China News by Thebittimes.Com

Tether ( USDT ) is at the heart of a “parallel banking system” created by organized Crime and making use of new technologies, according to a new United Nations (UN) report . As reported by the Financial Times, the report, published on Monday by the UN’s Office on Drugs and Crime, details how USDT has become a popular payment method for criminal gangs, particularly those in the gambling industry, operating in Southeast Asia. According to the report, “Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON25 blockchain, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.” USDT is also among the currencies of choice for criminals operating so-called ‘ pig butchering ’ or romance scams. These scams involve criminals gai...

After a turbulent period in the last week, altcoins are on their way up in the previous 24 hours.  Most notably, there was a significant increase in the creation of Dogecoin (DOGE) wallets during the last month that held more than $1 million of the cryptocurrency, with 121 new wallets in total popping up. In fact, a massive amount of Dogecoins have moved out of stagnant wallets in the last 24 hours. This increase in wallets that hold more than $1 million in DOGE, combined with the spike in activity of dormant holders, is often a sign of a price direction change and ‘a sign of big money interest ,’ according to Santiment data on X on November 22.  An influx of wallets that hold $1 million or more in DOGE. Source: Finbold Additionally, Dogecoin has experienced a substantial uptick in its derivatives volume. The notable surge has significantly impacted the memecoin, with short positions reaching an impressive $718.23 million on November 17. These 24-hour-long positions for D...

After almost two years, the stolen 13,556 ETH, which was worth nearly $60 million, amounted to almost 26.2 million at the time of writing. Nearly two years after the dog-inspired decentralized finance (DeFi) project — AnubisDAO — was rug-pulled for almost $60 million in Ether (ETH), the stolen funds were siphoned away using Tornado Cash. In October 2021, AnubisDAO raised 13,556 ETH from crypto investors owing to the predated Dogecoin (DOGE) trend. However, roughly 20 hours into the investment, the funds were sent to a different address — resulting in an instant loss for the investors. Between July 15 and 16, the illicit funds were moved via Tornado Cash, a decentralized protocol that allows private transactions. The person in possession of the 13,556 ETH divided and moved the funds via 100 ETH per transaction, as shown in the screenshot below. A snippet of AnubisDAO’s rug pull funds transaction history. Source: etherscan.io The information was brought forward by blockchain investigato...