At this time in crypto, Aave token stumbles on rumors of various token allocation from World Liberty Monetary, Thai police have arrested a South Korean man accused of serving to a name middle gang launder over $50 million in crypto into gold. In the meantime, the IRS head of digital property division has resigned.
Aave token falls on World Liberty Monetary allocation rumors
Decentralized finance (DeFi) protocol Aave’s token (Aave) fell by over 8% on Saturday, after rumors started circulating on social media that the protocol would obtain a distinct token allocation from DeFi platform World Liberty Monetary (WLFI).
The rumors began after blockchain reporter Colin Wu stated that spokespeople from WLFI advised him that information of the deal was “pretend,” which despatched the worth of the Aave token tumbling by over $30 earlier than the worth rebounded to present ranges.
A proposal was submitted to the WLFI group discussion board in October 2024 outlining a deal that will see the AaveDAO, which manages the Aave protocol, obtain 7% of the WLFI circulating provide and 20% of platform revenues from WLFI.
Decentralized finance has come into sharper focus as institutional involvement within the sector grows. The overall worth locked (TVL) inside DeFi protocols is over $168 billion on the time of this writing, in keeping with DeFiLlama.
Korean man arrested over $50M crypto-to-gold laundering scheme
Thai authorities have arrested a South Korean man accused of serving to a name middle gang launder cryptocurrencies into gold price greater than $50 million.
The Expertise Crime Suppression Division (TCSD) stated officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday underneath a warrant issued in February, in keeping with a report from The Nation. He faces prices of fraud, laptop crimes, cash laundering, and involvement in a felony syndicate.
The case stems from a large-scale name middle rip-off that started in early 2024. Victims had been lured into “funding alternatives” promising 30%–50% returns. Preliminary payouts created a false sense of safety, however as deposits grew, withdrawals had been blocked with claims that buyers had failed to fulfill necessities.
Dozens of complaints ultimately reached the TCSD, prompting a probe that has already led to the arrest of ten suspects, together with 5 alleged launderers and 5 mule account holders.
IRS crypto boss Trish Turner resigns simply 3 months into the function
Trish Turner has resigned as head of america Inside Income Service’s (IRS) digital property division after roughly three months within the function.
“After greater than 20 years with the IRS, I’ve closed a rare chapter of my profession with deep appreciation for many who formed my journey and made the work so significant,” Turner stated in a LinkedIn submit on Friday.
“Collectively, we navigated complicated challenges, constructed lasting applications, and laid the groundwork for the IRS’s digital asset technique because it shifted from area of interest to mainstream,” Turner added.
Turner didn’t say in her submit the place she’s going to go subsequent, however defined she appears “ahead to persevering with this mission from a brand new vantage level and to constructing bridges between business and regulators.”
Bloomberg Tax reported on Friday that Turner advised the publication throughout an interview that she’s going to turn into the tax director on the crypto tax agency Crypto Tax Lady. On the identical day, Crypto Tax Lady founder Laura Walter stated in a LinkedIn submit that Turner will be a part of the agency.
