Altcoin
Nigeria Unmasks Global Scam, 53 Charged
Nigerian law enforcement has uncovered a sophisticated global crypto scam operation in Lagos during a general cybercrime raid.
One of the most coordinated activities against crypto fraud in West Africa this year, the recent raid resulted in the arrest of 53 people from different nationalities.
Among those arrested were 29 Chinese nationals, forming the majority of the suspects, alongside citizens from the Philippines, Malaysia, Indonesia, and Pakistan.
Massive Financial Network Uncovered
The investigation revealed a staggering web of financial transactions, with authorities seizing assets worth $200,000. The network allegedly handled over $3 million in illicit money via Genting International Co. Ltd. their registered firm.
Even more concerning are bank records indicating transactions between April and December 2024 of over N2.26 billion passing through a single Union Bank account.
The suspected members of the crypto scam operation. Image credit: EFCC.
Digital Arsenal And Infrastructure Seized
The “Eagle Flush Mission” of the Economic and Financial Crime Commission found a large operational base furnished with advanced technologies.
Along with a sizable stockpile of computers, cell phones, and tablets, investigators seized around 500 Nigerian SIM cards.
Nestled amid the bustling city of Lagos, the group’s offices also housed several cars utilized in daily operations. This discovery emphasizes the industrial scope of their deception, aimed at victims from different continents.
Complex Network Of Fraud And Identity Theft
According to the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), among the more intriguing stories is that of a Chinese national who supposedly passed for a 28-year-old American lady called “Lina,” tricking naive victims.
The complexity of the operation included agreements with nearby cryptocurrency sellers, who enabled peer-to–peer USDT (Tether) trading. Two such suppliers—Chukwuemeka Okeke and Alhassan Aminu Garbo—admitted handling USDT transactions totaling $2.39 million for the syndicate.
International Implications And Future Impact
In the global campaign against crypto-related crimes, the arrests mark a major turning point. Among the other counts the defendants must answer are cyberterrorism, impersonation, and identity theft.
Beyond a local triumph, this case shows how African law enforcement’s capacity is developing to combat advanced financial crimes. The 792 people involved in illegal financial transfers via P2P exchanges point to a large network that could be spanning much beyond Nigeria’s boundaries.
For foreign cybercrime syndicates who see African countries as safe havens for their activities, this case delivers a strong message. As acceptance of cryptocurrencies rises around the world, this latest operation by Nigerian authorities could act as a model for the coming international collaboration against digital financial crimes.
Featured image from CNN, chart from TradingView
After a massive run with memecoins over the past few weeks, the crypto community is returning back to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON) and other Layer-1 protocols. According to data insight from Santiment, Layer-1 networks have collectively seeing 44.2% of social discussions on specific coins. This shift, the analytics firm imply might mean a potential return to the bull era.
Bitcoin, Toncoin and L1 Protocols Back In Limelight
According to Santiment on X, memecoins like Dogecoin, Shiba Inu and PEPE are currently being discussed less in the market. The platform attributed this shift to the recent volatility that pushed the dominance of speculative altcoin price behind.
The data giant acknowledged that Bitcoin and L1s like Ethereum and Toncoin are the foundational infrastructure in the industry. It noted that the increased focus on these assets by traders often signals market maturity. It hinted that an L1 focus is a sign investors are prioritizing security, innovation and real world adoption.
Per the Santiment insight, memecoin frenzies generally come before the market falls. Historically, it noted that speculative excesses often lead to sharp reversal when the hype has faded.
However, it pointed out that this shift implies a more balanced market will emerge once the excessive leverage bets are wiped off.
Is Bitcoin, Toncoin and L1s Ready for Rally?
According to the Santiment projection, a shift away from memecoin is proof that the market might be tilting toward sustainable trends. It confirmed that the gambling mindset associated with memecoins is paving the way for better fundamentals.
