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๐ŸšจCrypto enthusiasts, beware! AirBit Club co-founder Pablo Rodriguez has been sentenced to 12 years in prison for orchestrating a global scam that siphoned over $100 million from investors. ๐Ÿ˜ฑ The scheme promised guaranteed profits from cryptocurrency mining and trading, luring victims into buying club "memberships." ๐Ÿค‘ Rodriguez and his accomplices traveled the world, hosting extravagant expos to persuade people to invest. Victims were given access to an online portal showing supposed profits, but no actual cryptocurrency activities took place. Instead, the scammers spent the funds on luxury items and continued recruiting more victims. ๐ŸŒ๐Ÿ’ธ When victims tried to withdraw funds, they faced excuses, delays, and hidden fees. Some even had their accounts closed and lost their investments due to false claims related to the COVID-19 pandemic. ๐Ÿ˜ท๐Ÿ’” Stay vigilant, crypto fans, and always do your research before investing! ๐Ÿ•ต๏ธโ€โ™‚๏ธ๐Ÿ’ฐ

๐ŸšจCrypto enthusiasts, beware! AirBit Club co-founder Pablo Rodriguez has been sentenced to 12 years in prison for orchestrating a global scam that siphoned over $100 million from investors. ๐Ÿ˜ฑ The scheme promised guaranteed profits from cryptocurrency mining and trading, luring victims into buying club "memberships." ๐Ÿค‘

Rodriguez and his accomplices traveled the world, hosting extravagant expos to persuade people to invest. Victims were given access to an online portal showing supposed profits, but no actual cryptocurrency activities took place. Instead, the scammers spent the funds on luxury items and continued recruiting more victims. ๐ŸŒ๐Ÿ’ธ

When victims tried to withdraw funds, they faced excuses, delays, and hidden fees. Some even had their accounts closed and lost their investments due to false claims related to the COVID-19 pandemic. ๐Ÿ˜ท๐Ÿ’”

Stay vigilant, crypto fans, and always do your research before investing! ๐Ÿ•ต๏ธโ€โ™‚๏ธ๐Ÿ’ฐ

