Welcome to OLE777 Daily Crypto! Today, writers want to highlight major news in the cryptocurrency world. Started with State Senator Ohio’s proposal to accept cryptocurrency for tax payment, ZachXBT’s investigation of a British scammer, Shiba Inu’s remarkable price rise, and Caroline Ellison’s (fraud FTX case) sentence in prison.

Let’s dig deep into the news!

Niraj Antani: Ohio Will Soon Accept Cryptocurrencies for Tax Payment

Ohio could soon accept Bitcoin and other cryptocurrencies for tax payments under a new bill proposed by State Senator Niraj Antani. On September 30, Senator Antani introduced the bill, which would allow Ohio residents to pay their taxes using cryptocurrencies like Bitcoin. This proposal mandates both state and local governments to accept crypto as a legal payment option for taxes.

Ohio briefly accepted Bitcoin for tax payments in 2018, but the service was discontinued in 2019 after a legal review by the state’s attorney general. If Antani’s bill passes, it would also permit pension funds and state universities to invest in cryptocurrencies.

The bill will be reviewed by Ohio’s General Assembly. With cryptocurrencies gaining more attention, particularly in the U.S. regulatory environment, this move could have a significant impact on how states handle digital assets in the future.

British Scammer Stole $650K in This Past Year

Blockchain investigator ZachXBT recently uncovered a British scammer responsible for stealing $650,000 worth of cryptocurrency in the past year. As crypto adoption grows, scammers have taken advantage of new investors looking for quick profits.

The scammer, known online as @ape_31 or @60711, used fake trading screenshots and fraudulent deals to deceive over 250 victims. In some cases, the scammer extorted up to $40,000 from individuals, using threats to obtain more money after the initial deposit.

ZachXBT’s investigation revealed that the scammer likely operates from the UK, with a TradingView account linking him to a British telecom provider. His voice was also identified by victims, and ZachXBT shared this information in hopes of finding the scammer.

In another investigation, ZachXBT helped with the arrest of two hackers who stole $243 million in Bitcoin, showcasing the growing problem of crypto crime.

Shiba Inu Leads Memecoin Surge

Over the past week, Shiba Inu (SHIB) has seen a remarkable 42% rise in value, bringing its market capitalization from $14 billion to $20 billion. This surge places Shiba Inu as the 14th largest cryptocurrency. Other meme coins like PEPE, FLOKI, and MOG also experienced double-digit gains, with BONK climbing 13% in a single day.

While the reasons for Shiba Inu’s spike are unclear, some speculate it might be linked to the appointment of Japan’s new Prime Minister, Shigeru Ishiba. This has led to ironic comments from traders, with some suggesting the price rise was influenced by the similarity between “SHIB” and “ISHIBA.”

Beyond Shiba Inu, the overall memecoin market has seen increased activity, with platforms like Pump. Fun hitting record transaction volumes. However, meme coins remain highly volatile, and while they offer high rewards, they also carry significant risks. Proceed with caution!

Caroline Ellison Crypto Fraud Case, Sentenced 2 Years in Prison

Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in prison for her role in the collapse of cryptocurrency exchange FTX and its affiliate, Alameda Research. This case is one of the largest financial scandals in U.S. history. Ellison pleaded guilty to fraud and cooperated with authorities in the case against FTX founder Sam Bankman-Fried, who received a 25-year sentence.

Ellison’s lawyers requested leniency, citing her significant cooperation, which helped secure Bankman-Fried’s conviction and recover funds for FTX customers. Despite her cooperation, Judge Lewis A. Kaplan ordered her to forfeit $11 billion.

Ellison admitted it was a relief to be honest with investigators following FTX’s downfall in 2022. However, Kaplan still held her partly responsible for the fraud. Ellison’s case has attracted widespread attention in both legal circles and the cryptocurrency community.