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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
The cryptocurrency market today is as active as it usually is. Yet it has seen some crucial updates and important instances that take place in the burgeoning asset class industry.
A long-awaited justice served with the U.S. court sentencing prison and fine to purported crypto ponzi scheme OneCoin founder. The crypto market has not seen venture capital funds for quite long but the recent $300 Million raised by crypto-focused VC firms brings optimism.
Telegram was waiting for its foray in the blockchain space and it finally announced the self-custodial crypto wallet. There’s a report from Solidus Labs that brings the issue of wash trading over decentralized exchanges at an alarming rate to light.
OneCoin Co-Founder Imprisoned for 20 Years
Karl Greenwood, co-founder of OneCoin, has been sentenced to 20 years in prison and fined $300 Million for his involvement in a fraudulent crypto scheme. OneCoin amassed over $4 Billion in revenue, with Greenwood personally benefiting by $300 Million. After his arrest in 2018, he pleaded guilty in 2022.
The scheme defrauded 3.5 Million people worldwide, promising high returns but lacking a legitimate cryptocurrency or blockchain network. Greenwood spent the malicious gains on a lavish lifestyle, including designer clothes, real estate, yachts, and luxury travel. His sentencing marks a significant moment in this infamous crypto scam’s history.
Electric Capital To Raise $300M for Crypto Funding
Crypto-focused venture firm Electric Capital is aiming to raise $300 Million for its third early-stage venture fund, as revealed in an SEC filing. This fundraising effort comes in a year that has been comparatively quieter for the crypto industry and VC investments than the exuberance of 2021.
Electric Capital’s previous fund was notably larger, at $600 Million, which was also used to purchase digital tokens. Although there’s no indication of a similar vehicle this time, the firm may still have substantial funds to invest due to the crypto market’s downturn following its previous fund announcement.
DEXs Becomes th Go-To Platform for Wash Trading
A recent report from Solidus Labs highlights that decentralized crypto exchanges have become a breeding ground for wash trading, a fraudulent activity that artificially inflates the price and volume of cryptocurrencies.
Since September 2020, approximately $2 Billion worth of cryptocurrency on Ethereum-based decentralized exchanges has been involved in wash trading. This deceptive practice has impacted around 20,000 tokens on DeFi exchanges, luring other investors with the illusion of liquidity.
Decentralized exchanges are particularly attractive for fraudsters due to lower transaction fees and the absence of intermediaries, making it easier to manipulate token prices and attract unsuspecting investors.
Telegram Forays in Crypto Wallet Space
Telegram, with 800 Million monthly users, is launching a self-custodial crypto wallet called TON Space. This move aims to strengthen its presence in the growing crypto community that has evolved from its platform and potentially introduce more users to crypto.
The wallet is based on The Open Network (TON), supported by the TON Foundation, after Telegram abandoned its TON blockchain project in 2020 due to legal issues. TON Space will be accessible to Telegram users globally in November, except in certain jurisdictions like the U.S. that have been cracking down on the crypto industry. The wallet offers registration-free access to crypto services.
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