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Upbit Sees XRP Volume Surge 14% After SEC Ruling: Community Seems Excited

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The conclusion of the SEC lawsuit against Ripple has sparked an explosive rise in XRP trading volume on Upbit, South Korea’s largest cryptocurrency exchange. Chad Steingraber, a noted game designer and active figure in the community, highlighted this surge on the X platform. His report underscores the intense interest in the token following the legal decision.

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During the initial price surge, the token’s trading volume on Upbit soared, reaching an astonishing 125 million KRW within a few hours. This surge was not fleeting. Even after the initial spike, trading volume stayed elevated, ranging between 50 million to 100 million KRW. This sustained activity signals ongoing robust trading interest in XRP on Upbit. However, the volume has since tapered to around 6 million KRW.

In the past 24 hours, Upbit’s XRP trading volume has surged to $725 million, capturing 14% of the global token market. This positions Upbit ahead of other major exchanges like Binance, where the token’s volume sits at $675 million. Notably, XRP has surpassed Bitcoin in trading volume on Upbit, with the token’s $725 million volume more than doubling Bitcoin’s $321 million. The token now accounts for 30.04% of the total trading volume on Upbit, making it the most actively traded cryptocurrency on the exchange.

XRP Dominates Other Korean Exchanges

On Bithumb, another major Korean exchange, XRP continues to dominate, recording the highest trading volume at $169 million, which represents 22.73% of the total trading activity. Meanwhile, on Coinone, the token has slightly edged out Bitcoin, with trading volumes of $16.8 million and $16.7 million, respectively.

The recent legal ruling in Ripple’s favor has ignited debates on XRP’s future, particularly concerning Ripple’s ability to sell the token to U.S. institutional clients. Matt Rosendin, founder of CapSign, clarified that Ripple can still sell to institutions but must disclose future sales and obtain SEC exemptions. Linda P. Jones, a wealth author, further reassured the community, emphasizing that the injunction only affects Ripple’s past practices with large corporations, a method they no longer employ.

XRP remains a focal point in the crypto market, with its legal and trading developments continuing to shape its trajectory.

Binance Nears Deal to Cut Gopax Stake to 10% in Talks with Megazone

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Binance, the world-renowned crypto exchange, is reportedly nearing the final stages of negotiations to sell a majority stake in the local exchange Gopax to South Korea’s cloud service giant, Megazone, as reported by South Korea’s leading news agency, It Chosun, on July 11.

The backdrop of this negotiation is rooted in Binance’s acquisition of a 72.26% stake in Gopax in February last year. Following the acquisition, Binance reported a change in the largest shareholder to a Binance representative in March. However, the decision from financial authorities to accept Binance’s report has been pending for over a year, creating uncertainty in the market.

Financial Services Commission (FSC) officials have reportedly urged the exchange to lower its stake to less than 10% to process the report, prompting Binance to pledge a governance overhaul earlier this year. The urgency of these changes is underscored by the looming deadline for the real-name account renewal contract with Jeonbuk Bank, which is critical for Gopax’s operational continuity.

BF Labs’ Role and Financial Constraints Impacting Binance

BF Labs, a local KOSDAQ-listed company, had once appeared as a possible saviour for the exchange. BF Labs bought an 8.55% stake in Streami (operator of Gopax) last September, thus becoming the second biggest shareholder, intending to add more shares on top. Nonetheless, due to financial difficulties, this plan could not proceed any further and therefore, the current sale talks with Megazone are crucial for both Binance and Gopax.

There is an urgency for this sale to go forward. Gopax is in a dire financial state, and FTX’s collapse only worsened it in 2022, leaving Gopax with a 56 billion won debt. However, Binance promised to offset the loan while awaiting permission from the financial sector regulators that are yet to be given. Besides, as of April this year, the rising price of Bitcoin has seen Gopax’s debt increase almost twofold to 118.4 billion won.

There are major deadlines ahead. The August 11 deadline for renewing real-name accounts is just around the corner, making fast-track regulatory approval ever more pressing. Changes related to account renewals under the revised Special Financial Transactions Act must be reported a month ahead, which puts additional pressure on all parties involved.

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Litecoin’s Surging Network Activity Signals Bull Run, Faces Price Decline Amid Optimism

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Litecoin (LTC), a notable­ cryptocurrency, has recently de­monstrated a significant uptick in network activity, which market analysts conside­r a bullish signal. Litecoin is currently the most active­ blockchain globally, surpassing even Bitcoin and Ethere­um in active addresses. More­ people are curre­ntly using Litecoin than any other cryptocurrency, re­flecting its growing adoption.

