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XRP Exchange Boss Gets 8 Years Behind Bars: Here’s Why

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An unnamed XRP exchange operator, identified as Mr. A, received an eight-year prison sentence. He was convicted of embezzling approximately 4.6 billion Korean won (around $3.3 million).

This decision highlights South Korea’s stringent approach to crypto fraud, reflecting the growing legal scrutiny in the sector.

How XRP Exchange Operator Cheated South Korean Citizens

According to a local outlet, Mr. A had been a central figure in the South Korean crypto market since 2015. He has been exploiting his role to defraud investors by promising to purchase Ripple’s XRP tokens at below-market rates.

In 2015, Mr. A convinced an investor, Mr. B, to give him 200 million won (approximately $145,947), promising XRP acquisitions at about 20% below the going rate. Furthermore, in 2017, he misled another investor, Mr. C, by taking 2.35 million XRP and pledging a high return that was never realized.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

Additionally, Mr. A engaged in more direct theft. He acquired the crypto wallet information of another victim, Mr. D, under false pretenses. Subsequently, he swapped Mr. D’s 4 million XRP for Bitcoin and transferred these to a Bitcoin account under his son’s name, culminating in losses valued at 3.5 billion won (about $2.5 million).

The appellate court’s decision to reduce Mr. A’s sentence from the initial 12 years reflects his partial repayment to one of the victims. However, the presiding judge stressed the severity of Mr. A’s actions and his apparent disregard for legal consequences.

“The defended has shown no signs of remorse. He has also shown serious disregard for the law, so he needs to be punished severely,” the Judge said.

Moreover, Mr. A attempted to manipulate the judicial process. He requested sentencing postponements and sought additional time to compensate victims, only to use these opportunities to flee from justice. His recapture after two years marked the end of his evasion efforts.

This case occurs within a broader context of rising crypto market activities in South Korea, projected to generate $2.2 billion in revenue by 2028.

South Korea Crypto Revenue
South Korea Crypto Revenue. Source: Statista

As the market expands, so does the incidence of crypto-related crimes, prompting a robust regulatory response. In April 2024, in response to the increasing complexities of virtual asset crimes, South Korea announced the establishment of a new investigative unit.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

This specialized team, stationed at the Seoul Southern District Prosecutors’ Office, includes experts from prosecution, finance, and intelligence sectors.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why These Altcoins Are Trending Today — January 22

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With Donald Trump assuming office as the US President, the crypto market has experienced heightened volatility. While some altcoins have surged, others have faced significant crashes, and many are gaining attention due to recent developments. 

BeInCrypto has analyzed three altcoins that have been trending over the past 24 hours and explored what might lie ahead for them in the coming days.

United States Donald Trump (TRUMP)

TRUMP has captured significant attention this week as the official cryptocurrency token of US President Donald Trump. Since its launch, the token has gained immense traction and is now ranked 24th among the top 100 cryptocurrencies, marking a swift rise in prominence within the market.

The token recently hit an all-time high (ATH) of $79 and is currently trading at $41. If TRUMP can secure $45 as a support level, it may resume its upward momentum and make another attempt at its ATH, signaling strong bullish sentiment among investors.

TRUMP Price Analysis
TRUMP Price Analysis. Source: TradingView

However, profit-taking could pressure the token, preventing it from surpassing $45. A drop below this critical level could lead to a decline under $34, potentially invalidating the bullish outlook. In a worst-case scenario, TRUMP might fall to $26, reflecting a significant shift in market sentiment.

World (WLD)

World (WLD) captured investor attention following the announcement of Sam Altman’s OpenAI collaboration with Oracle and SoftBank. Together, they plan to invest $500 billion in US AI infrastructure under the Stargate Project, supported by President Trump. This strategic move has bolstered confidence in WLD, positioning it as a trending altcoin.

