Latest Crypto Development: TN Police To Issue Soulbound Tokens, Alameda Withdrew $200 Million

The world’s first ‘Token of Appreciation’, the Soulbound Token, will be issued on December 1, 2022 by Dr K Jayanth Murali IPS, Director General of Police, Idol Wing CID, Tamil Nadu to outstanding members of his team.

Incidentally, this is not the first time that the Idol Wing CID DGP has forayed into new-age technology which many corporate entities have also not done so far.

“Government organisations should show the same vigour in adopting breakthrough technology for good as much as for the antisocial elements, to understand and protect our citizens from harm. This is why the Tamil Nadu government has always been at the forefront of new tech usage” says Murali.

US Prosecutor Busts Crypto Criminals

Federal prosecutors in Texas have charged 21 US residents with a variety of crimes for allegedly assisting several transnational criminal gangs in laundering their ill-gotten profits using cryptocurrencies.

The investigation, dubbed ‘Operation Crypto Runner’, was carried out by the East Texas offices of the Department of Justice (DOJ), the United States Secret Service (USSS), and the Postal Inspection Service (PIS), the law enforcement arm of the United States Postal Service.

Alameda Withdrew $200 million Before Bankruptcy Filing

Alameda Research took more than $200 million from FTX before it filed for bankruptcy, according to a report by Arkham Intelligence, a Blockchain analysis firm. Arkham claimed in a Twitter thread that Alameda Research, FTX’s sibling business, took $204 million from eight distinct FTX US addresses in a range of crypto assets, most of which were Stablecoins, in the last days before the collapse.

Tether (USDT), USD Coin, Binance USD (BUSD), and TrueUSD (TUSD) were among the withdrawn money. TUSD alone accounted for $116 million, or 57.1 per cent of the total money withdrawn. According to Arkham’s study, $49.49 million (24.2 per cent) of the money was in Ether, and $38.06 million (18.7 per cent) was in Wrapped Bitcoin (wBTC).

Auros Global Becomes Second Domino To Fall After FTX Collapse

Auros Global, a cryptocurrency trading firm, appears to be suffering from FTX contagion after failing to make a principal repayment on a 2,400 Wrapped Ether (wETH) decentralised financing (DeFi) loan.

M11 Credit, which oversees liquidity pools on Maple Finance, informed its followers in a November, 30, 2022 Twitter thread that Auros had missed the main payment on the 2,400 wETH loan, which is worth almost $3 million in total.

4-Year Prison Term For EmpiresX’s Chief Trader For Running Crypto Ponzi Scheme

One of the key figures of EmpiresX, who was charged with running the $100 million crypto “Ponzi” scheme, was recently sentenced to more than four years in prison by a US court.

Joshua David Nicholas, the alleged cryptocurrency network EmpiresX’s “chief trader”, was sentenced to 51 months in prison and three years of supervised release for his role in the fraudulent scheme.

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