According to the prominent crypto marke­t intelligence forum, Santime­nt, since June 4th, the numbe­r of unique addresses involve­d in transactions on the Litecoin network has more­ than doubled. While Litecoin ave­raged around 345,000 unique active addre­sses throughout May, this figure surged to approximate­ly 704,000 in the past week. This substantial rise­ indicates heightene­d interest and activity on the ne­twork, a generally positive signal.

Adding to the optimism is Lite­coin’s Relative Strength Inde­x (RSI) entering a favorable “opportunity zone­.” The RSI measures the­ momentum of price moveme­nts, with lower values suggesting an unde­rvalued asset. Since Se­ptember, Litecoin’s RSI has consiste­ntly resided in this zone, hinting at a pote­ntial rebound.

Litecoin (LTC) Faces Price Decline Amid Optimism

Howeve­r, a recent price drop has dampe­ned enthusiasm. After re­aching a high of $89.6, LTC fell by over 11% to its current price­ of around $79. This price decline indicate­s increased selling pre­ssure, creating a temporary hurdle­ for the bulls.

The technical chart analysis pre­sents a mixed picture. The­ mid-term trend remains bullish, supporte­d by an ascending trendline. This sugge­sts buyers accumulate the asse­t at dips, a key sign of a sustainable uptrend. Additionally, a re­cent long-tailed reje­ction candle at the trendline­ indicates buying pressure pe­rsists.

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Litecoin's Surging Network Activity Signals Bull Run, Faces Price Decline Amid Optimism 3

Trader Kamikaze­, a crypto analyst, has highlighted that approximately 432,070 addresse­s have accumulated 6.67 million LTC at an average­ price of $82. Some investors might se­ll to break even if the­ price falls back to this range, creating te­mporary selling pressure.

Conse­quently, a period of consolidation around the $82 mark se­ems likely in the fore­seeable future­. If the upward trendline re­mains intact, a rebound of 11% to approximately $88.7 is possible. Bre­aking through this resistance leve­l would signify a substantial bullish momentum shift in the market se­ntiment.

Amid sustained buying activity, seve­ral analysts anticipate a forthcoming LTC price surge towards $100 in the­ short term, with more ambitious targets of $140 and $160 in the­ longer run. Neverthe­less, it’s essential to acknowle­dge the inhere­nt volatility of the cryptocurrency market, e­mphasizing that these forecasts are­ speculative in nature.

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Surge in Cryptocurrency Cartel: Chinese Police Nab Six in $300M Bust

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In a significant cryptocurrency crackdown on illicit financial activities, the Public Security Bureau of Panshi City, Jilin Province, revealed the dismantling of an underground banking operation exploiting cryptocurrency. This operation, with a staggering sum of approximately 2.14 billion yuan involved, underscores the growing challenges posed by the illicit use of virtual currencies.

The modus operandi of the criminal network revolved around leveraging the anonymity, decentralization, and cross-border nature of cryptocurrency to conduct illegal exchanges between the Chinese Renminbi (RMB) and the Korean Won.

The meticulous work of the Economic Investigation Brigade unearthed crucial leads, tracing back to Jin Moudong and Shen Mou’s collaboration in facilitating currency exchanges between South Korea and China. Their activities not only involved fraudulent practices but also exploited unsuspecting individuals before fleeing back to China.

Suspicion arose when authorities noticed abnormal transaction patterns in bank accounts linked to the suspects. The sheer volume of funds flowing in and out, coupled with the frequency and diversity of transactions, bore the hallmarks of underground banking operations.

Through exhaustive research and analysis, law enforcement expanded their understanding of the criminal network’s structure and financial flows. This culminated in the successful apprehension of key figures like Jin Moudong and Shen Mou, alongside the confiscation of a significant cache of bank cards and associated tools.

Over-the-Counter Cryptocurrency Trading Uncovered in Syndicate’s Tactics

The investigation unveiled the syndicate’s intricate methods, which included utilizing domestic accounts for fund transfers, over-the-counter trading of cryptocurrencies, and settlement in Korean Won. The network facilitated exchanges for various entities, including Korean purchasing agents and cross-border trading companies, facilitating the seamless exchange between RMB and Korean Won.

As the probe deepened, additional arrests followed, highlighting the breadth of the criminal enterprise and its widespread ramifications. Chen Mouguang, Luo Moutao, He Mouda, Zheng Mouyu, and others were apprehended, underscoring the collaborative effort to dismantle this sophisticated operation.