WLD’s price surged by 12% in the past 24 hours, driven by the positive sentiment surrounding this partnership. This rally could enable the altcoin to reclaim its 4-month-old uptrend line as support. If achieved, WLD might target $2.55 in the coming days, reinforcing its bullish momentum.

WLD Price Analysis
WLD Price Analysis. Source: TradingView

However, if WLD fails to breach the $2.17 resistance, it risks losing traction and falling back to $2.00 or lower. A further decline to $1.74 could completely invalidate the bullish outlook, signaling a potential shift in market sentiment against the cryptocurrency.

Bonk (BONK)

BONK has surged into the spotlight following the inauguration of the US Department of Government Efficiency (D.O.G.E.), which spurred renewed interest in dog-themed meme coins. This development has elevated BONK’s status in the crypto market, drawing significant attention from both retail and institutional investors seeking speculative opportunities.

The token recorded an 8% increase, trading at $0.00003236 and eyeing $0.00003151 as a critical support level. Securing this floor would strengthen the meme coin’s recovery prospects, potentially attracting more bullish momentum. 

 BONK Price Analysis.
BONK Price Analysis. Source: TradingView

However, failure to hold the $0.00003151 support could lead to a decline toward $0.00002748. This drop would only invalidate the bullish outlook and also signal a broader loss of confidence in the token’s recovery potential.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Price Can Reach $3,500 On The Back Of These Factors

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Ethereum, the second-largest cryptocurrency, recently failed to breach $3,524, triggering a sharp price drop. Since then, recovery efforts have remained weak as volatility persists. 

However, the current conditions suggest Ethereum may be preparing for a comeback as the market stabilizes.

Ethereum Has Room For Recovery

Ethereum’s Network Value to Transaction (NVT) Ratio is experiencing a decline, recently hitting a monthly low. A low NVT indicates that transaction activity is balanced with network value, reflecting reduced volatility. This creates an environment conducive to price recovery, something Ethereum urgently needs to regain its footing.

With the NVT ratio signaling healthy network activity, Ethereum is positioned to stabilize in the short term. Declining volatility often fosters investor confidence, making it more likely for the cryptocurrency to see renewed buying interest. As speculative activity wanes, Ethereum has an opportunity to chart a path toward meaningful recovery.

Ethereum NVT Ratio
Ethereum NVT Ratio. Source: Glassnode

Ethereum’s realized profits recently dropped to a six-week low, pointing to a significant reduction in selling pressure from investors. This trend highlights the market’s shifting sentiment, with fewer participants looking to offload their holdings. Such conditions could provide Ethereum with the breathing room required to capitalize on broader bullish cues.

The lack of an uptick in realized profits suggests that the selling lull may persist, allowing Ethereum to focus on building upward momentum. With investors holding onto their coins, market conditions are primed for a gradual recovery, provided external factors remain favorable.

Ethereum Realized Profits
Ethereum Realized Profits. Source: Glassnode

ETH Price Prediction: Breaking The Barrier

Ethereum is currently trading near $3,300, just below the critical resistance level of $3,327. Flipping this into support is essential for ETH to initiate a rally toward $3,524, representing a 6% increase from current levels. This move would mark a partial recovery from recent losses.

Breaking through the $3,524 resistance is crucial for Ethereum’s recovery. Achieving this would erase the recent downturn and also position the altcoin for further gains, potentially targeting $3,711. Such a move would underscore Ethereum’s resilience and align with the broader market’s bullish sentiment.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

However, failing to establish $3,327 as a support level could stall Ethereum’s recovery. This scenario would leave the cryptocurrency vulnerable to a retracement toward $3,200, undermining recent progress and potentially delaying its path to $3,500.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Justin Sun, Vitalik Buterin Speak Amid Ethereum Reform Debate

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TRON founder Justin Sun has offered a hypothetical plan for Ethereum and the Ethereum Foundation (EF) under his leadership. His remarks come amid controversy over EF’s leadership transformation.

