• A 47-year-old resident of Orenburg in Russia has been sentenced to four years in prison for crypto mining-related fraud.
• The man had duped a local entrepreneur into investing money in a crypto mining project, but had failed to deliver on any of his promises.
• He was ordered to pay full compensation as well as a fine of nearly $4,300.
Russian Crypto Mining Fraudster Jailed
A 47-year-old resident of Orenburg in Russia has been sent to prison for four years for committing cryptocurrency mining fraud. The man had duped a local entrepreneur into investing money in a crypto mining project, but had failed to deliver on any of his promises, and was subsequently ordered to pay full compensation as well as a fine of nearly $4,300.
Details of the Fraud Scheme
The court heard that the fraudster offered the local entrepreneur an opportunity to work with him on a project where they would buy and resell cryptocurrency hardware for profit. The entrepreneur provided approximately $108,000 from his own funds and another company he founded invested nearly $172,000 into the scheme. Unfortunately, no crypto mining equipment was ever delivered nor were any refunds issued.
Guilty Plea Denied by Defendant
The defendant pleaded not guilty in court claiming that he „had no intention“ of deceiving the entrepreneur; however the court found him guilty on two counts of fraud resulting in his sentence and financial restitution order being issued.
Growth of Crypto Mining Industry
Crypto mining is becoming increasingly popular throughout Russia with certain parts such as Irkutsk becoming known as hotspots for miners. Russian energy firms are also looking at potential gas powered crypto mining projects at various oil drilling sites due to their low cost prices compared to other countries like Kazakhstan which has 18% hash rate compared with 11.23% from Russia and 35% from USA according the Lil Morrison (@LillyMoCrypto).
• Shiba Inu (SHIB) is now the 13th largest cryptocurrency, with a market cap of $6.8 billion and 549 trillion tokens in circulation.
• The price of Shiba Inu has risen by 50% from its low point in December and its daily trading volume has seen an increase to $300 million.
• Whale Alert has identified a large-volume investor who moved slightly over 3 trillion SHIB tokens, worth approximately $38 million at the time of writing.
The Shiba Inu (SHIB) meme coin has seen remarkable growth in the past few weeks, with its price rising by 50% from its low point in December. The coin has now become the 13th largest cryptocurrency, with a market cap of $6.8 billion and 549 trillion tokens in circulation. Recently, SHIB’s daily trading volume has seen an increase to $300 million, making it one of the most actively traded coins on cryptocurrency exchanges.
The increased interest in SHIB has been reflected in the increased number of whale transactions involving the coin. According to WhaleStats, Shiba Inu is among the top ten most used smart contracts for the top 1,000 biggest Ethereum whales on Friday. Furthermore, it has been identified among the most used smart contracts for the top 100 Ethereum whales in the past 24 hours. This suggests that Ethereum whales have been accumulating SHIB tokens, likely in anticipation of the upcoming launch of the new protocol, Shibarium.
Recently, Whale Alert, a platform monitoring whale transactions in the crypto market, identified a large-volume investor who moved slightly over 3 trillion SHIB tokens, worth approximately $38 million at the time of writing. The transfer originated from an unknown wallet and still ended up in another unknown wallet. Interestingly, the wallet received roughly the same number of tokens a fortnight ago from an unidentified wallet which at the moment has a zero balance, according to data from Etherscan.
Given the increased interest from whales and the upcoming launch of Shibarium, it remains to be seen if the Shiba Inu price uptrend will remain intact in the near future. Analysts and traders alike will be closely watching the cryptocurrency space to see if SHIB will continue to increase in value, or if the coin will suffer a price correction. With the expected launch of Shibarium, it is likely that the Shiba Inu price will continue to increase, given the current level of investor interest in the coin.
• Axie Infinity (AXS) has pulled back by close to 20% from the highs it hit above $14 per token just a few days ago, but is still up around 90% this month.
• Investors are increasingly returning to the most speculative corners of the crypto investment space as risk appetite returns.
• Tokens presales, such as Meta Masters Guild, may offer investors the potential to secure 10x gains when they move from the presale stage to trading on exchanges later this year.
Recent days have seen the cryptocurrency market experience a notable revival as investors increasingly return to the most speculative corners of the crypto investment space as risk appetite returns. One such coin that has seen explosive gains this month is Axie Infinity (AXS), the cryptocurrency that powers one of Web3’s leading play-to-earn crypto games Axie Infinity.
AXS/USD hit a high of $14 per token just a few days ago, up around 90% this month, before pulling back by close to 20% and is now changing hands just below $11.50. This is the largest rebound that AXS has seen since the bear market began, with past bear market rallies having only seen trough-to-peak rebounds of around 70-80%.
