SoSo Daily Jul 9 | A certain whale/institution sold $85.38 million worth of Ethereum and deposited the funds into the Aave V3 protocol.

SoSo NewsletterJul 9, 2025
#Crypto Stocks $BTC$MAG7.SSI$TAO

Crypto Market Update

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM Hong Kong time on July 9, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.44 trillion US dollars, witnessing a decrease of 2.2% compared to yesterday; the total trading volume is 81.41 billion US dollars, marking a decline of 7.88% from the previous day.



Cryptocurrency Market Update - July 9, 2025

According to sosovalue, the price of $BTC is 108,780 USD, an increase of 0.524% from yesterday. The market cap of $BTC is 2.16 trillion USD, accounting for 62.8% of the total market cap; $BTC's 24-hour trading volume is 21.81 billion USD, making up 26.8% of the total trading volume.
The price of $ETH is 2,628.1 USD, up 2.97% from yesterday; the market cap of $ETH is 317.25 billion USD, representing 9.22% of the total market cap; $ETH's 24-hour trading volume is 16.24 billion USD, comprising 19.9% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 72.02% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.7% of the total trading volume.



After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 05:50 on July 9, 2025, according to sosovalue, the top five gainers are:
Top 1 gainer is Privasea AI ($PRAI). As of 05:50 today, its market cap is 4.27M USD, with a $coin price of 0.020730 USD, witnessing a 24-hour increase of 60.2%.
The second is PIP. As of 05:50 today, its $coin price is 0.0017980 USD, with a 24-hour increase of 52.2%.
The third is LayerAI ($LAI). As of 05:50 today, its $coin price is 0.00062110 USD, showing a 24-hour increase of 51%.
In fourth place is $Dtec token ($DTEC). As of 05:50 today, its $coin price is 0.018000 USD, with a 24-hour rise of 47.4%.
In fifth place is $Magic ($MAGIC). As of 05:50 today, its $coin price is 0.17090 USD, increasing by 44.6% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 16 sectors, 16 are up and 0 are down. Notably, DeFi, Layer2, and $ETH sectors are worth mentioning.
DeFi sector has risen 3.5% relative to the UTC 0 time, led by gains in unfi (34.8%), dop (27.2%), and pros (26.4%).
Layer2 sector has increased 3.11% relative to UTC 0, with cweb (10.4%), SAGA (7.81%), and MINT (7.76%) leading the rise.
$ETH sector has risen 3.02%, with $eth (3.02%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:On July 9th, according to on-chain analyst Onchain Lens (@OnchainLens), a whale/institution that once profited $30,000,000 from Ethereum trading has sold 33,582 Ethereum for $85,380,000 $USDC at a price of $2,512, and subsequently deposited these funds into the Aave V3 protocol. The whale still holds 100,000 Ethereum, worth $261,200,000, which are currently staked through the Lido protocol. [Shenchao TechFlow]
Next news:

According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 80.08M USD yesterday (Eastern Time, July 8th).


The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 66.81M USD, and the total historical net inflow of IBIT currently stands at 52.88B USD.

The second highest was Grayscale Bitcoin Mini Trust ETF $BTC, with a daily net inflow of 4.82M USD, and the total historical net inflow of $BTC currently stands at 1.48B USD.


As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 136.75B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.33%. The historical cumulative net inflow has reached 49.94B USD.



Source: https://sosovalue.com/zh/assets/etf/us-btc-spot


Next news:Eigen Labs has laid off 29 employees due to adjusting the direction of its EigenCloud product. The product, released last month, is a developer platform focused on off-chain and on-chain verification. As part of the announcement at the time, a16z announced a $70.000.000 investment. The company has raised a total of $220.000.000, including $50.000.000 in Series A funding in 2023. An Eigen Labs spokesperson said the layoff decision (affecting 25% of employees) was not due to financial considerations and that the project still has financial room. [Odaily Planet Daily]
Next news:The U.S. Securities and Exchange Commission appears poised to approve multiple spot cryptocurrency exchange-traded funds, as key stakeholders consider a framework that could expedite the listing process.

