Victims of an investment fraud scheme orchestrated by Tianjin Lantian Gerui Electronic Technology in China are attempting to reclaim $4.3 billion in Bitcoin.
This amount, originally purchased with funds misappropriated from the victims, has been seized by the U.K. government.
Represented by a group, the victims have reached out to the Chinese Ministry of Foreign Affairs, urging it to collaborate with the U.K. to facilitate the return of their assets.
From 2014 to 2017, the fraudulent scheme amassed over $6.2 billion.
In response, the victims’ group has also engaged with China’s Ministry of Public Security and gathered nearly 2,500 signatures in support of their plea.
They intend to submit these to both the ministries involved.
The crux of their request was articulated in a letter to the Chinese government, stating, “We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”
The letter appeals for the Chinese authorities to assist by proving the victims’ rightful ownership of the Bitcoin to the U.K.
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The matter came to light following a botched attempt by Jian Wen, a former hospitality worker, to launder part of the stolen funds through the purchase of a $30-million mansion using Bitcoin.
The transaction drew suspicion as Wen failed to account for the origin of the funds, triggering a U.K. investigation.
This investigation led to a 2021 raid on a property rented by Wen and her boss, Zhimin Qian—who is believed to be the mastermind behind the scheme—where authorities discovered 61,000 BTC.
At the time of the seizure, the cryptocurrency was valued at $1.7 billion, but its value has since escalated to approximately $4.3 billion, reflecting the volatile nature of Bitcoin prices.
Initially, Wen claimed the Bitcoin had been mined but later described it as a “love present” from Qian, who has since fled the U.K.
Following these events, Wen faced legal proceedings and was found guilty of three counts of money laundering by Southwark Crown Court on March 20, spanning activities from October 2017 to January 2022. She contested all charges but was nonetheless convicted.
The outcome for the seized Bitcoin and the victims’ efforts to reclaim their funds remains uncertain as the U.K. government has yet to disclose how it will handle the situation.
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People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.
Doctor Doge (DRDOGE), a newly launched Solana memecoin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).
DRDOGE was launched this morning, and the memecoin is inspired by Dogecoin – one of the largest memecoins, with its market cap currently being $23.5 billion.
Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.
This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.
In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.
Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.
So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.
It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.
On April 13, the price of Bitcoin experienced a significant drop of over 8.4%, triggered by heightened geopolitical tensions after Iran attacked Israel.
This event led to a sharp decrease in Bitcoin’s value, plummeting from approximately $67,000 to $61,625 and erasing over $130 million in market capitalization within moments of the news breaking.
This downturn wasn’t isolated to Bitcoin alone; other major cryptocurrencies also felt the impact.
Ether dropped by 9.81% to a price of $2,927, and Solana saw a substantial decline of 15.96%, bringing it down to $129.
According to data from CoinMarketCap, the global cryptocurrency market cap fell by 8.19% to $2.23 trillion.
The attack involved Iran deploying drones towards Israel as a response to a prior Israeli airstrike on a diplomatic facility in Damascus, Syria.
This earlier strike resulted in the deaths of seven Iranians, including two generals. The incident not only escalated the conflict but also involved Iran seizing a cargo ship owned by an Israeli billionaire.
The situation further intensified with U.S. President Joe Biden’s warning on April 12 about potential imminent attacks by Iran.
President Biden assured support for Israel, stating: “We are devoted to the defense of Israel. We will support Israel, we will help defend Israel, and Iran will not succeed.”
These remarks underscored the U.S. commitment to aiding Israel amidst the escalating tensions.
The friction between Iran and Israel marks a significant escalation in regional conflicts, following the October 7, 2023, terrorist attacks by Hamas which sparked ongoing confrontations between Israel and Hamas. The U.S. has been actively attempting to mitigate further escalations.
U.S. officials have advised Israel against escalating the situation further. A government source relayed to CNN the frustrations within the U.S. administration over the lack of prior notice from Israel about its planned airstrike.
It was reported that Israel notified a U.S. official of the airstrike only when its aircraft were already en route to Syria.
“We were not aware that Israel was going to carry out this airstrike in advance,” the official stated. “Minutes before it happened and when Israeli planes were already in the air, Israel reached out to a U.S. official to say they were in the process of conducting a strike in Syria.
It did not include any details on who they were targeting or where it would be conducted, and the strike was already underway before word could be passed through the U.S. government.”
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The cryptocurrency market has observed a significant movement of Shiba Inu (SHIB) tokens recently, with 765 billion tokens transferred among major holders within the last day.
Notably, a large portion of these tokens has been directed towards trading platforms like Coinbase.
This trend suggests that the holders might be preparing to sell their holdings. Such a scenario could potentially lead to an increased selling pressure on SHIB, negatively impacting its market price during a delicate period for the token.
An analysis of transaction histories reveals transfers ranging from 45 billion to 123 billion SHIB tokens to prominent trading apps and platforms.
These large movements highlight the significant interest and activity surrounding SHIB at this time.
