Crypto exchange owner gets 10 years in prison for aiding scammers
Rossen Iossifov, the convicted owner of the RG Coins crypto exchange platform, has been sentenced to 10 years imprisonment for money laundering.
A federal jury in Frankfort, Kentucky found the Bulgarian national guilty of conspiracy to commit racketeering and money laundering back in September 2020. The guilty verdict came after only a two-week trial period.
According to the United States Justice Department on Tuesday, Iossifov and other RG Coins principal actors participated in an elaborate money laundering conspiracy that defrauded at least 900 Americans to the tune of over $7 million.
As part of the scam, Iossifov and other co-conspirators would advertise on major auction channels like Craigslist and eBay for nonexistent luxury items. The funds from this operation were routinely routed via crypto payments to criminal organizations.
The Justice Department communique also revealed that Iossifov laundered money for the AOAF, a known cybercrime syndicate based in Eastern Europe. In total, Iossifov reportedly allowed almost $5 million in dirty money to pass through the RG Coins platform in exchange for cryptocurrencies.
Despite assertions to the contrary, Iossifov’s RG Coins platform based in Bulgaria did not mandate any Know Your Customer compliance. The convicted Bulgarian also reportedly earned $184,000 from the proceeds of these money laundering transactions.
Of the 20 principal actors of the RG Coins money laundering scheme, 17 have so far been convicted. Iossifov’s prison term is the longest of the seven people sentenced thus far. Authorities are still on the hunt for the three fugitives still at large.
As a federal prisoner in the U.S., Iossifov will have to serve at least 85% of his 121-month prison sentence.
Iossifov is the latest crypto exchange operator to be jailed for money laundering. Back in December 2020, a French court sentenced Alexander Vinnik to five years imprisonment for his role in the BTC-e money laundering case.
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- Could Mt Gox Be The End Of Yet Another Epic Bitcoin Rally?
- Loans now available on the Crypto.com Exchange
- Cryptocurrency Exchanges Marketplace with Business Capability, Long term Possibilities, Financial Facet and Forecast To 2025 – Binance, Coinbase, Poloniex, LocalBitcoins, BTCC, Bittrex – Bulletin Line
- Ethereum (ETH) Reserves on Exchanges See 27% Drop in 48 Hours
- Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours | Market Updates Bitcoin News
Could Mt Gox Be The End Of Yet Another Epic Bitcoin Rally?
For nearly as long as Bitcoin has been trading, its existence has been a thorn in the sides of crypto investors everywhere. And starting today, new investors in crypto may soon find out why veterans cringe when they hear the name: Mt. Gox.
Find out why the infamous, original crypto exchange could continue to be the bane of each Bitcoin bull run.
Mt. Gox is short for “Magic: The Gathering Online eXchange,” according to Wikipedia. But when its creator Jed McCaleb became interested in Bitcoin, he turned it into a cryptocurrency exchange.
Without it, Bitcoin adoption might not have unfolded the way things have historically. Why then, are crypto investors suddenly so spooked about the long defunct platform?
Word is spreading, stemming from Bloomberg’s Matt Leising, that Coinlab has reached a deal with Mt. Gox creditors in which original investors can claim up to 90% of the original BTC lost. The deal is subject to creditor approval, but it could lead to a portion of the original 140,000 BTC making its way into the market.
The effects of Mt. Gox over the years | Source: BTCUSD on TradingView.com
While the existence of the early exchange was vital to Bitcoin’s initial growth, it has been nothing but a thorn in its paw since. Mt. Gox has been responsible for nearly every major peak in the cryptocurrency’s history, dating back to 2013.
The first of which occurred when the crypto market was so hot, the exchange halted trading to force a market “cooldown.” Cool down it did, with a one-week candle from high to low seeing a full 80% retrace.
The next major peak happened when the troubles at Mt. Gox came to a head. The platform had been experiencing issues leading up to 2014, but it was February 2014 when withdrawals were halted.
It wasn’t until later in 2018 after subsequent selloffs, that blockchain data revealed that it was the trustee responsible for holding the Mt. Gox BTC selling into the market to cover off on costs and recoup funds.
The trustee began moving Bitcoin on December 18, the exact peak of the last bull market. The rest is history.
Even if every investor of some 100,000 BTC only sold half, that’s 50,000 BTC suddenly flooding the market. The trustee sold far less than that in 2017, and it took the cryptocurrency back down to $3,200 in the end. What sort of damage will this do to the market this time?
Featured image from Pixabay, Charts from TradingView.com
Author: By TeamMMG
Loans now available on the Crypto.com Exchange
Crypto.com today announced the launch of cryptocurrency-backed loans on the Crypto.com Exchange. Users can now receive an instant loan when using their crypto as collateral.
With Lending, both retail customers and institutions can choose loan terms that suit them, and make repayments based on the corresponding initial loan-to-value (LTV) ratios.
Key Loan Terms
Note: Users can repay any amount at any time.
Crypto.com plans to continually add new cryptocurrencies here.
Crypto.com plans to continually add new cryptocurrencies here.
Note: The above table shows simple interest rates, which means the interest charges only apply to the loan’s principal amount, and are not compounded on earlier interest charges.
