2023-03-22

🚀 Rockets, Pyramids and Safe Havens

March 22, 2023

Good morning friends,Today could be quite a pivotal moment, with the Fed announcing its latest interest rate.A 0.25% interest rate hike is expected, with anything less than that probably causing a sizable pump. However, I’m no expert, so…not financial advice..obvs!

Let’s dive headfirst into today’s tasty treats!

🚀 XRP Climbs 20% in a Day…Is the SEC Case Nearly Over?
🔺 Bulgarian Pyramid Tumbles in $4B Crypto Fraud Case
☔ Tether, The Safest Stablecoin, is it The Only Option?

XRP Climbs 20% in a Day…Is the SEC Case Nearly Over?

Yes, the SEC case is STILL going on, but after climbing 20% in the last 24hrs, are there smoke signals coming out of Ripple HQ?

Yes, most of the crypto market is experiencing bullish momentum, so a coin having a particularly good day isn’t too far out of the ordinary…

But…

In a recent Tweet, Ripple Attorney James Filan showed a Letter Notice of Supplemental Authority that the defendants had filed.

In layman's terms, it shows that, in a recent case (SEC vs. Voyager Digital), Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York rejected the SEC's argument, ruling that it was too vague.

The SEC…too vague…no…never 😂

Bulgarian Pyramid Tumbles in $4B Crypto Fraud Case

Bulgarian national Irina Dilkinska, who co-founded an alleged Pyramid scheme called OneCoin, has been extradited to the U.S. to face charges of conspiracy to commit wire fraud and money laundering.

She was supposed to be OneCoin's “head of legal and compliance,” U.S. Attorney Damien Williams said in a Department of Justice announcement on Tuesday.

"[She] accomplished the exact opposite of her job title and allegedly enabled OneCoin to launder millions of dollars of illegal proceeds through shell companies."OneCoin's victims were defrauded of over $4 billion in the scheme, which began operations in 2014.Its co-founder Ruja Ignatova, known as "Cryptoqueen," who hasn’t been seen since Oct 2017, was added to the Federal Bureau of Investigation's Top Ten Most Wanted list in 2022. Another co-founder, Karl Greenwood, pleaded guilty to federal U.S. wire fraud and money laundering charges in December.

Tether is the Safest? It’s Not The Only Option.

USDT, the often-controversial stablecoin, emerged as one of the best bets for crypto people looking for a safe haven earlier this month as U.S. banks started collapsing left, right, and center.

But it wasn't the only one…

While some decentralized stablecoins (e.g., Frax and Dai) also lost their dollar peg, smaller cap over-collateralized, decentralized stablecoin, Djed (silent D), held its peg very well.

They recently announced that they would launch Djed on Ethereum, Binance Smartchain, and Cardano.

Defo one to watch!