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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.

Bitcoin bears scare China’s crypto market

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Numerous predictions about Bitcoin [BTC] have been made possible by the start of the bear market. A few people appear to be certain that this bear market is the end of the king currency, while others seem to think that this setback is simply a catalyst for a potential bubble. Several nations proceeded to implement market restrictions as these forecasts poured in, but one country persevered in its animosity toward bitcoin.

The history of the world’s largest cryptocurrency in China is noteworthy. China at first became a BTC hotspot. The nation provided the most well-known crypto platforms, and for the longest time, it saw the biggest level of crypto activity. The industry’s degree of decentralization, meanwhile, did not sit well with the Chinese government. As a result, the nation later said goodbye to all things cryptocurrency. China still records activity in mining and trading despite this.

As a result of the market’s decline, the Chinese government continued to terrorize its populace by claiming that the world’s largest cryptocurrency would soon reach zero. According to a recent article from the news portal for the Chinese people, Economic Daily, “Bitcoin was nothing more than a string of digital codes.” Users were informed by the site that purchasing low and selling high were the primary methods for generating returns. The newspaper further stated,

“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”

Saylor’s lifeboat- Bitcoin

Michael Saylor of Microstrategy has frequently stated his support for Bitcoin. Saylor has been a well-known BTC advocate, holding onto his money and encouraging others to buy additional BTC. Saylor was bullish once more despite the collapse of the biggest cryptocurrency in the world. He said,

“Bitcoin is a lifeboat”

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Michael Saylor, CEO of Microstrategy

Furthermore, there is a significant gap in the market as BTC prices keep falling. Although the future of the cryptocurrency is uncertain, the holders anticipate a potential rise. At the time of writing, Bitcoin (BTC) was priced at $20,597.97 with a daily rise of 1.36%.

Inverse Bitcoin ETF beneficial for crypto: Grayscale CEO

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Grayscale CEO Michael Sonnenshein recently asserted on Twitter that the introduction of the first short Bitcoin exchange-traded fund (ETF) in the United States could be encouraging for the cryptocurrency sector.

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He thinks that the U.S. Securities and Exchange Commission’s approval of new BTC-related goods shows that the powerful regulator is gradually growing more at ease with the biggest cryptocurrency.

According to U.Today, on Tuesday, trading on the New York Stock Exchange (NYSE) began for the ProShares Short Bitcoin Strategy (BITI), which provides exposure to the inverse performance of the biggest cryptocurrency.

The SEC’s approval of ProShares’ Bitcoin futures ETF in October was seen as a turning point for the cryptocurrency market and rekindled the second stage of the 2021 bull run.

But the authority has so far turned down every application to allow a spot-based Bitcoin ETF. Currently, Grayscale is putting up a valiant campaign to persuade the SEC to turn its flagship trust into an exchange-traded fund. Sonnenshein has nevertheless emphasized that he is not identifying the recent correction’s bottom.

BTC’s price dropped to $17,500 on Saturday, but it was able to launch a small comeback after that. The top cryptocurrency experienced a rise on Tuesday, reaching a high of $21,708.

Bitcoin to Test $17,000 Again?

Former NYSE Group President Tom Farley recently claimed that the price of Bitcoin may end up retesting the $17,000 level during an appearance on CNBC.

Yet he considers the current price decline to be a “very wonderful” purchasing opportunity, suggesting that the cryptocurrency has at least temporarily struck a bottom. Farley is of the opinion that the market has already capitulated.

After a protracted run of losses, the largest cryptocurrency in the world was able to retake the $21,000 mark earlier today, marking a tiny success for bulls.

Arthur Hayes, the former CEO of BitMEX, forewarned on Monday that there would be additional forced selling as a result of market uncertainty. In the past, Paul Krugman, a Nobel Prize-winning economist, warned that the tiny comeback would just be a dead-cat bounce.

Chris Burniske, a cryptocurrency analyst, recently tweeted that he would not be surprised if BTC fell under the $10,000 mark. There is more possibility for a downturn because miners have not yet given in. Burniske also thinks that the unfavorable macro environment will make it difficult for Bitcoin to recover.

Sandbox and Time partner to create “Time Square” in the metaverse

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Time and Sandbox have joined forces to create “Time Square” in the metaverse, which is modelled after the Times Square neighbourhood in New York.

TIME Square will be built on TIME’s property in The Sandbox as a hub for gathering, art, and commerce, inspired by the aesthetic energy of New York’s Times Square.