This forecast aligns with speculations from analysts that the altcoin selling will stop soon, paving the way for rapid rebound. As of writing, BTC price was changing hands for $97,380.20, up 1.81% in 24 hours. The sentiment has also trickled down to Ethereum, Toncoin, and Cardano. These altcoins are up 1.44%, 0.56% and 3.30% to $2,668, $3.806 and $0.7172 respectively.
While it remains unclear whether the bull run is finally return, Santiment is optimistic the market is in a healthy cool-down period.
Altcoins With ETF In Spotlight
Altcoins like Solana, XRP, and Litecoin are in the spotlight owing to the growing push for spot ETFs to track their prices. As reported earlier by CoinGape, Grayscale has filed for Cardano ETF with the US SEC.
The growing number of crypto ETF applications has signaled that a massive adoption era is on enroute. With Bloomberg Senior ETF Analyst projecting high approval odds for Litecoin, Dogecoin, and Solana ETF, the market appears ready for a rebound.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano price is currently testing a crucial support zone between $0.67 and $0.81, a level that has previously played a vital role in determining price movements. This range has historically acted as both support and resistance, making it an important area for traders to monitor. The latest market movements suggest that ADA’s reaction to this level could influence its short-term price trajectory.
Cardano Price Tests Key Support Zone Between $0.67 and $0.81
In a recent post on X, analyst Ali Martinez highlighted the importance of the $0.67–$0.81 range for Cardano price. This level has been a significant point of reversal in previous market cycles. ADA has frequently bounced from this support zone, making it a critical point for traders.
The chart shared by Martinez shows multiple instances where this price range acted as both resistance and support. Historically, ADA has reversed from this level, suggesting that its current price action could determine the next trend. Traders are watching closely for confirmation of either a rebound or a breakdown.
Most recently, analyst Ali Martinez highlighted that Cardano price action mirrors its 2020 accumulation phase, which preceded a parabolic surge. According to Martinez, ADA has reclaimed key support levels, forming a structure similar to past breakout patterns. If this trend continues, Cardano could be poised for a rally to $15.
Potential for a Bullish Rebound if Support Holds
In addition, holding above this support range could indicate strength in the altcoin rally. If buying pressure increases at this level, ADA may establish a foundation for upward movement. Previous price reactions suggest that a bounce from this zone could lead to a rally.
Technical indicators such as the TD Sequential have flashed buy signals, hinting at a possible reversal. If ADA gains momentum above this range, the next altcoin rally to watch would be around $0.90 and $1.10 ADA level.
However, failure to hold the $0.67–$0.81 range could lead to a downward move in Cardano price. If ADA drops below this level, it may retest lower supports. The next potential support areas are around $0.55 and $0.48, which previously acted as consolidation zones.
Cardano Price Action
Adding to the altcoin rally, a top expert recently explained why ADA price may surge to $2.5 in the near term. The analyst highlighted ADA historical pattern of consolidation followed by parabolic rallies, suggesting that the current phase could precede a 250% breakout.
In other news, Cardano founder Charles Hoskinson continues to push back against narratives he views as misleading about Bitcoin and blockchain technology. He criticized USAID alleged funding of anti-Bitcoin content, emphasizing that decentralized finance is not tied to any political ideology.
Concurrently, these developments have intensified discussions around Cardano role in tracking government spending through blockchain. With its advanced decentralized technology and the recent Plomin hard fork enabling community governance, ADA is positioned as a strong contender for Elon Musk’s D.O.G.E. initiative.
At press time, Cardano price was $0.701, reflecting a 6% increase in the past 24 hours. The surge in trading volume, which has risen by 55% to $820.2 million, indicates growing market interest. Cardano market capitalization stands at $24.67 billion, up 2.92%, suggesting strong investor confidence.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
With a dramatic shift to Bitcoin, a former hotel developer has transformed the investment landscape of Japan, causing a stir in Asia’s financial markets. Metaplanet Inc., which was previously recognized for its modest portfolio of hospitality properties, has undergone a remarkable transformation into Japan’s preeminent Bitcoin investment vehicle, providing shareholders with a 3,600% return over the past year.
The company’s market value has reached unprecedented heights as a result of the influx of retail investors attracted by the transformation.