As such, the latest rebound is being interpreted by some as more than just another bear market rebound and AXS isn’t the only altcoin to have seen notable gains this month. Thus, investors may be looking for alternative ways to secure 10x gains and one of the best potential ways might be via investing in token presales.
One such token that may offer investors the potential to secure 10x gains is Meta Masters Guild (MEMAG). The platform is an up-and-coming mobile-based web3 gaming ecosystem that is developing a host of fun and addictive games. These games will utilize non-fungible tokens (NFTs), allowing community members to earn rewards, as well as stake and trade. The platform hopes to in the future become the go-to destination for blockchain gaming, and is currently in its third stage of presales.
Investors need to remember to do their own research before investing in any token, especially ones in the presale stage as there is a greater risk associated with presales as the projects are yet to launch. However, if the rebound in altcoins continues, then investing in token presales may offer investors the potential to secure 10x gains.
• Dogecoin (DOGE) has seen explosive growth in the past 14 days, increasing in value 22.2% to $0.088.
• Other popular meme coins have also seen a surge in value, with the total market capitalization of meme coins reaching $19 billion.
• Dogecoin is sitting on top of robust support at $0.0847 and is likely to continue its uptrend and hit prices above $0.1.
Dogecoin (DOGE) has been on a bullish run in the past two weeks, with its price increasing by 22.2% to $0.088 at the time of writing. This growth in DOGE’s price has been propelled by the increasing popularity of meme coins, with their total market capitalization hitting a whopping $19 billion.
Out of all the meme coins in the market, Dogecoin is the clear leader, with its market capitalization standing at $11.8 billion. Other popular meme coins include Shiba Inu, which has seen a 15.4% surge in the past 24 hours, bringing its market cap to $7.1 billion. Other top meme coins include Dogelon Mars, FLOKI, Kishu Inu, Shiba Predator, Hoge Finance, and Tamadoge (TAMA). While Dogelon Mars has seen a 15.7% increase in value in the past seven days, FLOKI, Kishu Inu, Shiba Predator, and Hoge Finance have all seen increases of 27%, 28.2%, 20%, and 31% respectively in the same period. Tamadoge (TAMA) has also had a good run, with its price increasing 6.6% in a week to trade at $0.0143.
The excitement for Dogecoin and other meme coins is likely to continue, with DOGE in particular sitting on top of robust support at $0.0847. This support has been reinforced by the 200-day Exponential Moving Average (EMA) (in purple). Just below this level is confluence support created by the 100-say EMA (in blue) and the 50-day EMA (in red) at $0.0806. The immediate downside of Dogecoin is also home to a critical falling trend line. All these support areas emphasize DOGE’s undeniable ability to continue with the uptrend and hit prices above $0.1. The Moving Average Convergence Divergence (MACD) indicator is also in a bullish crossover, indicating that prices could soon break out of the falling trend line and hit the resistance at $0.095.
It is likely that Dogecoin, and by extension other meme coins, will remain in the spotlight for the coming weeks. With the current support levels and bullish indicators, Dogecoin seems to be on track to obliterate one zero and close the week above $0.1.
• Brokerage firm Bernstein has advised institutions to start allocating crypto assets rather than adopt a “zero crypto allocation” strategy.
• The analysts at Bernstein expect institutional services‘ opportunity to reach a staggering $30 billion by 2033, a compound annual growth rate of 37%.
• Bernstein predicts that the cumulative crypto revenue will increase by sixteen fold in the next 10 years, from around $25 billion in 2023 to about $400 billion by 2033.
Brokerage firm Bernstein has offered advice to institutional investors, urging them to give up their “zero crypto allocation” strategy and start allocating crypto assets. According to a research report released by the asset manager on Monday, the development of cryptocurrencies is transitioning from a fat infrastructure thesis to a fat application thesis in 2023, paving the way for a decade-long “golden age” of innovation in the crypto space.
The report argued that 2023 will represent the ideal time for institutions to establish their crypto strategies. “Get off zero crypto allocation. For institutional investors with no allocation to crypto, 2023 might be the best time to start placing the building blocks for a long-term strategy,” Bernstein said.
Analysts Gautam Chhugani and Manas Agrawal of Bernstein noted that retail traders have been the primary drivers of crypto development thus far. Going forward, however, they anticipate that growth will be propelled by institutional investors who are participating in on-shore regulated structures. Consequently, the analysts believe there will be “massive opportunities” for institutional capital to flow into industries such as custody, market making, and prime broking.