Cryptocurrency Exchanges Marketplace with Business Capability, Long term Possibilities, Financial Facet and Forecast To 2025 – Binance, Coinbase, Poloniex, LocalBitcoins, BTCC, Bittrex – Bulletin Line
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Ethereum (ETH) Reserves on Exchanges See 27% Drop in 48 Hours
The current data suggests an imminent explosive bull run that could propel Ether to even greater heights.
Reports from crypto analysts and experts have revealed that ETH reserves on centralized exchanges have plunged by 27% within just 48 hours. Ethereum isn’t looking to back down anytime soon this year as the digital coin continues to build upon its impressive performance this year.
Data from Glassnode have revealed that, up to just 7% of Ether’s circulating supply is currently held on crypto exchanges, signaling the lowest that ETH reserves have dropped since July 2018. Glassnode again showed that the number of Ethereum based addresses holding 0.01+ coins just crossed its previous all-time high of 10,997,003 to a new all-time high of 10,997,708.
According to CryptoQuant, a website that provides On-chain data and analysis to institutional investors, there’s just 8.1 million ETH currently sitting in the reserves of centralized exchanges. Crypto expert Alex Saunders highlighted the rate at which ETH reserves were plunging, revealing that Eth reserves on exchange platforms on January 14 went from 11 million to 10 million in just over 24 hours, signaling a 10% drop. He added that the buying pressure could get worse within the coming days as the decline in ETH reserves is now above 20% “Exchanges will run out of ETH in 10 days at the current rate,” he stated.
Reports from other data providers have also revealed that, balances on centralized exchanges have seen a 42.5% drop since May 2020 when it reached an all-time high of 14.1 million.
Experts have attributed the latest urge to get a stake in Ether to its recent surge in the crypto market. The cryptocurrency is up by over 500% this year and crypto experts have predicted a new all-time high in the coming days as the current buying pressure is an indication that the demand for the second largest cryptocurrency is at an all time high.
According to Saunders, the current data suggests an imminent explosive bull run that could propel Ether to even greater heights.
“We all know what happened when demand outstripped supply of $BTC. It quadrupled in 90 days,” he stated. Crypto intelligence firm Into The Block, has revealed that Ether is currently showing numerous bullish signals, and the latest developments includes “a bid-to-ask volume imbalance of almost 9%.”
Reports have shown that 2 million Ether that have been moved from exchanges were channeled to Gnosis, a firm that builds market mechanisms for decentralized platforms. Another 600,000 Ether that have been recently moved has been linked to an internal transfer between Bitfinex cold wallets of which one is reportedly not to be recognized CryptoQuant.
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Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours | Market Updates Bitcoin News
Cryptocurrency markets have suffered significant losses during the last 24 hours, as the entire crypto market cap has dropped below a trillion to $823 billion losing roughly 9.9% in value. Since the bitcoin price height on Sunday, January 10, bitcoin’s price plummeted over 25%, seeing the largest price dive of the year.
Digital currency markets are in the red on Monday, as crypto assets have lost anywhere between 15% to over 35% during the last 24 hours. The leading digital asset by market valuation, bitcoin (BTC) is down over 20% at the time of publication.
Bitcoin (BTC) dropped to a low of $30,261 on Monday afternoon (EST) losing 25.2% after reaching a high of $41,056 on Sunday. At the time of writing, BTC is swapping for prices above $32k per unit with $38 billion in global BTC trade volume.
Ethereum lost significant value during the last 24 hours as well as the crypto asset is currently down 27%. Ethereum (ETH) is swapping for $933 per unit after reaching well above the $13k handle the day prior.
XRP took a 15% loss as it trades for $0.27 per token and bitcoin cash (BCH) is down 30% today. BCH hit a 2021 high on Sunday, capturing a value of over $625 per coin. Right now, however, bitcoin cash (BCH) is changing hands at $413 per unit.
The biggest gainers today are up between 8% to 91% on Monday with the token stakenet leading the pack. This is followed by other crypto-assets that have seen gains on Monday including STK, ZEN, MXC, and DAG.
The biggest losing token today in the crypto economy is CTXC which has lost 47%. Following CTXC, coins such as DMT, BCD, RCN, and MKR have seen some deep losses as well.
Since bitcoin’s (BTC) significant drop this past weekend, there’s now an upside gap on the CME Group bitcoin futures chart. The two large gaps on both sides are between $23,670 – $26,645 (downside) and between $39,165 – $40,535 (upside).
Simon Peters, an analyst at Etoro, explained in a note to investors that crypto markets are still in a healthy position. “Despite the dip yesterday— we are still in a healthy position,” Peters wrote. “Not only are we continuing to see institutional investment, but bitcoin being held on exchanges is decreasing as investors move their tokens to wallets, with Glassnode data showing an increasing level of illiquid bitcoin as more and more investors hodl.”
The Etoro analyst further added he wouldn’t be surprised to see BTC prices above the $70k range at the end of the year. “I believe we can look to the $70,000-90,000 range as a price target for the end of 2021,” Peters said. “There will inevitably be bumps along the road, and no doubt a number of retracements will occur, but there are also gains still to be had.”
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