CRYPTOQUEEN WANTED IN EUROPE, CRYPTO CRASH NOTHING TO WORRY ABOUT06 Jun 2022
The ongoing crypto crash is nothing to worry about according to Mark Cuban, as relaxing of crypto tax rules arrives in Germany this week.
OneCoin’s founder Ruja Ignatova, the notorious ‘CryptoQueen’, has been added to Europe’s list of most wanted people. Ignatova orchestrated one of the biggest scams in the history of the blockchain and cryptocurrency.
She hoodwinked investors for billions of dollars back in 2017 and her brother was arrested in the US where he is still currently detained. Ignatova herself has disappeared with investigators speculating over where the cunning woman keeps the missing $5bn.
In the meantime, OneCoin, the scam project, has still been active in Bulgaria, where it was run from, under the nose of authorities.
Speaking of fraud, five state regulators in the US have slammed the Flamingo Casino Club, a metaverse casino with alleged ties to Russia that has been fraudulently associating itself with the prominent Flamingo Las Vegas casino.
Germany has introduced some changes to its legislation to make the sale of crypto tax-free if the cryptocurrencies are held for at least a year. This marks an important change in the way cryptocurrencies are regulated and should help with further adoption of these assets.
But attitudes towards cryptocurrencies haven’t been all warm and fuzzy, as Bankless, a popular educational YouTube channel on cryptocurrencies and digital assets, was banned by the Google-owned platform.
Regulators have been busy trying to figure out crypto fraud. The US Justice Department indicted Luiz Capuci Jr for a purported fraud scheme that had cost investors an estimated $62m. As the crypto market lost more than $1.2 trillion in value over the past few weeks, the events have been described as a “buyer’s market”.
Analysts see an opportunity for anyone who has been hesitant about cryptocurrencies to get started and involved with the process themselves. Meanwhile, there have been some interesting developments relating to the stablecoin market.
USD Tether lost five cents off its value. This is huge news because the cryptocurrency token is pegged to the value of the US dollar and it’s not supposed to be trading at $0.95 at all.
However, it was on Thursday. But all is well, as billionaire investor Mark Cuban is confident that the current cryptocurrency slump is just a “phase”, similar to what the internet went through in the 2000s.
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