Author: Jonathan Agozie

Chinese police exposed $2 billion in illegal transactions using the USDT stablecoin.

The police in Sichuan Province, Southeast China, have exposed an underground bank that utilized the USDT stablecoin for foreign currency exchanges, with transactions amounting to 13.9 billion yuan, approximately $2 billion. According to a state media report posted by the police in Chengdu city on Thursday, the criminal group was engaged in facilitating illegal transactions using Tether’s USDT stablecoin.

The operation spanned 26 provinces, municipalities, and autonomous regions. Nationwide, authorities have arrested 193 suspects in connection with this case, with assets totaling 149 million yuan frozen, as stated in the report.

Unveiling $2B in Criminal Transactions

The investigation began in November 2022, when the Longquanyi District Branch identified suspicious fund settlements through underground banks, indicating potential involvement in illegal foreign exchange activities. Reportedly, the Chengdu Municipal Public Security Bureau formed a task force consisting of various departments, including economic investigation, cyber security, legal affairs, and technical investigation.

On June 1, 2023, a task force conducted arrest operations in Shanghai, Changsha, Nanjing, Shenzhen, Fuzhou, Jinhua, and other areas, directed by the Ministry of Public Security and the Public Security Department. The operations resulted in the apprehension of 25 criminal suspects, including the surnames Lin, Weng, and Chen, and the seizure of significant evidence, such as bank cards and payment instruments. 

Chinese authorities claim that individuals allegedly used USDT to provide illegal services to clients looking to transfer funds internationally. These activities included unauthorized foreign exchange, payment, and settlement operations, which reportedly facilitated drug trafficking, counterfeit cosmetics distribution, overseas asset acquisitions, and fraudulent tax refund schemes. According to the report, the use of Tether’s stablecoin allegedly allowed bypassing national foreign exchange regulations, posing “significant risks” to foreign exchange security and financial oversight.

This burst follows a previous case in Jilin Province, where a separate underground bank involving $296 million was uncovered. It was found that cryptocurrency was also being used for currency conversions. In recent years, China has enforced strict capital control policies, prompting some individuals to turn to cryptocurrency as a way to bypass these regulations.

The Solana-based memecoin BONK price increases following Bithumb’s listing.

The cryptocurrency market saw a significant development as the Solana-based memecoin Bonk (BONK) had a price increase of over 7% following the announcement of its listing on Bithumb, the second-largest cryptocurrency exchange in South Korea. According to the announcement, Bithumb will introduce BONK to the Korean market on May 16, with trading starting at 17:00 UTC.

The recent announcement has sparked significant excitement and trading activity among investors. As per CoinMarketCap, the price of Bonk (BONK) has surged to $0.00002625 at the time of writing. This represents a 7.27% price increase in the last 24 hours and a 7.19% price increase over the past seven days.

The cryptocurrency BONK has a circulating supply of about 66 trillion and is currently valued at a market cap of $1.7 billion. Over the past 24 hours, the open interest in BONK has increased by over 30.60%, reaching a valuation of over $8.4 million. Additionally, the Relative Strength Index (RSI) indicates strong buying pressure, standing at 67.52% and signaling active bullish sentiment.

The Memecoin Market

Bithumb’s listing is a significant development for BONK, potentially attracting new investors and propelling the coin’s market presence. This development coincides with a growing interest in the memecoin sector.

The memecoin industry is a fascinating and dynamic market that offers a unique opportunity for those interested in investment and exploration. With a vast array of options to choose from, investors can delve into this exciting and ever-changing landscape to discover new possibilities and potential for growth.

Just like BONK, WIF, and MEW, Solana-based memecoins have surged in popularity within the Solana blockchain ecosystem, showcasing enduring and ever-growing interest in this unique sector of digital assets.

However, with the cryptocurrency market remaining volatile, BONK’s price could experience significant fluctuations. Investors should be cautious despite the rapid growth of the memecoin, as its long-term sustainability is uncertain. Thorough research is advised before investing in the speculative memecoin market.

A crypto whale is facing a paper loss of $178,000 after transferring over $2 million worth of SHIB into Coinbase.

According to a recent post from on-chain analyst Data Nerd, there has been significant activity from a crypto whale involving the token Shiba Inu (SHIB). The whale, identified by the wallet address 0x46247fBB0c26eB926dF74791d2B24037CeBCB5E8, has been engaging in notable trades that could test market liquidity.