From a technical analysis standpoint, the SHIB/USDT trading pair displays a forming triangle pattern on the TradingView chart.
This pattern indicates a narrowing price range, characterized by higher lows and lower highs, suggesting an impending breakout.
This situation can be likened to a “coiled spring,” poised to release in either an upward or downward direction, depending on market forces.
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Moreover, Shiba Inu’s Shibarium has seen a dramatic 1,182% increase in a key metric, signaling a potential spike in activity or interest in the token.
The chart identifies critical price levels to watch: a resistance point at approximately $0.000029 and a support level near $0.000019.
Currently, SHIB trades above these key moving averages, which could be a favorable sign for investors.
If the market trend leans towards selling, SHIB might approach the lower support level.
Conversely, a breakout above the triangle could propel the token to new highs, testing its resistance levels.
The increased activity by whales and large traders has made the SHIB market notably volatile, which could either precede a prolonged recovery or indicate a bullish reversal for the cryptocurrency.
In summary, the market dynamics of Shiba Inu are at a critical juncture, with significant token movements and technical patterns suggesting possible future price movements.
Investors and market watchers are advised to keep a close eye on these developments, as they could dictate the short-term trajectory of SHIB’s value.
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In the last 24 hours, Bitcoin’s value plummeted by over 7%, which resulted in significant financial losses amounting to $256 million for traders holding long positions.
This drop is part of a broader trend, not considered unusual by experts, even amid rising geopolitical tensions in the Middle East.
According to Benjamin Cowan in a recent post on X dated April 13, such drops are par for the course in the current market cycle.
“So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle,” Cowan explained.
Similarly, Michael Saylor, CEO of MicroStrategy, remains bullish, asserting on the same day on X that, “Chaos is good for Bitcoin.”
In the face of these declines, Rekt Capital, a pseudonymous cryptocurrency trader, suggested that Bitcoin’s current price dip is a precursor to a recovery, though it will likely test investor resolve.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt stated, indicating a belief in the eventual resurgence of Bitcoin’s value.
On the specific details of the plunge, Bitcoin’s price fell to a low of $60,919 before stabilizing around $62,060, and later recovering slightly to $63,858, as reported by CoinMarketCap.
The sharp decline also triggered broader market liquidations, with a total of $319.15 million wiped out from leveraged Bitcoin positions in the same timeframe, comprising $256.58 million from long positions and $62.58 million from shorts, according to data from CoinGlass.
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Further risks loom as short traders are poised for potential liquidations worth $1.05 billion should Bitcoin revert to its previous 24-hour high of $67,000.
The larger cryptocurrency market felt the ripple effects, with a staggering $945.9 million liquidated from 253,554 traders overall.
Market sentiment, as measured by the Crypto Fear and Greed Index, also saw a downturn to a greed level of 72 from last week’s 78, indicating a shift in trader perception.
Additionally, the global crypto market cap has decreased by 8%, dropping to $2.23 trillion.
Despite these challenges, demand for Bitcoin remains robust, particularly among long-term investors or “permanent holders.”
Cointelegraph reports that according to CryptoQuant, demand now surpasses the supply of new Bitcoin entering the market, a trend expected to intensify following the upcoming Bitcoin halving, further underscoring the growing scarcity of the cryptocurrency.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.
Doctor Doge (DRDOGE), a newly launched Solana memecoin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).
DRDOGE was launched this morning, and the memecoin is inspired by Dogecoin – one of the largest memecoins, with its market cap currently being $23.5 billion.
Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.
This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.
In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.
Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.
So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.
It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.
The meme coin sector of the cryptocurrency market has recently suffered significant losses amid broader declines across the industry.
The general downturn was magnified last week as cryptocurrencies struggled to maintain positive momentum, largely due to escalating tensions in the Middle East that have unnerved investors.
The conflict’s impact on the crypto market became particularly evident when news surfaced of Iranian fighter drones heading towards Israel.
This development triggered a rapid drop in the value of popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF), each falling by more than 10% within hours.
Meme coins, known for their extreme volatility and susceptibility to market sentiment shifts, derive their value from hype and speculation rather than practical utility or widespread adoption.
This was reflected in a recent 12% decline in the meme coin market over the past 24 hours, as reported by Coinmarketcap.
The downward trend has been persistent, with notable declines in key meme coins since the start of the month.
Over the past week, DOGE, SHIB, WIF, PEPE, and Floki recorded losses of 18%, 23%, 33%, 25%, and 32% respectively.
DOGE, the pioneer among meme coins, experienced a significant setback, dropping to $0.135—the lowest in three weeks—on April 13 at 5:30 pm Eastern Time.
The coin’s trading activity has decreased, with other cryptocurrencies like DOG and DEGEN surpassing its weekly active trader count.
Competitors SHIB and WIF also faced substantial declines, often moving in correlation with DOGE. At the time of this report, SHIB was down 14%, while WIF had decreased by over 11% in just 24 hours.
