U.S authorities charge two crypto founders in $650 million scam

U.S. authorities have charged two men for running a crypto investment scam that defrauded thousands of investors. According to an indictment unsealed on Monday, co-founders Michael Shannon Sims and Juan Carlos Reynoso launched the fake investment platform in 2019, ran the scheme for several years, and pulled in more than $650 million before it collapsed. Called OmegaPro, the platform promised investors up to 300% returns in 16 months, claiming elite traders were generating profits through forex markets. The funds were collected in crypto, moved through wallets controlled by insiders, and then quietly paid out to top promoters. To make the project appear legitimate and attract new investors, Sims and Reynoso held flashy events across Latin America, Europe, and the U.S. The pair promoted OmegaPro on social media with luxury cars and designer brands, and even projected the company’s logo onto the Burj Khalifa. You might also like: Australian woman faces 10-year ban over $9.6m crypto scam When the scheme started to collapse, the OmegaPro co-founders claimed it had suffered a network hack. Victims were told their funds were being moved to a new platform called Broker Group as part of restructuring efforts. In reality, withdrawals were cut off, and users lost access to their money on both platforms. Both men are now facing charges of wire fraud and money laundering, with a maximum sentence of 40 years in prison each if convicted. The case, which marks one of the largest crypto fraud indictments in recent years, comes as global financial authorities step up efforts to shut down digital asset scams. Just last week, the UK’s Financial Conduct Authority secured a combined 12-year prison sentence for two men behind a similar fraudulent scheme. In that case, the founders promoted fake crypto investment services, exploiting trust and bypassing regulatory safeguards. The scheme resulted in losses of about £1.5 million across multiple victims. Commenting on the OmegaPro crackdown, the head of the U.S. Justice Department’s Criminal Division said authorities will continue going after crypto fraud schemes that prey on investors. “We are leading efforts to combat these complex and insidious digital asset investor scams,” he said, adding that prosecutors remain committed to “pursuing justice for their many victims.” You might also like: DOJ credits Tether for aiding funds recovery from Trump-linked crypto scam

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Crypto Fear & Greed Index: Unveiling Market Optimism in the Greed Zone

