Why is the crypto market up today?
Cryptopolitan (RSS)
The crypto markets have seen a dark 24 hours following hacks and false news in the market. However, that did not last long. The digital asset market’s resilience has been witnessed since Asian markets opened this morning. As reported, Bitcoin’s price sits above $29,400.
Both bitcoin and ether started the Asian trading day in the green, with bitcoin up 2.2% and ether up 0.8%. This comes as Eastern markets open in the negative following Fitch’s reduction of the United States’ long-term ratings to AA+ from AAA.
Crypto markets have been in turmoil for the last 24 hours
Yesterday, price trends in the crypto market remained bearish as traders assessed an upsurge of negative fundamentals emerging across the industry. The digital asset market’s net capitalization declined 2% to $1.16 trillion on August 1.
The drop came a day after the Financial Times reported that the US Securities and Exchange Commission (SEC) had directed Coinbase, a US-based crypto exchange, to delist all cryptocurrencies except Bitcoin (BTC) from its exchange.
Coinbase, however, deemed the report to be false, explaining that the Financial Times omitted context regarding its conversations with the SEC.
Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win. pic.twitter.com/IXzwE9js4J
— Lark Davis (@TheCryptoLark) July 31, 2023
However, the clarification failed to help the crypto market’s recovery as Curve Finance’s $47 million breach over the weekend hampered its upside potential. Since the exploit, the market’s value has decreased by $43 billion, or 3.75 percent.
The recent increase in the US dollar index (DXY) has exacerbated the crypto market’s losses.
On August 1, the index rose 0.57% to 102.43, its highest level in three weeks, as investors continued to digest the Fed’s rate move last week. It has recovered nearly 3% from its low on July 13, when the digital asset market reached a session high of $1.22 trillion.
Technically, the crypto market is testing a reliable short-term support level around $1.12 trillion, with an eye on a rebound towards $1.18 trillion, which has served as resistance since March 2023.
According to Santiment, the wealthiest crypto wallets began amassing stablecoins in late July, precisely as the price of Bitcoin, the leading coin by market share, fell below its critical psychological level of $30,000.
💸 Key #whale & #shark #stablecoin wallets appear to be loading up during #Bitcoin's visit below $30k here at the end of the month. #Tether, #USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets. Explore more with Sanbase PRO. https://t.co/vnmD8qjcov pic.twitter.com/2PB5HAgoj9
— Santiment (@santimen...
View original post
Cryptopolitan (RSS)
The crypto markets have seen a dark 24 hours following hacks and false news in the market. However, that did not last long. The digital asset market’s resilience has been witnessed since Asian markets opened this morning. As reported, Bitcoin’s price sits above $29,400.
Both bitcoin and ether started the Asian trading day in the green, with bitcoin up 2.2% and ether up 0.8%. This comes as Eastern markets open in the negative following Fitch’s reduction of the United States’ long-term ratings to AA+ from AAA.
Crypto markets have been in turmoil for the last 24 hours
Yesterday, price trends in the crypto market remained bearish as traders assessed an upsurge of negative fundamentals emerging across the industry. The digital asset market’s net capitalization declined 2% to $1.16 trillion on August 1.
The drop came a day after the Financial Times reported that the US Securities and Exchange Commission (SEC) had directed Coinbase, a US-based crypto exchange, to delist all cryptocurrencies except Bitcoin (BTC) from its exchange.
Coinbase, however, deemed the report to be false, explaining that the Financial Times omitted context regarding its conversations with the SEC.
Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win. pic.twitter.com/IXzwE9js4J
— Lark Davis (@TheCryptoLark) July 31, 2023
However, the clarification failed to help the crypto market’s recovery as Curve Finance’s $47 million breach over the weekend hampered its upside potential. Since the exploit, the market’s value has decreased by $43 billion, or 3.75 percent.
The recent increase in the US dollar index (DXY) has exacerbated the crypto market’s losses.
