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- Southern California Duo Charged with $22M Cryptocurrency Fraud
Southern California Duo Charged with $22M Cryptocurrency Fraud
News on the Blockchain
December 22, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 772
Market Cap: $3.33T (-3.01%)
24h Volume: $155.69B (-44.76%)
Bitcoin Dominance: 57.43% (+0.51%)
Ethereum Dominance: 12.2%
ETH Gas Price: 4.98 Gwei
Fear & Greed Index: 59 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $96,496.42 | -2.17% | $1.91T | $46.59B |
Ethereum | $3,356.31 | -3.73% | $404.29B | $29.11B |
Tether | $0.9992 | -0.04% | $139.76B | $131.01B |
BNB | $663.10 | -2.88% | $95.49B | $1.31B |
Solana | $184.41 | -6.23% | $88.40B | $5.36B |
💹 Market Highlights:
Total DeFi Volume: $11.69B (7.51% of total volume)
Stablecoins Volume: $144.23B (92.64% of total volume)
Coin with Highest % Change: USACOIN (+121.46%)
📈 Preview On Today’s News:
- Southern California Duo Charged with $22M Cryptocurrency Fraud
- Peter Schiff Proposes USACoin as a Stable Alternative to Bitcoin Strategic Reserve
- El Salvador Strengthens Bitcoin Commitment Amid Global Crypto Developments
Keep reading below for more!
Today’s News:
1)
Southern California Duo Charged with $22M Cryptocurrency Fraud
Gabriel Hay of Beverly Hills and Gavin Mayo of Thousand Oaks, both 23, have been indicted for a massive $22 million cryptocurrency fraud scheme involving multiple "rug pull" operations from May 2021 to May 2024. The duo deceived investors by collecting funds for NFT and digital asset projects, such as Vault of Gems, promising integration with global jewelers and hard asset backing, but failed to deliver on these promises. Suspicion arose when the pair deleted parts of their community Discord channel and neglected project roadmaps, leaving approximately 1,900 token holders unable to recover their investments. Authorities are actively pursuing justice, with the Justice Department’s Criminal Division pledging to protect investors and eradicate crypto fraud.
Massive Fraud Scheme: Gabriel Hay and Gavin Mayo defrauded investors of over $22 million through multiple "rug pull" cryptocurrency scams, misleading around 1,900 token owners.
Authorities Respond: The Justice Department is committed to protecting investors and eliminating crypto fraud, actively pursuing the indicted duo to ensure justice.
2)
Peter Schiff Proposes USACoin as a Stable Alternative to Bitcoin Strategic Reserve
Economist Peter Schiff has introduced the concept of USACoin, a digital currency designed to replace Bitcoin in the U.S. Strategic Bitcoin Reserve (SBR). Schiff argues that USACoin would provide a more stable, efficient, and accessible alternative by maintaining a fixed supply similar to Bitcoin's 21 million coins while enhancing scalability and security to prevent issues like volatility and network congestion. This proposal challenges the current initiative supported by President-elect Donald Trump and pro-Bitcoin investors, who advocate for Bitcoin as a reserve asset despite concerns over its price fluctuations and high energy consumption. Schiff contends that USACoin could achieve the same benefits as Bitcoin without the associated risks, making it a more suitable option for both government reserves and everyday use. While proponents like Senator Cynthia Lummis and experts such as Matthew Sigel support a Bitcoin strategic reserve for its inflation-hedging capabilities and potential to reduce national debt, Schiff believes USACoin offers a tailored solution that better meets the needs of investors and the general public.
USACoin Proposal: Peter Schiff advocates for USACoin to replace Bitcoin in the U.S. Strategic Reserve, highlighting its potential for greater stability, scalability, and efficiency by addressing Bitcoin's volatility and high energy use.
Challenging Bitcoin's Role: Despite strong support for Bitcoin from political figures and financial experts, Schiff argues that USACoin can provide similar benefits with fewer risks, making it a more viable digital asset for government and consumer applications.
3)
El Salvador Strengthens Bitcoin Commitment Amid Global Crypto Developments
El Salvador is reinforcing its status as a Bitcoin-centric nation by purchasing an additional 11 BTC, bringing its total holdings to over 5,980 coins valued at more than $577 million, even after securing a $1.4 billion agreement with the International Monetary Fund (IMF). This move underscores the country's dedication to expanding its cryptocurrency ecosystem while adjusting to global financial obligations, such as making Bitcoin acceptance optional and phasing out the Chivo wallet. Additionally, the crypto market is witnessing the emergence of Flockerz, a new community-driven meme coin that leverages a decentralized autonomous organization (DAO) and innovative Vote-to-Earn mechanics to enhance user engagement and challenge centralized controls. These developments highlight El Salvador's balanced approach to integrating Bitcoin with international financial commitments and the broader dynamic advancements within the cryptocurrency landscape.
El Salvador increases Bitcoin holdings to over 5,980 BTC despite a $1.4 billion IMF deal, maintaining its commitment to a Bitcoin-driven economy while adapting to global financial requirements.
Introduction of Flockerz, a community-focused meme coin with a DAO and Vote-to-Earn system, alongside ongoing diverse developments in the cryptocurrency market.
