Florida Man Found Guilty for Stealing Hundreds of Crypto in Home Invasion

A court in North Carolina has found a 24-year-old man guilty of conducting multiple housebreaking crimes. Remy St. Felix was accused of breaking into people’s homes to steal Bitcoin and other crypto assets.

Unlike other robbers, Felix targeted the homes of wealthy crypto investors and individuals who owned substantial digital property. 

Florida Resident Charges for Home Invasion

A review of the court report demonstrated that Felix led other criminals to steal peoples’ homes. Felix operated his illegal activities from September 2022 to July 2023. 

Even though the court did not disclose the exact amount of crypto stolen, Felix and his team deployed various tactics to rob the victim. Reports show Felix targeted wealthy investors from Durham, Florida, Texas, New York, and North Carolina. 

To conduct their unlawful activities, Felix forced the victims to transfer their crypto assets to his account. The criminal used forceful tactics such as kidnapping the victims to demand ransom for their release.

Also, Felix broke into people’s homes to steal their crypto assets.  In April, Felix was accused of invading a couple’s home to steal $150,000 worth of crypto. 

Criminals Engage in Home Breaking to Steal Crypto Assets

The incident turned grievous after the criminals tied the couple with zip ties, forcing them to transfer their crypto assets to Felix and the team. A report from the prosecutor demonstrated that St. Felix and the team used advanced techniques to identify their potential targets. 

The criminal leveraged their expertise to gain unauthorized access to email accounts and other confidential documents. The court claimed that Felix’s robbery was among the most dangerous thefts since it involved monitoring victims’ physical location. 

The prosecutors noted that Felix and his accomplice implemented encryption and anonymous financial transaction methods to conceal their unlawful activities. 

Due to the complexity of the crime, the law enforcers collaborated with the federal bureau of Investigation (FBI)  to bring down St Felix and his team. The Department of Justice reported in July 2023 that St. Felix and their team were arrested in New York.  

Rise of Crypto Crime

Felix was arrested with thirteen other suspects who were charged of home invasion and other criminal activities.

In his recent arraignment, St Felix was found guilty of nine criminal counts, including kidnapping, Hobbs Act robbery, wire fraud, kidnapping, and brandishing a gun to threaten the victims. 

Due to damages caused by St. Felix’s misconduct, the court might subject the criminal to a seven years imprisonment or life sentence. The court is expected to sentence St Felix on September 11. 

The arrest and conviction of St. Felix came at a time when global law enforcers had stepped up to combat crypto crime. 

According to Chainalysis, crypto crime dropped from $3.7 billion in 2022 to $1.7 billion in 2023. The Chainalysis report shows that hacking incidents have increased from 2019 to 231 year over year.

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A Detailed Guide to Navigating Crypto Exchange Fees

As the cryptocurrency market continues to gain traction, understanding crypto exchange fees becomes crucial for traders and investors. This guide delves into the various types of fees associated with crypto exchanges, the impact of these fees on trading strategies, and effective methods to minimize costs.

Overview of Crypto Exchange Fees

Crypto exchange fees are charges levied by platforms for facilitating various transactions, including trading, withdrawals, and other services. These fees are essential for maintaining and securing the exchange’s operations.

Types of Fees Encountered on Crypto Exchanges

Different exchanges implement various fee structures to cover their operational costs and provide services:

1. Trading Fees

This includes costs incurred during the buying, selling, or exchanging of cryptocurrencies:

• Maker and Taker Fees: Makers add liquidity and usually benefit from lower fees, whereas takers, who remove liquidity, pay a bit more for the convenience of immediate trades.
• Flat Percentage Fees: A simple and common fee model where traders pay a fixed percentage per trade.
• Spread Fees: This is the cost embedded in the price spread between buying and selling prices.

2. Deposit and Withdrawal Fees

• Deposit Fees: While crypto deposits are usually free, fiat deposits can come with a fee.
• Withdrawal Fees: These vary and may include additional network fees required for processing the transactions on the blockchain.

3. Staking Fees

Charges for participating in staking include a percentage of the earnings, which compensates the platform for managing these transactions.

4. Network and Gas Fees

These are unavoidable fees paid to miners or validators for processing transactions on a blockchain network.

5. Inactivity and Leverage Fees

• Inactivity Fees: Charged on dormant accounts to encourage trading activity.
• Leverage Fees: Incurred when trading on margin, these depend on the amount of borrowed capital.

6. Funding Rates for Perpetual Futures

These are periodic payments made between traders in perpetual futures markets to anchor the futures price to the spot price.

Impact of Fees on Trading

Fees can significantly influence trading profitability. Higher fees can erode earnings, especially for frequent traders or those trading in large volumes.