Chhugani and Agrawal forecast that institutional services’ opportunity will reach a whopping $30 billion by 2033, with a compound annual growth rate of 37%. They predict that crypto-related custody solutions will become an $8 billion market, with market making and prime broking achieving $8 billion and $14 billion, respectively. Moreover, Bernstein anticipates that the cumulative crypto revenue will skyrocket sixteen fold in the next 10 years, from around $25 billion in 2023 to approximately $400 billion by 2033.
The asset manager concluded that with institutional capital set to take the driver’s seat in the crypto space, the industry is preparing to enter a new era of innovation. “As institutional investors move into the ecosystem, we expect a ‚golden age‘ of crypto applications to start in 2023 and last for the next decade. We are entering the era of ‚fat applications‘,” the report concluded.
• Cryptocurrencies may be a manifestation of „magical thinking“ born out of a financial crisis.
• Mistakes and mediocrities made during a period of declining and zero-interest rates were obscured or forgiven, and speculative assets with low probabilities of far-off success inflated in value enormously.
• There are hawkers pitching shiny new vehicles, such as stablecoins and new ways of taking companies public without the usual regulatory scrutiny, promising greater returns while dismissing greater risks.
Cryptocurrencies have become an increasingly popular way to invest money, but this could be due to a form of „magical thinking“ born out of a financial crisis. Mihir A. Desai, a professor at Harvard Business School and Harvard Law School, wrote an opinion for The New York Times, stating that all of the new investors and crypto owners may have a grudge against capitalism, rather than understanding the world they were born into. Desai pointed out that during a period of declining and zero-interest rates, mistakes and mediocrities were obscured or forgiven and speculative assets with low probabilities of far-off success inflated in value enormously. This led to hawkers pitching shiny new vehicles, such as stablecoins and new ways of taking companies public without the usual regulatory scrutiny, that promised greater returns while dismissing greater risks.
Desai argued that this is a hallmark of the ignorance of trade-offs in magical thinking. He believes that investors should be more aware of the risks that come with investing in digital currencies, as well as the potential of them to be manipulated by those who are in control of the market. Despite the potential for disaster, Desai believes that the world of cryptocurrency is here to stay and that it is important for investors to be aware of the potential for financial losses. He concluded by stating that it is important to remember that the financial crisis is still present, with all its flaws and cracks, and that investing in cryptocurrencies or any other asset should be done with caution.
• The Sandbox price has increased by 50.5% over the past 30 days, currently trading at $0.72.
• This bullish outlook is due to the announcement of version 0.8 of the Game Maker, which will allow users to design, test, and share experiences such as games.
• The new version of the Game Maker will also feature new multiplayer gameplay, lighting and visual effects, equipment, and wearables in social hubs.
The recent storm of positive sentiment surrounding the crypto market has been reflected in the surge of The Sandbox token (SAND), which has seen a 50.5% increase over the past 30 days, currently trading at $0.72. This bullish wave has come as investors look to recoup the losses of the project’s 91.8% correction from its all-time high of $8.40.
The surge in The Sandbox’s price can be attributed to the upcoming version 0.8 of the Game Maker, which will give users the chance to design, test, and share experiences, such as games. The Game Maker will also feature new multiplayer gameplay, lighting and visual effects, video and audio streaming, equipment, and wearables in social hubs, allowing for more immersive experiences. With this, The Sandbox seeks to remain competitive in the metaverse and play-to-earn (P2E) arena.
The launch of the new version of the Game Maker is a highly anticipated event, as it will give players the chance to compete with each other, survive together, and interact in brand new ways. From multiplayer races to parkour and obstacle courses, creators will be able to offer action-packed experiences to their players.
The Sandbox’s bullish outlook has the potential to reach $1.50 in the coming days, but first, bulls must clear resistance at $0.75. The project’s focus on introducing new features and experiences is a testament to its ambition to make the metaverse a reality. With the launch of version 0.8 of the Game Maker, The Sandbox has taken a major step towards this goal.
• Wintermute is a leading global crypto market maker that has birthed 36 millionaires in 2021.
• The company paid its 36 UK staff a total of $83 million in 2021, meaning the firm had an average payout of $2.3 million for each employee.
• Wintermute has inked partnerships with over 50 exchanges and trading platforms, and managed hundreds of millions in assets and traded more than $5 billion per day.
Wintermute is one of the biggest market makers in the crypto space and has made a significant impact on the industry. The company, which is based in the UK, has birthed 36 millionaires in 2021 by paying its 36 UK staff a total of $83 million. This means that the firm had an average payout of $2.3 million for each employee. Moreover, the crypto company paid a whopping $22.5 million to one director in the year, suggesting that Wintermute is indeed a lucrative business.
