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Cryptocurrency scammer to lose a decade in jail

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Matthew Ho, the famous cryptocurrency scammer has been jailed for 10 years after stealing identities for his theft.

According to The Straits Times, Singaporean citizen, Ho, aged about 32 years, was sentenced to ten years in prison for using stolen identities to buy cloud computing services and mine Ethereum, the second-largest cryptocurrency. His father has posted a $180,000 bail.

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One of the victims of the fraud was Marc Merrill, a co-founder of Riot Games and the man behind the well-known multiplayer computer game League of Legends.

On a dark web forum, Ho discovered Merrill’s American Express credit card information. In November 2017, he was able to take over the game developer’s Amex account and use it to sign up for the Amazon Web Service (AWS). Merrill got access to “elevated levels” of AWS’s cloud computing capabilities because he was a renowned game creator.

Cryptocurrency stolen using Amazon and Google servers

Ho was able to deceive Amazon by using a forged copy of Merrill’s driver’s license thanks to his expertise in document forgery. However, over the aforementioned period, the South Korean impostor was able to mine $350,000 worth of ether, the second-largest cryptocurrency in the world.

Within a few months, Merrill accrued debts totaling more than $5 million. Only in January 2018 was the fraud exposed. Additionally, he paid a quarter-million dollars for Google’s computing services using Merrill’s identity.

The victim (Merrill) was not previously identified, even though the Department of Justice made public the accusations against Ho in October. Due to the ongoing investigation, Riot Games declined to comment. It’s unknown how his credit card details and private information were taken.

According to a search warrant for the accused’s Facebook account, Ho employed many strategies to deceive Amazon into thinking he was Merrill, the co-creator of the hugely successful, $20 billion-generating League of Legends game. According to the court document, he utilized an email address that seemed to be a real Gmail for the Riot Games co-chairman and made a phony California driver’s license with Merrill’s name on it. According to the feds, he provided Amazon with one of Merrill’s actual home addresses as additional “evidence” of identification.

BestChange Cryptocurrency Exchange Truly The Best Change?

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Traders who wish to buy cryptocurrencies should go to centralized cryptocurrency exchanges first. However, there are often cheaper options available. It’s not easy to identify a dependable and profitable cryptocurrency exchange offer among the numerous cryptocurrency exchange instruments.

Nonetheless, here’s a particular platform that claims to provide a way to exchange cryptocurrencies or buy them with fiat currency, as well as with Visa and MasterCard. Several hundred exchangers are hosted on the platform, and their prices are tracked in real time. Users can choose the finest offer and conduct exchange operations in a convenient manner in this method.

To further clarify, crypto exchanger aggregators keep tabs on the best deals from reputable cryptocurrency exchanges and enable consumers to compare them to get the best terms, lowest fees, and most convenient deposit/withdrawal options. In perspective, BestChange claims to combine a large number of trustworthy crypto and e-currency exchange businesses in order to offer users reasonable rates.

The software automatically aggregates the rates and presents them in a table. Users can choose the currency they wish to sell in the first column, then choose the digital currency they would like to buy in the second column. After making a decision, the user can examine various exchange rates on the right side of the screen.

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Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Monero, Dash, Dogecoin, Zcash, Stellar, Tron, and Tether are among the 15 cryptocurrencies that BestChange now supports (both Omni and ERC-20). Users can spend cryptocurrency or fiat currencies such as the US dollar, euro, and pound, and choose from a variety of payment methods like credit cards, PayPal, wire transfers, Skrill, Neteller, WebMoney, and more.

Secure new cryptocurrency exchanger

When adding a new service to the monitor, BestChange performs a thorough investigation to ensure that only reliable exchangers are included. The monitor excludes services with poor ratings or a shady reputation. All of the exchange platform’s exchangers’ websites have a large volume of business.

Three simple steps to buy/sell your cryptocurrency/fiat currency

Making a deal on the crypto exchanges featured on BestChange takes only three steps, making it acceptable even for crypto rookies.

  • Select the currency
  • Select your preferred exchanger
  • Leave your feedback

Overall, BestChange is a really useful tool for people who utilize cryptocurrencies for payments and exchanges in several countries. The BestChange cryptocurrency platform will ensure that your crypto exchange experience is smooth and secure, with the best rates, along with an intuitive UX/UI, a high-performance withdrawal toolkit, and cheap costs.

Cloudflare Outage Brings Several Cryptocurrency Exchanges and Websites to a Halt

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Cloudflare, a major internet infrastructure provider, recently encountered extensive issues, causing several crypto exchanges to go down.