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TIME’s president, Keith A. Grossman, made the announcement at the Sandbox event held at NFT.NYC. A chance for architects to create TIME Square was also mentioned in the announcement. TIME is also looking for suggestions from the metaverse community and its devotees in order to find a creative architect who can create a graphic representation of the TIME Square. He further added,

“We are thrilled to now tap into that community as we seek to find the architect to design TIME Square in the metaverse, as we create an immersive experience with The Sandbox.”

Virtual Manhattan, Sandbox to help create the core of Metaverse

According to Time’s president, Grossman, their objective is to develop a location that will serve as the metaverse’s hub. Time is concentrated on building a community on Web3 that will gain from the tremendous 100-year legacy and access TIME has developed since launching TIMEPieces in September 2021.

The owners of TIMEPiece NFTs will also receive exclusive advantages and experiences from TIME Square. For the TIMEPieces community, the website will offer virtual access to discussions, events, screenings of TIME Studios productions, and educational opportunities.

Sebastien Borget, COO and Co-Founder of The Sandbox, said,

“The Sandbox is often viewed as a ‘virtual Manhattan’, a vibrant space alive with culture, entertainment, and brands, where anyone can discover, learn, work, meet new people, play, dance, and find amazing new opportunities.

According to Sebastien Borget, the partnership will make TIMEPieces the beating heart and soul of the digital Manhattan. The location will serve as a meeting point for companies and creators to collaborate.

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.

Elon Musk gets sued and here’s how the crypto community is backing him up

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 In the crypto business, a surprising lawsuit against Tesla CEO and Dogefather Elon Musk appeared only yesterday amongst the slew of high-profile cases that have been filed in the crypto-verse. Musk was sued for $258 billion for allegedly running a Dogecoin pyramid scheme.

Musk’s interest in Dogecoin goes back a long way. The Tesla CEO has professed interest in the original meme cryptocurrency on several occasions. He even piqued people’s interest by allowing DOGE to be used as a payment method on Tesla. Keith Johnson popped out of nowhere and proceeded to launch a lawsuit accusing Musk of putting together a “crypto pyramid scheme.”

However, Crypto Twitter had a boatload to say. While some speculated that Musk was being singled out for being anti-machine, others indicated that Keith had plenty of time on his hands to take on one of the world’s wealthiest men.

Through his tweets, Billy Markus, aka Shibetoshi Nakamoto, the co-founder of Dogecoin, has kept in touch with Musk. He jumped to DOGE’s defence as well as Musk’s, tweeting,

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He further said,

“anyone can sue anyone for anything, doesn’t make it valid.”

 Musk was also reassured by the Dogecoin community that he had their support. Following the case, several believed that Musk would increase his support for Dogecoin.

CZ lends a helping hand to Elon Musk

Several people soon accused Elon Musk of tampering with the price of Dogecoin. CZ, on the other hand, tweeted,

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In a recent interview, CZ went on to say,

“He’s leading, we’re following. If he goes through with the deal, we’re committed. If he doesn’t, then I think we’re off.”

In addition, Binance invested $500 million in Elon Musk’s bid for Twitter. Investors are certain to fear now that the acquisition is on hold. CZ, on the other hand, kept his calm and stated that Musk was in charge and Binance was trailing. At the time of writing, Dogecoin (DOGE) was priced at $0.05651 with a usual hike of 0.58% over the last 24 hours.

Immutable initiates $500M as ecosystem development fund

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Immutable, the world’s largest NFT and gaming-focused crypto firm, has announced the formation of a $500 million ecosystem development fund to promote GameFi adoption and the crypto gaming industry in general.

The company’s first venture investment fund was revealed in a news release on Friday.

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Robbie Ferguson, Co-founder & President of Immutable

The cash will be used to create and construct web3 games and NFT-focused firms using Immutable X, the company’s layer-2 Ethereum-focused platform, according to the company’s President and co-founder, Robbie Ferguson.

These projects, he said, will be the driving force behind the organization’s primary goal of allowing the next generation of web3 gaming.

The company’s consistent investment in the area stems from its belief in its potential as one of the most significant opportunities ever to exist on the internet3. He further added,

“The total addressable market will be enormous and much bigger than what gaming is today – a $100 billion industry for in-game items alone.”

The third generation of internet services for applications and websites is known as Web3. To synthesise and create a data-driven semantic web, it focuses on artificial intelligence. It also aspires to create websites that are more intelligent, linked, and open. Users would engage with one another without the necessity of middlemen in Web3. As a result, information will be shared and censorship by governments and companies will be reduced.

