The Washington State Department of Financial Institutions (DFI) issued a warning on Thursday after it received a complaint from a Washington investor about Fameex, now offline. The investor, a real estate agent, met scammer “Jackson Qie” via an unsolicited text. Qie convinced him to invest over 3,000 in ether (ETH) and tether (USDT) on Fameex. […]
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US Charges Empire Market Operators in $430M Dark Web Scheme — They Face Maximum Sentence of Life in Prison
The U.S. Homeland Security Investigations has charged two men for operating Empire Market, a dark web marketplace, facilitating 0 million in illegal transactions. The defendants face severe penalties, including life imprisonment. “During the investigation, federal law enforcement seized cryptocurrency valued at million at the time of the seizures, as well as cash and precious […]
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South African Police Nab Alleged Mastermind of Metaverse Ponzi Scheme
Neil Leon De Waal, a key figure in the GS Partners metaverse fraud case, was reportedly arrested by South African law enforcement in late May. He was subsequently released on bail on June 3. Authorities began investigating De Waal following a complaint from one of his victims. The complainant, who lives in Benoni, had to […]
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US Media Executive Charged in $67 Million Fiat-to-Crypto Money Laundering Scheme
The U.S. DOJ has charged the CFO of a media company with one count of money laundering and two counts of bank fraud for participating in a scheme that laundered criminal proceeds using cryptocurrency. Authorities allege that Weidong Guan and his accomplices used bank accounts opened with stolen personal identification information to transfer the funds […]
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Ex-Banker Sentenced to 41 Months in US Prison for Crypto Fraud Scheme
Rashawn Russell, a former investment banker, was sentenced on Thursday to 41 months in prison for a cryptocurrency fraud scheme that caused .5 million in investor losses. From November 2020 to August 2022, Russell deceived multiple victims by promising high returns from cryptocurrency investments, only to misappropriate their funds for personal use, gambling, and repaying […]
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Report Shows No Evidence of Special Treatment for BTC Ponzi Scheme Mastermind in Brazilian Jail
The Brazilian State Attorney General has dismissed allegations that Johann Steynberg, the late mastermind of a South African bitcoin ponzi scheme, was granted irregular access to a computer and the internet while in prison. Acting public prosecutor Lauro Machado Nogueira recently released a report stating that evidence from prison authorities contradicted these claims. Additionally, Steynberg, […]
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Turkey Detains 127 Crypto Ponzi Scheme Co-Conspirators, Seizes Assets Worth Over $31 Million
According to Turkish authorities, the country’s law enforcement agencies have disrupted a criminal syndicate that lured unsuspecting residents into investing in a Ponzi scheme disguised as a cryptocurrency investment. The syndicate is reported to have swindled billion from investors who were deceived by the scammers’ promise of high profits and zero risks. During the […]
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Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery
Crypto analyst Pierre has provided insights into why ,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range.
A Breakout Above ,000 Could Lead To A Bitcoin Recovery
Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above ,000 as it would allow the crypto token to retest a range around the ATH region of ,000. This could also open up the possibility of the flagship hitting a new ATH if it enjoys a breakout during the retest of the current ATH region.
Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid declining significantly. He noted that the flagship crypto must avoid losing the range between ,500 and ,200 as support. He claimed that a drop below this range could lead to Bitcoin retesting the range between ,000 and ,500.
Crypto analyst Michael van de Poppe also shared a sentiment similar to Pierre’s, although he specifically made reference to the ,000 price level. He claimed that BTC will likely see a new ATH once it achieves a successful breakout above ,000. In a recent X post, he claimed that Bitcoin must hold above ,000 and ,000 to avoid “further downward momentum to ,000.”
Crypto analyst Rekt Capital also suggested that Bitcoin simply needs to break above ,000 to enter the ‘parabolic uptrend’ phase. However, it could take a while before Bitcoin achieves that successful breakout above ,000. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that BTC will continue to range between ,000 and ,000 until August.
Van de Poppe suggested that it might not take that long for Bitcoin to break above ,000. He predicted listing the Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas recently predicted that these funds could go live in June or by July 4th at the latest.
A Weekly Close Above ,000 Could Alter History
In a recent X post, Rekt Capital claimed that a weekly close above the ,000 range “would alter the course of history.” However, he suggested it was unlikely to happen, stating that Bitcoin doesn’t “favor a breakout this early post-halving.” The crypto analyst had previously mentioned that “history suggests that this historic breakout is still several weeks away.”
However, he added that it has become clear that Bitcoin is “only one weekly close above the range high away from entering the parabolic phase of the cycle.” Before now, Rekt Capital revealed that Bitcoin hitting a new ATH before the halving had brought about an accelerated cycle but that the flagship crypto could consolidate for longer to resynchronize with previous halving cycles.
Lawyer Pleads Guilty in $9.5M Crypto Ponzi Scheme — Faces 5 Years in Prison
David Kagel, a disbarred California attorney, pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of over .5 million. Kagel, 85, promised high returns through artificial intelligence trading bots and falsely claimed to hold million in bitcoin to secure investments. He used his attorney position to instill trust, providing fake letters on […]
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US Jury Convicts Two in $8M Crypto-Linked Dark Web Drug Scheme
A federal jury in Salt Lake City convicted Oluwole Adegboruwa and Enrique Isong, foreign nationals, of multiple drug-related charges. From 2016 to 2019, they generated over million in cryptocurrency, including bitcoin and ethereum. Adegboruwa operated under the names “King Odua” and “Alagbada726,” converting cryptocurrencies to traditional currency. Sentencing is scheduled for August. The jury […]
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