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FBI offers reward for the Bulgarian ‘crypto queen’

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A woman has been dubbed the ‘crypto queen’ after raising billions of dollars in a fraudulent currency scheme

In 2014, Ruja Ignatova launched ‘OneCoin’ which sought to replace Bitcoin as the world’s top digital currency.

The coin was marketed to friends and family in exchange for their own payouts, which added up to over USD $3 billion.

The entrepreneur had previously told investors she had created the “Bitcoin killer”.

“This network was created to become and to fuel the growth of OneCoin,” she told a packed London event in 2016.

But once the scheme was uncovered, reports emerged the woman had disappeared in Greece. That was five years ago, and she has not been seen since.

The 42-year-old has made it onto the FBI’s top 10 most wanted list, with a USD $100,000 reward on offer.

“She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency.”

Damian Williams, a U.S. prosecutor

The FBI says Ignatova may have travelled to the United Arab Emirates, Bulgaria, Germany, Russia, or other eastern European nations on a German passport.

“[It’s] one of the largest Ponzi schemes in history,” Williams said.

Her own brother was arrested in Los Angeles two years ago, and later pleaded guilty to wire a fraud in a deal with U.S. authorities.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Why a Bitcoin mining company is going against a major merger

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Bitcoin mining company PrimeBlock has ended plans to go public via a specialpurpose acquisition company (SPAC) merger with 10X Capital.

The firms terminated the agreement via mutual consent, according to a US Securities and Exchange Commission filing.

Plans for the merger were confirmed in April, with expectations that it would be completed in the second half of 2022, carrying an enterprise value of $1.25billion.

No official reason has been given for the decision, but it is believed the volatility of both the crypto and mainstream markets in recent months may be a factor.

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New York closes in on Robinhood dodgy crypto arm

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Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

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Crypto

At what times does the world invest in crypto?

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New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

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