On August 1, the index rose 0.57% to 102.43, its highest level in three weeks, as investors continued to digest the Fed’s rate move last week. It has recovered nearly 3% from its low on July 13, when the digital asset market reached a session high of $1.22 trillion.
Technically, the crypto market is testing a reliable short-term support level around $1.12 trillion, with an eye on a rebound towards $1.18 trillion, which has served as resistance since March 2023.
According to Santiment, the wealthiest crypto wallets began amassing stablecoins in late July, precisely as the price of Bitcoin, the leading coin by market share, fell below its critical psychological level of $30,000.
💸 Key #whale & #shark #stablecoin wallets appear to be loading up during #Bitcoin's visit below $30k here at the end of the month. #Tether, #USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets. Explore more with Sanbase PRO. https://t.co/vnmD8qjcov pic.twitter.com/2PB5HAgoj9
— Santiment (@santimen...
View original post
Twitter
Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win.
CZ 🔶 Binance (Twitter)
I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.
The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/u6udpieYBY
I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.
The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/u6udpieYBY
X (formerly Twitter)
H高兴 on X
一个#ZeroTransfer骗子从0x4071...9Cbc骗走了2000万美元USDT。
正常接收地址：0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
网络钓鱼地址：0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570
#Tether $USDT已经将骗子的地址0xa7bf...0570添加到黑名单中。
https://t.co/Q5Z3GmGS3P
#BTC #ETH #USDT #币安
正常接收地址：0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
网络钓鱼地址：0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570
#Tether $USDT已经将骗子的地址0xa7bf...0570添加到黑名单中。
https://t.co/Q5Z3GmGS3P
#BTC #ETH #USDT #币安
Binance CEO warns of new scam targeting crypto users
Cryptopolitan (RSS)
Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend.
Deceptive addresses and dust transactions
CZ revealed a new scam that has alarmed the crypto community. The fraudsters generate deceptive addresses that mimic the victim’s original address, both starting and ending with the same characters. Once the mirrored address is produced, scammers then send the target dust transactions, minor amounts that will reflect in the victim’s transaction history.
I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.
The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/DFpdX8aNay
— CZ 🔶 Binance (@cz_binance) August 2, 2023
The tactic has already claimed victims. One well-experienced crypto operator fell for this scam on August 1, mistakenly sending cryptocurrencies worth $20 million to a dust address. Also, the error was noticed immediately after the transaction, and Binance managed to freeze the Tether before it reached the scammer. Another user was less fortunate, losing $20,000 USDT to a similar scam, with the funds eventually transferred to a crypto mixer and irrecoverable.
Safety measures and recovery processes: How to guard against crypto fraud
This new scam highlights the importance of vigilance and proper security measures in the crypto community. Blockchain domains, such as the Ethereum Name Service, could avoid this scam, allowing users to identify wallets using regular words rather than confusing strings of characters. Binance users can even purchase domains through the platform for this purpose.
Security specialists further caution against copying and pasting addresses from applications to transfer funds. Strong, unique passwords and two-factor authentication are also recommended.
In case of falling victim to such a scam, CZ advises following a recovery process that includes filing a police report to freeze funds and prevent scammers’ access. Even though immediate recovery might not be possible, this step can still impede scammers from accessing the stolen funds.
An industry-wide concern
Coinbase users have also reported similar incidents, indicating that scams and phishing attacks have become more widespread. There have been claims of scammers contacting clients using the domain name of crypto exchanges to deceive them.
The issue also led to discussions about Binance’s support for Ethereum Name Service (ENS), which would solve the fake crypto address problem, providing better security.
Last month, CZ also raised an alarm on phishing and other social engineering scams targeting crypto enthusiasts. However, his warning was in response to the hack of Uniswap (UNI) founder Hayden Adams’ Twitter account. Adams’ account was taken over by malicious players who posted false tweets claiming that the decentralized exchange was compromised. They also attached a phishing link, instructing users to revoke access to their wallets. However, Uniswap’s official Twitter account quickly debunked the news and informed the community about the hack. The protocol warned that it was not organizing any airdrop, giveaway, or bounty.
Cryptopolitan (RSS)
Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend.
Deceptive addresses and dust transactions
CZ revealed a new scam that has alarmed the crypto community. The fraudsters generate deceptive addresses that mimic the victim’s original address, both starting and ending with the same characters. Once the mirrored address is produced, scammers then send the target dust transactions, minor amounts that will reflect in the victim’s transaction history.
I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.
The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/DFpdX8aNay
— CZ 🔶 Binance (@cz_binance) August 2, 2023
The tactic has already claimed victims. One well-experienced crypto operator fell for this scam on August 1, mistakenly sending cryptocurrencies worth $20 million to a dust address. Also, the error was noticed immediately after the transaction, and Binance managed to freeze the Tether before it reached the scammer. Another user was less fortunate, losing $20,000 USDT to a similar scam, with the funds eventually transferred to a crypto mixer and irrecoverable.
Safety measures and recovery processes: How to guard against crypto fraud
This new scam highlights the importance of vigilance and proper security measures in the crypto community. Blockchain domains, such as the Ethereum Name Service, could avoid this scam, allowing users to identify wallets using regular words rather than confusing strings of characters. Binance users can even purchase domains through the platform for this purpose.
Security specialists further caution against copying and pasting addresses from applications to transfer funds. Strong, unique passwords and two-factor authentication are also recommended.
In case of falling victim to such a scam, CZ advises following a recovery process that includes filing a police report to freeze funds and prevent scammers’ access. Even though immediate recovery might not be possible, this step can still impede scammers from accessing the stolen funds.
An industry-wide concern
Coinbase users have also reported similar incidents, indicating that scams and phishing attacks have become more widespread. There have been claims of scammers contacting clients using the domain name of crypto exchanges to deceive them.
The issue also led to discussions about Binance’s support for Ethereum Name Service (ENS), which would solve the fake crypto address problem, providing better security.
Last month, CZ also raised an alarm on phishing and other social engineering scams targeting crypto enthusiasts. However, his warning was in response to the hack of Uniswap (UNI) founder Hayden Adams’ Twitter account. Adams’ account was taken over by malicious players who posted false tweets claiming that the decentralized exchange was compromised. They also attached a phishing link, instructing users to revoke access to their wallets. However, Uniswap’s official Twitter account quickly debunked the news and informed the community about the hack. The protocol warned that it was not organizing any airdrop, giveaway, or bounty.
Twitter
一个#ZeroTransfer骗子从0x4071...9Cbc骗走了2000万美元USDT。
正常接收地址：0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
网络钓鱼地址：0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570
#Tether $USDT已经将骗子的地址0xa7bf...0570添加到黑名单中。
https://t.co/Q5Z3GmGS3P
#BTC #ETH #USDT #币安
正常接收地址：0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570
网络钓鱼地址：0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570
#Tether $USDT已经将骗子的地址0xa7bf...0570添加到黑名单中。
https://t.co/Q5Z3GmGS3P
#BTC #ETH #USDT #币安
US District Court dismisses class action suit against Tether and Bitfinex
Cryptopolitan (RSS)
Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on August 4, dismissing the class action lawsuit filed against Tether and Bitfinex by plaintiffs Matthew Anderson and Shawn Dolifka. The lawsuit revolved around allegations that the defendants’ claims concerning the one-to-one backing of Tether’s USDT stablecoin by the U.S. dollar were unfounded.
The crux of the court’s dismissal lies in the finding that the plaintiffs failed to provide “plausible allegations of injury.” This translates into the lack of factual evidence showing that the value of USDT had depreciated. However, the comprehensive dismissal of the entire lawsuit at this initial stage of the proceedings underscores the lack of legal merit in the plaintiffs’ claims.
Tether and Bitfinex, following this legal victory, reiterated their dedication to preserving the interests of their customers and community. Also, the companies expressed their commitment to delivering on their promises and ensuring customer protection.
