MULTI Experiences 30% Sell Off Due to Delayed Transactions [ Crypto Espresso 5.25.23 ]

It's Thursday and it's also National Wine day but I don't want to go to School oh it's the other kind of wine Anyway I'm your host Andrew and this is Crypto espresso your teeny tiny daily Shot of caffeinated crypto headlines and I hope you have a great day First up Alexander vinick the co-founder Of the now defunct Russian Cryptocurrency exchange btce is facing Money laundering charges in the United States recent reports from the Wall Street Journal reveal that vinic is Expressing optimism about a potential Prisoner swap involving himself and the Captured wsj journalist Evan gerskovich According to filings submitted by vinix Lawyer there have been political Negotiations at the highest levels of The Russian government regarding a Potential prisoner exchange vinix stands Accused of operating btce a crypto Exchange allegedly involved an identity Theft and money laundering including Funds from the infamous Mount gox hack Prosecutors claim that btce lacked Proper kyc and anti-money laundering Procedures enabling criminals to freely Utilize the platform cryptocurrency Analytics expert elliptic had previously Suggested that btce handled Bitcoin Linked to fancy bear a Russian State Hacking group suspected of being Responsible for the 2016 DNC breach

Dokwon the former head of terraform labs And the creator of the Terra USD not so Stablecoin is back in custody in Montenegro after a higher Court revoked His bail of 800 000 Euros he was Arrested in March along with Han Chung Joon the ex-finance officer of terraform Labs on charges of forging official Documents they were trying to flee to Dubai when they were detained by the Police the U.S District Court of Manhattan has indicted dokwan for Securities fraud wire fraud Commodities Fraud and conspiracy accusing him of Orchestrating a multi-billion dollar Scam that collapsed in May of 2022 and Shook the crypto markets the U.S and South Korean authorities have requested His extradition and the seizure of his Computers and other devices both have Denied any wrongdoing and offered their Wives as guarantors for their bail However the prosecution argued that they Had no incentive to stay in Montenegro And face extradition the police also Found fake Costa Rican and Belgian Passports in their luggage the price of Multi-chains multi-token a protocol that Enables cross-chain transactions dropped By 30 in a day to to 4.97 per token the Reason a delay in the upgrade of the Back end node which affected some of the Routes and caused some users to not Receive their multi-chain funds the

Multi-chain team apologized for the Inconvenience and assured that all Transactions would be completed after The upgrade the sell-off was also fueled By rumors and speculation a tweet Claiming that the multi-chain team was Arrested by the Chinese police and that 1.5 billion dollars of contract funds Were seized went viral a wallet address Associated with Phantom foundational Air 1 blockchain developer withdrew 449 740 multi-tokens worth 2.4 million Dollars from Sushi swap a decentralized Exchange lock-on chain a blockchain Analytics firm reported that at least Three million dollars worth of multi Left the accounts of smart money According to a report by security firm Trm Labs attacks and hacks on Cryptocurrency protocols experienced a Pretty significant decline in the first Quarter of 2023 dropping by 70 compared To the same period in 2022 despite a Similar number of incidents around 40 The average hack size decreased to only 10.5 million dollars in q1 2023 compared To nearly 30 million dollars a year ago Trm Labs also points out that victims of Crypto theft were able to get back over Half of their stolen funds in q1 2023 Trm Labs cautions that the decline may Only be temporary though since a few Large-scale attacks could lead to a Dramatic fluctuation from month to month

Factors like enhanced cyber security Practices stricter regulations and Increased collaboration among industry Participants are believed to have Contributed to the decline offering hope For a more secure crypto future and Finally starting on June the 1st Japan Will Implement stricter anti-money Laundering measures for cryptocurrency Transactions the move aims to align Japan's illegal framework with global Crypto standards these new measures Include the enforcement of the travel Rule which requires any financial Institution or crypto exchange that Processes a crypto transaction greater Than three thousand dollars to share Customer information and the receiving Exchange or institution the data should Contain the name and address of both the Sender and the receiver as well as their Account Details the travel rule was Discussed by G7 members during a meeting Held in Japan back in mid-may the rule Is part of an initiative by the Financial action task force fatf to Better track the real world identities Behind those transacting via crypto Assets previously Japan's Financial Regulator the Financial Services Agency Implemented new regulations on crypto Exchanges in light of hacks at Mount gox And coin check the FSA has several rules To protect customers such as separating

Customer and Company assets verifying Holdings in annual audits limiting Leveraged trading on exchanges and Requiring licensed crypto exchanges to Hold at least 95 percent of customer Funds in cold wallets and it is so Chilly in this cold wallet better warm Up by moving that mouse or finger around To like this video subscribe to our YouTube channel and click on that little Bell icon to get buzzed whenever a new Crypto espresso video goes live Much warmer thoughts on today's episode Drop me a line in that comment section Below because I read them and I Sometimes take them far too seriously Questions about our headlines or crypto In general take the plunge and desk Alex In that description below Alex is always A great resource for all things web 3 And the metaverse and that about does it For today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow