After six months, the Nigerian government has dropped all money laundering charges against Binance executive Tigran Gambaryan.

It comes barely a month after Binance founder and former CEO, Changpeng Zhao (CZ) was also released from prison.

Binance’s Tigran Gambaryan To Be Released

In a recent development, a lawyer representing the prosecuting agency disclosed the withdrawal of the charges at the Federal High Court in Abuja. The charges were withdrawn on Wednesday morning after what is believed to be “behind-the-scenes diplomatic lobbying” between the Nigerian and US governments.

“Wednesday’s hearing was a climax of the behind-the-scenes diplomatic lobbying that had been ongoing between Nigerian and the US government figures for months for the release of Mr. Gambaryan, who has been denied bail on two occasions because the judge considered him to be a flight risk,” local media reported.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

Gambaryan and his colleague Nadeem Anjarwalla were taken into custody on February 26. The two were arrested without formal charges after being lured to the country on supposed business dealings. They were held in Nigeria’s notorious Kuje Prison.

Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650.

• Ethereum started a downside correction below the $2,650 support.
• The price is trading below $2,650 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Starts Consolidation

Ethereum price started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.

The price traded as low as $2,605 and is currently consolidating losses. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to gain bullish momentum.

Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

A clear move above the $2,700 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

More Downsides In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,600

Major Resistance Level – $2,650

Valeria “Bitmama” Fedyakina, a Russian influencer, faces 10 years in prison for $22 million crypto fraud. Law enforcement previously suspected her of treason but recently charged her with economic crimes alone.

Fedyakina allegedly defrauded at least four Russian businessmen with a phony cross-border payment scheme.

Cross-Border Payments Fraud

According to a recent report from New York Post, Russian influencer Valeria “Bitmama” Fedyakina is nearing a trial for $22 million in alleged crypto fraud. She faces 10 years in prison if found guilty. Law enforcement officials arrested her in September 2023, and the state’s case relies on the testimony of four defrauded businessmen.

Read More: Top Cryptocurrency Scams in 2024

The center of Fedyakina’s scam operation was crypto’s use in cross-border payments, which have become particularly popular in Russia. The country is currently under international sanctions since the Ukraine invasion, and cryptocurrency can help private and institutional users evade these sanctions. Fedyakina allegedly posed as a facilitator for this exact use case.

According to these four defrauded individuals, Fedyakina portrayed herself as an international entrepreneur and investor who could help Russian businessmen move money abroad via crypto. She also promised to “sweeten the deal” by claiming that she would not charge for this service, but actually pay extra thanks to an convoluted energy scheme. Instead, she stole everything.

Reportedly, her crimes went far further, and Fedyakina attempted to fund Ukraine’s war effort with these assets. This claim has appeared in previous coverage, and state prosecutors apparently suspected her at one point. However, a more recent story from Russian state media outlet TASS quotes extensively from court documents.

“The investigative body has completed the investigation of the criminal case against Valeria Sergeevna Fedyakina, who committed fraud, that is, theft of someone else’s property by deception, on an especially large scale. In the final version, she was charged with committing four episodes of fraud, and four people were recognized as victims in the case,” it quoted.

In short, there’s no mention of high treason. TASS claims that Fedyakina was pregnant at the time of her arrest and has since given birth.

She may be able to request a lighter or deferred sentence on these grounds. This sort of leniency would not be appropriate for someone directly aiding an enemy war effort.

Read More: Crypto Social Media Scams: How to Stay Safe

Still, if nothing else, Fedyakina’s case represents a particular danger in the crypto space. Sophisticated phishing efforts are on the rise, and her operation was based on a very real use case in Russia.

Scammers often have a legitimate outward appearance and target desperate people. Several security solutions can help minimize users’ personal risk.