Top Crypto News of the Day Curated by CoinChapter.com
TRUMP Token Surges After Guilty Verdict
After former President Donald Trump’s guilty verdict in a hush money case, the popular TRUMP meme coin experienced a 16% drop, resulting in a loss of over $130 million in market cap. However, within just 20 minutes, the token managed to bounce back and recover to a level only 1.5% below its previous 24-hour peak.
Other Trump-themed meme coins like Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced sharp declines before partially recovering. On the other hand, the Joe Biden-linked Jeo Boden (BODEN) token initially saw a 6.4% rally before dropping to levels lower than pre-verdict prices.
TONCoin Market Cap Plunges Billions After Supply Data Correction
TONCoin (TON) saw a significant drop in value, losing over $7 billion in market cap. This occurred after The Open Network updated data aggregators with accurate circulating supply figures. The correction, which aligns with industry practices, excluded TON holdings by entities like Telegram and the TON Foundation.
As a result of this adjustment, TONCoin dropped out of the top 10 cryptocurrencies by market cap, with Cardano (ADA) reclaiming the 10th position with a market cap of around $15.8 billion. TONCoin’s market cap now stands at approximately $15.6 billion, just slightly behind Cardano’s.
Former Banker Receives 41-Month Sentence for Crypto Fraud Scheme
Rashawn Russell, a former executive at Deutsche Bank, has been sentenced to 41 months in prison for his involvement in a fraudulent cryptocurrency investment scheme. Through his scheme, R3 Crypto Fund, Russell promised high guaranteed returns on invested funds.
Between November 2020 and August 2022, Russell misused investors’ funds for personal gain or to repay other investors. He also lied about wiring money to investors seeking repayment. Russell was charged by prosecutors in April 2023 and pleaded guilty in September to wire fraud charges related to the crypto scheme and an unrelated access device fraud case.
In addition to his prison sentence, Russell has been ordered to pay $1.5 million in restitution to the victims of his crypto fraud scheme.
Pudgy Penguins to Launch Mobile Game in 2025
The popular Pudgy Penguins NFT and toy collection is set to release an immersive mobile game in 2025. Developed by Mythical Marketplace on the Mythos Chain, the AAA game aims to further bridge Web3 with mainstream consumers.
Holders of Pudgy Penguins NFTs will have exclusive access to previews of mobile game content and will also have the opportunity to provide input during the development process. In the coming months, players can expect to see sneak peeks of gameplay footage and have a chance to weigh in on various aspects of the game.
Telegram Wallet Implements Stricter KYC Rules for Crypto Users
Telegram’s popular cryptocurrency Wallet bot is implementing stricter Know Your Customer (KYC) requirements and will be transitioning to a new service provider, WOT Global Solution. Starting from June 3, users will need to provide personal information, including their name, phone number, and date of birth, in order to access most of the Wallet’s features.
The new system introduces three verification levels, each with different requirements and transaction limits. The basic level allows for daily transactions up to $3,780 without documentation, while higher levels require identity documents and proof of address for increased limits of up to $1.08 million per month.
Telegram Wallet stated that these changes are part of ongoing efforts to provide better quality services. Users had until May 20 to delete their accounts if they did not want their data transferred to the new provider.
Read the full story on Telegram’s Wallet Bot Imposing Strict KYC and Switching Service Provider.
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