Strategies to Minimize Fees

• Using Limit Orders: These can reduce costs as many exchanges offer lower fees for makers.
• Selecting the Right Exchange: Fees vary across platforms; choosing one with a favorable fee structure is crucial.
• Volume Discounts: Some exchanges offer reduced fees for high-volume traders.
• Avoiding Extra Charges: Being aware of hidden fees and timing transactions to avoid high network fees can reduce overall costs.

Choosing Low-Fee Exchanges

Some platforms are known for their low fee structures. Researching and comparing these can lead to substantial savings.

Conclusion

Crypto exchange fees are a pivotal factor in the trading and investment process within the cryptocurrency industry. By understanding and strategically navigating these fees, traders can enhance their profitability and trading efficiency.

Choosing the right exchange, optimizing trading strategies, and staying informed about fee structures are essential steps in achieving better financial outcomes in the crypto market.

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Exploring the Correlation Between Bitcoin and the Stock Market

Bitcoin, a leading cryptocurrency, sometimes exhibits price movements that appear to correlate with the traditional stock market. This correlation can seem surprising, given Bitcoin’s origins and purpose as a decentralized alternative to conventional financial systems. Here’s a deeper look into why this phenomenon occurs:

The Role of the Stock Market

The stock market is a critical component of the global economy, where shares of publicly-held companies are traded. Stock prices are influenced by numerous factors such as economic indicators, corporate performance, geopolitical events, and market sentiment.

These factors collectively affect investor behavior and can lead to fluctuations in stock prices, reflecting broader economic trends.

Understanding Bitcoin’s Correlation with the Stock Market

Initially, Bitcoin and other cryptocurrencies were perceived as independent from traditional financial systems. However, as they gained acceptance and became integrated into financial portfolios, patterns in investor behavior started mirroring those observed in the equity markets.

This correlation is particularly noticeable during market stress or economic downturns, where investors tend to liquidate assets across the board, including cryptocurrencies like Bitcoin, for safer investments.

Factors Contributing to Correlation:

1. Market Sentiment: Both markets are influenced by general economic sentiment. Positive news may lead investors to feel confident, investing more in riskier assets like stocks and Bitcoin. Conversely, negative news can trigger sell-offs in both markets.
2. Institutional Involvement: As more institutional investors engage with cryptocurrencies, their investment strategies tend to align with those used in traditional asset classes. This includes portfolio adjustments based on market conditions, which can lead to synchronized movements between crypto and stock markets.
3. Investment Vehicles: The introduction of Bitcoin-linked exchange-traded funds (ETFs) and other financial products has tied Bitcoin’s performance closer to the traditional financial markets. These products make Bitcoin accessible to a broader range of investors, including those already involved in the stock market, further intertwining the two.
4. Economic Conditions: Broad economic changes, such as adjustments in interest rates or inflation, can impact both markets. For instance, when central banks implement policies affecting liquidity, both stocks and Bitcoin might react similarly depending on whether these policies are seen as beneficial or detrimental to riskier assets.

Key Differences Between Bitcoin and the Stock Market

Despite occasional correlations, it’s crucial to recognize the fundamental differences between Bitcoin and the stock market:

• Decentralization: Unlike the stock market, which operates through centralized exchanges and is subject to regulatory oversight, Bitcoin is decentralized. This fundamental difference can lead to divergent behaviors under similar economic conditions.
• Market Dynamics: The factors that directly influence Bitcoin’s price—such as halving events, regulatory news, and technological changes—are distinct from those affecting the stock market. While both may react to macroeconomic shifts, the specifics of their reactions and the immediacy of their impact can differ greatly.
• Investor Base: Bitcoin initially attracted a demographic that was technologically savvy or distrustful of traditional financial systems. Although institutional investors have started to embrace Bitcoin, it still retains a diverse and unique investor base compared to the traditional stock market.

Conclusion

While there are periods when Bitcoin shows a correlation with the stock market, these are influenced by broader economic factors and evolving market dynamics.

Understanding these interactions and the underlying reasons helps investors make informed decisions, acknowledging that despite some similarities, Bitcoin and the stock market operate under different principles and are influenced by different factors.

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Australian Identity Thief Sentenced for 2 Years

A court in Melbourne, Australia, has ordered a 31-year-old man to face a two-year imprisonment for violating federal law. The court accused the suspect of engaging in cyber-related crime by using falsified documents to create crypto accounts. 

According to the Australian Federal Police (AFP), the Aussie man was arrested after his illegal deeds were discovered during an international investigation on a website selling fraudulent technologies responsible for over $670,000 theft. This investigation started earlier in 2022 by the UK law enforcers to identify the website selling spoofed services at a fee. 

Australian Police Charges a Man for Identity Theft

The law enforcers lamented that the website was responsible for conducting significant crimes in the UK and other parts of the world. 

After an extensive investigation, the Australian government website Report Cyber was informed about the criminal activity involving creating a bank account with stolen identification details.

The Report Cyber team alerted the AFP concerning the matter for further investigation. The police unit undertook a preliminary investigation to identify the suspect. From their investigation, the AFP noted that the suspect used falsified driving licenses to create two accounts on crypto platforms.