Over the past several months, firms have submitted proposals for ETFs tracking cryptocurrencies, including Solana ($SOL), $XRP, and Dogecoin ($DOGE). Last week, the SEC returned comments on a proposal for a $SOL ETF, raising questions about staking and other technical details, according to a source familiar with the matter. Conversations with the SEC have been constructive, the source added.

"So all of those are indications that it's a matter of when, not if, for these, but the when is to be determined," the source told The Block.

The SEC has taken a more receptive stance toward digital asset regulation in recent months, backed by support from the highest levels of government. President Donald Trump has pledged to make the U.S. the global "crypto capital,"launched a memecoin, and appointed pro-crypto regulators, including new SEC Chair Paul Atkins.

In a more favorable environment, issuers have been looking to launch a wide array of crypto funds and are looking to see what sticks.

There is definitely a change in tone at the SEC, said Gregory King, founder and CEO of Osprey Funds and Rex Shares, during an X Spaces on Tuesday hosted by WOLF Trading.

"They're [SEC] not going to be as cavalier as the man in the White House launching his own memecoin and stuff, but they are pro-business, pro-innovation and pro-crypto," King said.

King’s firms recently launched the Rex-Osprey $SOL + Staking ETF, which he described as the “first-ever staked crypto ETF.” The product differs from other proposals through a clever legal workaround, operating as a taxable C corporation, which allowsstaking distributions to be taxed at the fund level before being paid out as dividends. The management fee is 0.75%, though effective fees may be higher due to tax accruals, according to previous reporting from The Block.

Last week, the SEC also approved a mixed crypto fund from Grayscale, although that approval was later paused. In a letter to the New York Stock Exchange, SEC Deputy Secretary J. Matthew DeLesDernier noted that the agency’s Division of Trading and Markets had granted approval, but the full commission would review the decision. Grayscalesaid that it remains committed to the listing and is working closely with stakeholders.

The fund, currently available over the counter to accredited investors, is composed of nearly 80% bitcoin, 11% Ethereum, and smaller allocations to Solana, Cardano, and XRP.

According to the source familiar with the SEC’s approach, the agency is proceeding in phases: first approving spot bitcoin ETFs, then Ethereum ETFs, and now contemplating Grayscale's proposal.

"I think they're just naturally going down a path of approving a bitcoin ETP, approving an Ethereum ETP, approving an ETP that's mostly bitcoin, Ethereum and some other assets and then approving those 100% other assets," the source said.

Last week, reporting from independent journalist Eleanor Terrett revealed that the SEC was in the early phases of creating a listing standard for crypto ETFs, which would expedite the process for listing those funds. Under current rules, exchanges must file a 19b-4 form, triggering a review period of up to 240 days. The proposed framework would reduce that timeline, the source said.

The exchanges are driving that initiative, the source added, and would fall in line with how it currently works for more traditional ETFs. The New York Stock Exchange, Nasdaq, and Cboe did not respond to a request for comment.

"It's actually an initiative by the exchanges going to the SEC and saying, we want these listing standards that we've come up with for you to approve," the source said. "So that way, every time we have a new crypto ETP, so long as it falls within these standards, we don't have to go to the SEC to approve it. We can just approve it ourselves."

Standards under discussion may include metrics such as market capitalization, decentralization, and wallet distribution, the source added, with the SEC also involved in the discussions.

"They're (SEC) engaged with the exchanges on it… they just want to make sure that whatever they ultimately approve of, it's something that protects investors and leads to efficient markets," they said.

Firm 21Shares said in an email to The Block last week that it had not been in direct conversations with the SEC about a "proposed universal listing standard for token-based ETFs." 21Shares has proposed ETFs tracking $SOL and XRP.

"If such a framework were to be implemented, it could significantly reduce the current complexity and uncertainty involved in the listing process by removing much of the guesswork and ambiguity inherent in the existing 19b-4 approval procedure," they said.

