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Bulgarian National Sentenced To 10 Years In Prison For Crypto Fraud

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A Bulgarian national along with his Romanian co-conspirators was sentenced to 10 years in jail after he was caught being involved in a major crypto fraud. All of the participants in the fraud were charged after the multimillion-dollar scheme for defrauding over 900 Americans was exposed so let’s read more in today’s crypto news.

The Bulgarian national was sentenced to 10 years in prison after he was initially convicted in a transnational million dollar scheme to defraud American citizens. According to an official announcement, Rossen Yossifov is a 53-year old man who has managed to defraud hundreds of American citizens in a well-designed illegal endeavor. He managed to promote the so-called RG Coin which is a crypto exchange based in Sofia, Bulgaria. The US court has not sentenced him for conspiracy to commit Racketeer Influenced and Corrupt Organizations ACT offense and also a conspiracy to commit money laundering.

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At the time of committing his crime, Iossifov and his Romanian co-conspirators who are part of the Alexandria Online auction Fraud Network which engaged in large-scale online fraud. They organized a false account that victimized about 900 Americans in its course. Iossifov was charged with participating and dictating international fraud for months. According to the initial court documents, the scammers made everything seem legit and even provided invoices with trademarks of reputable companies to their victims. One of the main ways to scam people was the designed scheme that catered to criminal enterprises by providing a better exchange rate for the AOAF Network members.

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The Romania-based fraudsters posted fake advertisements and popularized auctions for very expensive goods and vehicles that didn’t exist. They established call centers to start offering support and to advise client questions and to alleviate concerns over the advertisements. Victims had to fulfill a payment once convinced and domestic associates of the criminals will then accept the money, convert them into crypto and transfer them to foreign money launderers. Iossifov was the first man to facilitate and the last stage of the scheme.

Some of the trial’s evidence revealed that in less than three years, Iossifov laundered about $5 million in crypto for just four of his partners which represent over $7 million in funds defrauded from American victims. Iossifov also made about $184,000 in proceeds from these transactions as the official court publication noted. Apart from Iossifov and the five co-operators, 17 members of the crime group will face the group for their role in the scheme. Seven others faced sentences with verdicts of up to 96 months and three of them are fugitives.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-scams/bulgarian-national-sentenced-to-10-years-in-prison-for-crypto-fraud/

Blockchain

Kraken Daily Market Report for March 02 2021

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Overview


  • Total spot trading volume at $1.68 billion, down from the 30-day average of $2.09 billion.
  • Total futures notional at $584.1 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Curve Dao (+12%), Flow (+5.1%), and Melon (+6.4%).

March 02, 2021 
 $1.84B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$47305. 
↓4.6% 
$623.9M
ETH 
$1472.1 
↓6.3% 
$297.8M
USDT 
$1.0002 
↓0.04% 
$226.1M
ADA 
$1.1855 
↓8.6% 
$168.3M
DOT 
$34.578 
↓3.3% 
$92.7M
LINK 
$27.706 
↓0.13% 
$39.1M
LTC 
$171.43 
↓2.6% 
$32.2M
USDC 
$1.0001 
↑0.02% 
$29.3M
XRP 
$0.4248 
↓4.7% 
$25.3M
FLOW 
$29.937 
↑5.1% 
$23.5M
BCH 
$510.82 
↑1.8% 
$16.7M
XLM 
$0.4002 
↓7.0% 
$14.2M
ATOM 
$18.076 
↓3.2% 
$11.1M
XDG 
$0.0494 
↓2.2% 
$10.4M
ALGO 
$1.0438 
↓4.2% 
$9.52M
UNI 
$24.705 
↓4.2% 
$9.48M
GRT 
$1.7315 
↓10% 
$8.56M
AAVE 
$380.08 
↓1.4% 
$8.27M
KSM 
$220.21 
↓3.6% 
$6.96M
XTZ 
$3.5045 
↓3.7% 
$5.26M
XMR 
$213.01 
↓7.9% 
$5.15M
CRV 
$2.2335 
↑12% 
$4.49M
COMP 
$491.44 
↓0.6% 
$4.4M
SNX 
$21.110 
↑2.0% 
$4.39M
DAI 
$1.0002 
↓0.1% 
$4.27M
DASH 
$211.44 
↓5.7% 
$4.06M
FIL 
$37.555 
↓2.7% 
$3.94M
EOS 
$3.5797 
↓3.5% 
$3.43M
KAVA 
$3.8026 
↑2.2% 
$3.35M
BAT 
$0.5661 
↓3.4% 
$2.89M
TRX 
$0.0455 
↓4.9% 
$2.81M
ZEC 
$117.22 
↓5.8% 
$2.81M
YFI 
$32530. 
↓6.6% 
$2.73M
ICX 
$1.5690 
↓6.2% 
$2.6M
OMG 
$4.4644 
↓3.3% 
$2.21M
SC 
$0.0098 
↓3.3% 
$1.84M
OXT 
$0.4676 
↓4.9% 
$1.84M
NANO 
$5.0287 
↓5.4% 
$1.71M
LSK 
$3.0426 
↓3.9% 
$1.7M
QTUM 
$4.9728 
↓5.7% 
$1.6M
MANA 
$0.2564 
↓1.5% 
$1.36M
ANT 
$4.2684 
↓2.1% 
$1.28M
ETC 
$10.633 
↓4.6% 
$1.21M
WAVES 
$9.1388 
↓4.2% 
$1.1M
PAXG 
$1743.6 
↑0.8% 
$994K
REPV2 
$28.646 
↓3.7% 
$752K
KNC 
$1.6191 
↓4.0% 
$599K
MLN 
$38.687 
↑6.4% 
$408K
GNO 
$125.99 
↓2.9% 
$384K
REP 
$30.292 
↓2.0% 
$374K
KEEP 
$0.3289 
↓2.6% 
$369K
BAL 
$36.054 
↓5.7% 
$311K
STORJ 
$0.6081 
↓9.3% 
$268K
TBTC 
$49624. 
↓4.5% 
$25.9K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 02 2021)

