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Bulgarian Crypto Director Rossen Iossifov Given Prison Sentence

It has become rather clear in recent years that crypto crime will not be tolerated. Rossen Iossifov – the Bulgarian owner of the now defunct RG Coins – is learning this lesson the hard way. Iossifov Sentenced to Ten Years Iossifov has been sentenced to ten years behind bars for running a cryptocurrency exchange that

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It has become rather clear in recent years that crypto crime will not be tolerated. Rossen Iossifov – the Bulgarian owner of the now defunct RG Coins – is learning this lesson the hard way.

Iossifov Sentenced to Ten Years

Iossifov has been sentenced to ten years behind bars for running a cryptocurrency exchange that was allegedly used to launder tens of millions of dollars in ill-gotten funds. The exchange was reportedly utilized to host fake auctions, convincing people to invest and then moving their funds through assorted crypto platforms as a means of hiding the money from authorities.

The U.S. Department of Justice (DOJ) has put out a statement claiming that the 53-year-old Iossifov “intentionally engaged in business practices designed to both assist fraudsters in laundering the proceeds of their fraud and to shield himself from criminal liability.”

Initially, the criminal program began in the nation of Romania. This is where the initial auctions were held. As many as 900 separate investors were duped into taking part. Auctions were advertised on several sites including both eBay and Craigslist and featured top luxury items such as sports vehicles. The big clincher was that these vehicles didn’t exist and were never going to be sold.

Once people put in their money for bids and purchases on these auctions, the funds were funneled through cryptocurrency accounts located in various exchanges and transferred into digital currency. This was done to hide the money and prevent authorities from knowing where it came from.

U.S.-based prosecutors claim that Iossifov was one of the main people taking part in the organized crime. The main base for his operation was in Sofia, the capital of Bulgaria, and that a minimum of five clients were part of the Alexandria Online Auction Fraud (AOAF) network. These individuals said that Iossifov offered “favorable” rates to anyone that was potentially involved in the crimes network.

One of the big red flags was that no identification was ever collected on the people taking part in the auction. This was so that none of the funds could be traced back to their original owners. Without proof of ID, none of the criminals could be asked about who they did business with.

How Deep Does This Ring Go?

While exact figures regarding the stolen funds have not been given just yet, it is estimated that as much as $7 million was stolen just from U.S.-based customers in a little over two years. Iossifov is also believed to have given himself a healthy paycheck of roughly $184,000 following the completion of the auctions.

Iossifov is not the only one to have been picked up by law enforcement. As many as 17 separate individuals involved in the scam have been convinced, of which seven will serve time in jail. Three others have yet to be apprehended.

Tags: crypto crime, RG Coins, Rossen Iossifov Source: https://www.livebitcoinnews.com/bulgarian-crypto-director-rossen-iossifov-given-prison-sentence/

Blockchain

Litecoin price prediction: Litecoin trades above $300, attempt to break below later?

TL;DR Breakdown LTC retests the $300 support overnight. Lower local low set at $320. Next support at $280. Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again. The overall market trades in the red today. […]

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TL;DR Breakdown

  • LTC retests the $300 support overnight.
  • Lower local low set at $320.
  • Next support at $280.

Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again.

Litecoin price prediction: Litecoin trades above $300, attempt to break below later? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red today. Bitcoin has lost more than 2 percent and trades around $48.900. Meanwhile, Ethereum is among the worst performers with a loss of more than 5 percent. Alternatively, Stellar (XLM) is among the best performers, with a gain of 5 percent over the last 24 hours.

LTC/USD opened at $300.11 today after a bearish close yesterday that resulted in another retest of the $300 mark. Over the past hours, LTC/USD rejected further upside, indicating that we should see another push lower over the next 24 hours.

Litecoin price movement in the last 24 hours

The LTC/USD price moved in a range of $297.59 – $323.76$, indicating a moderate amount of volatility. 24 hour trading volume has dropped by 7.15 percent and totals $5.2 billion. The total market cap stands at $20.6 billion, ranking the cryptocurrency in 12th place overall.

LTC/USD 4-hour chart – LTC prepares to break below the $300 support again

On the 4-hour chart, we can see moving lower over the past hours as bears attempt to finally break below the $300 mark. 

Litecoin price prediction: Litecoin continues trading above $300, attempt to break below later?
LTC/USD 4-hour chart. Source: TradingView

Overall, Litecoin price action momentum continues to be bearish as the market retraces after setting a new all-time high at $413 on the 10th of May. Previously, we saw Litecoin rally around 80 percent from the $220 major support area, indicating we could see a similar upswing over the following weeks.

First, Litecoin has to finish retracing from the current high. Support around the $300 mark was reached on Thursday. From there, Litecoin retested the $335 resistance and reversed to the $300 overnight. 

Over the past hours, LTC/USD moved higher and established another lower high around the $320 mark. Therefore, we expect Litecoin to attempt to push below this support over the next 24 hours. Once the $300 support breaks, the next support is located around the $280 mark. 

Since the $280 level previously acted as a very strong support, we should see the market price reverse back to the upside next week. From there, LTC/USD should move higher and try to establish another several-week upswing and set further all-time highs.