During the WOLF Trading X Spaces on Tuesday, Bloomberg Intelligence ETF analyst James Seyffart said he expects a draft of the framework could emerge as soon as this month, with implementation possible by September or October.

"Then we will see the floodgates open on these other assets, but that's what I'm waiting for," he said.

Seyffart and his colleague, Bloomberg Senior ETF Analyst Eric Balchunas, recently estimated a 95% chance of SEC approval for ETFs tracking $SOL, $XRP, and Litecoin, with Dogecoin, Cardano, and Polkadot proposals also having strong odds, around 90%.
Next news:On July 9, according to the official announcement, based on recent reviews, Binance will remove the Observation Tag and Seed Tag from some tokens on July 09, 2025.

The tokens with the Observation Tag removed are as follows:

* Zcash ($ZEC)

The tokens with the Seed Tag removed are as follows:

* Ethena ($ENA)
* $Pyth Network ($PYTH)
* Bittensor ($TAO)
* Wormhole ($W)
[Deep Tide TechFlow]
Next news:Web3 security company Cantina announced that Coinbase has launched a new $5.000.000 bug bounty program on Cantina, specifically targeting its on-chain products and Base's smart contracts, covering the following key protocol components, but not limited to: verified vaults, fault-tolerant audits, Nitro validators, WebAuthn modules, ERC-6492 verification logic, spending authority manager. [Foresight News]
Next news:According to Digital Asset, the National Tax Service (NTS) of South Korea has clarified that virtual assets received as labor income from overseas companies must be declared in the comprehensive income tax return. In March of this year, the NTS received an inquiry asking whether residents who sign individual incentive contracts with foreign companies and receive cryptocurrency from them are required to declare it as foreign-sourced income. [Foresight News]
Next news:Prosecutors charged two men for their roles in operating an international scheme that led to $650 million being stolen and "vanishing" the investors' funds into digital assets.

Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, were charged Tuesday with conspiracy to commit wire fraud and conspiracy to commit money laundering, the U.S. Department of Justice said.

Sims was a founder and promoter of OmegaPro, while Reynoso led the company’s operations in Latin America and the United States.

Both face up to 20 years in prison on each count if convicted.

The pair promised outsized returns and instead misappropriated millions of dollars, according to a statement by U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico.

“We remain committed to dismantling international financial schemes that target U.S. victims — including here in Puerto Rico — and to recovering illicit proceeds through criminal prosecution and asset forfeiture," said Muldrow.

Prosecutors say Reynoso and Sims operated OmegaPro as a multi-level marketing scheme, where customers could buy "investment packages" that would generate 300% returns over 16 months through foreign exchange trading. They were instructed to purchase those packages using cryptocurrency, prosecutors said.

The pair, along with co-conspirators, allegedly looked to display their wealth in part through posting about expensive cars, vacations, and clothes, and also hosted "lavish" events globally, including displaying the company's logo on the Burj Khalifa, Dubai's iconic skyscraper and the tallest building in the world.

"The objective of these promotional events allegedly was to convince existing and prospective investors that OmegaPro was a legitimate enterprise that offered a path to wealth and a luxurious lifestyle," prosecutors said.

Later, OmegaPro said that it had suffered a hack, but Reynoso and others reassured investors that their investments were secure and would be transferred to another platform. However, investors could not withdraw money from either, and funds were sent to a crypto wallet address controlled by the company's executives, prosecutors alleged.

"The Criminal Division is committed to prosecuting these bad actors and pursuing justice for their many victims," said Matthew R. Galeotti, head of the Justice Department’s Criminal Division, in the statement. "Thanks to the dedicated work of our multiagency and international law enforcement partners, we are leading efforts to combat these complex and insidious digital asset investor scams.”
Next news:GMGN co-founder Haze posted on X, stating, "There are now malicious nodes constantly sandwiching people, and Jito's services are also unstable. Starting today, if users use GMGN and enable MEV (anti-sandwich), and are still sandwiched, please send the Hash to the official staff. If it is verified that MEV was enabled and they were still sandwiched, the official will compensate the corresponding fees." [Foresight News]
Next news:

South Korea's Ministry of SMEs and Startups published a notice today stating its intention to amend the existing law on local startups to allow virtual asset trading and brokerage service providers to be registered as "venture companies," which would make them eligible for government benefits.

