Market
How USDT Fueled $11 Billion Cyber Scams
Elliptic researchers highlighted the involvement of Tether’s USDT stablecoin in billions’ worth of illicit trades on the Huione Guarantee marketplace.
Different merchants manage a widespread Chinese-language network with numerous fraudulent app channels.
Huione Guarantee Exposed for Over $11 Billion in Cyber Scam
Huione Guarantee, affiliated with Cambodia’s Huione Group, emerged as a promising marketplace for real estate and cars in 2021. However, beneath a façade of legitimacy, Elliptic researchers discovered fraudulent activity. The platform provided “deposit and escrow services” to ensure transaction security.
“A new investigation from the Elliptic research team sheds light on online marketplace Huione Guarantee. The platform is widely used by scam operators in South East Asia, including those involved in pig butchering scams,” part of the report read.
With payments primarily made in USDT stablecoin, Elliptic researchers discovered over $11 billion in transactions processed since the platform’s debut. Out of these, $3.4 billion accounts for 2024.
Elliptic researchers analyzed listings on the platform, engaged with sellers, and tracked funds across Tether’s blockchain sent to those sellers’ addresses. This enabled them to identify and label hundreds of cryptocurrency addresses linked to the Huione Guarantee.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Notably, not all transactions conclusively point to illegal activities. However, overwhelming evidence suggests the platform’s cognizance of illicit businesses on its marketplace, as third-party merchants openly advertise money laundering services.
The services include cross-border transfers and currency conversions to cash, stablecoins, and Chinese payment app transfers. The merchants also specify different fraud and proceeds handling forms, suggesting their awareness of the risks involved.
“I’m not sure whether Huione Guarantee was originally established with this in mind. However, it has certainly become primarily a marketplace for online scammers,” Elliptic’s cofounder and chief scientist Tom Robinson said in the report.
While Huione is not the only marketplace propagating online crypto scams, according to Elliptic, none are this big. The Huione Group is a Cambodian conglomerate business associated with Cambodia’s ruling Hun family,” including Prime Minister Hun Manet. The firm did not immediately respond to BeInCrypto’s request for comment.
Huione and USDT Stablecoin Involvement in Underground Economy
In December 2023, the South China Morning Post (SCMP) reported the USDT stablecoin’s enabling role in the underground Chinese-linked economy of Cambodia. Among the cited activities was evading capital controls for Chinese nationals by using it as an exchange device to acquire tools to facilitate online scams.
The SCMP cited Huione Pay, a Cambodia-approved financial platform, revealing that it hosted multiple Telegram groups offering exchange services for cryptocurrency assets, including USDT. According to the investigation, the groups provide tools that enable scam operations involving international SIM cards and data on Chinese expat citizens.
Telegram group operators also marketed bank cards to receive money from scam victims. They also advertised services like criminal background checks, company records, and bank statements, accepting USDT for their services.
This is not the first time USDT stablecoin has been used to facilitate money laundering. In January, the United Nations Office on Drugs and Crime (UNODC) highlighted its use as a medium for illicit activities.
Read more: Crypto Social Media Scams: How to Stay Safe
Cambodia has banned cryptocurrency since 2017. In 2022, Binance committed to aiding Cambodia, located in Mainland Southeast Asia, in developing digital asset regulations. Under the terms, Binance rendered its technical expertise and experience in the field to help Cambodia’s Securities and Exchange Regulator (SERC) develop its legal framework for the digital asset market.
These discoveries highlight the need for increased scrutiny and regulation of online marketplaces and social media platforms to prevent the propagation of illicit activities. Tether continues to improve its compliance push, recently freezing funds in addresses featured on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons list.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
Hidden Bullish Divergence Appears On Dogecoin Price Chart, Here’s What To Expect Next
Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?
XRP Price Rally to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler
Solana Hits New All-Time High After 3 Years
Bitcoin’s Put-to-Call Ratio Tops 1.0: Bearish Signs Ahead?
Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?
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
-
Market22 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Bitcoin17 hours agoMarathon Digital Raises $1B to Expand Bitcoin Holdings
-
Regulation11 hours agoUK to unveil crypto and stablecoin regulatory framework early next year
-
Market17 hours agoETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin24 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Altcoin22 hours agoVitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base
-
Altcoin17 hours ago5 Key Indicators To Watch For Ethereum Price Rally To $10K
-
Market16 hours agoSEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift
