Business News

SEC wins. NanoBit loses. Court orders $5,518,902 payment. Reason: Fake crypto platform fraud. Default judgment entered. Defendants absent. Judge rules willful default. No defense presented. The NanoBit Scam Explained Fraud type: Pig-butchering. Bad actors build trust. WhatsApp groups used. Fake financial professionals. Target victims. Lure victims. Promise high returns. Victims deposit fiat. Victims deposit crypto. … Read more

Investment bank Jefferies has issued a stark warning to digital asset investors, predicting heightened volatility across cryptocurrency markets as the U.S. Clarity Act faces a highly uncertain legislative path in the Senate. Despite clearing the Senate Banking Committee earlier this year with a bipartisan 15-9 vote, the landmark market structure bill is now battling severe … Read more

Chinese Exile Miles Guo Receives 30-Year Federal Prison Sentence for Massive Crypto Fraud A U.S. federal judge has sentenced Chinese businessman Miles Guo to 30 years in prison for orchestrating a sprawling $1 billion fraud scheme that ensnared thousands of victims across the United States and around the world. The sentence, handed down on June … Read more

The stablecoin market was rocked Tuesday as shares of Circle (CRCL), the issuer of the prominent USDC stablecoin, tumbled more than 17% to a four-month low. The dramatic sell-off was a direct market reaction to the announcement of Open USD, a new rival stablecoin network backed by an unprecedented consortium of over 140 financial and … Read more

Miles Guo Receives 30-Year Prison Sentence in a Landmark Crypto Fraud Case A U.S. judge has sentenced Chinese businessman Miles Guo to 30 years in prison over a sweeping fraud case centered on the fraudulent crypto venture Himalaya Coin, also known as H-Coin. The sentence comes after a jury found Guo guilty in 2024 on … Read more

Phantom Secures Top Talent to Dominate On-Chain Derivatives In a significant strategic move that underscores the blurring lines between digital storage and active trading, the leading self-custody crypto wallet Phantom has announced the acquisition of the team behind Ventuals. This group of developers, consisting of Alvin Hsia, Emily Hsia, and Aris Samad, was previously recognized … Read more

Chinese businessman Miles Guo, also known by aliases such as Ho Wan Kwok, has received a stringent 30-year prison sentence for masterminding a colossal $1 billion fraud scheme. The sentencing by a U.S. judge follows a 2024 conviction where Guo was found guilty of multiple crimes, including racketeering, fraud, and money laundering. Guo, a self-proclaimed … Read more

The cryptocurrency market recently witnessed significant upheaval as Circle shares (CRCL) plunged following the emergence of the new Open USD (OUSD) stablecoin network. This new contender, backed by a powerful consortium, aims to disrupt the established dominance of Circle’s USDC by offering a novel approach to reserve income distribution. Analysts, however, caution that the market’s … Read more