Here are the recent developments from the crypto world
Vietnamese police have arrested five people in connection with a cryptocurrency criminal network led by off-shore actors. Police from Nghe An, a Vietnamese province, dismantled a Laos-based scam ring linked to fraudulent wire transfers on Oct 4. The scammers were led by off-shore individuals who specialised in pig butchering and cryptocurrency investment scams. Two Vietnamese suspects were found to have direct links to the crypto scams.
According to the police report, one of the scammers visited Laos in September 2023 to join the scam ring. They created Facebook accounts in February to coerce victims into romance and investment scams.
According to Binance’s October 2024 Monthly Market Insights report, Ethereum’s inflation rate has surged to 0.74 per cent, raising concerns about its long-held “ultrasound money” narrative.
The research report indicated that Ether ETH ticked down to $2,392.25, and the issuance rate is at its highest level in two years, as reduced on-chain activity and lower burn rates shift the asset’s economic status.
The findings also highlight a growing issue for the asset, which Vitalik Buterin co-founded. They cast doubt on a long-held assumption that ETH can maintain its deflationary nature.
In September, Binance experienced a notable decline in trading activity, with derivatives trading volume falling 21% to $1.25 trillion, the lowest since October 2023, according to a CCData report.
The exchange’sexchange’s derivatives market share dropped to 40.7%, its lowest since September 2020. Spot trading volume declined by 22.9% to $344 billion, the lowest since November 2023, reducing Binance’s market share to 27 per cent, the lowest since January 2021. Overall, the exchange’s combined market share for spot and derivatives slumped to 36.6%, a low since 2020.
Despite this, Binance remains the leader in global spot trading.