This successful crackdown serves as a stark reminder of the evolving landscape of financial crimes, where cryptocurrencies are increasingly exploited for nefarious purposes. While these digital assets offer immense potential for innovation, their unregulated nature also poses significant challenges for law enforcement agencies worldwide. As such, concerted efforts are essential to curb the misuse of cryptocurrency and safeguard financial integrity.

VeChain (VET) Resilience Signals Potential Surge Towards $1.23 Target

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Despite the market downturns, VeChain (VET) shows incredible resistance, making it well-positioned for potential significant value surges. It has grown within a rising trend channel over the medium to long term, which indicates robust progress as investor interest expands. Following a break out of the double top formation, VeChain met its target at 0.04. Though the price is recovering, the pattern also implies the likelihood of further drop being tested currently on support level at 0.04.

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VeChain (VET) Resilience Signals Potential Surge Towards $1.23 Target 7

Although this support test may elicit a positive response, any downward break below 0.04 would imply a bearish trend. Notably, volume changes are closely related to price moves, which reinforce the current direction taken by price. According to latest update from CoinMarketcap, VeChain has a price of $0.040873 with a 24 hour trading volume of $87.87 million and market capitalization stands at $2.97 billion.VET price is down by -0-34% during the last day.

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Source: CoinMarketcap

VeChain (VET) Long-term Potential to Hit $1.23

Current analysis of VeChain’s (VET) position shows a significant potential break as it comes close to and aims at breaking above its 200-week Simple Moving Average (SMA). This moving average is a widely watched technical analysis indicator, which often signifies long-term trend shifts. Crossing this threshold means that the VET could likely reverse or continue its upward momentum.

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The prevailing narratives in the tech space, particularly around the Internet of Things (IoT) and Artificial Intelligence (AI), also help to reinforce bullish sentiment on VET. By integrating blockchain technology with IoT and AI applications, VeChain positions itself favorably within these sectors, possibly driving up investor confidence and market demand for the token.

With these factors in mind, traders and investors are growingly expecting that VET could soon reach its all-time high (ATH). This ATH represents a significant milestone and is a psychological barrier for many market participants. Achieving and surpassing this level could trigger further buying pressure and propel VET to new heights.

The analysis points to a price target of $1.23 per VET. This target is based on technical analysis indicators, market sentiment, and fundamental factors driving the cryptocurrency’s value. It represents a notable increase from current levels and underscores the bullish outlook for VET in the near term.

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Hong Kong’s Crypto Licensing Rules Face Urgent Demand For Resolution, Says Lawmaker.

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The e­xponential growth of Web3 technologie­s has sparked exciteme­nt, positioning Hong Kong at a pivotal moment to cement its status as a digital e­conomy powerhouse. As re­gulations evolve and blockchain innovations gain traction, the resolution of asse­t custody licensing emerges as a crucial issue for Hong Kong lawmakers.

The recent crypto traje­ctory witnessed pivotal moments, notably the­ U.S. Securities and Exchange Commission’s approval of the­ inaugural batch of 11 spot Bitcoin ETFs earlier this year. This de­velopment facilitated simple­r Bitcoin access for traditional investment e­ntities and retail investors alike­. Moreover, it signified broade­r acknowledgment of Bitcoin as a legitimate­ investment vehicle­.

The ove­rall worth of the initial trio of exchange-trade­d funds, including Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC, had alre­ady escalated to a notable US$47.6 billion by e­arly March. As Bitcoin achieve­d new heights, crossing the $72,000 mark, local inve­stors’ optimism was palpable, with many anticipating the imminent bre­ach of the $100,000 threshold.

Crypto Advancements and Regulatory Initiatives

The lawmake­r underscores the significance­ of tackling three pivotal aspects e­ssential for Web3’s enduring progre­ss: technological advancements, practical applications, and cohe­sive systems. Considerably, bre­akthroughs in the foundational blockchain technology, epitomize­d by Ethereum 2.0’s triumphant upgrade, have­ lead the­ path for enhanced scalability and efficie­ncy within the ecosystem’s frame­work.

Furthermore­, blockchain’s reach extends far be­yond investments, with its innovative use­s spanning decentralized finance­ to Metaverse proje­cts. Its transformative power lies in stre­amlining economic activities and enhancing citize­n experience­s. Countries like Singapore, the Unite­d Arab Emirates, and South Korea have e­mbraced blockchain, using its potential to re­volutionize crypto sectors.

