US, Netherlands Share Crypto Crime Data Including Potential Ponzi Plan

Posted on May 16, 2022 in Cryptocurrency

COINHOT – Officials in the US, UK, Canada, Australia and the Netherlands share data and have identified more than 50 threads of crypto-related crime, including cases that could involve a $1 billion Ponzi scam. equivalent. IDR 14.67 trillion (assuming an exchange rate of IDR 14,673 per dollar)

Global Head of Crypto Crime Data Sharing

Bloomberg reported on Friday, May 13, 2022, that the country’s tax enforcement officers are meeting this week in London to share information and information aimed at identifying the source of illegal cross-border cryptographic activity.

J5 was created in response to a call to action to empower the Organization for Economic Cooperation and Development (OECD) to do more to address the drivers of tax crime.

Australian Tax Office (ATO), Canadian Revenue Service (CRA), Financial Information and Investigation Service (FIOD), HM Internal Revenue Service (HMRC), Internal Revenue Service for Criminal Investigation (IRS-CI).

At the meeting, officials identified more than 50 criminal threads linked to encryption, the publication said.

“Some of these leads include individuals with significant NFT transactions surrounding potential taxation or other financial crimes,” Jim Lee, director of criminal investigations at the Internal Revenue Service (IRS), told reporters on Friday. / 2022).

One that stood out, he added, appeared to be the $1 billion Ponzi scam, and this proposal affected all of the J5 countries.

The official also confirmed evidence related to decentralized exchanges and fintech companies, adding that “important targets” could be announced as early as this month.

Nils Obenk, president and general manager of Financial Research and Information Services (FIOD) in the Netherlands, said NFT is one of the modern digital vehicles for trade-based money laundering.

Obbink says there are limited controls, oversight and regulation that make cryptocurrencies vulnerable to fraud. He stressed the need to worry.

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Previously, the cryptocurrency market underperformed in the second week of May 2022 overall. Given the uncertain macroeconomic situation, the market situation immediately “sick”.

However, the market started to stabilize after the sudden surge of some crypto assets. When CoinMarketCap launched on Friday, May 13, 2022, 8 of the top 10 cryptocurrencies by market cap entered the green zone.

Bitcoin (BTC), for example, has increased in value by 14.05% over the past day and is now $3,0383.75, or about Rs 444.9 million. During the same period, the value of Ethereum (ETH) also rose 17.26% to $2091.36.

As of the morning of Sunday, May 15, 2022, Bitcoin price has risen 0.48% in the last 24 hours, citing Coinmarketcap. However, over the past week, the price of Bitcoin has fallen 13.87%. Bitcoin is priced at $29,820, or around Rs 436.24 million (assuming an exchange rate of Rs 14,629 per US dollar).

Ethereum price fell 1.37% to $2,029, around 29.68 million rupees. Ethereum price is down 1.37% in 24 hours. Meanwhile, the price of Ethereum is down 20.93% for the week. Most other cryptocurrencies are still slow.

Tokocrypto trader Afid Sugiono said the negative sentiment from the stablecoin Terra USD (UST) drama has made market participants anxious and skeptical about the current state of the stablecoin market and the highly volatile cryptocurrency market.

In a written statement made on Sunday, May 15, 2022, Avid said: “These fears were exacerbated after US Treasury Secretary Janet Yellen and the Fed said stablecoins pose significant risks to the financial sector.

However, investors in general are still under pressure to sell and dispose of riskier assets amid uncertain macroeconomic conditions. The state of inflation in the US will continue to disrupt Uncle Sam’s economy as it moves from safe volatile assets to safe assets such as the US dollar.

As Avid puts it, “Expected inflation is forcing investors to forego risky assets. This is also affecting the crypto asset market.”

The cryptocurrency market situation is also in line with stocks, and market participants appear to be under pressure to launch tech stocks out of concern that the US central bank, the Federal Reserve (Fed) will once again aggressively tighten monetary policy.

Earlier, Bitcoin fell below $26,000 for the first time in 16 months on Thursday after a massive sell-off in the cryptocurrency that swept more than $200 billion (Rp 2927 trillion) from the entire market in one day.

As reported by CNBC, Bitcoin price fell to $2,5401.29 on Thursday, according to the coin indicator on Friday, May 13, 2022. This is the first time the cryptocurrency has fallen below $27,000 since December 26, 2020.

Bitcoin has since pared its losses and was last trading at $28569.25, down 2.9%. However, in Friday’s trading (05/13/2022) on Friday, Bitcoin rebounded again, trading at around USD 30,000.

Investors are avoiding crypto at a time when stock markets have been retreating amid fears of rising share prices and deteriorating economic prospects at the height of the coronavirus pandemic.

US inflation data released on Wednesday showed that prices of goods and services rose 8.3% in April, near a 40-year high, more than analysts had expected.

Another issue weighing on the minds of traders is the collapse of the stable Terra protocol, which has been cornered. Terra USD (UST) must reflect the dollar value. However, it fell below 30 cents, shaking investor confidence in the so-called decentralized finance space.

The aftermath of Terra’s collapse has fueled fears of market contagion. Economists have long worried that stablecoins may not have the reserves needed to increase their dollar peg in the event of a mass withdrawal.


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