The content delivery network (CDN) revealed in a Tuesday update that it is experiencing problems with its services and network and that a remedy is in the works. However, the company has yet to explain what went wrong, resulting in the suspension of services throughout the world.

Crypto exchanges were affected due to the Cloudflare outage

FTX, a cryptocurrency exchange, announced on Twitter that many individuals would have difficulty accessing its platform and other sites, alleging that the exchange is currently in “post-only” mode. Bitfinex and OKEx, two cryptocurrency exchanges, also tweeted about the problem, with the latter inquiring whether there would be a Web3 option in the future.

Cloudflare, which went public around three years ago, provides businesses with a web network infrastructure that allows them to publish their content online. Security services, such as distributed denial of service protection, are also provided by the infrastructure (DDOS).

Binance seems to be unaffected, and one user asked CZ, “Why are all exchanges down except yours?” For this, CZ replied:

This isn’t the only time a Cloudfare disruption has reverberated across the cryptocurrency community. A similar disruption pulled Bitfinex, Coinbase, and other big websites to a stop in August 2020.

Aside from crypto exchanges, additional sites and applications with 500 internal server errors are now unavailable, including Indian brokerages Zerodha and Upstox, as well as messaging platform Discord.

Cryptocurrency tax dodgers beware of Operation Hidden Treasure

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As the use of cryptocurrency has grown, the IRS has initiated an investigation into taxpayers who are seeking to hide their cryptocurrency income. Cryptocurrency adoption is at an all-time high, and regulators are keeping a close eye on the digital asset market.

Authorities are attempting to regulate digital assets and determine whether or not they can be taxed. The goal of Operation Hidden Treasure is to catch investors who aren’t disclosing their cryptocurrency income and aren’t reporting it.

IRS to capture tax cryptocurrency tax evaders

The Internal Revenue Service (IRS) report was detailed in a press release issued by the Tax Law Offices of David W. Klasing on 16 June 2022. The Internal Revenue Service (IRS) has initiated an investigation into taxpayers who try to conceal their crypto revenue.

Internal Revenue Service

The IRS has developed a task force made of professionals in tracking various sorts of crypto income, as well as integrating the civil and criminal divisions of the IRS to combat crypto tax fraud, in order to accomplish the initiative’s goals.

According to the press release, one of the most prevalent methods used by investors to avoid paying taxes is to conduct repeated transactions of less than $10,000. Other investors use shell firms to conceal the name of the company’s owner. By concealing the investor’s name and party, he or she is able to engage in several activities.

Operation Hidden Treasure is also investigating cloaking blockchain technology, which allows some exchanges to provide trading services to users while keeping their identities hidden. The report further stated,

“Whether the unreported income was intentional, or a mistake is difficult to prove and the larger the amount of unreported income the less likely the IRS will be to believe your noncompliance was non willful or unintentional.”

The programme would also investigate and track undeclared cryptocurrency profits generated through anonymous transactions. The IRS is now keeping a close eye on cryptocurrencies because investors believe it can help them remain anonymous.

Here’s what is happening in the cryptocurrency market

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Cryptocurrency prices today have rebounded after crashing in the past few sessions, which has dragged down the crypto’s market value below $1 trillion for the first time since January last year. The world’s largest digital token rose over 3% and traded at $21,915. The most popular crypto is down more than 52% so far this year and is trading below its record high of $69,000 it had hit in November last year.

On the other hand, the coin Ether linked to the Ethereum blockchain and the second-largest cryptocurrency rose over 7% and traded at $1,195. Meanwhile, other cryptocurrency prices like dogecoin were also trading higher today at $0.05 whereas Shiba Inu also surged more than 4% to $0.000008. The global cryptocurrency market cap today is $978 billion, up about 5% in the last 24 hours.

Other cryptocurrency prices are also trading higher than before. The coins namely Stellar, Avalanche, Uniswap, XRP, Tether, Solana, Polkadot, Polygon, Terra Luna Classic, Cardano, Litecoin and Chainlink were trading higher with gains in the range of 4-17% over the last 24 hours. However, Tron and Binance USD slipped.

The global cryptocurrency market cap surged high to its peak at $2.9 trillion in November 2021, but it has faltered so far this year. The market value of the industry came below $1 trillion in simply 2 months due to which the investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.

“The Crypto exchange Coinbase Global Inc announced that it is going to lay off 18% of its workforce, which is another sign of the worsening crypto downturn.“

The cryptocurrency downturn began soon after Bitcoin hit its all-time high in November. Earlier this year, the collapse of the Tera USD stablecoin and related Luna token erased billions of market gains.