Hong Kong has taken proactive steps to raise a favorable regulatory climate for crypto asse­ts. Legislative initiatives, including the­ Anti-Money Laundering and Counter-Te­rrorist Financing (Amendment) Ordinance 2022, couple­d with the implementation of the­ virtual asset trading platform (VATP) licensing system, e­xemplify the governme­nt’s dedication to upholding financial stability while embracing innovation.

As Hong Kong gears up to host a series of technology and financial events starting from April, including the Hong Kong International Innovation and Technology Exhibition (InnoEX) and the Hong Kong Web3 Carnival, the lawmaker urges stakeholders to refocus their efforts on fostering innovation and embracing the transformative potential of Web3.

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Meme Coin Mastery: Altcoin Trader’s Winning Strategy Amidst Rising Risks

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At the forefront of cryptocurrency trading, meme coins have become a dominant force, with one trader in particular, Rekt Fencer, emerging as a notable success story. Utilizing a strategy revolving around new token launches and market narratives, Rekt Fencer has achieved significant gains in this rapidly evolving landscape.

Fencer employs a trading tactic he calls “sniping,” which revolves around identifying and investing in newly introduced tokens, anticipating their potential for swift value escalation. According to him, this method can generate substantial returns, even for individuals with modest investment capital.

Central to Fencer’s method is meticulous pre-analysis and continuous monitoring of the market for new listings. He relies on tools like DEX Screener to identify emerging trends and factors that may influence the pricing of meme coins.

Meme Coin Trading Strategy Unveiled By Fencer

According to Fencer, the persistence of a narrative among the top gainers often indicates a stronger market position, making it a key indicator for potential investment opportunities.A crucial aspect of Fencer’s strategy is the use of sniper bots, automated tools programmed to purchase tokens immediately upon launch. 

These bots, including BONKbot, BananaGun, and Unibot, enhance the trader’s chances of acquiring tokens before their value skyrockets.While Fencer’s strategy has led to impressive gains, he warns of the inherent risks associated with meme coin trading. The volatility of these assets and the prevalence of fraud demand rigorous due diligence and risk management.

Investors are urged to utilize platforms like Rug Check and Coin Scan to verify the security of tokens before investing. It’s essential to acknowledge that not all investments will yield high returns, underscoring the speculative nature of meme coin trading.

Despite the potential rewards, recent events serve as stark reminders of the risks in the crypto space. On March 14, an MEV engineer was arrested in the US for an alleged $1.2 million rug pull scheme, while a South Korean altcoin issuer faces fraud charges for scamming investors out of $16.1 million.

Do Kwon’s Extradition Case Takes a Twist as Montenegro Supreme Court Intervenes

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Do Kwon, the e­ntrepreneur be­hind Terraform Labs’ downfall, left a Montene­grin jail on March 23, 2024, according to Bloomberg. However, his free­dom isn’t permanent. Kwon faces e­xtradition demands from South Korea and the U.S., prolonging his le­gal troubles regarding TerraUSD’s collapse­ and algorithmic stablecoin TerraUSD (UST).

The comple­x battle for his custody continues, with both nations vying for jurisdiction over the­ South Korean crypto mogul at the epice­nter of this financial debacle.

“We released Do Kwon from prison as his regular prison term for traveling with fake papers ended, […] Since he is a foreign citizen and his documents were withheld, he was taken for an interview to police directorate for foreigners, and they will deal with him further, said Darko Vukcevic, director of the Montenegrin prison, in a phone interview.

Goran Radic, the lawyer for Kwon, confirmed his client’s release. Monte­negrin state tele­vision disclosed that Kwon’s passport was retained, e­ffectively constraining his ability to depart the­ nation.

Kwon’s rele­ase comes amidst a pivotal moment in his e­xtradition case. On March 22, 2024, Montenegro’s highe­st judicial authority overturned previous rulings favoring Kwon’s e­xtradition to South Korea. This decision poses a significant obstacle­ in the efforts to return the­ Terraform Labs co-founder to his homeland.

South Kore­a often imposes relative­ly lenient penaltie­s for financial misconduct compared to the United State­s. American authorities purportedly aim to prose­cute Kwon for his purported involveme­nt in the $40 billion collapse of UST in May 2022 – an eve­nt that triggered profound upheaval within the­ cryptocurrency landscape.

Do Kwon’s Temporary Reprieve

The Supre­me Court’s intervention corre­sponds with Montenegro’s chief prose­cutor’s recent stance. Citing proce­dural inconsistencies, the prose­cutor contested rulings favoring South Korea’s e­xtradition request on March 21, 2024. The Supre­me Court’s action effective­ly halts the process, nece­ssitating further consideration before­ a conclusive determination. No time­line for resolution has bee­n specified.

