Cryptocurrency Market News: PlusToken team members arrested in the biggest crypto scam around $6 billion worth

Here is what you need to know on Friday 31, July

BTC/USD is flat but remains bullish awaiting the daily bull flag to be broken. 

ETH/USD had a breakout towards $335,59, a new 2020-high, and remains the leading cryptocurrency.

XRP/USD dropped to $0.234 but recovered quickly and it’s now trading at around $0.247.

The biggest winner today was SpendCoin, a coin that had almost no trading volume but suddenly jumped 1,400% with $28 million in volume and a $21 million market capitalization. No one knows exactly what happened as there was no news to push the coin up. Vechain also had a notable trading day gaining 10%. 

Chart of the day: AMPL/USD daily chart

Market

PlusToken, the biggest cryptocurrency exit scam that stole around $6 billion in cryptos is finally finished. 27 core PlusToken members were just arrested by the Chinese police. In fact, around 82 members have been arrested before. Dovey Wan, the founding partner of Primitive Ventures said: 

I sincerely hope this attempt can be a good learning experience for the Chinese community to start an effective DAO [Decentralized Autonomous Organization], a bottom up governance, a real movement from the people that’s for the people.

She was referring to the owner key that was burned to avoid further fraud. 

More scam accusations coming up from a fork of Yearn.Finance (YFI). The copy, called YFII offers a weekly ROI of over 10% but it’s supposed to be fully decentralized. Many people are still studying the code of YFII but so far nothing was found. 

Industry

EQUOS.io, a new derivatives platform will be listed on Nasdaq. The exchange is operated by Diginex, which is based in Hong Kong and announced that EQUOS will be ‘backdoor listed’ on Nasdaq through a combination with 8i Enterprises Acquisition Corp. Once the acquisition is completed, EQUOS will become the first publicly-traded crypto exchange in the U.S. 

Binance just confirmed that crypto debit cards are shipping to Europe soon. A Binance representative stated:

We began shipping a limited quantity of Binance Cards on July 24 and the cards are being shipped to users in European Economic Area

Quote of the day

As the value goes up, heads start to swivel and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value.

– Adam B. Levine