ED Makes Arrest In Morris Crypto Scam; UK May Regulate Crypto Soon; BTC Up 5%, DOGE 8%

The sub-zonal Office of the enforcement directorate (ED), Kozhikode, has arrested Abdul Gafoor, director of Stox Global Brokers Private Limited, in connection with the fake Morris crypto coin case. Meanwhile, the UK government is set to regulate the crypto market with a focus on blockchain-based stable coins and is expected to make an announcement regarding the same in the coming weeks.

The global crypto market cap increased by 4.34 per cent to $2.11 trillion at 8.50 am. The global crypto volume too increased by 49.1 per cent to $91.37 billion, as per Coinmarketcap data. 

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $46,904.05, higher by 4.92 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also higher by 4.62 per cent at $3,301.77.

"Bitcoin shot past $46,000 over the weekend, currently trading at $46,894.48, with about a 5% rebound.Ether, major altcoins, memecoins, metaverse, GameFi tokens are booming as well." says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was up by 2.33 per cent at $1.17, Algorand (ALGO) by 4.02 per cent at $0.9599, Binance Coin (BNB) was also gained 3.29 per cent to trade at $431.10, Solana (SOL) by 4.16 per cent at $106.52, and Polkadot (DOT) was trading higher by 7.62 per cent at $22.64.

Today’s top gainer was Galactic Kitty Fighters (GKF), which was up by 1423.94 per cent at $0.0000000008806. The top loser was Revolotto (RVL), which was down by 82.88 per cent at $0.02079.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 7.94 per cent at $0.1482. Its volume to market cap ratio stands at 0.0801. Rival Shiba Inu (SHIB) also rose 5.49 per cent at 0.0801.

Dogelon Mars (ELON) was trading with a gain of 20.96 per cent at $0.000001016. Floki Inu (FLOKI) was also up by 11.92 per cent at $0.00003941, while Samoyed Coin (SAMO) ROSE 23.06 per cent at $0.02151.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 6.4 per cent at $22,546.33. Terra (LUNA) was also up by 2.7 per cent at $93.91, Avalanche (AVAX) gained 5.89 per cent to $91.61, Uniswap (UNI) gained 6.98 per cent to trade at $11.51, and Aave (AAVE) gained 3.22 per cent to $167.09.

Latest Update

In the fake Morris crypto coin scam, reportedly 900 investors have been scammed for Rs 1200 crore, and Abdul Gafoor facilitated the laundering of a part of this money. “Around Rs 39 crore were transferred through Stox Global Brokers Private Limited. The accused was remanded in judicial custody by the special court for considering PMLA cases. ED has filed a custody application before the court, and it will be heard on Monday,” an ED official was quoted by Times of India as saying.

An anonymous source told CNBC that Rishi Sunak, Finance Minister, UK, is set to announce the government’s new regulation regarding cryptocurrencies and blockchain-based stable coins.