What Happened In The Crypto Market Today?

Posted on May 9, 2024 5:10 AM
Economic News
127 Views

Binance, through its on-chain investigation team, played a crucial role in the arrest related to the ZKasino fraud case. As one of the leading exchanges in the crypto world, Binance's anti-crime team conducted an in-depth examination of the gambling platform linked to fraud.

The team continued its operations using blockchain tracking and open-source intelligence (OSINT), and carried out detailed analyses on the smart contracts associated with ZKasino. As a result of these analyses, Binance identified the individual responsible for the fraudulent activities and relayed the relevant information to legal authorities.

Consequently, the Financial Intelligence and Investigation Service (FIOD) arrested the 26-year-old suspect on April 29. According to FIOD's statement, assets including cryptocurrencies, real estate, and luxury vehicles worth €11.4 million were seized from the suspect.

On the other hand, the bankrupt crypto exchange FTX aims to fully repay its creditors. FTX announced that it could cover 98% of claims in small amounts and up to 118% of its total assets. This plan is in the process of being approved by the Delaware Bankruptcy Court.

FTX's CEO John J. Ray III, stated that the company plans to fully repay its creditors, along with interest, following the bankruptcy. This plan is based on the asset values prior to the bankruptcy and aims to cover 100% of creditors' claims. The total payment amount is expected to be between $14.5 to $16.3 billion. This development has sparked some controversy on social media, as some members of the crypto community feel that the plan may not be fast or fair enough.

In the United States, cryptocurrencies are becoming an increasingly prominent election issue, especially in key states. A survey conducted by Digital Currency Group and The Harris Poll shows that a large majority of Americans view cryptocurrencies as a fair alternative to the financial system. Most of the survey participants stated that cryptocurrencies are more suitable for those outside the financial system.

Kristin Smith, CEO of the Blockchain Association, emphasized that digital assets will be a significant issue in the 2024 elections, with 26% of voters evaluating political candidates based on their stance on this issue. This indicates that cryptocurrencies will play a significant role in the upcoming election cycle.

You can stay up to date with the latest developments and news in the cryptocurrency markets at Kriptospot.com.