Cryptocurrency market value slumps under $1 trillion

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The value of the cryptocurrency market fell below $1 trillion for the first time since January 2021 according to the data site CoinMarketCap, reaching as low as $926 billion.

The global value of the cryptocurrency market peaked at $2.9 trillion in November 2021 but it has faltered so far this year. It has lost a value of $1 trillion in the last 2 months alone. And now the investors are ditching riskier assets in the face of high inflation and also fearing that the interest rates will rise by the central banks and it would potentially hamper growth.

The largest cryptocurrency, Bitcoin was down by more than 10% on the day, falling to $23,750. It is down by around 50% so far this year. Ethereum [ETH] fell over 15% to $1,210.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said,

“As inflation proves to be an even trickier opponent to beat than expected. Bitcoin and Ether are continuing to get a severe bruising in the ring.”

Anthony Scaramucci, the founder of Skybridge Capital, a 3.5 billion asset management firm has some advice for crypto investors on how to survive the bear market and a crypto bloodbath.

He said that investors should “Recognize that bear markets happen,” adding that “they probably happened one out of every five years if you look at it over the last 120 years.” He noted: “If you stay disciplined during those periods of time, you got yourself very wealthy, and I think that is the message for investors.”

If we look at this from another angle, though the value of the cryptocurrency is declining, there are still retailers who want to buy them at this stage according to a survey conducted by the Bank of America. So there is still a narrow hope that this bearish trend will end and the bullish notion will begin very soon.

Turkish Cryptocurrency Exchange Bitay Marks Its Entry Into The Indian Market

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Bitay a Turkish Cryptocurrency Exchange is set to enter the Indian market to tap the rapid usage of Cryptocurrency in the country.
According to Bitay, it is going to comply with India’s proposed Cryptocurrency tax guidelines. The exchange with its wide range of customer base of approximately 1 million worldwide has also set up an office in Gurgaon, India.
As per sources, the exchange plans to reach out to the population between the ages of 21 and 35 in cities such as Delhi, Mumbai, Chennai, Kolkata, Pune, Hyderabad, and Bangalore, Indore, Patna, Lucknow, and Jaipur.
Speaking on the new development, Niyazi Yilmaz, the CEO of the exchange, stated,

“The company embraces and welcomes the decision of the Govt of India of laying a 30 percent tax on Cryptocurrency profits and 1 percent TDS beginning in July”.


Yilmaz added that through their initiatives, they are going to attract Indian merchants and investors. Early users shall also receive an Airdrop after they have completed their KYC on the exchange platform.
In addition to this, Yilmaz also pointed out its goal to reach out to the millennial generation, which constitutes 30 percent of the population and generates 38 percent of the total gross income.

Bitay says “Namaste India!”


A few days back, the firm tweeted on its official handle “Namaste India. Our localization starts with India.”
Besides India, the trading platform also plans to expand into other nations such as England, the United States, the Netherlands, and Estonia. It claims to have licenses in 12 states in the US.
Not limited to cryptocurrency and trading activities, Bitay has also extended its operations into other initiatives and products namely Game, Bitay Academy, Bitay NFT Platform, and Bitay Visa Card.
This Cryptocurrency exchange based in Istanbul Turkey further claims to keep customer assets in cold storage such as hardware wallets rather than paper wallets and PCs without internet access.

South Korean Cryptocurrency investigators to find the needle in the hay

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The Financial Supervisory Service (FSS) of South Korea initiated an inquiry into payment gateway firms that interact with cryptocurrency on 3 June 2022. The Financial Services Commission (FSC) and the Financial Services Commission (FSS) are both government institutions, and the FSS is South Korea’s financial regulator.

According to local news portal Money Today Co., the FSS has sought reports from 157 payment gateways regarding any crypto-related services, future plans, and digital asset disclosure. However, according to an FSS investigation, only 6 had any digital assets.

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Whilst the FSS is now the principal financial regulator, South Korea announced the formation of the Digital Assets Committee on May 31, 2022. This is a temporary solution, according to the release, to bring structure to the virtual asset business following the Luna-Terra catastrophe.

The standards include screening criteria for newly listed assets, market and trade monitoring, a level of disclosure, and other investor protections, according to the release. The country’s five largest exchanges appear to have agreed on rules and have formed their own committee to assist prevent another Terra-like occurrence (LUNA).

The FSS announced a remote conference with other financial supervisory authorities from five countries in the Asia-Pacific area soon after it launched its probe. The Indonesian Financial Supervisory Service hosted the event, which also included Australia, China, and Japan.

