$2.4B Ponzi BitConnect Founder Indicted - TWJ #93
WASA WASA WASA WASSUP BITCONEEEEEEEEEEEEEECT.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$1.6-1.7 trillion. LUNA and ANC led the top 100 past 7-d performance as the Terra ecosystem outperform the broader crypto market.
In other news, the UK plans new law to crack down on crypto, Coinbase clocks record volumes, and BitConnect founders indicted for alleged Ponzi scheme.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆BitConnect Founder Indicted for Alleged $2.4 Billion Ponzi Scheme
BitConnect founder Satish Kumbhani has been indicted by a federal grand jury for allegedly defrauding $2.4 billion through the BitConnect Ponzi scheme.
The US Department of Justice announced on Friday that a San Diego federal grand jury had charged Kumbhani with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business and conspiracy to commit international money laundering.
For those who were around in 2017, BitConnect (BCC) was arguably one of the most famous Ponzi schemes in the history of the crypto market, with an entire meme culture created around the scheme.
⎆The UK Plans New Law to Crack Down on Crypto
The UK plans new law that will provide the country with more power to crack down on foreign money laundering. As a part of the published new legislation, named the Economic Crime (Transparency and Enforcement) Bill, the new law will give the UK government new powers to seize crypto assets.
⎆Coinbase Is Clocking in Record Volumes
Coinbase reported record volume on its prime brokerage and over-the-counter service business despite concerns regarding increasing competitors and decreasing fees. The Block estimated that Coinbase’s combined OTC and prime brokerage volumes reached $88 billion in Q4 2021, which happened during the same quarter when Coinbase announced the launch of its prime business.
👨🏻💻Decentralized Finance (DeFi)
Clarifying 2020 Mergers; An Independent Iron Bank
Machi Rejoins CREAM
Notional Finance Integration with Yearn Finance
Firefly Exchange Opens Testnet Registration
🏛Governance - Active Proposals
Nouns DAO - TSP x Nouns: Skateboard Design and Giveaway
🦮NFT & Metaverse
Rakuten Launches NFT Marketplace
South Korea to Invest $187M in National Metaverse Project
Microsoft’s Minecraft Goes Web3 With 'NFT Worlds' on Polygon
OpenSea Disables Features Temporarily as Contract Migration Completes
Associated Press Cancels Sale of Migrant Video NFT After Backlash
Invisible Friends NFTs Rocket to 12 ETH Floor At Launch
UkraineDAO Mobilize Support and Raise Funds Via NFTs
The Idols will Launch The Offering - March 5
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
UkaranianDAO - $3M Unknown Round
Matrix World - $5.5M Seed Round
KuCoin Community Chain - $55M Accelerator Program
⚖️Regulatory Update
European Parliament Postpones Vote on Crypto Regulations Indefinitely
US Justice Department Indicts BitConnect Founder
Ex-CFTC Chair Giancarlo on Russian Sanctions, CBDCs & Dollar Hegemony
ECB Wants Quick Action on Crypto Regulation Following Russian Sanctions
UK Government Wants More Power to Seize Crypto Assets
📚Noteworthy Reads
Deribit Insights’s Thread on Option Flows
Jack Niewold’s Thread on List of My Biggest Regrets in Crypto Investing
Rektdiomedes’s Thread on The Idiot's Guide To Yield Farming On Solidly
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.