The Shib Crypto Recap: Wednesday

In today’s cryptocurrency news, the focus predominantly lies on regulatory measures affecting the crypto market and high-profile crypto theft cases. These highlight the growing concerns and complexities that plague this industry.

Meanwhile, optimistic signals are gaining traction in the Shiba Inu universe as of late. September saw promising gains for the dog-themed altcoin.

Uruguay Joins LATAM Crypto Movement: New Law Empowers Central Bank to Oversee Digital Assets

Uruguay has introduced a law to regulate cryptocurrency. It is now among the few nations within Latin America with a legal framework for crypto trading. The law empowers the Central Bank of Uruguay to oversee local crypto exchanges and operators. It also gives the Central Bank authority to oversee crypto activities, including the registration of exchanges, fund managers, and wallet providers. Companies must comply with anti-money laundering and counter-financing of terrorism regulations and meet certain criteria to obtain permits.

Industry leaders see this as a significant advancement, and it marks the first formal recognition of crypto assets in the country. Before this move, other LATAM nations like Brazil, Venezuela, and Argentina have also implemented crypto regulations.

Cyber Intrusions and Crypto Scams: How One Young Hacker and a South Korean Fraud Ring Racked Up Millions

A 21-year-old from Lebanon, Indiana, named Evan Frederick Light has pleaded guilty to cyber intrusion and theft of over $37 million in cryptocurrency from nearly 600 people. He admitted to conspiracy charges related to wire fraud and money laundering, according to the U.S. Attorney’s Office for the District of South Dakota. In February 2022, Light reportedly targeted an investment company in Sioux Falls, South Dakota. He accessed personal identifiable information (PII) of hundreds of clients, which he used to steal cryptocurrency. Light, along with unidentified accomplices, hacked into the company’s computer servers and extracted data. The stolen cryptocurrency was then moved to various locations.

Meanwhile, prosecutors in South Korea have charged a group of suspected fraudsters for scamming victims out of $22.7 million. The group, led by four men in their 40s, allegedly convinced users to pay $5,000 in Tether (USDT). They created fake trading platforms, such as BISSNEX and BDCDP, to pose as legitimate crypto exchanges. They used YouTube and the Naver Band app to lure in investors. Once victims engaged with these platforms, they received counterfeit letters from the Financial Supervisory Service and the Korean National Police Agency. The group also pretended to represent well-known firms like Shinyoung Securities, using forged documents to deceive more investors. Many victims faced heavy losses, with one reporting a loss of over $1.5 million.

Criminal Intent Unmasked: Australian Federal Police Seize $6.4 Million from Ghost App Mastermind

The Australian Federal Police (AFP) confiscated $6.4 million in cryptocurrency from Jay Je Yoon Jung, who created the encrypted Ghost network. Officials said the app was used by organized crime groups for illegal activities, including drug trafficking and money laundering. The AFP accessed the cryptocurrency through the account’s seed phrase, which they found during a raid at Jung’s residence.

Jung was arrested on September 17 and faces five charges, including supporting a criminal organization. He could receive a sentence of up to 26 years. The AFP claims Jung intended Ghost for criminal activities, with users engaging in money laundering and even contract killings.

As SHIB Burns Billions, Green Vertical Candles Signal a Bullish Shift Ahead

Shiba Inu is ramping up its token-burning efforts to drive up its price, having burned nearly 2.4 billion SHIB tokens in September alone. This significant increase involved 2,378,422,108 SHIB being incinerated across 131 transactions, marking a 7650.63% rise in the burn rate over the past week, with more than 2 billion tokens removed from circulation. Additionally, the launch of ShibTorch, a community-focused burn portal within the Shibarium Layer-2 network, encourages active participation from the Shiba Inu community in the token-burning process.

In a series of “Uptober” gains for SHIB, crypto analyst Crypto Sheriff shared on social media platform X that the SHIB chart hit a pre-identified support zone, suggesting that the correction phase is over. This announcement brought hope to the Shiba Inu community, yearning for the kind of upward movement seen throughout September. Just a day before, Crypto Sheriff had mentioned that the price correction was underway, promising more pronounced upward movement, or “harder green candles,” in October.

The term “green vertical candles” represents rapid buying pressure that could overwhelm sellers and indicate a positive shift in market sentiment.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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