The probing team observed that the criminals used his image and fake details from the stolen driving license to create the crypto accounts. During the investigations, the AFP used the search warrant method to arrest the Boronia resident.

The November search warrant impacted the confiscation of numerous stolen documents, such as driver’s licenses issued by Victorian regulators and Australian and Chinese passports. The probing team also seized multiple driver’s licenses bearing the suspect photo with different names.

Among other documents confiscated by the AFP were stolen Medicare cards, debit cards, and crypto exchange cards. The probing team also assesses the criminal’s gadgets, such as computers and electronic materials. 

Aussie Man Using Fake ID to Create Crypto Accounts Facing Legal Charges

The AFP noted that the criminal had installed an encrypted messaging platform on his computer, which guided him in committing identity theft. The criminal also used instruction manuals that provided steps to create a fake identity. 

During the interrogation, the AFP complained that the suspect had failed to provide the password for his electronic gadgets. 

A statement from the AFP detective superintendent, Tim Stainton, lamented that identity theft negatively affected the victims. The official stated that identity theft might expose the victim to criminal charges, damaging their reputation. 

Stainton outlined the various ways stolen identities are used, which are punishable by the law. The use of falsified documents can negatively harm the lives of the community and lead to criminal charges. 

Rise of Crypto Crime in Australia

A review of the court report shows that the criminal was charged with several criminal accounts. The Australian regulators claimed that the suspect violated the anti-money laundering (AML) and terrorism financing requirements. 

The suspect was charged with providing falsified information, benefiting from criminal activities, and possessing fake documents. The court demanded the suspect remain behind bars for two years for breaching the Criminal Code and terrorist financing Act. 

The suspect was denied parole for the next ten months due to the damages caused by the victims. The AFP encouraged the global law enforcers to collaborate to bring down criminals engaging in identity theft. 

The arrest came months after the Australian financial regulators warned the public against fraudulent crypto investment. The regulators claimed that Australia had lost millions of dollars to crypto scammers.

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Mirror World Labs CEO Says Solana Lacks Necessary Infrastructure for Building Blockchain Games

In an exclusive interview with the Mirror World Labs chief executive Chris Zhu was pleased to state that blockchain use cases have been on a steady increase. The executive argued that despite the exciting adoption of blockchain the developers lack the necessary infrastructure for building games on the Solana network. 

The announcement came days after Mirror World generated $12 million in a Series A funding round led by Bitkraft. Other participants in the recent fundraising included Galaxy Interactive, and Big Brain among other companies.

Mirror World Labs Nets $12M in Series A Funding Round

The fresh investment will be utilized in developing Mirror’s Solana base game Sonic. The game was launched in late March aiming at enabling the developers to use their preferred game engine on Solana through the software development kit (SDK). 

Sonic offers the developers the necessary tools to build their projects on the Solana network. The primary objective of launching Sonic Games was to support the growth of the Solana game sector by enhancing the processing speed of the request. 

The Sonic was among the recent developments made by the Mirror World Labs. Speaking with the Cointelegraph team Mirror CEO reflected on the features of the decentralized finance (DeFi) such as cross-chain swaps, and on and off-ramping features which are critical for developing games.

Zhu stated that these features are not available on Solana games. He explained that the games find it difficult to compute the value of the shared Solana layer developed by multiple applications. 

Also, Zhu highlighted that some game applications require additional features such as privacy, asset transfer and instant settlement which are not supported by the Solana network. 

Objective of Sonic Games

Even though Sonic is exploring ways to integrate additional features on the Solana network for developers, Zhu calls for collaborative efforts to improve the Solana ecosystems. The CEO confessed that most of the Sonic users have provided positive feedback about the Solana game’s technical capability. 

Other game enthusiasts advised the Sonic team to integrate main token liquidity on the Solana mainnet. The executive confirmed that Sonic prioritizes their customers’ feedback and integrated the atomic interoperability features into the new game. 

The executive explained that to sustain the liquidity on the Solana mainnet the Sonic team will leverage the HyperGrid Framework (HGF) to enable atomic interoperability. 

The HGF consists of a rollup kit that enables the developers to introduce new game engines and virtual machines to the Solana network. According to the announcement the Sonic team plans to improve the controlled aggregated transaction settlement to reach 12,000,000 transactions per second (TPS). 

The game studio projects that improving transaction settlement speed will boost multiplayer real-time gaming transactions including quest drops, and inventory purchases among others. To attain the desired success Sonic will engage Galaxy Interactive to improve Sonic transactions. 

The CEO suggests that enhancing the collaboration between Solana validators and Sonic will play a critical role in improving transaction speed. Zhu stated that Sonic is the only software development kit (SDK) on the Solana network. 

