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David Brend and Gustavo Rodriguez, key figures in the cryptocurrency Ponzi scheme Icomtech, have been sentenced to 10 and eight years in prison, respectively, for defrauding thousands of investors. Icomtech falsely marketed itself as a crypto trading and mining company, promising guaranteed daily returns. Victims, lured by flashy events and promises of wealth, invested through … Read more
China has strongly defended the BRICS coalition against the U.S. President-elect Donald Trump’s tariff threats, emphasizing its principles of openness and inclusiveness. Responding diplomatically, Chinese Foreign Ministry spokesperson Lin Jian reiterated that BRICS does not target third parties and aims to foster global economic stability and shared prosperity. Lin noted that emerging markets, including BRICS … Read more
XRP trading has surged dramatically, with Falconx, an institutional digital asset prime broker, reporting a tenfold increase in volumes during Q4, driven by institutional investors. Austin Reid, global head of revenue and business at Falconx, stated: “XRP trading is on fire. We’ve seen 10x growth in volume at Falconx between the first and second halves … Read more
Duvvuri Subbarao, former Governor of the Reserve Bank of India, cast doubt on Donald Trump’s proposal to impose 100% tariffs on BRICS nations if they abandon the dollar, calling it legally and practically uncertain. He questioned whether U.S. laws allow sanctions based solely on shifting away from the dollar or how such actions would be … Read more
Brazilian officials dismissed U.S. President-elect Donald Trump’s proposed 100% tariffs on BRICS countries as unlikely, characterizing them as rhetoric rather than actionable policies. The Brazilian foreign ministry referenced Trump’s prior unfulfilled tariff threats against China, Mexico, and Canada during his first term. Officials under President Luiz Inacio Lula da Silva described the remarks as provocations … Read more
China’s digital yuan (e-CNY), once a frontrunner in central bank digital currencies (CBDCs), faces challenges including corruption scandals and slow adoption due to entrenched online payment giants like Alipay and Wechat Pay. The downfall of Yao Qian, a leading architect of the e-CNY, over cryptocurrency-related bribery allegations, has intensified scrutiny of its rollout. While cumulative … Read more
China is closely studying Russia’s strategies for countering Western sanctions, viewing the situation as a model for preparing against similar economic measures in case of a Taiwan conflict. Beijing has reportedly formed an interagency group to analyze Russia’s experiences, from foreign reserve diversification to sanctions evasion tactics like shadow fleets and alternate trade routes. Chinese … Read more
Russia’s central bank, the Bank of Russia, has revealed that over 80% of major Russian exporters’ revenues are now denominated in rubles and “friendly” currencies, marking a significant shift from Western currencies. Deputy Governor Philipp Gabuniya highlighted this transition, noting that the share of “toxic” currencies — namely the U.S. dollar and euro — dropped … Read more
Alan Joseph, a Lancaster, Massachusetts man, was convicted on Nov. 22 for running an unlicensed business that converted cash into bitcoin to aid criminal activities, the U.S. Department of Justice (DOJ) said on Tuesday. Between August 2020 and February 2021, Joseph conducted transactions, including a $25,000 cash-to-bitcoin exchange, for an undercover agent who claimed involvement … Read more
The Financial Conduct Authority (FCA) reports growing awareness of cryptocurrency in the UK, now at 93%, alongside a rise in ownership, which has reached 12% of adults, up from 10%. The average crypto holdings have grown to £1,842, with most new investors relying on family and friends for information. Alarmingly, 10% of buyers admitted to … Read more