A "venture company" in South Korea refers to a small and medium-sized enterprise or a startup that has received an official "venture certification" from the government, qualifying it for specific benefits based on factors such as investment, R&D intensity, or technological appraisal.

The Special Act on Promoting Venture Businesses previously limited blockchain-based crypto asset trading and brokerage firms from earning that certification in 2018, placing it in the same category as pubs, nightclubs and gambling facilities.

Dunamu, the parent company of Upbit crypto exchange, faced an additional $18 million corporate tax burden in 2018 after its venture business designation and the corresponding government subsidies were revoked. The company filed a lawsuit to contest the tax but was unsuccessful.

The proposed amendment is expected to elevate the legitimacy of local crypto firms and make them eligible for government subsidies such as tax cuts and financial support. The amendment would also allow existing venture companies to pursue crypto-related businesses.

"The recognition of innovative, business-viable Virtual Asset Service Providers (VASPs) as venture companies … will revitalize and broaden the venture ecosystem and accelerate the growth of the virtual asset industry," the ministry wrote in its notice.

Such a move aligns with the latest initiatives from South Korea's pro-crypto President Lee Jae Myung, who was elected last month.

One of Lee's main initiatives, the institutionalization of Korean won-based stablecoins, is gaining momentum after a ruling party lawmaker spearheaded a new legislation on the subject shortly after Lee's election. Major payment services firms and banking institutions in the country have rushed to trademark stablecoin ticker symbols in recent weeks.

Lee also seeks to lift the existing ban on crypto exchange-traded funds, while the country's main financial regulator is separately working on gradually lifting its ban on institutional crypto trading.



Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.

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SoSo Daily Jul 9 | A certain whale/institution sold $85.38 million worth of Ethereum and deposited the funds into the Aave V3 protocol.

SoSo NewsletterJul 9, 2025
#Crypto Stocks $BTC$MAG7.SSI$TAO

Crypto Market Update

Let's turn our attention to today's overall Crypto market situation.
As of 5:59 AM Hong Kong time on July 9, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.44 trillion US dollars, witnessing a decrease of 2.2% compared to yesterday; the total trading volume is 81.41 billion US dollars, marking a decline of 7.88% from the previous day.



Cryptocurrency Market Update - July 9, 2025

According to sosovalue, the price of BTC is 108,780 USD, an increase of 0.524% from yesterday. The market cap of BTC is 2.16 trillion USD, accounting for 62.8% of the total market cap; BTC's 24-hour trading volume is 21.81 billion USD, making up 26.8% of the total trading volume.
The price of ETH is 2,628.1 USD, up 2.97% from yesterday; the market cap of ETH is 317.25 billion USD, representing 9.22% of the total market cap; ETH's 24-hour trading volume is 16.24 billion USD, comprising 19.9% of the total trading volume.
The combined market capitalization of BTC and ETH accounts for 72.02% of the total cryptocurrency market cap, and their combined trading volumes constitute 46.7% of the total trading volume.