Litecoin Price Prediction: Conclusion 

Litecoin price prediction is bearish as the market continues setting lower highs over the past few days. LTC/USD currently attempts to move lower once again to break the $300 support. Therefore, we expect further downside over the next 24 hours, with the next support target at the $280 mark.

While waiting for further Litecoin price action development, read our guides on how to buy Ripple, mine Monero, and long-term Ethereum Classic price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/litecoin-price-prediction-2021-05-16/

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Blockchain

Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

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Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

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The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a lot of altcoins or relatively smaller and cheaper cryptocurrencies which have attracted investors and newbies looking to diversify their crypto portfolios. As crypto adoption continues to grow so has the interest in it which has been evident in the last few months. Institutional interest is at an all-time high as many traditional companies, firms and institutions are boarding the cryptocurrency bandwagon.

There are a lot of altcoins putting up impressive numbers guaranteed to give back good yields and this article sheds light on four of them.

Uniswap (UNI)

Uniswap is one of the dApps based on the Ethereum blockchain. The project allows users to trade Ethereum tokens through liquidity pools. The DeFi coin boasts of being the first decentralized exchange with the option of a margin and leverage trading.

The UNI coin has two main services, thus delivering and utilizing liquidity. Although it is new in the crypto space as it was released into the market last year, its performance has made it one of the leading DeFi coins on the market.

UNIUSD
UNIUSD Chart By TradingView

Uniswap v3 was released days ago, an upgrade of its protocol and aims to provide better oracles, new fee tiers as well as give users more control over the liquidity they provide. Many analysts believe the coin is expected to blow and with its price at $36, it would be a steal compared to others.

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Cardano (ADA)

Cardano has been one of the popular coins on the crypto market for some while. Its network has a smaller footprint which makes it flexible, more adaptable, and secure. Transactions are faster as it requires less energy, and have interoperability and scalability among its pros.

ADAUSD
ADAUSD Chart By TradingView

Cardano’s recent update has equipped it with the ability to build smart contracts which have attracted a lot of dApp developers, a sector that is blowing up this year. The coin is 4th on the crypto ladder with a trading price of $2.32 which has seen a 27.35% rise within the last seven days.

Solana (Sol)

Another coin that is making a name for itself in the fast-growing DeFi ecosystem is Solana.

Launched in March 2020, the digital project has enjoyed a steady rise, making its way up the crypto ladder with impressive runs. Sol is currently at 16 on the crypto ladder with an impressive market valuation of $14 billion.

SOLUSD
SOLUSD Chart By TradingView

Its Proof-of-History algorithm has the highest speeds of a transaction and offers relatively cheaper transaction fees as compared to other coins such as Ethereum. The digital asset currently trades above $50.

Dogecoin (DOGE)

DOGE has defied many odds to become one of the fastest-growing digital coins on the crypto market presently. Created as a meme coin back in 2013, it has seen a major resurgence taking its price from $0.0076 to an all-time high of $0.7 in less than 21 days led by Elon Musk’s never-ending endorsements.

DOGEUSD
DOGEUSD Chart By TradingView

Dogecoin has seen a surge of over 8000% so far this year and remains one of the cheapest coins to buy. It is currently trading at $0.5, and despite the many controversies surrounding DOGE, it does have what it takes to yield massive progress if adopted by Tesla for payments.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/why-uniswap-cardano-solana-and-dogecoin-could-become-best-performing-cryptos-of-2021/

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Blockchain

DOGE Price Analysis: DOGE Breaks Out Of Bull Flag As Alt-coins Continue Rallying

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DOGE coin has been through a wild ride in 2021. Elon Musk has been the biggest influence of the price of Doge as his words have both helped and hurt the Doge. Doge had recently experienced a 50% correction but bulls quickly bought up DOGE as it bounced off its ascending channel it has followed for a month. 

Major support range for DOGE comes in at $0.44-$0.48. If the price of DOGE can hold this support, it is considered bullish for another leg up. To confirm a bullish upswing, DOGE must break and hold $0.56. Confirming a potential bullish leg, the price of DOGE recently broke out of a bullish flag and confirmed it. 

DOGE Price Analysis: DOGE/USDT 1 Day Chart

If DOGE fails to hold major support range, a fall to $0.40 is expected. Near this area lies the 30 MA which has held as support last week when Doge coin fell to $0.36. In addition, the bottom trend of its ascending channel is around the same area. This zone is a massive support for DOGE and can be relied upon if a bearish leg prints. 

The Stochastic RSI has recently corrected to oversold levels. At the time of writing, the strength has revived over the 30 level and must hold for DOGE to continue rising. The MACD has been sideways for a few days which can tell a bigger move is coming. The MACD histogram has been ticking up and is looking for a green bullish tick for the first time in a week. 

DOGE intraday levels 

  • Spot rate: $0.537
  • Trend: Neutral 
  • Volatility: High
  • Support: $0.489
  • Resistance: $0.561

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/doge-breaks-out-of-bull-flag-as-alt-coins-continue-rallying/

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