08 May Crypto News- What Happened Crypto Markets Today

08 May Crypto News- Insights into Today’s Crypto Scene

Crypto News– Binance’s On-Chain Investigators Unveil Role in ZKasino Scammer Arrest, FTX Pledges Over 100% Repayment to Creditors Pending Court Approval, and Cryptocurrency Gains Political Prominence in U.S. Election Discourse.

Binance’s Vital Role in Capturing ZKasino Scam Suspect

The on-chain investigations unit at Binance, the world’s largest cryptocurrency exchange, played a pivotal role in guiding law enforcement to apprehend the suspect involved in the ZKasino scam.

Amid widespread community outcry, Binance’s Crime Compliance and Investigations team initiated an inquiry into the deceptive gambling platform.

Utilizing a blend of on-chain tracking and open-source intelligence methods, researchers meticulously traced the perpetrator behind the malicious smart contracts. In an exclusive statement to Cointelegraph, the Binance investigations team explained:

We’ve conducted a comprehensive analysis of ZKasino’s smart contracts, employing behavioral network studies to identify the creators of the contracts and the signers associated with the addresses.

Upon pinpointing the suspect linked to the smart contracts, Binance promptly notified law enforcement agencies of the account holder’s identity responsible for the fraudulent activities.

As a result, the Fiscal Information and Investigation Service (FIOD) apprehended the 26-year-old suspect on April 29, seizing assets valued at over 11.4 million euros ($12.2 million), including cryptocurrencies, real estate, and luxury vehicles, as detailed in a May 3 report by the FIOD.

FTX’s Compensation Proposal Sparks Mixed Reactions

FTX has unveiled a proposal to fully reimburse all creditors’ claims, along with offering billions in compensation for the time value of their investments. Under the plan, 98% of claimants with amounts up to $50,000 are expected to receive up to 118% back. However, this plan is contingent upon finalization and approval by a Delaware Bankruptcy Court, as stated in their May 7 announcement.

According to FTX, approximately 98% of its creditors, by number, are anticipated to fall within the eligible bracket for the 118% recovery. The exchange estimates the total distribution value to creditors to fall between $14.5 and $16.3 billion.

Despite these efforts, FTX’s proposal met with criticism on social media due to its reimbursement of assets’ values at the time of the exchange’s bankruptcy in November 2022.

Cryptocurrency’s Potential Impact on U.S. Elections

Cryptocurrency is gaining significant attention among voters in crucial U.S. swing states, indicating potential support for candidates with favorable views on digital assets. A survey conducted by Digital Currency Group and The Harris Poll revealed that over two-thirds of respondents agreed that crypto is more equitable than the traditional financial system and is accessible to people like them. Moreover, more than 90% of respondents in pivotal swing states, including Michigan, Nevada, and Pennsylvania, expressed their intention to vote in the 2024 presidential election.

Kristin Smith, CEO of the Blockchain Association, emphasized the growing importance of digital assets in the upcoming election, noting that 26% of voters are actively considering candidates’ positions on crypto when making their decisions. This underscores the rising significance of crypto-related issues in shaping the political landscape of 2024.

In line with this trend, three political action committees focusing on cryptocurrency have raised over $100 million to support candidates who prioritize digital assets in the upcoming elections, as reported by Cointelegraph.

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