Country Around The World Share 50 Crypto-Related Criminal Leads Data. Officials from the United States (US), Britain, Canada, Australia and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a Ponzi scheme worth USD 1 billion
Data Sharing Officer on Global Crypto Crime
The heads of tax enforcement of countries Joint Chiefs of Global Tax Enforcement (J5) met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, Bloomberg reported Friday, May 13, 2022.
J5 was formed in response to a call to action from the Organization for Economic Cooperation and Development (OECD) so that countries can do more to address the drivers of tax crime.
Read Also: FBI Arrests Eddy Alexandre, EminiFX Boss
Ini terdiri dari Australian Taxation Office (ATO), Canada Revenue Agency (CRA), Fiscal Intelligence and Investigation Service (FIOD), HM Revenue & Customs (HMRC), then Internal Revenue Service Criminal Investigation (IRS-CI).
During the meeting, officials identified more than 50 crypto-related criminal leads, the publication said.
“Some of these leads involve individuals with significant NFT transactions surrounding potential tax or other financial crimes across our jurisdictions,” Jim Lee, head of criminal investigations at the Internal Revenue Service (IRS), told reporters on Friday. , Monday (16/5/2022).
He added that one lead appeared to be a $1 billion Ponzi scheme, noting these leads hit every J5 country.
In addition, officials have identified clues involving decentralized exchanges and financial technology companies, Lee added, that there could be announcements of “significant targets” as soon as this month.
Head and general director of the Netherlands Fiscal Information and Investigation Service (FIOD), Niels Obbink said, NFT is one of the new modern digital means of trade-based money laundering.
Obbink noted that cryptocurrencies have less control and less oversight and limited regulation that makes them vulnerable to fraud. He stressed, it should be a concern.
Crypto Market Falls As Investors Sell Risky Assets to US Inflation
Previously, the crypto asset market experienced a sluggish overall performance in the second week of May 2022. The market condition suddenly became ‘sick’ considering the uncertain macroeconomic situation.
Country Around The World Share 50 Crypto-Related Criminal Leads Data. Even so, the market started to stabilize with some crypto assets experiencing a spike. Launching Coinmarketcap on Friday, May 13, 2022, eight of the 10 largest market cap crypto assets have increased and entered the green zone.
For example, Bitcoin (BTC) whose value has increased by 14.05 percent in the last day and is now at USD 30,383.75 or around Rp. 444.9 million. Meanwhile, the value of Ethereum (ETH) also rose 17.26 percent to USD 2,091.36 at the same time.
Read Also: Goldman Sachs And Barclays Invest In Elwood Crypto Trading Platform
Citing Coinmarketcap Sunday morning, May 15, 2022, the price of bitcoin is up 0.48 percent in the last 24 hours. However, over the past week, the price of bitcoin has slumped 13.87 percent. The price of bitcoin is in the position of USD 29,820 or around Rp. 436.24 million (assuming an exchange rate of Rp. 14,629 per US dollar).
The price of ethereum weakened 1.37 percent to a position of USD 2,029. Ethereum prices are down 1.37 percent in 24 hours. Meanwhile, during the week, the price of ethereum fell 20.93 percent. Most of the other top-tier cryptocurrencies are still sluggish.
Investors Dispose Risky Assets
Tokocrypto trader Afid Sugiono said the negative sentiment from the Terra USD(UST) stablecoin drama made market participants worried and doubtful about the stablecoin market condition and the crypto market in general, which is too volatile at the moment.
“This fear is even more intense after the US Treasury Secretary, Janet Yellen and the Fed said that stablecoins are a big risk that threatens the financial sector,” said Afid, in a written statement, written Sunday, May 15, 2022.
Country Around The World Share 50 Crypto-Related Criminal Leads Data. However, overall, investors are still compact in selling and releasing risky assets given the uncertain macroeconomic situation. The US inflationary condition will continue to haunt the economy of the Uncle Sam’s country, so that they will also move from safe volatile assets to safe assets such as the US dollar.
“Inflation that exceeds projections causes investors to release their risk assets. This has also hit the crypto asset market,” said Afid.
Read Also: Global Crypto Regulatory Institution Coming In 2023
Crypto market conditions are also in line with stocks, market participants seem to be compact in releasing technology sector shares because they are worried that the US central bank, The Fed, will again tighten its monetary policy aggressively.
Earlier, bitcoin briefly fell below $26,000 on Thursday for the first time in 16 months, amid a broader sell-off in the cryptocurrency that wiped more than $200 billion (Rp 2,927 trillion) from the entire market in one day. .
Reporting from CNBC, Friday, May 13, 2022, Bitcoin price fell as low as USD 25,401.29 on Thursday, according to Coin Metrics. It marked the first time the cryptocurrency has sunk below the USD 27,000 level since December 26, 2020.
Bitcoin has since pared its losses and was last trading at USD 28,569.25, down 2.9 percent. However, on Friday (5/13/2022) Bitcoin rebounded and traded in the USD 30,000 range.
Country Around The World Share 50 Crypto-Related Criminal Leads Data. Investors are fleeing crypto at a time when the stock market has fallen from the height of the coronavirus pandemic on concerns over soaring prices and a deteriorating economic outlook.
US inflation data released Wednesday showed prices of goods and services jumped 8.3 percent in April, higher than analysts had expected and near their highest level in 40 years.
Another thing weighing on traders’ minds was also the crash of the embattled stablecoin Terra protocol. Terra USD, or UST, was supposed to reflect the dollar’s value. However, it plummeted to less than 30 cents, shaking investors’ confidence in the so-called decentralized finance space.
The fallout from Terra’s collapse caused fears of market contagion. Economists have long feared stablecoins may not have the amount of reserves needed to increase their dollar peg in the event of a mass withdrawal.
