Daily Crypto News | December 29th, 2022


Welcome to Barmy’s Daily Crypto News – December 29th, 2022

1. China is launching its first state-backed NFT marketplace

China is introducing its first state-backed non-fungible token (NFT) marketplace, the most recent indication of the country’s adoption of a technology that has existed in a limbo under the nation’s notoriously harsh cryptocurrency restrictions.

According to a report by Chinese state media source China Daily, the platform would be operated by three state-owned and commercial organizations: Huban Digital, a private corporation; China Technology Exchange, a government-backed organization; and Art Exhibitions China.

The “China Digital Asset Trading Platform” platform will be utilized to trade collectibles as well as digital copyrights and property rights.

Chinese traders have been using NFTs for the most of the last two years, though not in the same methods as the rest of the world. The laws of China prohibit the use of cryptocurrencies to pay for NFTs, which are instead referred to as digital collectibles.

2. California regulator alerts of 17 allegedly fraudulent cryptocurrency websites

Over the course of two days, the California Department of Financial Protection and Innovation (DFPI) has issued 17 different warnings to cryptocurrency brokers and websites it believes to be fraudulent.

Among the companies on the list are, to name a few, Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX, VoyanX.com, and ZC Exchange.

The DFPI rarely posts so many notifications at once, indicating that the number of reports of cryptocurrency scams may have increased in the final months of the year. Occasionally, the DFPI will broadcast notices concerning company investigations or alerts about specific instances.

The DFPI last issued such a significant number of crypto scam alerts on June 15, when it raised the red flag over 26 suspect crypto platforms.

3. CEO imprisoned for a South Korean cryptocurrency exchange fraud

Given that the CEO of V Global was already given a 22-year prison term, the most recent legal action has resulted in seven V Global executives being imprisoned.

Three executives were not held so they could defend themselves against specific charges in court, while six executives implicated in the $1.5 billion (2 trillion won) South Korean cryptocurrency exchange fraud V Global have received prison sentences of up to eight years.

Two senior executives, Mr. Yang and Mr. Oh, received eight years and three years in prison, respectively, for their roles in cheating investors, according to translations of Dec. 26 reports from South Korean media outlets like Economist.co.kr.

Five years of probation and three-year sentences were given to four other unnamed executives.

However, three of the total six have not yet been imprisoned since they have asserted their innocence in relation to specific accusations and have the right to legal representation.

4. Kraken quits Japan for the second time

Because of a “poor crypto market,” the major cryptocurrency exchange Kraken has decided to cease operations in Japan for a second time.

In a blog post published on December 28, Kraken stated that as part of efforts to “prioritize resources” and investments, the company has decided to stop operating in Japan and deregister from the Financial Services Agency by January 31, 2023.

From 2014 to 2018, the same subsidiary firm operated in Japan before leaving in April 2018 to better concentrate its energies on expansion in “other geographical locations.”

The subsidiary made the decision to relaunch in October 2020 with a Tokyo headquarters, offering spot trading on five main assets with future expansion plans. With the conclusion of the second round, Kraken has agreed to permit all impacted customers to withdraw their cash from the exchange by January 31 at the latest.

5. FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

The “pig slaughtering” bitcoin investment hoax has once again drawn the ire of the Federal Bureau of Investigation. The pig slaughtering cryptocurrency fraud, according to Frank Fisher, a public affairs specialist with the FBI’s Albuquerque branch, “is sweeping the country.”

Scammers “fatten up the pig” in pig butchering schemes by tricking their victims into moving money into bitcoin while making them believe they are investing in something. A multi-agency task team fighting technology-related crimes is overseen by Rosen’s office. He said that according to his team’s research, these cryptocurrency investment frauds mainly operate abroad, in places like China and Cambodia.

In pig slaughtering operations, highly complex techniques are used, and con artists have been “educated by psychologists to attempt to find out the best way to get away with it,” according to Rosen.

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