The meeting included topics such as global market circumstances, big tech, and cryptocurrency. The Korean envoy underlined the necessity for cryptocurrency regulation, virtual asset disciplinary action, and the extension of financial regulatory frameworks.

Cryptocurrency investigation began with Do Kwon

South Korean officials launched an inquiry into Do Kwon, the main personality in the Luna event, on Tuesday, 24 May 2022.

Korean officials have requested that monies not be taken from the country’s biggest crypto exchanges. The Seoul Metropolitan Police Agency specifically requested that the Luna Foundation Guard refrain from taking any action. Clues have been discovered, according to the police, that may link the organisation to embezzlement.

Furthermore, the Digital Assets Committee will be led by Yoon Chang-Hyeon, the head of the People’s Strength Virtual Assets Special Committee, who met with the top exchanges in response.

Risky cryptocurrency investments ahead: New York AG

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The New York Attorney General, Letitia James, has issued a warning to investors about “risky cryptocurrency investments,” emphasising the volatile nature of the assets.

While New York continues to push for a ban on proof-of-work (PoW) crypto mining, the attorney general cautioned investors about the risks of investing in cryptocurrency.

Investors are “losing billions” in crypto, according to New York Attorney General Letitia James, who issued an investor advisory on Thursday. Even well-known digital assets sold on reputable exchanges might crash, according to James. As a result, the attorney general believes that crypto investments give investors “more anguish than gain.”

Apart from that, James advised New Yorkers to exercise extreme prudence while investing in cryptocurrency. Because of their volatility, the attorney general believes that these investments may end up being a source of anxiety rather than a source of wealth.

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Announcement reminds investors of all the unregulated cryptocurrency

The published advisory also mentioned various problems that could deter investors, such as the market’s unpredictability, difficulties cashing out, high transaction charges, and the instability of some stablecoins. Investors were also reminded that many digital currencies are unregulated, according to the notice.

The warning came as the New York State Senate passed a bill prohibiting the practise of proof-of-work mining in the state. New mining operations will be outlawed if Governor Kathy Hochul signs the measure, and those who already have permits will not be allowed to renew them.

Meanwhile, KenGen, a Kenyan energy firm, has appealed to Bitcoin (BTC) miners to buy its extra renewable energy. According to a company representative, there is plenty of room in the country for miners, and they are happy to welcome them.

BTC mining revenue is also on the decline as the bear market persists. As the crypto winter deepens, Bitcoin (BTC) mining revenue and profitability have continued to fall in lockstep with the asset’s price. At the time of press, Bitcoin (BTC) was priced at $29,462.79 with a daily drop of 2.51% according to coin market cap.

Cryptocurrency critic, Nouriel Roubini, works on a “more resilient dollar”

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Nouriel Roubini, the famously anti-cryptocurrency economist, has begun working on a token that will be a more durable dollar, in his opinion.

Roubini and his Atlas Capital Team LP team acknowledge that the dollar’s standing as the world’s reserve currency may be jeopardized if the US issues too much money and adversaries begin de-dollarizing, echoing broad inflation fears.

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Atlas Capital, which Roubini co-founded and hired as chief economist two years ago, will collaborate on technology for the ‘United Sovereign Governance Gold Optimized Dollar’ with Andreessen Horowitz-backed Web3 developer Mysten Labs. Atlas co-founder and CEO Reza Bundy told local media,

“Our goal is to create a global store of value. This is something akin to a substitute for Treasuries, or a digital asset that has payment features in it.”

The tokenized dollar replacement attempts to capitalize on rising inflation fears as well as the US currency’s waning worldwide supremacy. Unlike a typical cryptocurrency, however, Roubini claims that the coin will be backed by real assets. The cryptocurrency critic is interested in bringing a stable asset into more hands around the world, in addition to building an inflation-proof greenback. In a recent interview, Roubini said,

“We recognized that America’s dollar reserve currency could be at risk and are working to create a new instrument that’s effectively a more resilient dollar.”

The token, which will be launched later this year, will be backed by a mix of short-term US Treasury bonds, gold, and US real estate that is less influenced by climate change. Real estate investment trusts, or REITs, will make up the ultimate package of assets.

Roubini’s cryptocurrency plot twist

Roubini has spent years publicly criticising Bitcoin, Ethereum, and blockchain technology, calling it “no better than a spreadsheet.” This is an unexpected and abrupt shift in his position.

During a hearing before the US Senate Banking Committee in 2018, the economist went so far as to offer a 37-page speech expounding on his anti-crypto views. He wrote an essay the same year saying that CBDCs would destroy cryptocurrencies because they are “neither scalable, affordable, secure, or really decentralised,” according to him.