Similarly, PEPE saw a 14% reduction in its value, continuing a week-long decline, with other coins like FLOKI and BONK experiencing falls of 15% and 11% respectively during the same period.
Market analysis suggests a likely continuation of the selloff in the short term. In times of geopolitical tension and general market instability, investors typically retreat from speculative, high-risk assets.
Data from Coinglass indicated significant reductions in open interest for DOGE, WIF, PEPE, and SHIB, with decreases of 23.91%, 13.78%, 36.62%, and 18.68% respectively, pointing to a withdrawal of capital and a reduction in trading positions.
Despite the current bearish trends, the inherently volatile nature of cryptocurrencies leaves room for meme coins to potentially rebound and enter a bullish phase soon.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.
Doctor Doge (DRDOGE), a newly launched Solana memecoin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).
DRDOGE was launched this morning, and the memecoin is inspired by Dogecoin – one of the largest memecoins, with its market cap currently being $23.5 billion.
Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.
This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.
In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.
Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.
So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.
It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.
Flying Shiba Inu is a newly launched memecoin, and it has the potential to create a new wave of crypto millionaires, as Dogecoin (DOGE) did.
Flying Shiba Inu (FLYSHIB) is poised to rally 7,000% before Tuesday, ahead of an announcement that the new memecoin will be listed on MEXC.
This will be Flying Shiba Inu’s first centralized exchange listing, with it currently only trading on Solana decentralized exchanges, such as Raydium.
The CEX listing will give Flying Shiba Inu (FLYSHIB) exposure to tens of millions of new investors, so the announcement will be a major bullish catalyst for FLYSHIB’s price action.
It is currently trading at $0.00000535, giving Flying Shiba Inu (contract address: BEU7zWb6AC2SyKR1pAQU8aTj9AFuodxWSkScStJtSWDF) a market cap of just around $4,300.
This means the token has massive upside potential, and it could turn a few thousand dollars into millions once the MEXC listing and other listings on centralized exchanges are announced.
It’s therefore not surprising that many early investors of Shiba Inu (SHIB) and Dogecoin (DOGE) – who made astronomical returns by buying their coins early – are also choosing to invest in FLYSHIB, particularly before its first CEX listing is officially announced.
Specifically, FLYSHIB’s market cap is set to grow to $250,000 before the end of next week, meaning that a $500 investment would turn into over $60,000.
And, even after these huge gains, FLYSHIB will have plenty more upside potential, with it forecast to reach a $5 million market cap by mid-May.
If it reaches the heights of SHIB and DOGE, FLYSHIB could even end up creating memecoin billionaires.
In 2024, Bitcoin exchange-traded funds (ETFs) have drawn considerable attention, primarily fueled by the retail sector, while major banks and traditional financial institutions remain on the sidelines.
During an interview at Paris Blockchain Week, VanEck CEO Jan van Eck shared insights with Cointelegraph about the dynamics shaping the Bitcoin ETF market in the United States.
Jan van Eck expressed his surprise at the rapid success and high volume of capital flowing into these ETFs, which have seen days with inflows in the billions of dollars.
“I was surprised, but I don’t think it’s traditional investors yet.
“I still think 90% of the flows are retail. You’ve had some Bitcoin whales and some other institutions move some assets in, but they were already exposed to Bitcoin,” he commented.
The CEO noted the absence of U.S. banks in the Bitcoin ETF space, as they have not yet permitted their financial advisers to recommend such investments to clients.
He anticipates potential shifts in the coming month with possible entries from big institutional investors, but he remains cautious, remarking on the nascency of the Bitcoin ETF market.
“There’s a lot of maturation to happen. A lot of technology will be developed on-chain, so there’s a long way to go,” van Eck stated.
Addressing the advantages of Bitcoin ETFs over direct purchases of Bitcoin, van Eck highlighted the benefits of convenience, safety, and affordability.
He pointed out the cost benefits of ETFs, noting, “Convenience, safety and affordability.
You had 2% spreads on many centralized exchange platforms like Coinbase.
“We have single-digit spreads for the ETFs and no fees or low fees.
“It’s easier just to do a buy ticket than anything else.”
VanEck, the firm founded by Jan’s father, John van Eck, in 1955, has a history of pioneering new investment avenues, starting with the first gold fund in the U.S. during 1968.
Drawing from his father’s legacy and responding to market trends, Jan van Eck has adopted a cautious yet opportunistic approach to emerging assets like Bitcoin.
“In 2017, we said Bitcoin will not replace gold, but it will significantly complement it in people’s portfolios,” he asserted.
Van Eck also touched on broader economic issues, noting that Bitcoin is increasingly seen as a reliable store of value, potentially more so than gold in the current economic climate.
He also pointed to significant fiscal challenges facing the U.S., suggesting that these will influence market dynamics soon.
Despite the buzz around Bitcoin ETFs, van Eck remains measured in his assessment of their impact, indicating that the global and deep nature of the Bitcoin market limits the influence of U.S.-based ETFs alone.
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