7 hours ago, a whale 0x462 just deposited 100B $SHIB (~$2.24M) to #Coinbase.

Within a week, he accumulated those tokens with avg entry $0.00002408.
If sold at current price, he will have a small loss ~$178k.

His address:https://t.co/NrkJwBbVb1 pic.twitter.com/cAJ7FZdRXg

— The Data Nerd (@OnchainDataNerd) May 13, 2024

The on-chain analyst also noted that the whale accumulated the Shiba Inu tokens over the week at an average price of $0.00002408. Notably, if the whale sells the holding at current market prices, he will suffer a loss of up to $178,000.

According to data from Arkham Intelligence, this individual holds other assets such as Ethereum, but most of their recent transactions have involved SHIB. In the past seven days, the whale has accumulated over 100 million Shiba Inu tokens. This occurred through transactions on May 5, 6, and 7, during which the individual acquired 23.442 billion, 44.885 billion, and 32.109 billion of SHIB, respectively.

SHIB Transactions Surge Despite Market Downturn

Today, the total cryptocurrency market cap dropped by 0.66% in the past 24 hours to $2.24 trillion. The prices of leading cryptocurrencies like Bitcoin and Ethereum have also decreased significantly.

Based on the data from CoinMarketCap, Bitcoin (BTC) and Ethereum (ETH) are currently trading at $61,000 and $2,900 respectively at the time of writing. As a result, the overall sentiment in the crypto market indicates a period of investor uncertainty. 

However, despite the state of the market, SHIB whales are carrying out significant transactions. The overall market conditions for SHIB have been somewhat mixed. The SHIB community has been discussing the impact of its recent addition to Coinbase on the token’s price amid mixed market conditions.

Similarly, On May 2, a report from CryptocurrenciesToWatch revealed another whale transaction that sparked discussion across the SHIB ecosystem. The whale was facing a paper loss of $560,000 after transferring over $2 million worth of SHIB into Coinbase earlier this month. “The whale, identified by the wallet address 0x9f55…, has been engaging in notable trades that could test market liquidity,” CTW reported.

Looonchain’s data has shown that about 649 billion PEPE transactions were executed in the past 24 hours.

Pepe token (PEPE) has caught the attention of crypto investors once again, as recent whale data revealed a significant accumulation of the token. According to a post shared on X by the on-chain analytics platform Lookonchain, 649 billion PEPE transactions were executed within 24 hours.

Lookonchain’s data shows that two whales, labeled “0xa145” and “0x895f,” withdrew 451 billion PEPE tokens worth $4.32 million from the Binance crypto exchange within a three-hour time interval. In addition, two crypto wallets, “0xa4Fd” and “0x24E3,” purchased 123.66 billion and 74.5 billion PEPE tokens, respectively, spending a total of $1.75 million.

We noticed that some investors accumulated $PEPE!

0xa145 withdrew 350B $PEPE($3.44M) from #Binance 10 hrs ago.
He is good at swing trading $PEPE and has a profit of ~$2.66M on $PEPE. https://t.co/OcWKqsL14L

0xa4Fd spent 1.09M $USDC to buy 123.66B $PEPE at $0.00000881 13 hrs… pic.twitter.com/55iL9W7CxT

— Lookonchain (@lookonchain) May 11, 2024

PEPE Accumulation Stirs Optimism

On May 9, a new wallet address, 0x4f0178, accumulated 357.34 billion PEPE tokens, valued at $2.9 million, according to Lookonchain. This sudden accumulation has sparked speculation about the confidence of this whale in the asset’s future, even though the price has continued to rise in recent days.

On May 6, CryptocurrenciesToWatch (CTW) revealed that a crypto trader made a profit of over $900,000 on PEPE. “The trader’s investment in PEPE at this price shows confidence in its potential growth. This move has gained attention in the crypto market and reflects the trend of increased interest in alternative cryptocurrencies beyond Bitcoin and Ethereum,” said CTW.

Furthermore, on May 3, a well-known cryptocurrency transaction tracker called WhaleAlert reported a significant transfer of Pepe tokens between wallets. As per the report, a whale moved over 4 trillion Pepe tokens from Paribu, a Turkey-based exchange, to an unknown wallet.

