Cover image via U.Today
Here are the top three news stories over the past day presented to you by U.Today.
KuCoin and its founders hit with criminal charges in U.S.
The United States Department of Justice has filed criminal charges against crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang. As stated in the indictment, KuCoin and its founders violated the Bank Secrecy Act by failing to maintain an adequate anti-money laundering (AML) program. "KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform," stated U.S. Attorney Damian Williams, adding that the exchange allegedly chose not to comply with U.S. law. The allegations in the DOJ's indictment also indicated that the exchange actively prevented its U.S. customers from identifying themselves as such and misled investors about its customer base. To ensure user growth, KuCoin advertised itself as an exchange where one can trade without the need to undergo KYC. Thus, KuCoin's failure to maintain the required AML and KYC programs led to it being used as "a vehicle to launder large sums of criminal proceeds," says the indictment. Gan and Tang, who are both citizens of China, are facing up to 10 years in prison.
Samson Mow makes bold Bitcoin ETF prediction for this week as BTC tops $70,000
Jan3 CEO and "$1 billion per Bitcoin" advocate Samson Mow has recently taken to X platform to make a bullish prediction regarding spot Bitcoin ETFs for this week. As a reminder, spot Bitcoin ETFs were approved by the SEC in January, and from the very start of trading, ETFs have been grabbing enormous amounts of Bitcoin from the market. However, over the past few days, inflows into these ETFs experienced sharp outflows of more than $850 million worth of Bitcoin. Last week, Mow shared an optimistic X post, stating that he expects these Bitcoin ETF outflows to eventually become inflows again. Yesterday, Jan3 CEO reaffirmed his bullish stance, writing that he has a feeling that this week is going to be “a net inflow week,” adding a Bitcoin hashtag. Some commenters viewed this X post as being related to Bitcoin ETFs. At the moment of writing, Bitcoin is changing hands at $69,242, down by 1.22% over the past 24 hours, per CoinMarketCap.
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Shiba Inu braces for ultra bullish breakout: Is SHIB price rally imminent?
Since the start of the week, Shiba Inu's price has witnessed a notable increase by over 4%, returning to the $0.00003 level. Analyzing the late February-early March rally, when SHIB prices surged by about 400%, breaking through the $0.3 per token threshold and reaching highs of $0.45 before experiencing a substantial fall, a pattern emerges. Every time SHIB got close to the $0.00003 mark, buyers appeared to step in, driving prices higher. However, every attempt to break through this barrier faced resistance, which led to sell-offs. At press time, SHIB is changing hands at $0.00002994, struggling to surpass the $0.3 resistance point. Despite this setback, the SHIB price's persistent growth trajectory and the resilience indicate that, should the $0.00003 barrier be decisively surpassed, there may be a possibility of a bullish breakout.