£1.5M UK Crypto Scam, Brazil Hack and Sweden Crypto Seizures
Di Financial Conduct Authority (FCA) don sentence Raymondip Bedi and Patrick Mavanga to total 12 years plus 10 months for prison for one UK crypto scam wey cost £1.5 million. Dis crypto fraud operation dey use unsolicited cold calls take trap 65 investors from February 2017 go June 2019. Dem direct victims go fake consultancy sites like Astaria Group LLP and CCX Capital. Both defendants admit say dem conspire to defraud, do money laundering and break financial regulations. Dis case show di risk wey dey for unsolicited crypto scam offers and e highlight how e dey important to check investment platforms well.
Meanwhile, for Brazil, insiders sell central bank credentials for $2,700, allow hackers steal 800 million reais ($140 million). Blockchain investigators report say $30–40 million don launder through BTC, ETH and USDT via Latin American exchanges and OTC platforms. For Sweden, law wey go start November 2024 allow authorities take assets including crypto without formal conviction. More than $8.3 million in suspected criminal assets don get confiscate under dis law.
Bearish
Dis combo news of big-time crypto scams, one major central bank hack plus di expansion of power to seize assets go affect how market feel. For short term, traders fit dey react to high regulatory risks and possible asset freeze by dey reduce dem holdings for BTC, ETH and USDT. For long run, dis crackdown fit make market better but the immediate effect na more caution and selling pressure, wey go bring bearish outlook for those cryptocurrencies dem talk about.