The path leading to the dismissal
The legal proceedings began in December 2021, when Anderson and Dolifka brought forth allegations based on findings from the New York Attorney General (NYAG), the Commodities Futures Trading Commission (CFTC), and Tether’s statements about its reserve makeup. The case rested on the question of the USDT’s backing and whether it was as robust as Tether had claimed.
Tether defended its position by asserting that for the plaintiffs to establish an injury, they needed to demonstrate a decrease in the value of USDT. Considering USDT is a stablecoin and has consistently maintained its price peg close to $1.00, this formed a substantial part of Tether’s defense. In response, the plaintiffs argued that their decision to purchase USDT would have been different had they been aware of the true nature of Tether’s reserves.
The plaintiffs had sought financial compensation and injunctions compelling Tether to issue a disclosure stating that USDT reserves are not fully backed by the U.S. dollar at a 1:1 ratio, and cease misrepresenting its reserve makeup. These demands were not met, as the court found the lawsuit devoid of substantial legal claims.
Tether’s triumph, in this case, arrives on the heels of the firm reporting a net profit of $850 million in the second quarter, reinforcing its position in the crypto industry. The company’s Chief Technical Officer, Paolo Ardoino, shared the news, highlighting the significance of this development as a “good Friday” for Tether and Bitfinex.
It's a good Friday.#Tether and @Bitfinex Win Comprehensive Legal Victory as U.S. District Court Dismisses Class Action Lawsuit
The Court correctly held that plaintiffs’ complaint lacked any “plausible allegations of injury” because it includes no facts showing that “USDT had a…
— Paolo Ardoino 🍐 (@paoloardoino) August 4, 2023
Cryptopolitan (RSS)
Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on August 4, dismissing the class action lawsuit filed against Tether and Bitfinex by plaintiffs Matthew Anderson and Shawn Dolifka. The lawsuit revolved around allegations that the defendants’ claims concerning the one-to-one backing of Tether’s USDT stablecoin by the U.S. dollar were unfounded.
The crux of the court’s dismissal lies in the finding that the plaintiffs failed to provide “plausible allegations of injury.” This translates into the lack of factual evidence showing that the value of USDT had depreciated. However, the comprehensive dismissal of the entire lawsuit at this initial stage of the proceedings underscores the lack of legal merit in the plaintiffs’ claims.
Tether and Bitfinex, following this legal victory, reiterated their dedication to preserving the interests of their customers and community. Also, the companies expressed their commitment to delivering on their promises and ensuring customer protection.
The path leading to the dismissal
The legal proceedings began in December 2021, when Anderson and Dolifka brought forth allegations based on findings from the New York Attorney General (NYAG), the Commodities Futures Trading Commission (CFTC), and Tether’s statements about its reserve makeup. The case rested on the question of the USDT’s backing and whether it was as robust as Tether had claimed.
Tether defended its position by asserting that for the plaintiffs to establish an injury, they needed to demonstrate a decrease in the value of USDT. Considering USDT is a stablecoin and has consistently maintained its price peg close to $1.00, this formed a substantial part of Tether’s defense. In response, the plaintiffs argued that their decision to purchase USDT would have been different had they been aware of the true nature of Tether’s reserves.
The plaintiffs had sought financial compensation and injunctions compelling Tether to issue a disclosure stating that USDT reserves are not fully backed by the U.S. dollar at a 1:1 ratio, and cease misrepresenting its reserve makeup. These demands were not met, as the court found the lawsuit devoid of substantial legal claims.
Tether’s triumph, in this case, arrives on the heels of the firm reporting a net profit of $850 million in the second quarter, reinforcing its position in the crypto industry. The company’s Chief Technical Officer, Paolo Ardoino, shared the news, highlighting the significance of this development as a “good Friday” for Tether and Bitfinex.
