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Crypto Drug Cartel Ties: On-chain Investigator Drags Ethereum Into The Mess

An on-chain crypto investigator took to social media to expose the supposed black truth behind Justin Sun’s Tron but has thrown Ethereum in the mix, alleging that the cryptocurrency is backed by the CCP and may harbor crypto wallet addresses by Fentanyl traffickers. 

On-Chain Detective Unveils Potential Tron Ponzi Scheme

An X (formerly Twitter) user going by the username @BoringSleuth has gained the attention of the crypto community after uncovering potential evidence of Tron allegedly being a Ponzi scheme governed by one of the world’s largest crypto criminal drug cartels. 

“I showed and told the World that Tron $TRX was a massive Ponzi, run by a part of the largest criminal Cartel in the World, and connected to the CCP,” BoringSleuth said.

BoringSleuth disclosed that the United States Department of Justice (DOJ) has sanctioned eight Chinese Communist Party (CCP) companies for allegedly operating a clandestine drug production and distribution sales network around Fentanyl. 

The crypto investigator revealed that more than half of the wallets owned by these companies were traced back to Tron and the remainder allegedly being on the Ethereum blockchain. 

After analyzing the original sales of the TRX token, BoringSleuth stated that he had reviewed the top 20 cryptocurrency wallets in Tron’s original token sale list to decipher the owners of the wallets and how much TRX supply these wallets have acquired.

According to the investigator, out of the 20 wallets, 17 were created and owned by the infamous criminal organization disguised to represent genuine investors. He revealed that the criminal organization was connected to the CCP, and 98% of Tron’s total token supply was received by these 17 wallets.

The on-chain investigator also mentioned that cryptocurrency exchanges like Huobi Global, and cryptocurrencies like Shiba Inu may also be linked to the CCP and Wanxiang, a Chinese multinational conglomerate and the team that funded Ethereum Foundation wallets and Ethereum’s Founder, Vitalik Buterin. 

Ethereum price chart from Tradingview.com (Crypto drug cartel)

Investigations Cast Shadows On Ethereum

The crypto industry has experienced a series of Ponzi schemes and rug pulls for years now, causing investors and regulators to be wary of crypto exchanges and organizations in the space. 

While Tron is faced with speculations of being a well-orchestrated Ponzi scheme and having connections with the CCP, the revelation that Ethereum, the world’s second-largest cryptocurrency may be backed by the CCP and connected to companies involved in drug trafficking has left the crypto community in a paradox. 

According to BoringSleuth, the CCP is allegedly supporting Ethereum and other blockchains as well as multiple Decentralized Exchanges (DEX) and Centralized Exchanges (CEX) in the crypto space. 

The crypto investigator utilized a previous transaction that saw the CCP receiving 133,700 ether on a single Genesis Block address owned by the party, as a reference to a connection between Ethereum and the CCP.

BoringSleuth has also stated a potential connection between Ethereum’s Founders and the CCP, which he said he would be revealing in detail soon. 

The allegations faced by Tron and Ethereum come amid the increasing scrutiny of China’s role in the cryptocurrency landscape. Although the crypto X community is presently reeling from the on-chain investigator’s hypothesis, no concrete evidence linking Ethereum to the CCP has emerged, leaving the allegations in the realm of speculation.

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Chainlink Creator Expects Mass Crypto Adoption To Send Market Cap To $10 Trillion

In a recent interview, Chainlink’s co-founder, Sergey Nazarov, said the collapse of the banking industry will drive crypto mass adoption.

Chainlink’s Co-Founder Predicts Crypto And Blockchain Prospects Over The Next Decade

Sergey Nazarov believes that the collapse of the banking industry will favor crypto adoption and growth in the next decade.

Nazarov believes the crypto industry and its technological innovations might maintain the same slow growth pace. However, the industry player cited two possible crypto and blockchain adoption scenarios in the next ten years.

First, the Chainlink co-founder proposed a fast-case scenario where the collapse of the traditional finance system puts individuals in pain. This pain will force individuals to “acknowledge the relevance” of cryptographic financial systems. 

Further, Nazarov noted that the continued collapse of banks like Silicon Valley Bank could fast-track crypto adoption. 

Secondly, based on the first theory, the collapse of traditional finance systems will lead to political tension and international problems. Nazarov believes investors will favor crypto for financial operations if the pain of suffering losses becomes unbearable. 

Therefore, Nazarov insists that even in the slow case, the crypto market is likely on its way to a $10 trillion market cap. 

LINKUSD price chart

Chainlink’s Adoption By ANZ Banking Group Supports Nazarov’s Growth Theory

According to a new industry report, ANZ Bank has adopted Chainlink’s CCIP for cross-chain tokenized asset settlement. CCIP solution helps to transfer data and tokenized assets across blockchains in a decentralized and secure way, according to the crypto founder. 

Notably, ANZ Bank is one of the world’s largest banks, with over $1 trillion in total assets managed. Sergey Nazarov noted that Chainlink’s adoption by ANZ shows how large companies are now adopting Chainlink’s CCIP. 

Also, the co-founder stated that building on a global internet needs secure connectivity between private bank chains and public chains. 

The CCIP is an upgrade on the Chainlink Network that functions as a global Internet of Contracts. This upgrade aims to create the world’s largest liquidity layer across various regions and markets. 

Remarkably, Nazarov stated that CCIP can create a higher level of cross-chain security. It achieves this extra security with multiple layers of decentralization and advanced risk management techniques. 

Moreover, most cryptocurrencies offer users fast and secure cross-border transactions cheaply. However, some critics still insist that cryptocurrencies are unreliable based on their volatility and crisis in the sector. 