The surge in crypto prices in 2021 was one of the major reasons why Wintermute was able to pay its staff such large sums. The company made $582 million in profits in 2021 as revenues surged from just $40.4 million in 2020 to $818.5 million. Wintermute’s success is largely due to its role as an essential part of the crypto ecosystem. The company helps create liquid and efficient markets on centralized and decentralized trading platforms. Moreover, Wintermute has facilitated the entrance of traditional financial institutions and high-profile blockchain projects into crypto.
So far, Wintermute has inked partnerships with over 50 exchanges and trading platforms. In 2021, the crypto market maker traded around $1.5 trillion in digital assets. The company currently manages hundreds of millions in assets and trades more than $5 billion per day. Prior to the crypto market crash in 2022, the crypto market maker made an average of $2.3m each year. Furthermore, the company’s founders, presidents and executive directors earned a total of $31 million in 2021, with the highest-paid director receiving $22.5 million.
In conclusion, Wintermute has emerged to be one of the biggest market makers in the crypto space. The company has created an incredible number of millionaires in 2021 and continues to be a major player in the industry. Wintermute helps create efficient markets and has forged partnerships with a variety of exchanges and trading platforms. As the crypto market continues to grow, it is likely that Wintermute will remain one of the most successful companies in the space.
• Australia now has more crypto ATMs than El Salvador, overtaking the country where Bitcoin is legal tender.
• The US, Canada, and Spain are the top 3 countries by the number of installed crypto ATMs, with most of Australia’s located in Melbourne, Sydney, and Brisbane.
• El Salvador’s decision to make Bitcoin legal tender in 2021 has been heavily criticized, and reports indicate that their ATM booths are „empty“ less than a year after their launch.
As the cryptocurrency market continues to expand, the number of crypto ATM machines around the world is booming. Recent data from Coinatmradar.com suggests that Australia has now taken the lead in terms of total number of crypto ATMs, overtaking El Salvador, the country where Bitcoin (BTC) is legal tender.
The US, Canada, and Spain still take the top three spots, with 33,950, 2,649, and 273 locations, respectively. Australia is in fourth place with 225 machines, spread across Melbourne (65), Sydney (48), and Brisbane (33). Poland is close behind with 222 locations, most of them in Warsaw (67) and Kraków (42). El Salvador is currently in sixth place with 212 reported locations, mostly in San Salvador (28) and Santa Tecla (25).
El Salvador’s decision to make Bitcoin legal tender in 2021 has been met with significant criticism both domestically and abroad. In an effort to promote bitcoin adoption, the government decided to install around 200 ATMs throughout the country. However, since then, Spain, Australia, and Poland have all overtaken El Salvador in the number of crypto ATMs.
Furthermore, reports of “empty” bitcoin ATM booths have surfaced less than a year after their launch, suggesting that the country may have overestimated its impact on the crypto market. It remains to be seen if El Salvador will be able to reclaim its spot in the crypto ATM rankings.
Overall, the rise in crypto ATMs around the world is a clear sign of the increasing popularity of cryptocurrency. With more and more people looking to invest in digital assets, it’s likely that the number of crypto ATMs will continue to grow. This could prove to be a major step forward in the process of crypto adoption, as it will make it easier for people to access and purchase digital assets.
• The Terra Luna Classic (LUNC) price has jumped by over 5% in the past 24 hours.
• The surge was caused by a proposal to build a task force aimed at boosting its growth, as well as potential whale buying.
• The recent introduction of an on-chain tax burn and Binance listing signal further potential gains in 2023.
The Terra Luna Classic (LUNC) price has been on a streak lately, jumping by over 5% in the past 24 hours and reaching a high of $0.00016077. This marks a 0.5% drop in a week but a 23% gain in a fortnight, with the altcoin down by 7% in a month. Today’s surge was largely caused by the acceptance of a proposal to build a task force aimed at boosting its growth, although it’s also likely that whales have been buying the coin after a dip.
The Terra Luna Classic community has been increasing its efforts to support the coin’s ecosystem and reduce its supply, and this could be a major driving force behind its continued growth. In early September, a 1.2% on-chain tax burn was introduced, giving an immediate boost to LUNC’s price and causing many to speculate that its supply would steadily decline over time. That same month, Binance announced that it would be listing LUNC, further increasing its visibility and strengthening its prospects as an investment.
The LUNC chart also shows a lot of potential for further gains. Its relative strength index (purple) has risen above 70 in recent hours, indicating growing momentum, while its 30-day moving average (red) has overtaken its 200-day average (blue), forming a ‘golden cross’ that could signal further bullish activity.
If the Terra Luna Classic community can continue to bolster its ecosystem and reduce its supply, there’s a good chance that the coin could keep on its upward trajectory. With Binance’s listing and the tax burn both helping to drive demand and reduce the coin’s supply, the future of LUNC looks increasingly bright.