It's a good Friday.#Tether and @Bitfinex Win Comprehensive Legal Victory as U.S. District Court Dismisses Class Action Lawsuit
The Court correctly held that plaintiffs’ complaint lacked any “plausible allegations of injury” because it includes no facts showing that “USDT had a…
— Paolo Ardoino 🍐 (@paoloardoino) August 4, 2023
🚨 Tether-backed Orionx to shut down after $7M audit gap
Chilean exchange Orionx is permanently closing after a forensic audit revealed a $7 million discrepancy in customer assets. The audit found that funds for BTC, ETH, XRP, and POL were moved to external wallets not managed by the firm.
The exchange has suspended withdrawals to prioritize returning remaining client funds. The gap was discovered during a review for compliance with Chile’s Fintech Law.
Orionx filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz, alleging they moved assets to personal accounts between 2018 and 2021. Both deny the claims.
Tether led Orionx’s Series A funding just 15 months ago in June 2025. The exchange operated across Chile, Peru, Colombia, and Mexico.
#Orionx #Tether #CryptoNews #Chile
Chilean exchange Orionx is permanently closing after a forensic audit revealed a $7 million discrepancy in customer assets. The audit found that funds for BTC, ETH, XRP, and POL were moved to external wallets not managed by the firm.
The exchange has suspended withdrawals to prioritize returning remaining client funds. The gap was discovered during a review for compliance with Chile’s Fintech Law.
Orionx filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz, alleging they moved assets to personal accounts between 2018 and 2021. Both deny the claims.
Tether led Orionx’s Series A funding just 15 months ago in June 2025. The exchange operated across Chile, Peru, Colombia, and Mexico.
#Orionx #Tether #CryptoNews #Chile
🚨 Iran Eases Currency Rules to Bypass US Sanctions via Crypto
The Central Bank of Iran has reportedly relaxed foreign currency controls to allow businesses to bring overseas earnings home using digital assets. According to the Financial Times, the new rules allow exporters to settle cross-border transactions using Bitcoin (BTC) and Tether (USDT) through local cryptocurrency exchanges.
Under the updated policy, exporters can now use their crypto earnings to directly fund imports. This removes the previous requirement to first sell foreign currency at official government rates through state platforms, providing a direct workaround for tightening US sanctions.
#Iran #CryptoRegulation #Bitcoin #Tether
The Central Bank of Iran has reportedly relaxed foreign currency controls to allow businesses to bring overseas earnings home using digital assets. According to the Financial Times, the new rules allow exporters to settle cross-border transactions using Bitcoin (BTC) and Tether (USDT) through local cryptocurrency exchanges.
Under the updated policy, exporters can now use their crypto earnings to directly fund imports. This removes the previous requirement to first sell foreign currency at official government rates through state platforms, providing a direct workaround for tightening US sanctions.
#Iran #CryptoRegulation #Bitcoin #Tether
💰 Tether enters $3 trillion private credit market with $400M StableFund
Stablecoin giant Tether is expanding beyond crypto lending by launching StableFund in partnership with London-based Fasanara Capital. The venture starts with $400 million in anchor capital and aims to raise an additional $3 billion from institutional investors to provide loans in the private credit sector.
Fasanara will manage the portfolio while Tether acts as a co-sponsor and adviser, providing USDT-linked settlement and treasury infrastructure. The fund will target short-duration, asset-backed loans for small businesses and consumers across 60 countries, including trade receivables and supply-chain credit.
#Tether #USDT #PrivateCredit #Stablecoin
Stablecoin giant Tether is expanding beyond crypto lending by launching StableFund in partnership with London-based Fasanara Capital. The venture starts with $400 million in anchor capital and aims to raise an additional $3 billion from institutional investors to provide loans in the private credit sector.
Fasanara will manage the portfolio while Tether acts as a co-sponsor and adviser, providing USDT-linked settlement and treasury infrastructure. The fund will target short-duration, asset-backed loans for small businesses and consumers across 60 countries, including trade receivables and supply-chain credit.
