Crypto News Update: Ex-CFO of African Gold Acquisition Corporation Sentenced, Wakanda Inu Launches NFT Raffle, Binance to Re-enter Japan, and More
Welcome to our latest crypto news update! We have some exciting stories to cover in the crypto world, including the recent conviction of a former CFO for embezzlement, the launch of a really cool NFT lottery, and Binance’s plans to re-enter the Japanese market. As always, we’re committed to keeping you updated with the latest and most relevant news in the crypto space, so let’s dive in and see what’s been happening.
Charges of embezzlement against Cooper Morgenthau
Cooper Morgenthau, former CFO of AGAC, has been sentenced to three years in prison for embezzling $5 million from another Special Purpose Acquisition Company (SPAC). According to the US Department of Justice, Morgenthau is said to have used the stolen money to trade cryptocurrencies and meme shares. This highlights the growing trend of individuals turning to cryptocurrencies as an alternative investment option.
Wakanda Inus WKD NFT Raffle
Wakanda Inu has announced its WKD NFT lottery, giving participants a chance to win thousands of dollars in this multi-winner system. The draw is divided into four cycles – closed, open, draw winners and post-draw – with each cycle limited to a maximum of 2,000 entrants and a minimum of 300 winners and a maximum of 500 winners, but with fewer entrants, the number of potential winners also decreases. Participants can buy or create NFT tickets to participate in the lottery. Revenue generated by NFT coining will be used to develop and publicize the Wakanda Inu ecosystem.
Binance’s re-entry into Japan
Crypto exchange Binance is set to re-enter Japan after acquiring regulated crypto exchange platform Secure Exchange Bitcoin (SEBC). SEBC will end its current crypto exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023. Users of the SEBC exchange are required to withdraw their funds before May 28, and any remaining funds will be automatically converted to Japanese yen and transferred to the users’ respective bank accounts.
Coinly partners with Revolut for Tax Reporting Service
Crypto tax solution Coinly has partnered with digital financial services provider Revolut to offer users an automated tax reporting service for cryptocurrency transactions. Revolut users can now generate crypto tax reports to calculate gains and losses by syncing their cryptocurrency transaction history with Coinly. This partnership highlights the growing need for comprehensive tax solutions for cryptocurrency investors.
KuCoin Confirms Exchange User Responsible for Meme Coin Scam
Crypto exchange KuCoin has confirmed that an exchange user is responsible for launching thousands of meme coin scams. However, the exchange will not freeze the user’s assets without an official notification from the police. While blockchain explorer Etherscan has flagged the user’s address as a fake phishing wallet, KuCoin’s Johnny Liu has said that the exchange will freeze the account only when it receives a notification from the relevant authorities.
As the world of cryptocurrencies and blockchain technology continues to evolve, it’s no surprise that there’s always a new development worth watching out for. From the Cooper Morgenthau allegations to the WKD NFT lottery of Wakanda Inu, there’s a lot to be excited about in the near future. Stay tuned for more! Follow Cryptotvplus on Twitter.
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