Crypto News Key Highlights:
Karl Sebastian Greenwood, a cryptocurrency marketer and co-founder of the OneCoin scam, received a 20-year prison sentence. The scheme, which generated $4 billion in revenue, victimized 3.5 million people globally. Greenwood profited $300 million, indulging in lavish purchases before facing justice. OneCoin lacked a #blockchain or genuine cryptocurrency, making it a massive fraud. Meanwhile, Ruja Ignatova, the "Cryptoqueen" and OneCoin co-conspirator, remains on the run, with a $100,000 bounty on her head.
Ripple Labs plans to conduct 80% of its hiring outside the U.S., citing more favorable regulatory environments in places like Hong Kong, Singapore, the UK, and Dubai. Ripple's CEO, Brad Garlinghouse, voiced optimism amid their ongoing legal battle with the SEC, emphasizing the substantial legal expenses incurred by the company.
CoinEx, a #cryptocurrency exchange, faces a security breach involving hot wallets, with estimated losses of $28 million. The exchange vows to compensate affected users and continues strategic expansion despite legal challenges. Enhanced security measures are crucial for rebuilding trust with its user base.
Project Sela, a collaboration between the HKMA, BOI, and BISIH Hong Kong Centre, aims to develop an efficient and secure central bank digital currency (CBDC) ecosystem. It divides tasks between central banks and private intermediaries, introducing "Access Enablers" to enhance competition. Cybersecurity is a priority, leveraging Israel's expertise. This initiative may serve as a model for future CBDC implementations worldwide.
#Ripple's President, Monica Long, has stated the company's intention to persist in its legal battle against the U.S. SEC over the classification of XRP as a security. While some clarity has emerged from the lawsuit, Ripple aims to prove the SEC's inconsistencies as it prepares for a trial in 2024, with plans for global expansion of its business and XRP use cases in cross-border transactions.
Republican House Speaker Kevin McCarthy has instructed three GOP-led committees to launch an impeachment inquiry into President Joe Biden, alleging that Biden lied about his family's international business dealings. The move reflects increasing political polarization and echoes past impeachment proceedings in American politics.
FTX's planned $3.4 billion sale of its crypto holdings, including Solana, Ethereum, and Bitcoin, has increased market volatility. #FTX aims to repay creditors but can only liquidate a portion of the holdings at a time, reducing the immediate impact on the market. However, overall market sentiment remains cautious, exacerbated by #Bitcoin's technical challenges.