Factors Limiting the Development of Blockchain Games

Sonic is expected to outpace other Solana games such as Eclipse and Ronin. A statement from the principal at Bitkraft Justin Swart demonstrated that with the ongoing development the Sonic Solana virtual machine (SVM) will become a go-to destination for developers seeking to develop Solana games. 

The Mirror team has been working with hundreds of Web3 games in integrating listing and monetization features. Led by Zhu, the Mirror team will focus on building its games and gaming features on the Solana network.

The company remains optimistic that the Sonic SVM will be the key driver of unlocking the Solana games to hundreds of thousands of games. Even though Solana has not attained the success of other blockchain-oriented games Sonic seeks to bring positive changes to this sector.

The Sonic profiled Solana network as the retail-friendly blockchain with the enormous capability of onboarding more users to the network. The gaming company anticipates that the Sonic protocol will support the developers in launching SVM chains necessary for improving the GameFi projects.

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BIS Report Shows 94% of Central Banks Prefer Wholesale CBDCs

As the financial sector seeks to integrate the use of crypto, central banks are exploring possible ways to launch a digital currency. A survey conducted by the Bank for International Settlements (BIS) demonstrated that 94% of the central banks were working on developing the central bank digital currency (CBDC).

The BIS noted that most central banks developing the CBDC prefer to issue digital currency wholesale rather than retail in the next six years. 

Central Banks Prefers Wholesale CBDC to Retail Digital Dollar

Since the CBDC is still a new concept, the central banks prefer issuing wholesale to retail. The BIS report explains that the CBDC wholesale involves transactions between banks and financial institutions.

Conversely, retail CBDC refers to the use of digital currency for public purposes, such as buying and selling commodities. The BIS report demonstrated that the issuance of wholesale CBDC restricts regulators from controlling individual spending.

The BIS noted that central banks opting to issue retail CBDC were still planning to protect the holding limits and were working on integrating additional features such as an offline option, zero compensation, and enhanced interoperability capability.

The study participants involved around 86 central banks that were working to implement their CBDC. Currently, China has successfully launched its CBDC to improve the accessibility of its financial tools. 

The BIS conducted the survey between October 2023 and 2024 to examine the progress of CBDC development. In addition to analyzing CBDC’s development, the BIS examined the use cases of different classes of crypto assets. 

Benefits of CBDC

The international financial institution observed that stablecoins were rarely used in transactions outside the crypto sector, which implies that they were used in transactions involving crypto activities. 

Despite stablecoin’s slow adoption in the traditional finance sector, the BIS noted that two out of three study areas were actively working on formulating regulations for crypto assets pegged to a dollar or gold. 

According to DefiLlama the stablecoin market cap reached $162 billion a $32 billion increase from January 2024. This implies that the stablecoin use case has risen since January. 

Despite the stablecoin adoption being on a silent rise, the dollar-pegged crypto has faced tides of criticism. Earlier this year, the US Presidential aspirant Donald Trump vowed not to support the development of retail CBDC if they were elected. 

Trump complained that CBDC confers the government rights to monitor individuals’ financial positions. The presidential candidate pledged to refrain from allowing the development of CBDC in America since the digital dollar threatens individual freedom. 

Legislators Oppose Development of Retail CBDC

In support of Trump’s remarks, the governor of Florida, Ron DeSantis, opposed the implementation of CBDC. The governor seeks to end Biden’s war on Bitcoin by imposing a new rule that allows Florida residents to make Bitcoin payments.

Elsewhere, the Swiss National Bank revealed a plan to pull from the development of CBDC. The SNB stated that CBDC’s shortcomings outweigh its benefits.  

A statement from SNB governing board member Andrea Maechler stated that the benefits of CBDC in public use were minimal. The executive projected that the retail CBDC posed more risks that could possibly lead to a bank run.

Maechler confessed that CBDC was not an adequate tool to improve financial inclusivity in the region. 

The executive stated that nearly 100% of the Swiss population has access to a bank account. This implies that the number of unbanked Swiss nationals is minimal. 

Maechler stated that the SNB will still pursue developing the wholesale CBDC, which will primarily focus on enhancing the transactions between banks and financial institutions. 

Elsewhere, the Banks of Canada engaged in public consultation to gather critical information on the development of CBDC. The bank used the survey method to obtain public feedback concerning the development of the Canadian digital dollar. 

The respondents were against the development of the CBDC due to privacy concerns. The Canadian resident complained that the development of CBDC would allow regulators to spy on their financial activities.

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Mistral AI Raises $644M in Series B Funding Round

On Tuesday the renowned artificial intelligence company Mistral raised $644 million in a Series B funding round. The fresh capital generated in the fundraising propelled Mistral’s value to reach $6 billion.

The funding round was led by the Massacheusset headquartered venture capital General Catalyst. Other participants in the fundraising included  Nvidia, Andreessen Horowitz, IBM, Samsung Corp., Cisco, Lightspeed Venture Partners, and Salesforce Ventures.

