Market
600,000 Potential KYC Violations Uncovered
South Korea’s Financial Intelligence Unit (FIU), part of the Financial Services Commission (FSC), uncovered a staggering 500,000 to 600,000 suspected violations of Know Your Customer (KYC) requirements at Upbit, the country’s largest cryptocurrency exchange.
The discovery comes during a meticulous review of Upbit’s business license renewal application, raising concerns about potential legal and regulatory ramifications.
Potential KYC Violations on Upbit
Local media reported that according to sources within South Korea’s financial sector, the FIU’s findings were the result of an intensive inspection that began in late August. The violations pertain to lapses in Upbit’s customer verification processes, a crucial component of anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
Examples of breaches include accounts being approved despite incomplete or blurred identification documents. According to the financial regulator, this could facilitate illicit activities such as money laundering.
An official from Upbit reportedly refrained from commenting on the FIU’s ongoing review, citing confidentiality clauses. However, the exchange’s operational future hangs in the balance as financial authorities verify the validity of the flagged cases. Potential fines of up to 100 million won (approximately $75,000) per violation loom.
This is not the first time Upbit has been scrutinized. South Korean authorities have consistently monitored the exchange due to its dominant position in the local crypto market. Of note is that it is the largest trading volume in the South Asian region.
As BeInCrypto reported, South Korean lawmakers recently opened an investigation against Upbit. The probe centered on the monopoly structure of the virtual asset market built around the trading platform. Similarly, listings on Upbit have been known to cause significant market fluctuations, leading to questions about transparency and fair practices.
Upbit Listings Remain Controversial
Recently, Upbit’s move to expand the Uniswap (UNI) trading pair caused a 150% volume spike for the decentralized exchange token. Similarly, the exchange’s popularity boosted Cat in a Dogs World (MEW) to a new peak, also following trading pair expansion. Other tokens that have benefited from trading activities on Upbit include Injective (INJ) and real-world asset (RWA) token Ondo Finance (ONDO).
Nevertheless, it is impossible to ignore the prevalence of South Korean traders engaging in “pump and dump” schemes, particularly for altcoins. As noted by CryptoQuant CEO Ki Yong Ju, some traders exploit Upbit’s listings to artificially inflate token prices before selling them off, leaving other investors at a loss.
“Korean crypto traders love pumping & dumping altcoins, ironically,” Young Ju noted, demonstrating with a video.
In addition, traders tend to exploit the Kimchi premium, a price gap between South Korean and overseas exchanges. While these practices are not directly linked to Upbit’s management, the exchange’s listings wield an undeniable influence on the market.
Meanwhile, even in the face of ongoing regulatory challenges, Upbit has recently taken steps to enhance transparency and user protection. In July, the exchange issued its first public disclosure under the newly enacted Virtual Asset User Protection Act. This testified to Upbit’s financial stability, user asset holdings, and risk management practices, reflecting an effort to align with changing regulatory standards.
Additionally, Upbit has made strides in global compliance. In January, it secured a Digital Payment Token Services License from Singapore’s Monetary Authority of Singapore (MAS). This milestone followed an earlier conditional approval from the same regulator. The license reflects Upbit’s commitment to regulatory adherence in international markets, even as it faces scrutiny at home.
Notwithstanding, the FIU’s findings could have far-reaching implications for Upbit, both domestically and internationally. While the financial watchdog has yet to announce definitive conclusions, the scale of potential violations could result in hefty fines.
Furthermore, besides reputation damage, the case may prompt broader discussions about KYC practices and regulatory compliance across South Korea’s growing crypto sector. Upbit’s influence as a market leader makes its actions particularly significant. Beyond dominating South Korea’s trading volume, Upbit also shapes trends and token adoption rates.
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.
Market
Exploring Hottest New Coins: MAYA, Banana, and Jorgie
Since their recent launches, MAYA, Banana, and Jorgie coins have quickly captured significant attention. MAYA debuted on Pumpfun four days ago and now boasts a market cap of $21.4 million and over 36,000 holders.
Banana followed closely, launching three days ago and reaching a market cap of $36.6 million with more than 14,000 holders. Jorgie, launched just two days ago, has already amassed 22,000 holders and a market cap of $14.3 million.
MAYA
MAYA made its debut on Pumpfun almost four days ago before quickly graduating to Raydium. The token has gained significant traction, currently holding a market cap of $21.4 million. In just a few days, MAYA has already attracted over 36,000 holders.
The daily transaction volume for MAYA is also impressive. The coin currently sees more than 114,000 transactions per day.
MAYA has risen nearly 40% in the last 24 hours. Despite this surge, the RSI remains at 42.44, suggesting considerable room for growth. The token’s recent price increase hasn’t yet pushed it into overbought territory, indicating potential for further upside.