Over the past 24 hours, the price of PEPE has been fluctuating between $0.000008304 and $0.000008548, and as of now, it rests at $0.000008708, representing a boost of 0.92%, according to the latest data from CoinMarketCap. Even though the token’s value has seen some ups and downs in the past day, investors are still optimistic thanks to promising technical signs.

FINTRAC revealed that Binance carried out 5,902 individual transactions of about $10,000 in crypto from June 2021 to July 2023 and failed to submit large virtual currency transaction reports.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed a 6,002,000 CAD ($4.4 million) administrative monetary penalty on Binance. The penalty had been placed because the company failed to register and report large transactions in digital assets.

#FINTRAC has imposed an administrative monetary penalty of $6,002,000 on Binance Holdings Limited, a foreign money services business. For more information, consult the Centre’s website: https://t.co/x7KF5M3s2v pic.twitter.com/slFic4gJWo

— FINTRAC_Canada (@FINTRAC_Canada) May 9, 2024

FINTRAC said it imposed a penalty on Binance Holdings Limited for violations of money laundering and terrorist financing regulations. According to the regulator’s statement, Binance has failed to register as a foreign money services business and has neglected to report digital currency transactions that exceeded $10,000.

The regulator noted that Binance had an unconcerned attitude toward registration, despite several deadlines. Instead, the exchange left Canada last year and continued to accept cryptocurrency from Canadians. According to FINTRAC, Binance carried out 5,902 individual crypto transactions worth $10,000 or more on its exchange between June 2021 and July 2023. “Binance Holdings Limited failed to submit large virtual currency transaction reports with prescribed information,” reported FINTRAC.

Binance Griefs Persists

Recently, Binance has been encountering difficulties in its operations. According to CrptocurrenciesToWatch, two Binance executives were arrested in Nigeria over accusations of tax evasion and money laundering last February. The court proceedings regarding the case are scheduled to resume on May 17.

In late 2023, Binance pleaded guilty and agreed to pay over $4 billion to resolve the Justice Department’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA). “Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” said Secretary of the Treasury Janet L. Yellen.

As part of the agreement, Changpeng Zhao resigned from the Binance CEO position and pleaded guilty. He was later sentenced to four months in jail.

The HashKey Exchange launched TON trading with the TON/USD pair, exclusively available to professional traders.

Toncoin has recently made a significant advancement in the Asia-Pacific cryptocurrency market by securing a listing on the HashKey Exchange. This move could open up more opportunities for Toncoin trading, which is set to begin on May 9 at 16:00 (UTC+8). The exchange has launched TON trading with the TON/USD pair, and it is exclusively available to professional traders.

📣Breaking Announcement! Toncoin (TON) @ton_blockchain is set to list on HashKey Exchange!

📌Join The Learn to Get HSK Campaign: a reward pool of 20,000 HSK available! Just Simply complete the KYC verification, learn about Toncoin (TON) and complete the quiz with all correct… pic.twitter.com/gLQb14YG6d

— HashKey Exchange (@HashKeyExchange) May 8, 2024

This collaboration aims to combine the expertise and resources of both entities to improve operational efficiency and infrastructure, providing seamless access to digital assets across Asia-Pacific markets. With this move, they aim to further their shared goal of making it easier for people to integrate cryptocurrency into their daily lives. This partnership is a great step forward towards achieving that goal.

In addition to the above, this partnership aims to bring in fresh investment prospects and enhance user satisfaction within the TON ecosystem. The shared goal of both entities is to make Toncoin and other digital assets more accessible and to promote greater adoption across the region.

Investors Gaining Interest on TON

Over the past few months, the TON network has gained significant traction and importance. The integration of new protocols and the introduction of the Open League may have played a major role in this success. 

The Open League program has allocated about $115 million worth of TON in prizes to the community and projects operating within the TON ecosystem. This led to a remarkable 1,900% increase in daily active users. Notably, the TON network surpassed $200 million in Total Value Locked (TVL) on Monday. This surge marks a 773% increase from the $22.9 million TVL recorded in March, highlighting the growing adoption and relevance of the TON ecosystem.

The TON asset has a circulating supply of approximately 3.5 billion and a market capitalization of $20.06 billion, which highlights its significant position in the cryptocurrency market.  HashKey Exchange is celebrating Toncoin’s listing by providing members with a reward pool of 20,000 HSK tokens. The exchange also noted that deposit and withdrawal services are now available.

