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In the Russian Federation, damage from crypto-pyramids in six months amounted to $50 million, the share of such structures is growing
Note that as the number of standard financial pyramids increases, there is a growing trend of pyramids using exclusively cryptocurrencies.
In particular, in 2022 their share was 58%, then in the first half of 2023 their share was already 70%.
The Central Bank of Russia reported that at least 2.8 thousand such organizations have been registered in the country.
An interesting fact is that most of the contingent of organizers of new cryptocurrency pyramids are former participants of other “collapsed” pyramids who were able to avoid responsibility.
New cryptopyramids work on the market for no more than 3 months. They quickly recruit participants, the necessary set of funds, and then stop working.
But they do not do this all at once, which is why there are not a large number of appeals from victims to the prosecutor’s office and the police.
The organizers of such schemes work psychologically on the participants: they teach them to constantly be in a state of expectation of profit.
The EU's digital euro could face challenges in countries outside the eurozone, according to a review by the European Parliament.
A report by the EMU's Economic Governance and Control Unit identified problems with the use of CBDCs in member states outside the euro area.
Chief among them is that monetary adoption of the digital euro across the bloc will require ratification of international agreements between the EU and third countries.
“Any agreement between the ECB and a non-euro area national central bank must be preceded by an international agreement between the European Union and a third country.”
The internal conflict of the Gala Games co-founders has led to dueling lawsuits, each alleging serious misconduct by a former partner
Eric Schiermeyer, CEO of blockchain gaming platform Gala Games, has filed a lawsuit against Wright Thurston and his investment firm True North United Investments, accusing him of stealing approximately $130 million in GALA tokens.
The lawsuit alleges that between September 2022 and May 2023, Thurston, in a breach of trust, stole digital assets belonging to Gala Games.
He then exchanged them through a “complex web of intricate transactions.”
In addition, Schiermeyer accuses Thurston of misappropriating licenses to operate nodes in the Gala ecosystem that can yield GALA tokens.
In his counterclaim against Eric Schiermeyer, Wright Thurston denied the charges against him and claimed that Schiermeyer was guilty of embezzling millions of dollars and using company assets for personal gain.
The current decline represents a decline of nearly 3 times from the peak of $175 billion recorded at the peak of the bull market in November 2021.
Now that the price of most cryptocurrencies, including ETH, has fallen more than 60% from all-time highs, TVL has also collapsed.
However, other factors have also contributed to the problems of the DeFi sector.
Almost all performance indicators show a downward trend - this may be due to both a drop in interest in decentralized finance and the reluctance of users to trust funds to sites that are often hacked.
At the end of 2021 - beginning of 2022, the daily volume of transactions on DeFi platforms averaged about $4 billion.
Over the past few months, it has sunk to $1.5 billion.
FTX management spent millions of clients on luxury items, including an expensive yacht
Most likely, the yacht was a parting gift for Trabucco.
A 2022 Financial Times report mentioned that Trabucco bought a 52-foot yacht shortly before he left the company. However, the report does not specify where the money for the purchase came from.
Trabucco received three cash payments totaling $15.5 million.
FTX exchange management received more than $3 billion in direct payments unrelated to legitimate operating expenses.
Of that amount, Bankman-Fried received $2.2 billion, while fellow executives Nishad Singh and Gary Wang received $587 million and $246 million, respectively.
Although Trabucco had been involved in decision-making at Alameda with Caroline Ellison for nearly a year, Trabucco's decision to step down from his position just months before Alameda and FTX collapsed appears to have kept him out of trouble with the law.
Yes Bank Joins Reserve Bank of India's Digital Rupee Project: DetailsYes Bank, one of the largest banks in India, has announced that it has become Unified Payments Interface (UPI) compliant with the Reserve Bank of India's Digital Rupee CBDC app. With this interface, thousands of Yes Bank customers will be able to send and receive digital rupees transfers. YES Bank, a Ripple partner, now supports UPI compatibility on the RBI CBDC app. This is a domestic bank and only domestic money transfers are allowed in India, but this is interesting as this is the first time the bank has connected to CBDC, a payment network that also has a Ripplenet connection. The integration brings QR code functionality so users will be able to send domestic money transfers seamlessly and quickly between different states of India. According to an article by The Economic Times, an Indian financial media outlet, this integration will be of paramount importance for the development, testing and implementation of the Digital Rupee product: This move is intended to significantly expand the scope of the digital rupee (e₹) and underscores the bank's commitment to promoting digital innovation and providing a wide range of transaction opportunities for users across the country.