General Catalyst Leads Mistral AI in $644M Funding Round

Interestingly the company value increased by threefolds from $2 billion. On LinkedIn, the AI researcher at Mistral Devendra Chaplot stated that from December last year, the company value has increased thrice.

The current firm value demonstrated that Mistral was headed in a direction that attracted prosperity. The executive confirmed that in the coming days, Mistral will increase its workforce.  

In a subsequent announcement the chief executive of Mistral AI Arthur Mensch stated that the funding round played a critical role in Mistral’s global expansion journey.

The CEO appreciated the support the company received from the new and existing investors. Mensch believes that the new capital will support the attainment of the Mistral roadmap of improving the accessibility of AI tools.  

Mistral AI Plans to Expand its Workforce 

The executive admitted that the AI sector has become more competitive due to its capital-intensive nature. The development within the AI sector has forced companies to invest in integrating high computing power and hire new talents to boost productivity.

Mensch confirmed that the new capital will be utilized to increase Mistral’s computing power and expand the workforce. Also, the funds will be used to expand Mistral’s footprint in the United States.

Having been in the AI sector for nearly one year the $644 million demonstrated that investors have gained trust in Mistral AI. With the AI evolution, the Mistral AI seeks to cement its market position at a considerable position. 

Currently, Mistral AI ranks fourth largest AI company competing with Anthropic, Databricks, and OpenAI. The Mistral AI boasts of having forward-thinking leaders including the former Meta and  Google employees.

Besides having a strong team Mistral has invested in commercializing its proprietary AI models to meet the ever-changing market needs. The Mistral AI tools are designed to meet the needs of corporate clients such as privacy.

To cope with the market trends Mistral AI has been working on creating open-source models such as Mistral 7B, Mixtral 8x22B, and Mixtral 8x7B. The open source models aim at enabling the Mistral users including developers and researchers to create the projects seamlessly. 

Factors Contributing to High Demand for Open-Source AI Models

The Mistral team believes that the open-source model will enable the company to attain its long-term objective. From its market research, the Mistral team noted that the open-source AI models were more promising.

A recent report demonstrates that high-performing tech industries are working on transforming open-source AI models. Meta leads other companies with around 1909 open source models. 

Other companies competing to dominate the open-source AI sector include Google, Microsoft, and Apple Inc. owning 800, 300, and 47 models respectively.

Currently, the Mistral seeks to outpace  Stability AI in developing open-source images. Even though Mistral is taking monumental steps in building the open-source AI model OpenAI remains the global leader in AI development. 

In comparison to other AI models the Mistral open-source models are high-efficiency tools. The Mistral open-source models currently compete with OpenAI’s GPT- 3.5 Turbo, Anthropic Claude 2, and Google Gemini Pro. 

A review of Mistral AI products demonstrates that the Paris-based tech firm provides free chatbots and multiple revenue-generating projects such as enterprise plans, and API tools among others. 

The Mistral aims at ensuring its AI model improves people’s quality of life. To attain the end goal Mistral AI has been seeking to enter into a partnership deal with Microsoft Azure. Under the partnership agreement, Microsoft Azure will support Mistral to commercialize its AI models.

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Consensys CEO Projects Crypto Crimes to Increase

The ever-evolving nature of crypto assets has attracted criminals to prey on the digital sector. The surge in crypto-related crimes has compelled key industrial players to share their insights on the causes of these crimes and the measures they can take to mitigate risks related to digital assets. 

In an interview with the chief executive of Consensys, Joseph Lubin, lamented that a lack of adequate security measures on crypto assets could lead to substantial financial losses.

Consensys CEO Joseph Lubin Predicts Increase in Crypto Crime

The executive described crypto as the hardest thing in the history of software. Lubin noted that crypto is complex and prone to threats and vulnerabilities. Citing the development within the crypt sector, Lubin urged the developers and users to enhance the security of digital assets. 

The official advised the crypto enthusiast on various approaches to improve the security of digital assets. Besides improving the security of digital assets, Lubin urged developers to create a suitable environment that encourages the responsible use of crypto and blockchain technologies.

He noted some similarities between crypto and the old banking system. Lubin lamented that one hundred years ago, criminals could spot vulnerabilities in the banking system.

Eventually, the banks strengthened their security protocol, making it hard for criminals to compromise the banking system. Lubin remains optimistic that the crypto industry will evolve to become secure like banks.

Lubin Urges Crypto Developers to Implement Adequate Security Measures

The official predicts the crypto industry will experience significant threats as it grows. Lubin expects more criminals to prey on the crypto industry before it reaches maturity.

Also he noted a repetitive pattern of detecting vulnerabilities involving conducting security audits or issuing bounties. Despite the measures embraced in combating crypto crime, Lubin expects more people to migrate from traditional financial sectors to Web3, decentralized protocols, and the internet. 

