TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. China central bank to crack down on crypto exchanges in Shanghai. Missing Cryptoqueen lawyer found guilty of money laundering. Grayscale to launch a new diversified cryptocurrency investment fund. Ubisoft to partner with EOS-based ULTRA gaming platform, and the President of Venezuela claims its state-backed crypto has better support than the dollar.
Missing Cryptoqueen Lawyer Found Guilty; Faces 50 Year Sentence
Mark Scott, a lawyer involved in the OneCoin cryptocurrency scam made popular by the Missing Cryptoqueen podcast, has been found guilty of money laundering and fraud, and is facing a sentence of up to 50 years in jail. Scott used his knowledge and contacts to launder $400 million, and received $50 million in compensation. Scott declared he did not know OneCoin was a fraud, and that he was merely following orders.
China’s Central Bank to Crack Down on Shanghai Cryptocurrency Exchanges
The Shanghai office of the People’s Bank of China announced they will start a cryptocurrency exchange crackdown after experiencing a rise in crypto speculation following the recent blockchain boom. The institution revealed they would “adopt monitoring measures such as interviews, inspections, and bans on the monitored entities involved in virtual currency activities to resolve related risks in a timely manner.” Also, other cities like Shenzhen are investigating and identifying crypto exchanges.
Grayscale Will Launch New Diversified Crypto Fund
Grayscale, one of the biggest cryptocurrency investing platforms, announced they will be launching a new diversified crypto investment fund called “Grayscale Digital Large Cap Fund.” The Grayscale Digital Large Cap Fund will be based upon a basket of the first five cryptocurrencies per market cap and reallocated as slots change. Grayscale also offers single currency investment tools, but this is the first time a product of this kind based on several cryptocurrencies will be launched in the US, according to CoinTelegraph.
Ubisoft Will Partner With EOS-Based Ultra
Ubisoft, a popular gaming and entertainment company, is partnering with Ultra, an EOS based gaming blockchain, to produce testnet blocks. If everything goes well, the French gaming company could be accompanying the mainnet launch, effectively making Ubisoft a partner for the cryptocurrency. “Having their support running the Ultra blockchain and testing its functionalities increases even further the legitimacy of our network,” Ultra CEO Nicolas Gilot declared.
Venezuelan President States Petro has Better Backing Than the Dollar
Nicolás Maduro, the President of Venezuela, recently stated the Petro, their official cryptocurrency, was far more backed than the US dollar, after having signed a document transferring 30 million oil barrels to the Petro treasury. Maduro stressed, “Venezuela has a liquid, physical and material reserve of 30 million oil barrels backing the Petro; the Dollar does not have such backing, it is a collapsed currency all over the world. We go until the end of the world with the Petro.”
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