After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 05:50 on July 9, 2025, according to sosovalue, the top five gainers are:
Top 1 gainer is Privasea AI (PRAI). As of 05:50 today, its market cap is 4.27M USD, with a coin price of 0.020730 USD, witnessing a 24-hour increase of 60.2%.
The second is PIP. As of 05:50 today, its coin price is 0.0017980 USD, with a 24-hour increase of 52.2%.
The third is LayerAI (LAI). As of 05:50 today, its coin price is 0.00062110 USD, showing a 24-hour increase of 51%.
In fourth place is Dtec token (DTEC). As of 05:50 today, its coin price is 0.018000 USD, with a 24-hour rise of 47.4%.
In fifth place is Magic (MAGIC). As of 05:50 today, its coin price is 0.17090 USD, increasing by 44.6% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 16 sectors, 16 are up and 0 are down. Notably, DeFi, Layer2, and ETH sectors are worth mentioning.
DeFi sector has risen 3.5% relative to the UTC 0 time, led by gains in unfi (34.8%), dop (27.2%), and pros (26.4%).
Layer2 sector has increased 3.11% relative to UTC 0, with cweb (10.4%), SAGA (7.81%), and MINT (7.76%) leading the rise.
ETH sector has risen 3.02%, with eth (3.02%) leading the rise.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:On July 9th, according to on-chain analyst Onchain Lens (@OnchainLens), a whale/institution that once profited $30,000,000 from Ethereum trading has sold 33,582 Ethereum for $85,380,000 USDC at a price of $2,512, and subsequently deposited these funds into the Aave V3 protocol. The whale still holds 100,000 Ethereum, worth $261,200,000, which are currently staked through the Lido protocol. [Shenchao TechFlow]
Next news:

According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 80.08M USD yesterday (Eastern Time, July 8th).


The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 66.81M USD, and the total historical net inflow of IBIT currently stands at 52.88B USD.

The second highest was Grayscale Bitcoin Mini Trust ETF BTC, with a daily net inflow of 4.82M USD, and the total historical net inflow of BTC currently stands at 1.48B USD.


As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 136.75B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.33%. The historical cumulative net inflow has reached 49.94B USD.



Source: https://sosovalue.com/zh/assets/etf/us-btc-spot


Next news:Eigen Labs has laid off 29 employees due to adjusting the direction of its EigenCloud product. The product, released last month, is a developer platform focused on off-chain and on-chain verification. As part of the announcement at the time, a16z announced a $70.000.000 investment. The company has raised a total of $220.000.000, including $50.000.000 in Series A funding in 2023. An Eigen Labs spokesperson said the layoff decision (affecting 25% of employees) was not due to financial considerations and that the project still has financial room. [Odaily Planet Daily]
Next news:The U.S. Securities and Exchange Commission appears poised to approve multiple spot cryptocurrency exchange-traded funds, as key stakeholders consider a framework that could expedite the listing process.

Over the past several months, firms have submitted proposals for ETFs tracking cryptocurrencies, including Solana (SOL), XRP, and Dogecoin (DOGE). Last week, the SEC returned comments on a proposal for a SOL ETF, raising questions about staking and other technical details, according to a source familiar with the matter. Conversations with the SEC have been constructive, the source added.

"So all of those are indications that it's a matter of when, not if, for these, but the when is to be determined," the source told The Block.

The SEC has taken a more receptive stance toward digital asset regulation in recent months, backed by support from the highest levels of government. President Donald Trump has pledged to make the U.S. the global "crypto capital,"launched a memecoin, and appointed pro-crypto regulators, including new SEC Chair Paul Atkins.

In a more favorable environment, issuers have been looking to launch a wide array of crypto funds and are looking to see what sticks.

There is definitely a change in tone at the SEC, said Gregory King, founder and CEO of Osprey Funds and Rex Shares, during an X Spaces on Tuesday hosted by WOLF Trading.

"They're [SEC] not going to be as cavalier as the man in the White House launching his own memecoin and stuff, but they are pro-business, pro-innovation and pro-crypto," King said.

King’s firms recently launched the Rex-Osprey SOL + Staking ETF, which he described as the “first-ever staked crypto ETF.” The product differs from other proposals through a clever legal workaround, operating as a taxable C corporation, which allowsstaking distributions to be taxed at the fund level before being paid out as dividends. The management fee is 0.75%, though effective fees may be higher due to tax accruals, according to previous reporting from The Block.

Last week, the SEC also approved a mixed crypto fund from Grayscale, although that approval was later paused. In a letter to the New York Stock Exchange, SEC Deputy Secretary J. Matthew DeLesDernier noted that the agency’s Division of Trading and Markets had granted approval, but the full commission would review the decision. Grayscalesaid that it remains committed to the listing and is working closely with stakeholders.