The Ethereum co-founder expects more threats to be witnessed in the crypto sector over time. Lubin projects that criminals looming in the crypto industry will become well-resourced with time. 

He encouraged the crypto firms to be prepared for more sophisticated threats. Revisiting a recent incident where a developer lost $40,000 worth of crypto assets a minute after accidentally disclosing his private keys on GitHub, Lubin noted that criminals are actively preying on the digital sector.

Lubin stated that bad actors were actively looking out for mistakes made by investors. Besides highlighting the crypto sector’s threats, Lubin advised the investors on ways to avoid losing their funds. 

Factors Contributing to Increase in Crypto Crime

The executive urged the public to avoid taking financial advice from individuals purporting to be investment experts on social media. He warned the crypto community from sending funds or crypto assets to strangers.

During the interview with Cointelegraph Lubin, noted that criminals are using the easy way to defraud crypto investors. To avoid falling into scammers’ traps, Lubin advised investors to avoid clicking suspicious links or websites. 

Crypto investors are advised to store their assets in cold storage on their self-custodial wallets to keep their funds safe. He noted that the inception of crypto resembles the web and the internet.

Lubin observed that when the internet was still a new concept, individuals in the tech and science fields showed some interest in the latest technology. Lubin fears that the crypto evolution has more threats than the internet.

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Ireland Approves Crypto.com Virtual Assets Service Provider Application

In a June 11 report, Crypto.com was pleased to announce the approval of the Virtual Assets Service Provider (VASP) registration in Ireland. The crypto exchange stated that the Central Bank of Ireland (CBI) approved its VASP early this week. 

Obtaining the VASP allows Crypto.com to expand its market presence in Ireland. The exchange is expected to offer diverse crypto-to-fiat exchange services and wallets. The approval of VASP in Ireland aligns with the objective of Crypto.com, which is to operate as a compliant firm.

Crypto.com Secure VASP License in Ireland

The Singaporean crypto exchange has remained committed to complying with the global standards, including the anti-money laundering (AML) requirement and terrorism financing rules. 

Besides the endeavor to become a complaint exchange, Crypto.com prioritized customers’ needs. Crypto.com has a sustainable client base serving over 100 million users globally.

A statement from Crypto.com chief operating officer Eric Anziani revealed that the approval of VASP in Ireland demonstrated the company’s commitment to enhance compliance. The executive confessed that Crypto.com has been pushing for the responsible use of innovation. 

Therefore, Anziani believes that entrants of Crypto.com to the Irish market will enable investors to buy and sell comprehensive crypto products. The approval came months before implementing the demand for crypto assets (MiCA) rules in the European Union, which is expected to simplify cross-border trade. 

Attractiveness of Ireland Crypto Market

In readiness for the MiCA rules, fast-paced crypto exchanges, including Coinbase, Gemini, and Ripple, have expanded to Ireland. Crypto.com will join crypto exchanges to offer crypto products to Irish users. 

Apart from Ireland, Crypto.com has obtained VASP licenses in France, Singapore, Dubai, Australia, and Spain, among other countries. The approval of the Crypto.com license demonstrates Ireland’s commitment to promoting crypto-asset adoption. 

In 2023, the country’s apex bank approved seven crypto firms to operate in the region. Ireland has posed as a crypto-friendly country in the EU. Last year, the Coinbase team revealed plans to establish its crypto hub in Ireland.

The Coinbase team stated that Ireland has a pleasant business environment for fintech companies. Its expansion to Ireland demonstrated Coinbase’s commitment to expand its European market presence ahead of MiCA regulations.

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US Prosecutors Call for Release of Binance Executives Detained in Nigeria

Months after the arrest of two Binance executives in Nigeria, theUS policy makers have teamed up calling for the officials’ release. The long waging war for the release of the head of financial crimes and compliance at Binance Tigran Gambaryan, the Nigerian court has turned a deaf ear to the request. 

In May, Gambaryan developed a health complication that called for immediate medical attention. During his recent arraignment, Gambaryan collapsed in court and was rushed to a hospital in Abuja.

US Prosecutor Urges White House to Intervene  on Release of  Binance Official Arrested in Nigeria

As Gambaryan’s medical condition continued to deteriorate, the wife urged the court to release her husband on bail. The wife lamented that her husband received poor treatment at Kuje prison. 

She complained that Gambaryan was exposed to harsh conditions in prison affecting his health and mental well being. Mrs Gambaryan added that the prison restricted the defense team from accessing their client in prison.

After failed attempts to release Gambaryan on bail, the Binance team, in partnership with another American prosecutor, penned a letter to the US Department of State. In the letter, over 100 lawyers and prosecutors urged the agency to take strategic action to release the Gambaryan in Nigeria. 

The letter sent to the Secretary of State Antony Blinken, Special Presidential Envoy for Hostage Affairs Roger D. Carstens, and Chairman of the House Foreign Affairs Committee requested the Biden administration to take immediate action on the release of the Binance official arrested in the West African country.