Immutable to join hands with other NFT investors

BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, and other NFT-focused investors will be partnered with the fund, according to Ferguson.

He backed this up by claiming that the gaming industry’s total addressable market has grown by 10% every year.

He went on to say that, based on the notion that events like movies, TV series, and music will end up in the gaming world, the sector might be worth $1 trillion in the near future only for ownable assets.

Immutable capital was raised, according to Ferguson, through a variety of sources, including the company’s venture partners, balance sheets, and VC allocations.

CZ clarifies Binance’s interest in South Korea

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With layoffs, losses, and washouts becoming commonplace, Binance, the world’s largest cryptocurrency exchange, has a defined expansion strategy despite the current bear market having a significant influence on the entire cryptocurrency community. Over the previous few weeks, Changpeng Zhao has been continually swerving into other areas in the hopes of snagging licences. CZ has now announced that he is thinking about returning to South Korea.

South Korea has received a lot of attention recently. Following the Terra crash, the Korean government has taken considerable moves to control the cryptocurrency business. While doing a thorough analysis of the problem, the administration is also drafting new legislation. Binance’s potential entry into the region could be more difficult than planned in the midst of this turbulent period.

CZ is currently attending the VivaTech exhibition in France. Binance’s CEO apparently hinted about the company’s return to the region in an interview with a Korean news outlet.

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Binance decided to shut down the trading pairs related with the South Korean Won in August 2021. Furthermore, everything South Korean was withdrawn off the exchange. Prior to this, the exchange declared in 2020 that it will terminate its South Korean operations due to poor volume and usage.

Considering this, the exchange has proceeded to build relationships with several entertainment behemoths to investigate the Web3 sector of the digital world.

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With rumors spreading like wild fire in the forest, crypto enthusiasts seemed to lose their mind. However, CZ put an end to it all with Twitter thread.

Has Binance been cooking this plot all along?

With MimbleWimble [MWEB], Litecoin [LTC] has made a strong comeback this year. The asset’s privacy tag, on the other hand, proved to be a liability for the altcoin. Several South Korean exchanges then abruptly stopped supporting LTC. Binance quickly followed suit, becoming one of the first big exchanges to drop support for LTC’s MWEB wing.

Furthermore, the bears’ fear continued to pervade the market, and CZ was poised to grow. In a recent interview, Binance CEO Changpeng Zhao explained how crypto winters allows the company to fully use the market balance.

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.

Justin Sun to the rescue of USDD

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In an attempt to save the peg of USDD, Justin Sun revealed today that he was increasing the reserve by 500 million USDC. To combat the exceedingly challenging market conditions, the TRON DAO Reserve team stated that USDD is now collateralized by 310 percent. The extra effort is being made to guarantee that the USDD does not end up like the UST.

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TRON’s recently established stablecoin (USDD) may be in peril only a few months after its inception. USDD is experiencing its toughest test yet, with the US-pegged stablecoin falling to $0.9807 at 07:52 UTC this morning. USDD has rebounded significantly as of press time, but it is still one cent short of the dollar, trading at $0.969412.

However, the de-pegging of USDD had trembled the crypto market enthusiasts by instilling a sense of fear in them. Nonetheless, Justin Sun had given clarity regarding the same.

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TRX workforce to increase as Justin Sun follows Binance

Justin Sun is following Binance’s lead in extending recruiting to help those who have lost their jobs due to the current market conditions. Justin Sun, the founder of Tron, has offered his support to anyone who has been laid off by a number of crypto companies.

Sun stated on Twitter that those who have lost their employment might apply for various positions in the TRX ecosystem.

“For those who have lost their jobs over the current extreme market condition, trondao, Poloniex, BitTorrent, usddio, apenftorg, DeFi_JUST, defi_sunio are all actively hiring! We are targeting to hire 50% more.”

Additionally, Binance appears undeterred by corporate hiring sprees and continues to hire. Crypto companies such as Crypto.com, Gemini, Coinbase, and BlockFi have all announced layoffs and hiring freezes.

Other companies, such as Bitso, Mexico’s largest cryptocurrency exchange, have just let off 10% of their workforce. Buenbit, a cryptocurrency exchange based in Argentina, has laid off 45 percent of its workforce.

In other news, Coinbase just revealed that, because of the difficult market conditions and economic volatility, it will lay off 18 percent of its workforce. Almost 1,100 employees were laid off, according to the company’s release.