NFT sales volume marked a notable decline on April 5, with a weekly decline of 14%. This decline contrasts with record numbers recorded in other crypto sectors in March, as NFT sales decreased for the fourth consecutive week. Let's take a look at what happened in the crypto market last week.
The Decline in the NFT Market Continues
According to data, the combined trading volume on centralized crypto exchanges in March almost doubled to $9.1 trillion. According to the report, this increase indicates a process consistent with the rise of Bitcoin and the accumulation until the expected halving event in late April.
However, while both centralized and decentralized crypto exchanges reached their highest trading volumes in March, NFT markets continued to decline with weekly declines. While a decline in NFT sales was recorded across the six leading blockchain networks, this trend continued through April 5, according to data from data analysis platform CryptoSlam. Bitcoin NFT sales totaled approximately $67 million, down 18% from the previous week. The Ethereum ecosystem was next with sales of $64 million, but still experienced a 9% decline.
Decision Made in OneCoin Case
Irina Dilkinska, the former head of legal and compliance for the OneCoin scam, was sentenced to four years in prison by U.S. District Judge Edgardo Ramos for her role in the $4 billion scam, according to the U.S. Attorney's Office for the Southern District of New York. Dilkinska, a Bulgarian citizen who was found guilty of conspiracy to commit wire fraud and money laundering, was also ordered to pay $111 million in damages.
OneCoin defrauded investors by marketing its own fake cryptocurrency and promising guaranteed returns. According to prosecutors, the company resembled a pyramid scheme in that it also sold educational courses on crypto investing and offered rewards to buyers for bringing in more participants. The Bulgarian company was founded in 2014 by Ruja Ignatova and her partner Karl Greenwood, who is currently serving a 20-year prison sentence. Ignatova disappeared in 2017 after a US federal search warrant was issued for her.
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