The letter stated that Gambaryan’s health and well-being were in danger. Before joining Binance, Gambaryan was a special agent at Internal Revenue Service (IRS) . 

His former colleague described the ailing Binance officials as dedicated individuals in legal and compliance matters. Gambaryan’s former colleagues confirmed that the Binance official was committed to implementing the rule of law. 

US Law Makers Claims Detention of Binance Officials in Nigeria was Unlawful

Having a thriving career in legal matters, Gambaryan addressed several cases in child pornography, terrorism finance, and theft. Gambaryan also worked to dispute the Silk Road public corruption cases. 

The Nigerian government charged Gambaryan for laundering over $35 million and engaging in multiple tax cheats. The prosecutor noted that the charge filed by Nigeria against Gambaryan was false. 

They lamented that the Binance officials were held accountable for the company mistakes. Elsewhere, the Binance team stated that Gambaryan was innocent. The controversial crypto exchange confirmed that mid-level employees should not be responsible for the company’s actions.

After examining the charges filed by the Nigerian authority, the American prosecutors described the Gambaryan accusation as baseless. The prosecutors lamented that Gambaryan’s arrest was a tactic used by Nigerians to exploit the disgraced Binance executive. 

In the letter, the prosecutors claimed that Gambaryan’s arrest was unlawful for an American citizen to be detained in a foreign country. Citing the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act, the prosecutors confirmed that the procedure used to detain Gambaryan was unlawful. 

Binance Calls for Release of Official Arrested in Nigeria

Revisiting the arrest incident, the cohort argued that Gambaryan and his colleague should be transferred to the US Office of the Special Presidential Envoy for Hostage Affairs for further interrogation. 

The prosecutor urged the White House to take immediate action to ensure the convicted Binance officials in Nigeria were safe. According to the report, Gambaryan and Nadeem Anjarwalla officials were arrested in February after being invited by Nigerian officials to discuss matters concerning Binance’s operation in the region. 

The meeting was held at a time when dollar demand outpaced the naira. The devaluation of the naira forced the Nigerian authorities to take corrective measures to restore the stability of the national currency. 

After the meeting, the two were arrested for 14 days without charges to allow the Nigerian authority to investigate Binance’s compliance with the law. Days after the arrest, Anjarwalla escaped prison and fled Nigeria to Kenya. 

Anjarwalla’s mysterious escape from prison forced the Nigerian and Kenya governments to collaborate to arrest and deport the culprit.

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The Launch of Spot Ethereum ETFs: A Beginner’s Guide

Introduction to Spot Ethereum ETFs

The approval of the Spot Ethereum Exchange-Traded Fund (ETF) represents a pivotal advancement in the integration of cryptocurrencies with traditional financial markets.

As Ethereum continues to garner interest as a premier blockchain platform and digital currency, the introduction of a spot Ethereum ETF marks a significant milestone. This article delves into the fundamentals of Ethereum ETFs, highlighting their importance, benefits, and key considerations for investors exploring this new investment avenue.

Understanding Spot Ethereum ETFs

A Spot Ethereum ETF is designed to offer investors a straightforward path to gain exposure to Ethereum without the complexities of direct ownership. These ETFs track the real-time price movements of Ethereum, allowing investors to purchase shares in the fund, which are backed by actual Ethereum tokens held by the custodian.

Distinctions Between Ethereum and Ethereum ETFs

The primary difference between holding Ethereum directly and investing in an Ethereum ETF lies in the ownership and management of the asset. Direct Ethereum holders manage their own cryptocurrency and store it in digital wallets, whereas Ethereum ETF investors own shares in a fund that holds Ethereum.

This setup provides a layer of convenience and reduces the responsibilities associated with direct cryptocurrency management.

Significance of Ethereum ETFs

The regulatory approval of Spot Ethereum ETFs not only legitimizes Ethereum’s role within the financial ecosystem but also opens the door to substantial institutional investment. Estimates suggest that this could lead to an influx of $15-$45 billion into the Ethereum market within a year, showcasing the profound impact of integrating Ethereum into the regulated financial landscape.

How Spot Ethereum ETFs Operate

Spot Ethereum ETFs function through a creation and redemption mechanism involving authorized participants who can deposit Ethereum to create new ETF shares or redeem shares for Ethereum.

This process ensures that the ETF’s share price closely mirrors the actual market price of Ethereum, providing a transparent and efficient investment model.

Spot ETFs versus Futures ETFs

Unlike futures ETFs, which invest in Ethereum futures contracts, spot ETFs hold actual Ethereum tokens. This direct exposure helps in reflecting a more accurate performance of Ethereum’s price movements.

Spot Ethereum ETFs offer a simpler and more transparent investment compared to futures ETFs, which can involve more complex cost structures and indirect exposure through derivatives.

