The Shib Crypto Recap: Wednesday

We have arrived at the mid-week analysis of the cryptocurrency sector. Today, The Shib’s news roundup highlights corruption within law enforcement, high-profile crypto schemes, personal and community impact of crypto scams, and shifting trends in the global crypto landscape.

Bitcoin Bribe Exposed: Former Chief Investigator Sentenced to 16 Years

A former chief investigator in Russia, Marat Tambiyev, has been sentenced to 16 years in prison for accepting a Bitcoin bribe worth $65 million from hackers. His case is part of a major corruption scandal within the Investigative Committee of Russia. Investigations into Tambiyev began last year and uncovered his acceptance of bribes from the Infraud Organization. This issue highlights the ongoing corruption in Russian law enforcement agencies that struggle against cybercrime. A colleague of Tambiyev’s was also arrested.

The bribe, conducted via anonymous Bitcoin transactions, marks one of the largest ever for a Russian official. The hackers sought to pay Tambiyev to prevent the confiscation of their illegal assets, with evidence of his corruption dating back several years.

‘Crypto Queen’ in Russia Faces Allegations of Crypto Fraud and $1 Million Cash Transfers

Valeria Fedyakina, known as the “Crypto Queen” or “Bitmama,” is being investigated for cryptocurrency fraud in Russia. She allegedly handled large cash transfers via Bitcoin, taking money from clients and transferring it primarily to Dubai. An exposé by Russian TV channel Vesti showed videos of her with suitcases full of cash related to her schemes. Authorities allege she provided crypto exchange services, with one victim stating she assured them of secure cash transfers to her Dubai office. Reports indicate that suitcases could carry as much as $1 million for these exchanges. Fedyakina also allegedly persuaded affluent clients to invest in non-existent projects, including Dubai hotels and oil businesses. She faces a potential 10-year prison sentence if found guilty.

Fraudulent Crypto Schemes on the Rise: KOK Token and La China Leave Thousands of Investors Reeling

Chosun Ilbo, the largest newspaper in South Korea, is accused of promoting a cryptocurrency scheme that resulted in nearly $3 billion in losses. A post from IBC Group on X claimed that subsidiaries of the paper gave the KOK token positive reviews and accolades, misleading many investors into thinking it was a safe option.

A disgruntled investor who lost $100,000 in the KOK token coverage by the newspaper gave them the false impression that it was a credible investment. The KOK token has dropped from a high of 6.83 to just 0.0003, and investors are now demanding answers. The newspaper has not yet commented on the situation.

Meanwhile, in San Pedro, Buenos Aires, approximately 20,000 residents became victims of a pyramid scheme called La China, which is reportedly associated with the Knight Consortium Foundation. This scheme promised quick high returns through fake cryptocurrency investments, which turned out to be a classic pyramid selling model. At least 50 victims have asked for legal assistance due to potential losses. The scam began with a viral ad that claimed returns of up to 2% daily in U.S. dollars. The community is left dealing with the aftermath and questioning the legitimacy of the foundation.

Canine Craze: SHIB and BONE Lead “Dog Week” Hype as Analyst Predicts Major SHIB Price Breakthrough

Shiba Inu (SHIB) and Bone ShibaSwap (BONE) are gaining popularity among crypto enthusiasts as leading “Hype Tokens” during a week of canine-themed assets. Cryptocurrency exchange ChangeNOW announced the trending tokens on X, referring to the event as “Dog Week.” In this spotlight, SHIB ranked first while BONE, the governance token for ShibaSwap and the gas fee token of Shibarium, scored the third place.

More positive news sees SHIB possibly sitting on the brink of a major price breakout, according to well-known crypto analyst Crypto Sheriff. In a recent post, they claimed, “SHIB breakout loading,” and included a supporting chart. Their analysis referenced SHIB’s recent interactions with a declining trendline. The Binance exchange chart showed that SHIB’s price tested and eventually broke above this trendline. Such a pattern is often regarded by traders as a sign of bullish momentum, which suggests that SHIB has overcome recent selling pressure and could see a notable price increase. The chart’s indication of a rise in trading volume during the breakout adds further weight to this optimistic prediction for SHIB.

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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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