In a series of posts on X (formerly Twitter), Ethereum co-founder Vitalik Buterin outlined the reforms’ goals and progress. He highlighted improvements in technical expertise, ecosystem engagement, and operational efficiency.

Justin Sun Outlines Blueprint for Ethereum Leadership

The TRON executive shared ambitious remarks on how he would lead the Ethereum Foundation if given the opportunity. Sun’s vision, shared on X, outlined a four-point plan to radically restructure EF operations, optimize Ethereum’s economic model, and drive the price of ETH to $10,000.

“If EF and Ethereum were under my leadership, ETH would hit $10,000,” Sun claimed.

Sun proposed an immediate halt to ETH sales for three years to stabilize supply and boost market confidence. He suggested covering EF’s operational costs through DeFi protocols like Aave, staking yields, and stablecoin borrowing, aligning with Ethereum’s deflationary goals.

A key component of his plan involves imposing significant taxes on Layer 2 (L2) solutions, aiming to generate $5 billion annually. The collected taxes would go toward exclusively repurchasing and burning ETH, further enhancing its scarcity and value.

Sun also called for a drastic downsizing of EF staff, retaining only top performers and offering them significant salary increases. This merit-based approach, he argued, would streamline operations and improve efficiency.

Finally, Sun emphasized adjusting node rewards and increasing fee burns to reinforce Ethereum’s deflationary narrative. He proposed redirecting all resources toward Ethereum’s core L1 development, focusing on scalability, security, and adoption. Justin Sun’s plan sparked a mixed response, with some applauding the bold vision.

“These are all very practical suggestions. Please pay attention to them and refer to them, Vitalik Buterin,” core developer 0xSea.eth posed.

Meanwhile, others challenged Sun to focus on TRON and explore bringing decentralized finance (DeFi) to its ecosystem.

“Maybe start with how to make DeFi great on TRON – you should ask your exec team (and yourself), “Why is DeFi nonexistent on TRON despite it being the chain with the most stable coins on it?” If you answer this, maybe TRON can beat eth one day,” ZIGChain co-founder Abdul Rafay Gadit remarked.

Vitalik Buterin Defends Leadership Amid Criticism

Sun’s proposed solution aligns with Vitalik Buterin’s recent post discussing ongoing changes over the past year, some of which have already been implemented. Buterin emphasized goals such as strengthening the EF’s technical leadership and improving collaboration with ecosystem participants. He also addressed concerns, rejecting the notion that the EF might adopt centralized or politically motivated roles.

“…these things aren’t what EF does and this isn’t going to change. People seeking a different vision are welcome to start their orgs,” Buterin articulated.

Aya Miyaguchi, an EF executive, confirmed the ongoing efforts, expressing excitement about forthcoming announcements. She noted that the reforms aim to solidify Ethereum’s position as a global neutral platform while embracing decentralized and privacy-preserving technologies.

The announcement has stirred controversy within the crypto community. Critics argue that the current leadership has failed to manage Ethereum effectively.

“Respectfully, just let new blood take over. You guys can’t even make a simple Twitter account work—how can you be trusted to lead the second biggest blockchain,” Wazz posed.

Another user, Coinmamba, suggested that pressuring Miyaguchi to resign could result in Ethereum reaching new all-time high. Buterin strongly condemned these comments, defending Miyaguchi and calling out the toxicity of such social media rhetoric.

“No. This is not how this game works,” Buterin retorted. “The person deciding the new EF leadership team is me. If you ‘keep the pressure on,’ then you are creating an environment that is actively toxic to top talent. YOU ARE MAKING MY JOB HARDER,” the Ethereum co-founder lamented.

Buterin also refuted specific claims against Miyaguchi, pointing out inaccuracies in translations and misinterpretations of her statements. He reiterated the need for a “proper board” within EF to enhance governance.

ETH price Performance
ETH Price Performance. Source: BeInCrypto

Ethereum’s ETH token was trading at $3,305 as of this writing, representing a modest 0.2% surge since Wednesday’s session opened.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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