Investment Approaches: Direct vs. ETF

Investors looking to gain exposure to Ethereum have the option to either buy it directly and manage their own digital wallets or invest through a spot Ethereum ETF, which eliminates the need for personal custody of the cryptocurrency. This choice significantly lowers the barrier to entry for those unfamiliar with the technical aspects of cryptocurrency transactions.

Advantages of Spot Ethereum ETFs

Investing in a Spot Ethereum ETF offers several benefits:

• Accessibility: Provides a straightforward and regulated way to invest in Ethereum through traditional brokerage accounts.
• Reduced Custody Risks: Eliminates the need for investors to manage private keys or understand digital wallet security.
• Liquidity and Ease of Trading: Shares of ETFs can be bought and sold like any other stock on a regulated exchange, providing liquidity and simplicity.
• Diversification: Allows investors to diversify their portfolios without the need to directly purchase and hold cryptocurrency.

Challenges and Considerations

While Spot Ethereum ETFs bring numerous advantages, there are several risks and considerations:

• Market Volatility: Ethereum’s price can be highly volatile, affecting the ETF’s value.
• Regulatory Changes: Potential regulatory shifts could impact the operations and profitability of Ethereum ETFs.
• Fees and Expenses: ETFs incur management fees, which could affect investment returns.

Conclusion

The introduction of Spot Ethereum ETFs marks a significant step forward in the convergence of cryptocurrency and traditional finance. By offering investors a regulated, accessible, and secure means to invest in Ethereum, these ETFs could play a crucial role in mainstreaming cryptocurrency investments and enhancing the overall stability and maturity of the cryptocurrency market.

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How to Sell Pi Coins in 2024: A Comprehensive Guide

As Pi Network’s innovative approach to cryptocurrency gains traction globally, amassing a user base of 47 million, the question arises: how does one sell Pi coins? This guide provides a detailed overview of Pi Network and explores various methods for selling Pi coins in 2024.

Overview of Pi Network

Launched in 2019 by Stanford alumni Chengdiao Fan and Nicolas Kokkalis, Pi Network aims to democratize cryptocurrency mining, making it accessible and sustainable for everyone. Utilizing the “Stellar Consensus Protocol,” Pi Network rewards users for their engagement and contribution to the network’s growth, all from their mobile devices without the need for energy-intensive hardware.

Pi coins, the primary cryptocurrency of Pi Network, have a capped maximum supply of 100 billion, with 25% held by the core team. These coins are currently not tradable on any cryptocurrency exchanges and can only be acquired through mining.

Selling Pi Coins: Available Methods

As of now, there is no direct method to trade or sell Pi coins on mainstream crypto exchanges due to the ongoing development and pending launch of Pi Network’s mainnet. Here are potential methods to consider for future trading:

1. Peer-to-Peer Transactions

Pi coins can be exchanged directly between individuals, either online or offline, without intermediary platforms:

• Online P2P: Connect with buyers on P2P platforms. This method lacks formal transaction validation, posing risks of fraud.
• Offline P2P: Exchange Pi coins for physical cash. This method is more secure but less convenient than online transactions.

2. Trading IOUs

Before Pi coins are officially listed on exchanges, IOUs (I Owe You) representations of Pi coins can be traded. These are not actual coins but serve as placeholders to gauge Pi’s market value.

3. Anticipated Exchange Listings

Once Pi Network launches its mainnet, it is expected that Pi coins will be listed on major cryptocurrency exchanges, facilitating trading for fiat or other cryptocurrencies. Staying updated with exchange announcements is crucial.

4. Direct Spending

In the future, it may be possible to use Pi coins directly to purchase goods and services, provided merchants and platforms accept Pi as a form of payment.

Mining Pi Coins

Mining Pi coins is straightforward and accessible:

1. Download the App: Available on Google Play and the App Store.
2. Sign Up: Use an email address or Facebook account.
3. Secure Your Account: Choose a strong password.
4. Use an Invitation Code: Enter a code from an existing user.
5. Start Mining: Tap the lightning button every 24 hours to mine.

Users are categorized into four roles based on their activities within the network:

• Pioneers: Regular users mining on the app.
• Contributors: Users who build their security circle by adding trusted contacts.
• Ambassadors: Users who invite others to join the network, earning bonuses.
• Nodes: Users running the Pi Node software on their computers.

Future of Pi Network

Pi Network’s launch is eagerly anticipated in 2024, with the exact date yet to be announced. The launch depends on community involvement and the achievement of certain milestones, such as reaching 15 million KYC-verified users. The development team is also focused on building a robust P2P ecosystem.

Conclusion

While the excitement around Pi coins continues to build, the ability to sell or trade these coins remains just beyond reach until the official launch of the network’s mainnet. Potential sellers should prepare by understanding the various methods that will become available and by staying engaged with the Pi community for the latest updates.

The true value of Pi coins will become clear only once they are fully integrated into the open market, making now a time of anticipation and preparation for what’s to come.

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