Figure 2: Mid-size trading assets: (measured in USD) (March 02 2021)

Figure 3: Smallest trading assets: (measured in USD) (March 02 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (March 02 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (March 02 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 02 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 02 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8108/kraken-daily-market-report-for-march-02-2021/

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Blockchain

Vitalik proposes solution to link certain layer-two scaling projects

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In an ongoing effort to battle escalating transaction fees while creating a unified ecosystem, Ethereum co-founder Vitalik Buterin has proposed a solution for a particular type of cross-rollup scaling.

The proposal outlines how two protocols using rollups can communicate with each other while maintaining interconnectivity and composability.

Rollups are layer-two solutions that are essentially smart contract networks that process and store transaction data off the main chain. However, there are a number of different rollup types, with each using unique smart contracts such as optimistic and zero-knowledge.

While a number of DeFi projects have deployed layer-two rollups, such as Loopring and Synthetix, the particulars of the various rollups mean projects are unable to communicate to one another directly on layer-two.

Buterin’s proposal assumes that one rollup can process simple transactions whereas the other has full smart contract support. There are already proposals for transfers between two smart contract enabled protocols using rollups.

To explain how the proposal works, Buterin provides the example of a hypothetical exchange intermediary he called ‘Ivan’ — where Ivan has an account ‘IVAN_A’ on rollup A that he fully controls, and also has some funds deposited in a smart contract ‘IVAN_B’ on rollup B.

The smart contract would be programmed to accept “memos” that include additional data from anyone sending to it in order to secure any future transactions. The transactions create a connecting layer that keeps deposits in all these isolated contracts, allowing rollup A to send to rollup B via this layer.

Buterin suggested that the behavior would work as follows;

“Alice sends a transaction to IVAN_A with N coins and a memo ALICE_B. Ivan sends a transaction sending TRADE_VALUE * (1 – fee) coins through IVAN_B to ALICE_B”

He added that the worst-case behavior would be if Ivan does not send coins to ALICE_B as he is expected to.

Addressing the “worst-case” scenario that could arise as a result of using the proposed situation, Buterin emphasized that Alice would still be able to wait until the transaction on rollup A confirms, find some alternate route to getting coins on rollup B to pay fees, and then simply claim the funds herself.

Responding to the proposal, Alon Muroch pointed out that it worked in a similar way to how banks clear transactions:

“That’s very interesting, similar to how banks clear transactions between themselves. Batching assets into separate “accounts” could have limitations, a solution could be just big pools on either ends and fees split pro-rata.”

Source: https://cointelegraph.com/news/vitalik-proposes-solution-to-link-certain-layer-two-scaling-projects

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Blockchain

Free fantasy soccer crypto game launched by Ubisoft and Belgium’s Jupiler Pro League

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France-based game publisher Ubisoft just launched One Shot League, a new free-to-play fantasy soccer game powered by crypto assets.

One Shot League was developed by the Ubisoft Strategic Innovation Lab in collaboration with Sorare, an Ethereum-based fantasy soccer game built around collectable cards in the form of NFTs.

They’ve partnered with the Jupiler Pro League, the professional soccer league of Belgium. The 2020-2021 soccer season will be used to test the beta version of the game and encourage feedback from users.

Users build five-player teams and compete with the entire community every week. Players earn points and climb the leaderboards based on the real world performance of the pro players depicted by the tokens they own.

Winners of each match day will receive limited edition player cards that are usable in One Shot League and Sorare, giving players the chance to collect rare cards and build strong teams in either game.

The Jupiler Pro League has five weeks of gameplay left, and players who join now will receive 25 Sorare common cards for free, and can use five per game week. Players joining in the following weeks will receive 20 common cards.

Sorare is cross compatible with One Shot League, with players able to access the game through a Sorare account. Players are able to port over Sorare digital player cards from participating leagues and receive boosts in One Shot League.

Sorare features 100 officially licensed teams and leagues, where players collect, buy, sell and use digital player cards to operate fantasy football teams. Cards differ in rarity and most sell for around $5 to $10, however an ultra rare one-off Cristiano Ronaldo card recently sold for $102,000 on Feb. 21.

Sorare published a blog saying players had the chance to win rare cards:

“We’ve worked with Ubisoft to reward the best and most strategic managers, both on the matchday leaderboard and the season leaderboard. For the final season leaderboard, expect some custom Sorare rare cards and some cool jerseys & swag provided by our friends at the Jupiler Pro League for the top-ranked managers…”

Ubisoft are no strangers to the crypto world, they partnered with NFT market place Enjin back in 2018, and also partnered with EOS-based game distribution platform Ultra in 2019.

Collectors in One Shot League will be hoping to replicate the success of those in NBA Topshot, with one collector now holding almost $7 million dollars worth of Topshot NFTs after initially investing only $600.

Source: https://cointelegraph.com/news/free-fantasy-soccer-crypto-game-launched-by-ubisoft-and-belgium-s-jupiler-pro-league

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