Welcome to the OLE777 – Asia 1st Multiplatform Crypto Gaming in the Daily Crypto section. This week, the crypto industry was surprised by a cryptocurrency scam named “Ichcoin” and U.S. prosecutors in Boston found individuals and firms behind market manipulation. Therefore, good news comes from Brazil, after the ban of X, now this platform obtained permission to back online.

Let’s dig deep into the details!

FBI Issues Alert on Ichcoin Cryptocurrency Scam

The FBI has issued a warning about Ichcoin, a fraudulent cryptocurrency platform targeting investors in the U.S. The scam often starts on social media platforms like Instagram and Facebook, where scammers pose as investment coaches. They move conversations to WhatsApp, convincing victims to send large amounts of money to fake accounts.

Victims are misled into thinking their investments are growing, but when they try to withdraw, they are left with nothing. Some have even lost their life savings. Assistant Special Agent Amanda Culver emphasized the ease with which scammers operate, urging people to be cautious of unsolicited offers and promises of high returns.

Always be wary of red flags like promises of free money or guaranteed profits, as these are common tricks used in cryptocurrency scams.

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U.S Charged 14 Individuals and Firms for Market Manipulation

U.S. prosecutors in Boston have charged 14 individuals and four companies in the first-ever criminal case against financial services firms for market manipulation and fraud in the crypto space. The companies involved include Gotbit, ZM Quant, CLS Global, and MyTrade, along with their leaders. Some of those charged are based overseas, and five people have already pleaded guilty or agreed to do so.

Crypto fraud has been a growing concern in the U.S., with many victims falling prey to scams. In 2023, Americans lost $5.6 billion to crypto-related fraud, according to the FBI. The report also pointed out how criminals exploit people’s fear of missing out (FOMO) to steal from investors.

Details about upcoming court hearings have not been fully revealed yet.

Read more: Telegram’s New Feature “Gifts”, Soon Can Be Converted to NFT

Brazil Removed The Ban of X

Brazil’s Supreme Court has removed the ban on the social media platform X (formerly Twitter). Justice Alexandre de Moraes allowed X to restart operations after it paid large fines and blocked accounts that spread misinformation. X, owned by Elon Musk, had initially refused to remove profiles accused of spreading false information about the 2022 Brazilian election, which led to the ban.

The platform paid 28 million reais ($5.1 million) in fines and appointed a local representative as required by law. Brazil’s telecom regulator, Anatel, was instructed to restore access for 22 million users within 24 hours.

Although Musk disagreed with the ban, calling it unfair, X eventually followed the court’s orders. Many users had switched to other platforms like Bluesky or used VPNs, but now X is back in Brazil, one of its largest markets globally.