Banana for Scale (Banana)
Banana is also in the Solana ecosystem, and it was also launched on Pumpfun, just three days ago. The token has gained a lot of traction, currently boasting a market cap of $36.6 million. In just a few days, Banana has managed to attract more than 14,000 holders.
The daily transaction volume for Banana is notable, with over 32,000 transactions occurring each day for the coin.
Banana’s current RSI is at 58, which means it is still below the overbought threshold of 70. However, with an RSI of 58, its potential for growth might be more limited compared to tokens with a lower RSI. It is not yet in overbought territory, but it is approaching levels that indicate more caution may be warranted for further gains.
Jorgie (MONKEY TAKEN BY POLICE)
Jorgie coin was also launched on Pumpfun, just two days ago. It currently has a market cap of $14.3 million and 22,000 holders.
The daily transaction volume for Jorgie is also impressive, with almost 50,000 transactions occurring each day. However, it’s down 38% in the last 24 hours, which could suggest a good entry point for new investors who like meme coins.
Jorgie’s current RSI is at 44.07, placing it in the neutral zone. This means that while the token is neither oversold nor overbought, there is potential for price movement in either direction. Being in the neutral zone suggests that Jorgie could still experience upward momentum without immediately facing resistance from overbought conditions, leaving room for further growth.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
These Are Today Trending Altcoins: HAMMY, Notcoin, PEPE
Contrary to the performance earlier in the week, several cryptos have slowed down the initial bullish momentum they had. As a result, most of today’s trending altcoins today, November 15, have seen their prices decline.
However, out of the top three, according to CoinGecko, one has gone against the broader trend. This analysis reveals why these altcoins are trending and what’s next for their values. The top three are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).
SAD HAMSTER (HAMMY)
SAD HAMSTER has emerged as one of today’s trending altcoins, primarily due to a significant price surge. Over the past 24 hours, HAMMY’s price has skyrocketed by 39%. This remarkable rally followed a post from Elon Musk, who expressed support for a campaign aimed at raising $3 million for hamster health.
This development sparked a wave of buying pressure for HAMMY, which is $0.40 at press time. Further, the daily chart shows that the Bull Bear Power (BBP) has risen to the highest level since September.
When the BBP falls, it means bears are in control, and selling pressure is intense. However, since the reading jump, bulls are putting a lot of pressure on the price. If that continues, HAMMY’s price could rally to the highest level of the wick at $0.55.
On the other hand, if profit-taking increases, this might not happen. Should that be the case, SAD HAMSTER’s price could sink to $0.29.
Pepe (PEPE)
PEPE, the frog-themed meme coin, is also part of today’s trending altcoins due to the recent Coinbase and Robinhood listing. While the price reacted positively to that development on November 13, the last 24 hours have seen the value tank by 13%.
This price drop may be attributed to the broader market decline and increased selling pressure. From a technical standpoint, BeInCrypto also noted that PEPE’s overbought condition contributed to the drawdown.
For instance, the Relative Strength Index (RSI), which measures momentum, has jumped above 70.00, reinforcing the thesis that the altcoin is overbought. Assuming the RSI reading is less than 30.00, it would have been deemed oversold.
Considering the current outlook, the cryptocurrency’s price could drop to $0.000015. But if buying pressure comes into play again, the trend might change, and PEPE could bounce to $0.000026.
Notcoin (NOT)
Like Pepe, Notcoin is trending because of a double-digit decline. In the last 24 hours, NOT’s price has decreased by 12% and trades at $0.0073. This price action contradicts the altcoin’s performance some days back when its value rose by 25%.
On the daily chart, the Notcoin price attempted to rise toward $0.010, but resistance at $0.0076 prevented this. Trading volume around the Telegram-based token has also declined, indicating a drop in market interest.
If this remains the same, the altcoin’s value might decrease to $0.0066. However, this prediction might be invalidated if buying pressure rises. If that happens, the Notcoin could rise to $0.010.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
MrBeast Accused of Shady Crypto Deals, Coffeezilla Reveals
YouTube investigative journalist Coffeezilla, known for his deep dives into influencer-driven scams and questionable financial schemes, released a detailed video examining MrBeast’s alleged involvement in cryptocurrency ventures.
In the exposé, Coffeezilla scrutinizes MrBeast’s financial gains from crypto investments. He confronts serious accusations of insider trading and exploitation of his public platform for profit. However, MrBeast’s team reportedly declined to provide detailed comments, instead issuing a carefully worded legal statement.