The fund, currently available over the counter to accredited investors, is composed of nearly 80% bitcoin, 11% Ethereum, and smaller allocations to Solana, Cardano, and XRP.

According to the source familiar with the SEC’s approach, the agency is proceeding in phases: first approving spot bitcoin ETFs, then Ethereum ETFs, and now contemplating Grayscale's proposal.

"I think they're just naturally going down a path of approving a bitcoin ETP, approving an Ethereum ETP, approving an ETP that's mostly bitcoin, Ethereum and some other assets and then approving those 100% other assets," the source said.

Last week, reporting from independent journalist Eleanor Terrett revealed that the SEC was in the early phases of creating a listing standard for crypto ETFs, which would expedite the process for listing those funds. Under current rules, exchanges must file a 19b-4 form, triggering a review period of up to 240 days. The proposed framework would reduce that timeline, the source said.

The exchanges are driving that initiative, the source added, and would fall in line with how it currently works for more traditional ETFs. The New York Stock Exchange, Nasdaq, and Cboe did not respond to a request for comment.

"It's actually an initiative by the exchanges going to the SEC and saying, we want these listing standards that we've come up with for you to approve," the source said. "So that way, every time we have a new crypto ETP, so long as it falls within these standards, we don't have to go to the SEC to approve it. We can just approve it ourselves."

Standards under discussion may include metrics such as market capitalization, decentralization, and wallet distribution, the source added, with the SEC also involved in the discussions.

"They're (SEC) engaged with the exchanges on it… they just want to make sure that whatever they ultimately approve of, it's something that protects investors and leads to efficient markets," they said.

Firm 21Shares said in an email to The Block last week that it had not been in direct conversations with the SEC about a "proposed universal listing standard for token-based ETFs." 21Shares has proposed ETFs tracking SOL and XRP.

"If such a framework were to be implemented, it could significantly reduce the current complexity and uncertainty involved in the listing process by removing much of the guesswork and ambiguity inherent in the existing 19b-4 approval procedure," they said.

During the WOLF Trading X Spaces on Tuesday, Bloomberg Intelligence ETF analyst James Seyffart said he expects a draft of the framework could emerge as soon as this month, with implementation possible by September or October.

"Then we will see the floodgates open on these other assets, but that's what I'm waiting for," he said.

Seyffart and his colleague, Bloomberg Senior ETF Analyst Eric Balchunas, recently estimated a 95% chance of SEC approval for ETFs tracking SOL, XRP, and Litecoin, with Dogecoin, Cardano, and Polkadot proposals also having strong odds, around 90%.
Next news:On July 9, according to the official announcement, based on recent reviews, Binance will remove the Observation Tag and Seed Tag from some tokens on July 09, 2025.

The tokens with the Observation Tag removed are as follows:

* Zcash (ZEC)

The tokens with the Seed Tag removed are as follows:

* Ethena (ENA)
* Pyth Network (PYTH)
* Bittensor (TAO)
* Wormhole (W)
[Deep Tide TechFlow]
Next news:Web3 security company Cantina announced that Coinbase has launched a new $5.000.000 bug bounty program on Cantina, specifically targeting its on-chain products and Base's smart contracts, covering the following key protocol components, but not limited to: verified vaults, fault-tolerant audits, Nitro validators, WebAuthn modules, ERC-6492 verification logic, spending authority manager. [Foresight News]
Next news:According to Digital Asset, the National Tax Service (NTS) of South Korea has clarified that virtual assets received as labor income from overseas companies must be declared in the comprehensive income tax return. In March of this year, the NTS received an inquiry asking whether residents who sign individual incentive contracts with foreign companies and receive cryptocurrency from them are required to declare it as foreign-sourced income. [Foresight News]
Next news:Prosecutors charged two men for their roles in operating an international scheme that led to $650 million being stolen and "vanishing" the investors' funds into digital assets.

Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, were charged Tuesday with conspiracy to commit wire fraud and conspiracy to commit money laundering, the U.S. Department of Justice said.