BitcoinWorld Crypto Fear & Greed Index: Unveiling Market Optimism in the Greed Zone The cryptocurrency world is abuzz! The Crypto Fear & Greed Index , a popular barometer for understanding market psychology, has recently climbed to a significant 66, firmly planting itself in the ‘Greed’ zone. This upward movement, up one point from the previous day as of July 9, suggests a palpable shift in crypto market sentiment . But what exactly does this number tell us, and how should investors interpret this wave of optimism? Decoding the Crypto Fear & Greed Index: What Does it Measure? At its core, the Crypto Fear & Greed Index aims to distill the complex emotions driving the cryptocurrency market into a single, digestible number. Developed by Alternative, a software development platform, this index ranges from 0 to 100. A score of 0 screams “extreme fear,” often indicating potential buying opportunities as investors panic sell. Conversely, a score of 100 shouts “extreme greed,” which might signal an impending correction as the market becomes overbought. The current reading of 66 sits squarely in the ‘Greed’ territory, suggesting that optimism, and perhaps a touch of irrational exuberance, is currently prevalent among participants. How is Investor Sentiment Calculated? A Look at Key Factors Understanding how the index arrives at its score is crucial for any investor seeking to gauge investor sentiment accurately. The index doesn’t rely on a single metric but rather a blend of six distinct factors, each weighted to contribute to the final reading. These factors provide a holistic view of the market’s psychological state: Volatility (25%): This component measures the current volatility and maximum drawdowns of Bitcoin compared to its average over the last 30 and 90 days. High volatility often signals fear, while stable markets can foster greed. Market Momentum/Volume (25%): This factor analyzes the current volume and market momentum, comparing it to the last 30 and 90-day averages. High buying volumes and strong momentum typically indicate a greedy market. Social Media (15%): The index scans Twitter hashtags and Reddit posts for crypto-related terms, analyzing the speed and number of posts. A surge in positive sentiment or overly optimistic discussions can push the index towards greed. Surveys (15%): This component, though currently paused, involves polling a large group of crypto investors weekly to gather their direct sentiment about the market. Bitcoin Dominance (10%): Bitcoin dominance refers to Bitcoin’s market cap share relative to the total crypto market cap. A rising dominance often suggests investors are moving into Bitcoin, perceived as a safer asset, which can indicate fear in altcoins. Conversely, falling dominance can signal a risk-on environment where altcoins are gaining traction, often associated with greed. Google Trends (10%): This factor analyzes Google search queries related to cryptocurrencies. A spike in searches for “Bitcoin price manipulation” or “crypto crash” might indicate fear, while searches for “how to buy Bitcoin” during a bull run could signal greed. Navigating the ‘Greed’ Zone: What Does High Crypto Market Sentiment Mean for You? When the Crypto Fear & Greed Index hovers in the ‘Greed’ zone, as it is now at 66, it suggests that investors are generally optimistic and perhaps becoming overconfident. Historically, periods of extreme greed can precede market corrections, as assets become overvalued. However, it’s also true that bull runs can extend for significant periods, with the index remaining in ‘Greed’ for weeks or even months. This elevated crypto market sentiment indicates that many are expecting further price appreciation. For investors, this current reading presents both opportunities and risks. On one hand, strong positive sentiment can fuel continued upward price action, especially for Bitcoin and major altcoins. On the other hand, it’s a time for caution. The adage “be fearful when others are greedy, and greedy when others are fearful” often rings true in crypto. While not a precise timing tool, a high ‘Greed’ score serves as a reminder to reassess your portfolio, consider profit-taking on over-extended assets, and avoid impulsive decisions driven by FOMO (Fear Of Missing Out). Understanding Market Volatility: A Constant Companion in Crypto One of the most significant factors influencing the index is market volatility . The crypto market is notorious for its rapid price swings, and these movements directly impact the ‘Volatility’ component of the index. High volatility can stem from various sources: macroeconomic news, regulatory announcements, major hacks, or even large institutional buys/sells. When the market experiences sharp, unpredictable movements, it often triggers fear, pushing the index lower. Conversely, a period of relatively stable upward movement, even if prices are rising, might contribute to a sense of calm optimism that translates into greed. Staying informed about the causes of volatility can help you better anticipate shifts in the index and overall market sentiment. The Strategic Role of Bitcoin Dominance in Market Dynamics The Bitcoin dominance metric, though only 10% of the index’s weighting, plays a strategic role in reflecting broader market dynamics. When Bitcoin’s share of the total crypto market cap increases, it often indicates that investors are seeking refuge in what they perceive as the most secure and established cryptocurrency. This flight to safety usually happens during periods of uncertainty or fear, as capital flows out of riskier altcoins. Conversely, when Bitcoin dominance declines, it often signals a “altcoin season,” where capital flows from Bitcoin into various altcoins, driven by higher risk appetite and the pursuit of greater returns. This shift is typically associated with a greedy market, as investors become more confident in exploring higher-risk, higher-reward opportunities across the altcoin spectrum. Conclusion: Navigating the Market with Informed Investor Sentiment The Crypto Fear & Greed Index at 66, firmly in the ‘Greed’ zone, is a clear indicator of prevailing optimism in the crypto market. While it’s not a crystal ball for future prices, it offers invaluable insights into collective investor sentiment . By understanding its components—from market volatility and momentum to social media trends and Bitcoin dominance —investors can gain a more nuanced perspective beyond just price charts. This index serves as a powerful reminder to approach the market with a balanced perspective, leveraging periods of heightened greed for strategic re-evaluation and ensuring you’re not swept away by emotional trading. Use this tool as part of a broader analytical framework to make more informed and rational investment decisions in the dynamic world of digital assets. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. This post Crypto Fear & Greed Index: Unveiling Market Optimism in the Greed Zone first appeared on BitcoinWorld and is written by Editorial Team

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SEC’s July 10 Meeting Could Be a Turning Point in Ripple vs SEC Lawsuit

The post SEC’s July 10 Meeting Could Be a Turning Point in Ripple vs SEC Lawsuit appeared first on Coinpedia Fintech News The U.S. SEC has announced a closed-door meeting scheduled for July 10, reigniting speculation around the long-standing XRP lawsuit. The official agenda mentions “enforcement matters,” prompting hopes that this could mark a significant development, possibly even the end of the SEC’s appeal against Ripple Labs. While nothing has been confirmed, the crypto community is watching closely. A decision to withdraw the appeal could drastically affect XRP’s legal standing and market price, potentially ending years of legal uncertainty. Are Legal Experts Warning Against Getting Too Excited? Former SEC lawyer Marc Fagel has thrown cold water on the excitement. He reminded followers that such closed-door meetings are often routine and rarely involve major announcements, especially over the weekend. “The SEC isn’t in the office on Saturdays,” he emphasized on X , addressing rumors that a weekend decision could be imminent. Is a Saturday Appeal Withdrawal Even Possible? Despite the skepticism, some users argue that it is legally possible for the SEC to withdraw its appeal on a Saturday. One user, unknowDLT , pointed this out and even noted that ChatGPT confirmed this possibility. Could XRP Be Tied to a Larger Financial Shift? The XRP community remains hopeful. One crypto user speculated that if the Ripple case concludes soon, it might align with broader financial infrastructure upgrades—specifically, Fedwire’s move to a Distributed Ledger Technology (DLT)-based system and adoption of ISO 20022. “The price of XRP will be impacted and will FLY to prices we cannot understand now,” the user claimed. Will a Ripple Lawsuit Dismissal Usher in a New Financial Era? Another X user, Jazzy Q, believes that Fedwire’s upgraded system will go live on July 14, with all components activated by midnight this Friday. He speculates that the Ripple lawsuit will be dropped on Saturday, potentially triggering a market crash. According to him, Monday could mark the beginning of an entirely new financial system. What Happens If the SEC Stays Silent? Not everyone is optimistic. Some fear that if the SEC does not make a decision soon, XRP holders may once again be “screwed by the government in a plausibly deniable manner.” What’s Next for XRP and Ripple? As anticipation builds, the crypto world is laser-focused on the SEC’s July 10 meeting. Whether it brings a legal breakthrough or proves to be just another routine discussion, it could offer valuable clues about the future of XRP and Ripple’s long-standing regulatory battle.

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Discover Solana’s Stellar Progress with DeFi Development’s Strategic Acquisitions

DeFi Development boosted Solana holdings by acquiring 47,272 SOL, totaling 690,420 coins. The firm's stake-centric strategy aligns with Solana network growth, enhancing potential returns. Continue Reading: Discover Solana’s Stellar Progress with DeFi Development’s Strategic Acquisitions The post Discover Solana’s Stellar Progress with DeFi Development’s Strategic Acquisitions appeared first on COINTURK NEWS .

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Zelenskyy Suit Controversy Ends in “No” on Polymarket, Traders Cry Foul

Polymarket’s closely watched prediction market on whether Ukrainian President Volodymyr Zelenskyy would appear in a suit before July has ended in controversy, closing with a final resolution of “No” despite widespread media coverage suggesting otherwise. Key Takeaways: Polymarket ruled “No” on whether Zelenskyy wore a suit, sparking backlash. Traders criticized the decision despite media and photo evidence suggesting he did. This marks the second suit-related controversy involving Zelenskyy on Polymarket. The market, which drew over $237 million in trading volume, became one of the platform’s most active this year. It asked whether Zelenskyy would be “photographed or videotaped wearing a suit” between March 22 and June 30. Zelenskyy Sparks Buzz by Ditching Signature Military Look at NATO Event Zelenskyy was widely reported to have worn what many described as a suit during a June 24 NATO event in the Netherlands. However, the decentralized oracle operated by UMA ruled the evidence insufficient, citing a lack of “consensus of credible reporting.” Initially resolved as “Yes,” the contract outcome was reversed after a challenge, with a second review ultimately locking in the “No” result on Tuesday evening. The ruling sparked backlash from traders and commentators, some accusing the protocol of inconsistency and poor governance. Critics pointed to multiple press reports and visual footage that clearly showed Zelenskyy in a black jacket, collared shirt, and matching trousers—an ensemble many argued met the criteria. Others noted that a similar outfit worn by Zelenskyy in a previous market had also been ruled as not qualifying as a suit, suggesting the rejection was in line with precedent. Still, the reaction was heated. Martin Shkreli, a polarizing figure in the crypto space, livestreamed his frustration on July 1, labeling the resolution process a “scam” and threatening to raise the issue with Polymarket’s backers. The controversy spilled into rival platforms, with traders on Myriad Markets launching bets on how Polymarket’s oracle would rule. Prominent menswear commentator Derek Guy added fuel to the fire , quipping on June 26 that the outfit was “both a suit and not a suit.” This is not the first time Zelenskyy’s wardrobe has triggered a betting uproar on Polymarket. A similar dispute erupted in May over whether his outfit during a German meeting counted as a suit. That market ultimately ruled “no,” despite Derek Guy asserting the matching cloth made it technically a suit. Polymarket Nears Unicorn Status With $200M Raise As reported, Polymarket is close to securing a $200 million funding round led by Peter Thiel’s Founders Fund, valuing the crypto-based prediction platform at $1 billion. Despite being banned in the U.S. and raided by the FBI last year , Polymarket’s user base and market activity have surged, with over 21,000 open markets and $700 million in active trading volume. The platform recently partnered with Elon Musk’s X to integrate prediction markets with Grok, X’s AI chatbot, boosting its visibility amid ongoing regulatory hurdles. Polymarket has seen explosive growth since the 2024 U.S. election, hitting a $2.5 billion trading peak in November, but it remains restricted in several countries and faces criticism over potential market manipulation. The post Zelenskyy Suit Controversy Ends in “No” on Polymarket, Traders Cry Foul appeared first on Cryptonews .

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BTC Price Faces Key Resistance at $110,348 Amid Trade Tariff Risks and Fed Policy Uncertainty

Bitunix analysts report that the US Secretary of Commerce announced the potential implementation of a copper tariff policy starting August 1st, with rates possibly reaching 50%. This move aims to

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CRO price posts 20% single-day rally on inclusion in Trump Media-backed ETF, eyes $0.105

CRO price staged a powerful rally Tuesday, climbing over 20% after news broke of its inclusion in a proposed Trump Media-backed Blue Chip ETF, sparking renewed bullish momentum for the embattled token. Cronos ( CRO ) surged over 20% on Tuesday after Trump Media and Technology Group filed with the U.S. Securities and Exchange Commission to launch a Blue Chip ETF that includes CRO alongside Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), and Ripple ( XRP ). Notably, Cronos received a 5% allocation, which is more than Ripple’s 2%. If approved, the ETF will be listed on NYSE Arca and its assets will be custodied by Foris DAX Trust Company, Crypto.com’s custody arm. The news sparked a sharp breakout, sending CRO price from its July 8 open at $0.081 to an intraday high of $0.10, breaking above a descending trendline and out of the recent consolidation range. The rally pushed the price through key moving averages and briefly tested a previous swing-high resistance. It also approached the 200-day SMA, now acting as its dynamic resistance. As of now, CRO price has pulled back slightly, trading around $0.092, just above the horizontal support near $0.089–0.090. This area, which previously acted as resistance in late April – early May, is now being retested as support following the breakout. Holding this level would be bullish, confirming a successful retest and setting up for a potential move back toward the $0.101 (200-day SMA) and $0.105 resistance zone. Source: TradingView You might also like: Solana, XRP, Cronos crypto included in new Trump’s ‘blue chip’ ETF In addition to the boost from its inclusion in the Truth Social Blue Chip ETF, CRO price may soon gain further momentum from the potential approval of the Canary Staked CRO ETF , which was filed with the SEC on May 30 and is currently under review. These bullish catalysts may offer a much-needed respite for CRO holders, following a major blow in March when Cronos voted to reissue 70 billion previously burned CRO tokens. The controversial move drew sharp backlash from the community, raising centralization concerns. You might also like: Grayscale Investments rebalances Q2 2025 multi-asset funds, adds ONDO, swaps DOT for HBAR

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Metaplanet CEO Reaffirms “Bitcoin-Only” Treasury Strategy Amidst Explosive Growth

Japanese investment firm Metaplanet is fully committed to its “Bitcoin-only” treasury strategy, as reaffirmed by CEO Simon Gerovich. This singular focus on Bitcoin (BTC) has been a transformative force for the company, propelling its market valuation and positioning it as a leading corporate adopter of the digital asset, drawing parallels to MicroStrategy’s pioneering approach. A … Continue reading "Metaplanet CEO Reaffirms “Bitcoin-Only” Treasury Strategy Amidst Explosive Growth" The post Metaplanet CEO Reaffirms “Bitcoin-Only” Treasury Strategy Amidst Explosive Growth appeared first on Cryptoknowmics-Crypto News and Media Platform .