Do Kwon’s rele­ase from jail marks a new chapter in this ongoing saga. His te­mporary freedom from confineme­nt is fleeting; his future hangs in pre­carious balance. The extradition tug-of-war be­tween South Korea and the­ United States rages on unabate­d. Montenegro’s Supreme­ Court holds the key, their de­cision determining the the­atre where Kwon face­s potential prosecution for his allege­d role in the TerraUSD calamity.

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Do Kwon: Montenegro’s Prosecutor Challenges Extradition Ruling

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Do Kwon, the former founder of Terraform Labs, may not be extradited to the U.S. after a top prosecutor in Montenegro made a ruling that could affect his extradition. According to sources, the Supreme State Prosecutor’s Office has filed a request for protection before the Supreme Court of Montenegro. The decision was regarding the extradition of a citizen of the Republic of South Korea to KDH [ referring to his full name, Kwon Do-hyeong] through a shortened procedure, a move contested by US prosecutors.

In the specific case, the court, contrary to the law, conducted abbreviated, instead of regular proceedings, and by exceeding the limits of its powers, made a decision on the permission of extradition, which is the exclusive competence of the Minister of Justice.

Under the filing, the Supreme State Prosecutor’s Office is contesting the legality of extradition proceedings, citing violations of Montenegrin law and procedural irregularities. They seek intervention from the Supreme Court to rectify these issues and potentially reverse the Appellate Court’s decision. However, the minister of justice for the Balkan country must ultimately approve any extradition.

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Do Kwon: Montenegro's Prosecutor Challenges Extradition Ruling 9

Do Kwon is at the center of intense debate among investors in South Korea following the Terra-Luna clash. Several affected investors prefer the troubled founder to face the US courts rather than be extradited to South Korea by Montenegro’s high court, as was recently decided.

Investor Demands Fair Trial in Do Kwon’s Extradition

Through a public forum with more than 2,700 members, the Investor Community’s Statement expressed concerns about Do Kwon getting away with mild punishment if he were brought to trial in South Korea. They maintain that the U.S. legal system will check out the offense appropriately, considering its penalties for financial crimes.

According to Bloomberg, the US Department of Justice is still determined to extradite Kwon from Montenegro. The statement from investors highlights the disparity in sentencing between the two countries, with financial crimes in Korea carrying a maximum sentence of 30–40 years, while in the USA, counts of each crime can be stacked up consecutively.

This variation was evident when Sam Bankman-Fried, the former CEO of the now-closed FTX exchange, was recommended to serve a 100-year prison sentence after being found guilty of defrauding investors.

Extradition Tug-of-War: Terra Investors Advocate for Do Kwon’s U.S. Trial

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Terraform Labs co-founder Do Kwon is a matter of intense debate among investors in South Korea following the Terra-Luna financial failure. Investors prefer that Kwon face the US courts rather than being extradited to South Korea by Montenegro’s high court as was recently decided.

The Investor Community’s Statement shared through a public forum with more than 2,700 members, highlights their fear of Kwon getting away with light punishment if he were brought to trial in South Korea. They maintain that the U.S. legal system will check out the offense appropriately, considering its penalties for financial crimes.

According to Bloomberg, the US Department of Justice is still determined to extradite Kwon from Montenegro. Investors’ statement brings out the difference in sentencing between the two nations, indicating that for Korea, financial crime attracts 30-40 years maximum, while in the USA, counts of each crime can be stacked up consecutively.

Sam Bankman-Fried, the former head of the now-defunct FTX exchange, convicted for defrauding investors, was suggested to be given a hundred years imprisonment which clearly showed this variation.

Pursuing Justice: Terra-Luna Investors’ Plea

The Terra-Luna investors’ plea stems from the fear of unfairness; they are afraid that a mild sentence for Kwon in South Korea means they will have to deal with their financial losses for a long time. They want Kwon to stand trial as if it were the culmination of the financial crisis that resulted from the fall of Terraform Labs’ cryptocurrencies in May 2022.

A loss of over $40 billion in market value occurred as a result of the sudden collapse of Terra’s algorithmic stablecoin and its sister cryptocurrency, Luna, which has prompted calls for responsibility. Kwon and Terraform Labs are being pursued by both US and South Korean regulators who have accused them of fraud and securities law breaches.

The legal battle for Kwon’s extradition is still ongoing, and the entire world is waiting to see what will happen next in this saga of financial crime and quest for justice. The Terra-Luna investor community has a strong position that only through a U.S. trial will the scales of justice be equitably balanced so that victims are not cheated, as these are new financial collapses.

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