With innovations like the CCIP of Chainlink, more banks may integrate crypto and blockchain-based solutions. This drives crypto to mainstream adoption, increasing the market cap to $10 trillion, as Nazarov predicts.

Meanwhile, the collapse of banks such as Silicon Valley Bank (SVB) in 2023 has strained the global finance economy. If another banking crisis occurs, cryptocurrencies might become the preferred option for most investors based on their rising utility.

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These Are The Altcoins To Keep An Eye On: Santiment

Data from Santiment shows that several altcoins have registered an increase in address activity, which may make them worth keeping an eye on.

Bitcoin Cash & Other Altcoins Have Observed A Rise In Active Addresses

As explained by the on-chain analytics firm Santiment in a new post on X, some alts are seeing rising activity despite the cooldown that the overall cryptocurrency sector has observed in the past couple of days.

The indicator of interest here is the “daily active addresses,” which keeps track of the total number of unique addresses of any given coin that are interacting on the blockchain in some way every day. The metric accounts for both senders and receivers.

By “unique,” what’s meant here is that any address participating in transaction activity on the blockchain is only counted once, regardless of how many transfers it may be involved in.

This restriction helps provide a more accurate representation of the actual activity on the network, as just a few addresses making hundreds of transactions can’t skew the metric by themselves.

When the value of the indicator is high, it means that there are a large number of unique addresses taking part in transaction activity right now. Such a trend implies the blockchain is receiving a high amount of traffic currently.

On the other hand, low values imply not many users are interacting with the network, a possible sign that interest in trading the cryptocurrency is low at the moment.

Now, here is a chart that shows the trend in the daily active addresses for several different altcoins over the past month:

Altcoin Active Addresses

As displayed in the above graph, the daily active addresses indicator has observed a sharp surge in the past couple of days for the altcoins listed here: Bitcoin Cash (BCH), Small Love Potion (SLP), Mask (MASK), LeverFi (LEVER), and Civic (CVC).

According to Santiment, these latest highs in the metric correspond to the highest levels that these cryptocurrencies have witnessed in around three months. Such high activity naturally suggests that there is a lot of interest in these coins among investors right now.

Most of these are small-cap coins, though, but there is one among them that has a very notable standing in the rest of the market: BCH. The 16th-ranked asset in the sector has registered a decline in the last two days, much like the wider sector, but the asset’s active addresses have remained high in number.

Usually, high address activity is a good sign for rallies, as a large amount of active trader pool means that the move has a higher probability of finding the fuel it needs to keep itself going.

Interestingly, besides these altcoins, the largest stablecoin in the sector, Tether (USDT), has also seen the indicator shoot up during this period. Investors use stablecoins for storing their value in a more secure form and for buying into other assets, so the high address activity can potentially be a sign that some moves are taking place in the background.

BCH Price

Bitcoin Cash had earlier surged past the $250 mark, but with the latest drawdown, the altcoin has plunged to $230.

Bitcoin Cash Altcoin Price Chart

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Ripple Scores 3 Major Wins That Could Drive XRP Price To $1

Certain events have been touted as being able to impact the XRP price significantly. Some of these events already seem to be happening, raising the hopes of the XRP community that the token could indeed hit $1 before the year runs out. 

Ripple Expands To Singapore

In a statement released on October 3, Ripple announced that its subsidiary had secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This announcement comes four months after the company received its in-principle approval from the regulator. 

Following this announcement, Ripple is fully licensed to provide “regulated digital payment token services in Singapore.” Ripple’s CEO Brad Garlinghouse also confirmed this development on his X (formerly Twitter) platform. 

With Singapore already housing Ripple’s Asia Pacific headquarters, this move undoubtedly provides the company with momentum to continue expanding to countries in the region (which the company considers one of its fastest growing regions) for the adoption of its “crypto-enabled payments solutions.”

Ripple is already enjoying significant success in Asia, with banks in countries like Japan, China, South Korea, Philippines, Indonesia, and Vietnam adopting the company’s cross-border payment service. Specifically, Japan is believed to have contributed significantly to the trading volume in the XRP ecosystem, with the token enjoying massive adoption among locals. 

Ripple Secures Another Victory Against The SEC

Meanwhile, the crypto firm has more reason to celebrate following another significant victory in its ongoing legal battle against the US Securities and Exchange Commission (SEC). In an order given on October 3, Judge Analisa Torres denied the SEC’s motion for certifications of its interlocutory appeal.

As to the reason for the denial, she noted that the SEC “failed to meet its burden to show that such an appeal would materially advance the ultimate termination of the litigation.” Instead, she reasoned that granting the application could further prolong the action as the interlocutory appeal could open the door to other appeals from a dissatisfied party. 

Instead, she stated that the litigation will likely be “expeditiously advanced” if they advance to trial and then appeals come after. That way, the appellate court can review the case based on a complete record rather than considering disjointed legal and factual issues. In line with this, she set April 23, 2024, as when the trial is set to commence. 

XRP Price Looks Good As Ripple Enters Top 100 Fintech Of 2023

Ripple’s President Monica Lang recently reiterated the company’s intention to continue to expand globally in its bid to disrupt the global financial architecture. The company’s efforts have not gone unnoticed as it recently announced that CB Insights ‘Fintech 100’ for 2023.

This recognition is an annual list compiled by private equity company CB Insights and comprises the “100 most promising private fintech companies in the world.”

The XRP price has reacted positively to these developments as it is currently trading at $0.5317, up about 4% in the last 24 hours, according to data from Coinmarketcap.

Ripple XRP price chart from Tradingview.com (Ripple wins)