Coffeezilla Investigation on MrBeast’s Potential Scams
According to Coffeezilla, this complex story blurs the line between “shady” and outright “illegal.” The investigation was prompted by allegations circulating online.
Some claim MrBeast profited as much as $23 million through manipulative and deceptive practices. Coffeezilla, known for his thorough research and impartiality, reached out to various sources—researchers, crypto project heads, and even MrBeast himself.
According to Coffeezilla, the accusations stem from two main sources. The first is a report by SomaXBT, which alleges MrBeast made $10 million by backing low-cap cryptocurrency tokens, which later plunged in value.
“An investigation into Mr. Beast, how he allegedly made $10 million+ by backing low-cap IDO crypto tokens promoted by influencers like Lark Davis, CryptoBanter, KSI, and others. Many of these projects are now down over 90%, with some rebranding after major losses,” SomaXBT shared on X (formerly Twitter).
Another group, look.io, claimed he made even more through “scams, shady deals, and his network of connections.” Coffeezilla asserts that while some allegations seem exaggerated, there is credible evidence supporting others, making it difficult to offer a single, definitive judgment.
Key Allegations: Inside Deals and Suspicious Tweets
Coffeezilla begins by dissecting a few specific cases involving cryptocurrency projects in which MrBeast allegedly participated, including Super and Earnity Chain. According to the report, MrBeast invested in these projects, later promoting them publicly while secretly selling off his shares. This led some to believe he was engaging in unethical, if not illegal, market manipulation.
For instance, Coffeezilla discusses leaked screenshots showing MrBeast’s alleged involvement in Super’s pre-sale. According to these images, MrBeast invested $100,000, ultimately cashing out over $10 million. Coffeezilla points out that MrBeast tweeted twice about Super, one of which came suspiciously close to a sale of tokens by a wallet linked to him.
In another tweet, he hinted at the project’s value, saying “super” in response to a comment about the token’s potential growth. Coffeezilla suggests this could have influenced MrBeast’s followers to buy in while he was secretly offloading his investment, a potential conflict of interest.
According to Coffeezilla, this pattern is repeated in the cryptocurrency Earnity Chain. MrBeast’s name was prominently featured on the Earnity Chain website. He even allegedly promoted an associated NFT (non-fungible token) charity auction meant to benefit his “Team Seas” initiative.
Yet, records show his alleged wallet sold millions of Earnity tokens during the auction’s two-month campaign. Coffeezilla acknowledges that the charity auction itself performed poorly. Nevertheless, the investigator criticizes the timing, labeling it a “terrible look” for MrBeast, known as the “charity guy.”
A Complicated Network of Influences and Power Players
According to Coffeezilla, one of the most complex elements of the story is MrBeast’s involvement in crypto beyond his direct actions. The detective uncovers links between MrBeast’s investments and Jason Williams, a figure in the cryptocurrency space who appears to have managed some of these funds.
Coffeezilla found that Williams was connected to the same wallet linked to MrBeast’s investments. Reportedly, he often promoted and sold tokens associated with MrBeast’s name. This association could potentially absolve MrBeast of some responsibility, but as Coffeezilla points out, the boundaries remain unclear.
Of note is that MrBeast has occasionally spoken publicly about his investments, including a now-infamous conversation with Logan Paul, where he discussed purchasing CryptoPunks after a call with influencer Gary Vee.
“So, it seems like MrBeast was very much aware of, and in some cases directly involved in, decisions to buy and sell crypto,” Coffeezilla concludes.
While MrBeast’s team denies he was directly involved in trading, Coffeezilla finds it hard to believe MrBeast was entirely hands-off.
MrBeast’s Team’s Response (Or Lack Thereof)
In response to these allegations, MrBeast’s team provided a statement. In it, they assert that his investments were managed through a fund that consulted with industry experts and adhered to all “appropriate regulations.”
According to the team, MrBeast did not control the day-to-day trades. Yet, as Coffeezilla observes, the statement “takes zero accountability” and fails to address specific claims about MrBeast’s tweets and sales.
Critics say MrBeast’s brand is being used as a marketing tool in cryptocurrency projects, leading to inflated values that hurt regular investors. This becomes especially problematic given MrBeast’s vast following and reputation as a philanthropist.
For Coffeezilla, the issue is not merely about legality; it is about ethics. He suggests that while MrBeast’s actions may not be criminal, they still raise questions about his responsibility to his audience.
“I think to MrBeast and probably to his fund, this is just business. They set out to make a lot of money, and they made a lot of money—what’s the problem, right?” Coffeezilla quipped.
Indeed, Coffeezilla’s exposé is a compelling, if unsettling, reminder of the blurred lines between fame, finance, and influence within the crypto playing field.
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.
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