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China Moneybags Move Funds With Crypto Wallets. Half-Million USD Lost In a Fraud At YouTube. Unprecedented Interest to Cryptocurrencies.
Chinese investors transferred over 50 billion USD to other countries against the Chinese law that restricts transfers outside the country. This is the exact amount that has been transferred from crypto-wallets that allegedly belong to the Heavenly Empire citizens to other wallets and exchanges.
It is well-known that the Chinese authorities are very strict at regulating their people's investments into other countries' currencies. The maximum allowed amount is equal to 50'000 USD annually. Investments into real estate and other assets in other countries are strongly hindered by the country´s laws.
After all the turbulences that the Chinese economy had to go through because of the coronavirus and other troubles, Yuan is extremely unstable which doesn't make it a very good currency for long-term savings. No wonder investors with large capitals are trying to find every way, like cryptocurrencies, to exchange at least some part of their capitals into more stable assets. Tether stablecoin is one of the top popular cryptocurrencies among the Chinese.
Crypto giveaway runners made almost 480´000 USD from their broadcasts to credulous followers who transferred all the funds with their own hands.
The fraudsters received 840´000 Ripple coins, which is equal to almost half a million USD. The funds were laundered and cashed at Binance and NiceChange exchanges. So the exchanges cast another slur on their reputations for not making enough efforts to protect their users from fraud.
YouTube video hosting platform also has some snow on its boots now, as Ripple blockchain runners filed a civil suit to the platform for serious damage to their crypto project. YouTube, however, rejects having anything to do whatsoever to the fake crypto giveaway that lead to fraudsters' benefit, and reminds that it does not hold any responsibility for third parties' actions on the platform.
Arcane Research analysts reported the interest that investors show to cryptocurrencies has peaked over the last 2,5 years. And most of the attention goes not to the most famous coins, not to the crypto giants. The trend supports the statement that we are entering the era of altcoins, there are new players in the market that are interested in them particularly.
While the interest to buying bitcoins is falling steadily. Over the last 12 months or less, the share of the market occupied by Bitcoin fell by almost 10%.
How long will the altcoin season last and which ones are particularly good for investment? We will definitely shed some light on it in one of Crypto News episodes. Stay tuned to LH-Crypto and be the first one to know the fresh news of the crypto industry.