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This Overlooked Binance Metric Might Predict Bitcoin’s Next Major Move

Bitcoin has mostly traded between $105,000 and $110,000 this month, hovering near its all-time high. Yet on Binance, perpetual futures prices continue to lag behind spot prices. The continued negative Spot-Perpetual Price Delta on Binance since December 2024 reveals a structural imbalance. Spot Leads, Futures Lags In its latest analysis, CryptoQuant explained that this negative delta indicates the spot price of Bitcoin has consistently traded above perpetual futures prices. This means that the current rally is being driven largely by spot buyers rather than leveraged futures traders on Binance. When the delta initially flipped from positive to negative in December, Bitcoin reached its then-all-time high, with aggressive long positioning on Binance’s perpetual markets, while the spot price trailed. Even after BTC’s decline to $74,000 and subsequent recovery to a new peak, the delta has remained negative. Such a trend highlights that perpetual markets are still not fully participating in the upside momentum. This behavior could reflect a cautious environment among leveraged traders, which could mean that the market is in an accumulation phase where supply is absorbed gradually by spot buyers before a potential continuation of the rally. Importantly, the current structure implies a healthier rally as it is not being driven by excessive leverage, which reduces the risk of sharp liquidations that can destabilize the price. However, a flip in the delta from negative to positive would signal an influx of leveraged longs, as it is often a precursor to local tops or corrections, since liquidity becomes an attractive target for market makers and whales. As such, while spot demand remains strong, the market’s next phase will likely be defined by how and when Binance’s perpetual markets catch up, with the delta acting as a key signal for potential volatility ahead. Accumulation by Institutions Against this backdrop of spot-driven strength on Binance, Bitfinex Alpha’s latest report revealed that bulls are maintaining structural control. Bitcoin has defended the short-term holders’ realized price of $98,220, hinting at constructive bullish momentum even amid volatility. The rising STH cost basis near $99,474 indicates continued accumulation by newer participants. This includes institutions via ETFs. Meanwhile, whales are distributing holdings and have offloaded over 14,000 BTC since June 30, while retail and institutions absorb supply, thereby driving momentum amid macro uncertainty and equity market strength. The post This Overlooked Binance Metric Might Predict Bitcoin’s Next Major Move appeared first on CryptoPotato .

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Robinhood’s Tokenized Stocks Spark EU Frenzy

Robinhood’s recent move into tokenized stocks is already creating buzz in Europe. Only a week after launching its blockchain-based trading service in the EU, CEO Vlad Tenev says private companies are lining up to join. These firms want to offer blockchain-based versions of their shares, aiming to reach everyday investors in a new way. Tenev described the reaction as a “flood” of interest , with companies seeing blockchain as a gateway to wider capital markets. The platform now offers over 200 tokenized U.S. stocks , along with promotional tokens for well-known private companies like SpaceX and OpenAI. These promotional tokens aren’t tradable yet, but they hint at Robinhood’s bigger vision. The company wants to bring thousands of private firms onto the platform, especially as many startups are choosing to stay private longer. Tenev sees this as a way to improve capital access for smaller investors. Still, the project has caught the eye of regulators. Lithuania’s central bank has asked Robinhood to explain how the tokens work. The company says it’s ready to cooperate and believes the platform meets EU regulatory standards. The tokens are considered both MiCA and MiFID compliant and are backed by actual U.S. stocks held by brokers. Robinhood hasn’t rolled out the platform in the U.S. or U.K. yet but is already in talks with regulators. Tenev is confident that current U.S. laws are flexible enough and pointed out that even the SEC is now exploring tokenized assets. This launch comes as more institutions look to blockchain for financial innovation. BioSig Technologies just raised $1.1 billion to tokenize commodities, and Dubai’s QCD fund became the first of its kind in its region to get approval. With rising interest from both companies and regulators, Robinhood is placing itself at the heart of the shift toward turning traditional shares into blockchain-based assets.

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