Spanish authorities bust a cryptocurrency investment fraud ring with over $500 million in involvement
PANews reported on June 30 that according to Bitcoin.com, Europol announced that the Spanish National Guard, in cooperation with law enforcement agencies in Estonia, France and the United States, smashed a cryptocurrency investment fraud gang that defrauded more than 5,000 victims worldwide. The operation led to the arrest of five people, three of whom were arrested in the Canary Islands and two in Madrid. It is believed that the criminal network laundered approximately $539 million (approximately 460 million euros) in illegal proceeds through fraudulent investment schemes.
Investigators found that the criminals operated a global network of associates to facilitate cash withdrawals, bank transfers and cryptocurrency transfers, while also allegedly setting up companies and banking infrastructure in Hong Kong to manage criminal funds. The investigation, which has been supported by Europol since 2023, highlights the growing threat of online fraud, which Europol considers a major risk to internal security in the European Union.
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Wormhole token soars following tokenomics overhaul, W reserve launch
Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more
