overseas crypto assets. A total of 1,432 individuals and entities are responsible for these crypto holdings. The Financial Services Commission is focusing on over-the-counter cryptocurrency transactions. Description South Korea’s tax agency has reported that citizens and businesses in the country hold approximately 131 trillion won, or around $99 billion, in overseas crypto assets. This staggering figure accounts for 70% of all offshore assets disclosed by South Koreans this year. Moreover, the tax authority revealed that 1,432 individuals and entities are behind these … Read more South Korea’s tax agency has reported that citizens and businesses in the country hold approximately 131 trillion won, or around $99 billion, in overseas crypto assets. This staggering figure accounts for 70% of all offshore assets disclosed by South Koreans this year. Moreover, the tax authority revealed that 1,432 individuals and entities are behind these substantial holdings. Besides crypto assets, the tax agency’s data showed South Koreans have significant investments in stocks, deposits, and savings overseas. 5,419 entities disclosed…

TL;DR Breakdown Rashawn Russell, previously associated with Deutsche Bank, pleaded guilty to a crypto fraud scheme in Brooklyn, NY. Russell’s R3 Crypto Fund promised high returns but misappropriated funds for personal use, defrauding 29 investors of over $1.5 million. Apart from the crypto scheme, Russell engaged in identity theft, fraudulently obtaining credit cards in third-party names. Description The world of cryptocurrencies is once again rocked by scandal. This time, the shockwaves are coming from Brooklyn, NY, where a previously shining star of the financial world has found himself ensnared in the dark web of deceit and crime. Rashawn Russell, once revered as a formidable figure in Deutsche Bank, now finds himself pleading … Read more The world of cryptocurrencies is once again rocked by scandal. This time, the shockwaves are coming from Brooklyn, NY, where a previously shining star of the financial world has found himself ensnared in the dark web of deceit and crime. Rashawn Russell, once revered as a formidable figure in Deutsche Bank, now finds himself pleading guilty to an elaborate crypto fraud scheme. From Banking Luminary…

TL;DR Breakdown As it always has been, the FED report set for release today stands to affect crypto prices and trading volumes. Crypto market analysts state that with better rates, the bull market is imminent. What is the effect of global inflation on the digital asset industry? How long will the bear market last? Description The Federal Open Markets Committee, popularly known as the Fed, has yet to announce its next policy rate on 20 September 2023. The Fed is expected to hold the interest rate steady as it evaluates the impact of previous interest hikes on the United States economy. The committee is also expected to release new economic … Read more The Federal Open Markets Committee, popularly known as the Fed, has yet to announce its next policy rate on 20 September 2023. The Fed is expected to hold the interest rate steady as it evaluates the impact of previous interest hikes on the United States economy. The committee is also expected to release new economic policies to boost the economy and lower unemployment. There seems to be…

TL;DR Breakdown Grayscale Investments, the world’s largest digital currency asset manager, has abandoned all rights to Ethereum’s Proof-of-Work (PoW) tokens, citing lack of meaningful liquidity and custodial support. The decision comes more than a year after Ethereum’s transition from a PoW to a Proof-of-Stake (PoS) system, an event known as the Ethereum Merge. Unlike Grayscale, some firms like ETC Group attempted to launch dedicated EthereumPoW exchange-traded products but terminated them due to similar challenges, highlighting the evolving landscape of digital assets. Description Grayscale Investments, the world’s largest digital currency asset manager, announced its decision to relinquish all rights to Ethereum‘s Proof-of-Work (PoW) tokens, known as ETHPoW. The announcement came on September 18, more than a year after Ethereum’s transition from a PoW to a Proof-of-Stake (PoS) system, an event known as the Ethereum Merge. Grayscale cited the … Read more Grayscale Investments, the world’s largest digital currency asset manager, announced its decision to relinquish all rights to Ethereum‘s Proof-of-Work (PoW) tokens, known as ETHPoW. The announcement came on September 18, more than a year after Ethereum’s transition from a PoW…