How A Pandemic Failure Sparked A Crypto Renaissance
When the pandemic necessitated the closure of the majority of Metaplanet’s hotels, the gusts of change began to blow through its corridors. Simon Gerovich, the chief executive officer, recognized an opportunity in the crisis, leveraging his experience in trading at Goldman Sachs.
Top performing Japanese stocks in the last year. Source: TradingView
Was it his vision? To establish Japan’s response to the Bitcoin behemoths of the United States. In its treasury, the organization currently maintains 1,762 Bitcoin, which is valued at approximately $171 million.
However, Gerovich’s objectives extend far beyond these figures. The objective is ambitious: 21,000 Bitcoin by the conclusion of 2026.
🚀 Metaplanet up 3,600% in 12 months, Japan’s fastest-rising stock! After pivoting to Bitcoin, the former hotel developer now holds 1,762 BTC, aiming for 21,000 by 2026. Inspired by MicroStrategy’s BTC strategy, Metaplanet is betting on Bitcoin’s long-term growth! 📈 #Bitcoin… pic.twitter.com/Q1Dpc9Q6VY
— Collin Brown (@CollinBrownXRP) February 10, 2025
Retail Investors Fuel The Frenzy
In 2024 alone, the company’s shareholder base has expanded by 500%, reaching nearly 50,000 investors. Despite the fact that institutional heavyweight Capital Group has taken a position, it is the everyday Japanese investors who are actually fueling this remarkable growth story.
For many first-time crypto investors, the chance to get exposure to Bitcoin through regular stock markets is very appealing. The introduction of Japan’s revamped Nippon Individual Savings Account program, offering tax-free stock investments, has added fuel to this fire.
BTCUSD trading at $97,607 on the daily chart: TradingView.com
From Hotel Rooms To Blockchain Dreams
Metaplanet is reimagining its final remaining property in a creative variation that connects its past and future. The “Bitcoin Hotel”, a hub for crypto enthusiasts and investors, will soon rebrand the Royal Oak hotel in Tokyo’s Gotanda District.
By fusing traditional hospitality with state-of-the-art finance, this creative idea aims to create a physical hub for Japan’s growing cryptocurrency industry.
Promises And Pitfalls
As part of its aggressive expansion plan, Metaplanet plans to issue 21 million new shares in order to raise $750 million in equity. This would mark Asia’s largest equity capital raise for Bitcoin acquisition.
Meanwhile, on the horizon, dark clouds loom. Six years of losses have muddled the company’s financials, but analysts expect a return to profitability in the upcoming quarter.
Featured image from Gemini Imagen, chart from TradingView
Bitcoin and Toncoin Social Sentiment Jumps, Bull Run Ahead?
PEPE Price Enters Oversold Levels On Daily Timeframe, Here’s What Happened The Last Two Times
Privacy and Staking in Bitcoin’s Growth 2025
Cardano Price at Critical Level as It Tests Strong Support
Berachain Controversy as Co-Founder Sells BERA Tokens
Bitcoin Treasury Firm Metaplanet Is Japan’s Hottest Stock, Up 3,600%
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Bitcoin24 hours agoBitcoin Recovery: Local Bottom May Not Be Here Yet
-
Altcoin22 hours agoRetail Investors Rush To Buy Bitcoin As Whales Offload; What Does This Mean For Bitcoin?
-
Market21 hours agoBitcoin Price Gradually Slips: Can Bulls Hold Key Support?
-
Altcoin20 hours agoBTC & Altcoins Turbulent, LTC Jumps 5%
-
Market20 hours agoXRP Price Uptrend Hits a Snag—Is a Fresh Increase Still Possible?
-
Altcoin15 hours agoTrump Meme Coin Leaves Investors Scratching Their Heads
-
Market19 hours agoEthereum Price Declines Again: Will the Downtrend Continue?
-
Bitcoin12 hours agoJapan’s FSA Plans Crypto Tax Reform & Bitcoin ETF Greenlight
✓ Share: