No More Selling Pressure from $5.7B PlusToken Ponzi as Chinese Police Arrest 82 Members

Chinese police have finally arrested all 27 primary suspects involved in the Plus Token Ponzi scheme.

The investigation led by the Ministry of Public Security successfully arrested all the major suspects and 82 key members of the case, reported Chinese financial news outlet CLS.

The Multi-level marketing (MLM) scheme has reportedly grown to 3,000 layers in the past year, frauding more than 2 million people for a whopping over 40 billion yuan, about $5.7 billion.

A year back in August, Chinese police officials arrested six suspects involved in this scheme, but the main suspects were still on the run at that time.

With this Ponzi scheme, the Chinese police have cracked down on one of the biggest Ponzi Schemes involving bitcoin as an exchange method.

PlusToken was launched in early 2018 and then in mid-2019 when some users couldn’t withdraw their funds from the wallets; it solidified the earlier suspicions of it being a pyramid scheme although the company tried to brush it off as a “hacker attack.”

Over these months, PlusToken has been a red sword hanging on bitcoin’s price’s head as time, and again the stolen funds were moved. Just last month, its entire Ether stash, about 790,000 ETH, was moved, spreading a wave of terror that it may cause Ethereum price to dump.

Given that bitcoin bulls now have “little to no baggage,” Dovey Wan, founding partner of Primitive Crypto, said, “let’s send it to the moon.”

The leading cryptocurrency is currently trading just over $11,000 after breaking key levels $10,000 and $10,500 this week.

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Author: AnTy

Ripple Records Largest Daily Active Address Creation for the First Time Ever

In Ripple’s six years plus history, this is the first time, it is seeing the current level of single day daily active creation. Crypto data provider Santiment noted,

Upswings in the daily active address created has been seen in July last year when the XRP price was declining. In December, the price bottomed out and started surging in 2020 and soon after addresses started picking up as well.

This month two such spikes have been seen, each one making a new record. XRP community and investors are surely getting ready for a bull market.

This past week, XRP price has surged nearly 16% while so far in 2020 it is up 70% trading at $0.325. The performance of the third largest digital asset was “only overshadowed” due to the rise in ETH price which is up a whopping 109% on a year-to-date basis.

Going forward, experts are still bullish on this cryptocurrency with trader Crypto Michaël expecting another over a 100% move.

Having broken the two year-old-downtrend and a retest, “Breaking above 3000 satoshis and likely continuation towards 3700 / 4400 and maybe even 6700 satoshis,” said the trader.

Meanwhile, trader Scott Melker has just two words for XRP, “Blast off.”

XRP bull Magic Poop Cannon made his appearance on Crypto Twitter after a long time, and only to share that “this could be the real deal.”

The XRP price chart, the analyst said looks identical to that of 2017, a bull rally of which XRP was the top performer, before the “massive rally.” Moreover, the resistance has also been “thoroughly destroyed” by the asset.

Now, it’s to be seen what will be the local top of this rally and wait for a new all-time high.

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Author: AnTy

Ziglu Crypto Bank To Launch In 2020 By Former Starling Co-Founder and Barclays Tech Exec

After being head of technology at Barclays for more than 10 years, plus the co-founder and the former CTO at Challenger Bank Starling, Mark Hipperson wants to launch the digital bank Ziglu account, in the first quarter of 2020.

Expected to be the future when it comes to the challenger bank concept, Ziglu will allow many digital and fiat currencies to be held in only one account. More than this, it will hold currencies funds that can be freely exchanged in between them. When it comes to foreign currencies, these will be available for buying and selling at Interbank rates, whereas crypto sales and exchanges will have the best prices set by multiple exchanges.

Ziglu Available Only in the UK for Now

The Ziglu website says that any currency from the account is going to be made available for international spending with a Mastercard debit card, cryptocurrencies included and instantly converted at the point of sale. Hipperson has been Ziglu’s CEO ever since September 2018. He managed to make the company an electronic money issuer approved by the UK’s Financial Conduct Authority (FCA). At the moment, Ziglu is running pre-launch applications for its UK users, but Hipperson is planning to expand Ziglu in the future:

“While we intend to expand our offerings to other countries in due course, currently only UK-residents who are at least 18 years of age may use our services and are eligible to apply for a Ziglu account.”

Bitwala Launched a Similar Account in August

Ziglu isn’t the first company to launch an account that combines fiat and crypto. Back in August 2019, Bitwala came with its Bitcoin wallet account to which it added the Ethereum. The crypto-backed card offering isn’t a first either, but the United Kingdom surely needs it.

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Author: Oana Ularu