The layer-2 blockchain is seeing adoption as it recorded a 1,633% in the key on-chain metric.

Shiba Inu’s layer-2 solution, Shibarium, is currently experiencing an unprecedented level of growth. The platform has witnessed an incredible surge in new account creation, with a staggering 1,633% increase in a single day.

According to Shibarium’s website, on April 6, 780 new accounts joined the network, compared to just 45 the day prior. Additionally, active accounts have seen a remarkable rise of 48.7%, surging from 977 to 1,453 within the same period.

This explosion of online activity on Shibarium has ignited speculation about its potential impact on the Shiba Inu ecosystem, particularly its token dynamics. Recently, data from Arkham Intelligence has revealed that a whale pulled out $1.04 million worth of SHIB from Binance in a transfer to a wallet address labeled “0xB4FE28705a076aF670f1AC29c1Ba708b63cB8F51.”

The Shibarium key on-chain metric increase is truly an exciting time for the Shibarium community. However, despite the influx of new users, transactional activity on Shibarium hasn’t yet reached its previous heights. The network currently processes only 5,900 transactions daily, a significant drop from its peak of about seven million transactions per day towards the end of 2023.

Understanding Shibarium and its Potential Impact

Shibarium is a layer-2 blockchain specifically designed for the Shiba Inu ecosystem. The ecosystem includes the SHIB token, LEASH, BONE, and a decentralized exchange called ShibaSwap, allowing users to provide liquidity, stake, and swap tokens.

The Shiba Inu ecosystem uses the SHIB token for its transactions. SHIB is built on the Ethereum blockchain and leverages its smart contracts to facilitate DeFi activities.

BONE serves as the lifeblood of Shibarium’s governance. BONE holders can lock up their tokens to participate in the network’s validation process and earn rewards.

The Shiba Inu blockchain addresses limitations faced on the Ethereum network, such as high transaction fees and slow processing times. Besides, Shibarium has a feature that burns some Shiba Inu tokens, meaning fewer tokens are out there, and those left are worth more. This can incentivize more frequent use within the Shiba Inu ecosystem, potentially leading to a rise in transactional activity.

A purchase of 143 billion PEPE by a crypto investor has gained considerable attention due to the investor’s history of profitable trades.

According to data from Lookonchain, a blockchain analyst platform, a crypto trader referred to as “smart money” made a purchase of 142.96 billion PEPE for $1.26 million. The transaction was executed at a unit price of $0.000008831, and it appears that the investor made some well-timed moves over the past six months.

The trader’s investment in PEPE at this price shows confidence in its potential growth. This move has gained attention in the crypto market and reflects the trend of increased interest in alternative cryptocurrencies beyond Bitcoin and Ethereum.

Based on Lookonchain’s statistics, this trader’s approach has been quite successful. Six of the seven PEPE trades executed were profitable, leading to a remarkable win rate of 85.7%. The total profits earned by the trader amounted to an impressive $915,000, proving the effectiveness of their strategy.

A $PEPE smart money spent 1.26M $USDC to buy 142.96B $PEPE at $0.000008831 2 hours ago.

The smart money has traded $PEPE 7 times in the past 6 months, 6 of which were profitable, with a win rate of 85.7%, and the total profit is $915K.https://t.co/92nzYbyfsY pic.twitter.com/Lsqf56W6hB

— Lookonchain (@lookonchain) May 6, 2024

PEPE’s Market Trends

Pepe is a memecoin that has been gaining attention due to its recent price movements. Recently, a prominent cryptocurrency transaction tracker called WhaleAlert reported that there was a significant movement of Pepe tokens between wallets. According to the report, a whale transferred exactly 4,049,371,347,309 PEPE tokens from the Turkey-based Paribu exchange to a wallet that is labeled as ‘unknown.’ This transaction has sparked curiosity and speculation within the cryptocurrency community.

Over the past 24 hours, the price of PEPE has been fluctuating between $0.000008287 and $0.000008591, and as of now, it rests at $0.000008647, representing a boost of 0.43%, according to the latest data from CoinMarketCap. Even though the token’s value has seen some ups and downs in the past day, investors are still optimistic thanks to promising technical signs.

It’s worth noting that the token’s open interest has recently seen a positive uptick of 1.17%, reaching an impressive $95 million, according to Coinglass. This is a positive sign of continued investor interest in the token and it may also suggest the possibility of further price appreciation shortly.