Sims was a founder and promoter of OmegaPro, while Reynoso led the company’s operations in Latin America and the United States.

Both face up to 20 years in prison on each count if convicted.

The pair promised outsized returns and instead misappropriated millions of dollars, according to a statement by U.S. Attorney W. Stephen Muldrow for the District of Puerto Rico.

“We remain committed to dismantling international financial schemes that target U.S. victims — including here in Puerto Rico — and to recovering illicit proceeds through criminal prosecution and asset forfeiture," said Muldrow.

Prosecutors say Reynoso and Sims operated OmegaPro as a multi-level marketing scheme, where customers could buy "investment packages" that would generate 300% returns over 16 months through foreign exchange trading. They were instructed to purchase those packages using cryptocurrency, prosecutors said.

The pair, along with co-conspirators, allegedly looked to display their wealth in part through posting about expensive cars, vacations, and clothes, and also hosted "lavish" events globally, including displaying the company's logo on the Burj Khalifa, Dubai's iconic skyscraper and the tallest building in the world.

"The objective of these promotional events allegedly was to convince existing and prospective investors that OmegaPro was a legitimate enterprise that offered a path to wealth and a luxurious lifestyle," prosecutors said.

Later, OmegaPro said that it had suffered a hack, but Reynoso and others reassured investors that their investments were secure and would be transferred to another platform. However, investors could not withdraw money from either, and funds were sent to a crypto wallet address controlled by the company's executives, prosecutors alleged.

"The Criminal Division is committed to prosecuting these bad actors and pursuing justice for their many victims," said Matthew R. Galeotti, head of the Justice Department’s Criminal Division, in the statement. "Thanks to the dedicated work of our multiagency and international law enforcement partners, we are leading efforts to combat these complex and insidious digital asset investor scams.”
Next news:GMGN co-founder Haze posted on X, stating, "There are now malicious nodes constantly sandwiching people, and Jito's services are also unstable. Starting today, if users use GMGN and enable MEV (anti-sandwich), and are still sandwiched, please send the Hash to the official staff. If it is verified that MEV was enabled and they were still sandwiched, the official will compensate the corresponding fees." [Foresight News]
Next news:

South Korea's Ministry of SMEs and Startups published a notice today stating its intention to amend the existing law on local startups to allow virtual asset trading and brokerage service providers to be registered as "venture companies," which would make them eligible for government benefits.

A "venture company" in South Korea refers to a small and medium-sized enterprise or a startup that has received an official "venture certification" from the government, qualifying it for specific benefits based on factors such as investment, R&D intensity, or technological appraisal.

The Special Act on Promoting Venture Businesses previously limited blockchain-based crypto asset trading and brokerage firms from earning that certification in 2018, placing it in the same category as pubs, nightclubs and gambling facilities.

Dunamu, the parent company of Upbit crypto exchange, faced an additional $18 million corporate tax burden in 2018 after its venture business designation and the corresponding government subsidies were revoked. The company filed a lawsuit to contest the tax but was unsuccessful.

The proposed amendment is expected to elevate the legitimacy of local crypto firms and make them eligible for government subsidies such as tax cuts and financial support. The amendment would also allow existing venture companies to pursue crypto-related businesses.

"The recognition of innovative, business-viable Virtual Asset Service Providers (VASPs) as venture companies … will revitalize and broaden the venture ecosystem and accelerate the growth of the virtual asset industry," the ministry wrote in its notice.

Such a move aligns with the latest initiatives from South Korea's pro-crypto President Lee Jae Myung, who was elected last month.

One of Lee's main initiatives, the institutionalization of Korean won-based stablecoins, is gaining momentum after a ruling party lawmaker spearheaded a new legislation on the subject shortly after Lee's election. Major payment services firms and banking institutions in the country have rushed to trademark stablecoin ticker symbols in recent weeks.

Lee also seeks to lift the existing ban on crypto exchange-traded funds, while the country's main financial regulator is separately working on gradually lifting its ban on institutional crypto trading.



Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.

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