#Tether #USDT #PrivateCredit #Stablecoin
💰 Tether leads investment in Bolivian fintech Peso
Tether has led a pre-seed funding round for Peso, a Bolivian fintech integrating USDT into daily payments. The investment aims to expand stablecoin infrastructure across Bolivia, Brazil, Colombia, and Argentina.
Peso already allows customers to pay for Yango food delivery orders using USDT. The platform connects the stablecoin to local banking systems via QR payments, point-of-sale services, and ACH transfers.
This move follows Bolivia's shift toward digital assets amid a severe US dollar shortage and high inflation. The government is currently developing a regulatory framework to recognize USDT for payments, savings, and trade.
#Tether #USDT #Bolivia #Adoption
Tether has led a pre-seed funding round for Peso, a Bolivian fintech integrating USDT into daily payments. The investment aims to expand stablecoin infrastructure across Bolivia, Brazil, Colombia, and Argentina.
Peso already allows customers to pay for Yango food delivery orders using USDT. The platform connects the stablecoin to local banking systems via QR payments, point-of-sale services, and ACH transfers.
This move follows Bolivia's shift toward digital assets amid a severe US dollar shortage and high inflation. The government is currently developing a regulatory framework to recognize USDT for payments, savings, and trade.
#Tether #USDT #Bolivia #Adoption
🚨 US Senator Probes Tether Over $6 Million Payments to Former White House Adviser
Senator Richard Blumenthal has demanded records from Tether regarding over $6 million in payments made to Nxum, a consulting firm co-founded by Bo Hines. Hines served as a White House crypto adviser and helped draft the GENIUS Act, which regulates stablecoins, before becoming CEO of Tether’s US business.
The inquiry alleges that Tether paid Nxum $415,000 per month while Hines was still in government. The payments were reportedly routed through a marketing firm called Notorious before Tether contracted directly with Nxum once Hines left public service.
#Tether #USDT #Regulation #CryptoNews
Senator Richard Blumenthal has demanded records from Tether regarding over $6 million in payments made to Nxum, a consulting firm co-founded by Bo Hines. Hines served as a White House crypto adviser and helped draft the GENIUS Act, which regulates stablecoins, before becoming CEO of Tether’s US business.
The inquiry alleges that Tether paid Nxum $415,000 per month while Hines was still in government. The payments were reportedly routed through a marketing firm called Notorious before Tether contracted directly with Nxum once Hines left public service.
#Tether #USDT #Regulation #CryptoNews
🚨 DOJ Extradites Chinese National in $37M Crypto Laundering Case
Chinese national Zheng Zhao, 44, has been extradited from the Netherlands to the United States. He is accused of laundering $36.9 million stolen from 174 American victims through an international fraud network operating from scam centers in Cambodia.
Prosecutors allege the funds were moved from US bank accounts to Deltec Bank in the Bahamas. The money was then converted into Tether (USDT) via a shell company called Axis Digital Limited before being transferred to crypto wallets controlled by the criminal network.
Zhao appeared in a Los Angeles federal court on Oct 23 and faces up to 20 years in prison for conspiracy to commit money laundering. Eight other participants have already pleaded guilty in connection with the scheme, which used fake trading platforms to lure victims.
#CryptoCrime #Tether #USDT #DOJ
Chinese national Zheng Zhao, 44, has been extradited from the Netherlands to the United States. He is accused of laundering $36.9 million stolen from 174 American victims through an international fraud network operating from scam centers in Cambodia.
Prosecutors allege the funds were moved from US bank accounts to Deltec Bank in the Bahamas. The money was then converted into Tether (USDT) via a shell company called Axis Digital Limited before being transferred to crypto wallets controlled by the criminal network.
Zhao appeared in a Los Angeles federal court on Oct 23 and faces up to 20 years in prison for conspiracy to commit money laundering. Eight other participants have already pleaded guilty in connection with the scheme, which used fake trading platforms to lure victims.
#CryptoCrime #Tether #USDT #DOJ