Disclaimer: Includes third-party opinions. No financial advice.ย See T&Cs.
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๐Ÿš€๐Ÿš€Buckle up, BTC enthusiasts! A Republican-led initiative to allow US banks to offer crypto custody services has been stopped in its tracks by the Democrat-led White House. ๐Ÿ›๏ธ The House of Representatives was all set to vote on House Resolution 109, which would have overturned previous accounting guidance for banks looking to offer this service. But, the Biden Administration announced its intention to veto the resolution if it gets through the House and Senate. ๐Ÿ˜ฎ ๐Ÿ”Let's dive a bit deeper. The guidance that the Republicans want to invalidate, known as Staff Accounting Bulletin (SAB) 121, outlines the SEC's views on the accounting responsibilities of firms safeguarding customers' crypto assets. The White House argues that the resolution would disrupt the SEC's efforts to protect investors and the broader financial system. ๐Ÿ›ก๏ธ ๐Ÿ—ณ๏ธThe resolution did manage to pass through the House, but only with 55% of the vote. All Republicans and 26 Democrats voted in favor. But for it to become law, it needs to pass through both the House and Senate with a majority vote and get the President's approval. If the President vetoes, it would need a two-thirds majority in both chambers. ๐Ÿฆ Critics of SAB 121, including the act's sponsor Mike Flood, argue that the SEC bypassed the traditional rulemaking process and that the bulletin is more of a "rule" than "guidance". They claim it makes it too costly for banks to realistically offer crypto custody services. ๐Ÿง๐Ÿ’ฐ Stay tuned for more updates, BTC fans! ๐Ÿš€๐Ÿš€
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๐ŸšจCrypto News Alert๐Ÿšจ: Binance CEO Richard Teng is calling for the release of Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who has been detained by the Nigerian government for over 70 days. ๐Ÿ˜ฒ Gambaryan was in Nigeria for policy meetings, not negotiations, contributing as a financial crime expert. Teng warns this sets a dangerous precedent for global companies. "Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria's law enforcement community voluntarily more than 600 times in the past," Teng stated.๐Ÿ‘ฎโ€โ™‚๏ธ The Binance CEO also revealed that the exchange's African regional manager, Nadeem Anjarwalla, was arrested in February. Despite the arrests, Teng confirmed Binance will continue to engage with Nigeria's Federal Inland Revenue Service (FIRS) to resolve potential historic tax liabilities.๐Ÿ’ผ Binance had reached out to Nigeria's SEC multiple times for guidance and collaboration, but received no response. Gambaryan and Anjarwalla were detained during a public hearing, accused of Nigeria's economic issues and terrorism financing. Binance agreed to delist the naira for their release, but Gambaryan remains detained.๐Ÿ˜” Anjarwalla was released on March 23, but Gambaryan is still detained. The duo has filed a lawsuit against the NSA and EFCC for violating their human rights. Teng suggests the Nigerian government's actions are an attempt to control Binance through Gambaryan's detention. Stay tuned for more updates!๐ŸŒ
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๐Ÿš€๐Ÿš€ Buckle up, Bitcoin enthusiasts! Grayscale, a leading asset manager, has withdrawn its proposal to list and trade shares of its Ether futures exchange-traded fund (ETF), according to a document filed on Tuesday. ๐Ÿ“๐Ÿ“ The application for the Grayscale Ethereum Futures Trust ETF, initially filed by NYSE Arca, Inc. in September last year, was officially withdrawn on May 3. ๐Ÿ“†๐Ÿ“† Previously, the SEC had delayed consideration of Grayscaleโ€™s ether futures ETF, with the most recent postponement occurring in March. However, the SEC had given a green light to a batch of ether futures ETFs in October 2023, including those from ProShares, VanEck, and Bitwise. ๐Ÿ’ก๐Ÿ’ก Bloomberg ETF analyst James Seyffart was the first to highlight this development. Seyffart initially thought that Grayscale had a strategic plan to use its ether futures ETF to sway the securities regulator into approving its spot ETH ETF. ๐Ÿค”๐Ÿค” Seyffart, along with fellow analyst Eric Balchunas, had previously estimated a 25% chance of approval for spot ether ETFs in May, a drop from 70% in January. Even with Grayscaleโ€™s withdrawal, Seyffart now sees the company as having no alternatives if the SEC doesnโ€™t approve its spot ether ETF. ๐ŸŽฒ๐ŸŽฒ However, SEC Chair Gary Gensler's comments in a May 7 CNBC interview suggest that the SEC is still deliberating on spot Ether ETF applications. So, stay tuned for more updates! ๐Ÿ“บ๐Ÿ“บ
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๐Ÿš€๐Ÿš€Buckle up, BTC enthusiasts! Polkadot (DOT) is on the move! The network has just supercharged its system with Asynchronous Backing, a feature that boosts block production speed and capacity. This is a game-changer for complex Web3 applications. ๐ŸŒ๐Ÿ’ป The Relay Chain, the heart of the Polkadot network, now validates parachain blocks in a more optimized way. Post-update, block production is twice as fast and blockspace has expanded by 6-10 times. This means more extrinsic per block and better utilization of parachain blocks. ๐Ÿš€๐Ÿ“ˆ Polkadot's team is thrilled, stating that Async Backing increases throughput by 8x without compromising security. This paves the way for supporting Web3 applications across various sectors like gaming and DeFi. ๐ŸŽฎ๐Ÿ’ฐ The DOT coin is already feeling the love. Currently hovering around the $7 mark, analysts predict a potential rise to the $10-$15 range in the coming months. Some crypto gurus like Michael van de Poppe are even more bullish, praising Polkadot's "fundamental progress" over the years. ๐Ÿ“ˆ๐Ÿ’ฒ So, keep your eyes on DOT, folks! It's making waves in the crypto ocean! ๐ŸŒŠ๐Ÿ‘€๐Ÿš€
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๐ŸšจCrypto Alert!๐Ÿšจ The scoundrel behind a recent $71 million wallet phishing attack has finally started moving the stolen funds to new addresses. After six days of inactivity, the scammer has converted the stolen 1,155 WBTC into a whopping 23,000 ETH. ๐Ÿ•ต๏ธโ€โ™‚๏ธ This crafty crook pulled off the heist by creating a wallet address that closely resembled the victim's in an "address poisoning" scam. The victim, like many investors, confirmed the authenticity of the wallet address by checking the first and last few characters. However, the middle characters, often obscured for visual aesthetics, were different. Sneaky, right? ๐Ÿ˜ Blockchain investigation firm PeckShield spotted suspicious activity on May 8. The scammer began breaking down the stolen assets into smaller chunks and spreading them across numerous crypto wallets, a tactic aimed at diluting the stolen funds and making them harder to trace. ๐Ÿ•ต๏ธโ€โ™€๏ธ Despite the scammer's best efforts, PeckShield's investigation revealed that all the diverted assets can still be traced back to the unidentified scammer. So, the game is still on! ๐ŸŽฏ On a brighter note, April saw a significant decrease in crypto losses from hacks and scams, hitting a record low for the month at just $25.7 million. This is the lowest figure since 2021, thanks to a 141% decline in losses, primarily due to fewer private key compromises. ๐Ÿ“‰ Stay vigilant, crypto enthusiasts! The world of Bitcoin is full of opportunities, but let's not forget the risks. Always double-check before you transact! ๐Ÿ’ช๐Ÿ”๐Ÿš€
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