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  • Ex-Deutsche Bank investment banker faces up to 30 years behind bars

    Ex-Deutsche Bank investment banker faces up to 30 years behind bars

    • The former Deutsche Bank employee, Rashawn Russell, was arrested in April 2023.
    • Russell is accused of causing at least 29 investors to lose not less than $1.5 million.
    • Russell fabricated multiple documents and misled investors regarding the status of their investments to orchestrate his scheme.

    Rashawn Russell, formerly employed as an investment banker at Deutsche Bank, has admitted his guilt in connection with allegations of embezzling funds from investors enticed by promises of substantial returns from cryptocurrency trading, as confirmed by the US Justice Department. The news comes right on the heels of Deutsche Bank tapping Swiss crypto firm Taurus for crypto custody services.

    This plea comes on the heels of Russell’s arrest in April, which implicated him in an intricate fraudulent operation. He now confronts the possibility of a prison sentence of up to 30 years, in addition to the obligation to reimburse investors with a sum exceeding $1.5 million.

    Why was Rashawn Russell arrested?

    US Attorney Breon Peace issued a statement in which he remarked:

    “Russell exploited the fascination of investors in cryptocurrency markets to orchestrate a deception against trusting clients.” He further emphasized, “The expeditious conviction in this instance underscores our commitment to holding those engaging in deceitful practices within the digital asset sector accountable.”

    Details unveiled during the plea hearing, in conjunction with court records, reveal that between November 2020 and August 2022, Russell, who formerly worked as an investment banker and was registered as a broker with the Financial Industry Regulatory Authority, played a pivotal role in an intricate fraudulent endeavour. He duped investors into investing their capital into his R3 Crypto Fund by offering false assurances of substantial, at times guaranteed, profits stemming from cryptocurrency ventures.

    In reality, a significant portion of the investors’ finances was diverted by Russell for personal enrichment, gambling, and repaying previous investors. As a result of this deceitful operation, at least 29 investors suffered losses that amounted to no less than $1.5 million.

    Fabrication of documents and misleading investors

    As part of the fraudulent scheme, the Justice Department revealed back in April that “Russell fabricated multiple documents and misled investors regarding the status of their investments.” At one juncture, Russell purportedly sent an investor a doctored image of a bank statement supposedly sourced from a bank’s website, falsely indicating the availability of substantial liquidity. In another instance, when an investor sought to retrieve their investment, Russell neglected to transfer the funds and instead dispatched a counterfeit bank wire transfer confirmation to the investor, falsely suggesting the return of their capital.

    According to the April indictment, Russell’s duplicitous ploy targeted “numerous individuals, including his friends, former college classmates, and former colleagues at a financial institution,” the specific identity of which has been made known to the Grand Jury.

    Russell’s LinkedIn profile, which has since been deleted, disclosed his employment history at JP Morgan, Moody’s, and Deutsche Bank, where he commenced his career as a banking analyst in July 2018, ultimately advancing to the position of associate in July 2020.

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  • Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    • The highly-anticipated Shibarium layer-2 network is having problems with its bridge contract.
    • Approximately $1.7 million worth of Ethereum is currently stuck on the bridge contract.
    • Shibarium launch was expected to add some impetus to the price of SHIB but that has not happened.

    The much-hyped layer-2 network of Shiba Inu, Shibarium, is having significant problems a day after its launch. The network was expected to turn the tables of the SHIB token, which has been under bearish pressure for the last seven days; but that has not been the case. The token has dropped by over 10% since the Shibarium went live.

    But as the future of Shiba Inu hangs on tenterhooks, another Shiba-themed meme coin called Shiba Memu (SHMU) is taking the crypto space by storm with its token presale which has hit $2.1 million in a little over a month. Shiba Memu is leveraging the power of artificial intelligence (AI) and the hype around meme coins.

    What is happening with Shibarium?

    According to an analysis of the Shibarium network’s bridge contract, which transfers money from Ethereum to the layer-2 solution, there is currently $1.7 million worth of Ethereum stranded between the two networks.

    The locked status of the funds has been confirmed by the blockchain security team Beosin, who has advised people to stop using Shibarium temporarily.

    In addition to the locked-up tokens, blockchain sleuth ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to the bridge contract.

    According to the information on BlockScout, only 236 transactions had been validated on Shibarium Network almost two days after the network was launched.

    Some users have pointed out issues with Shibarium’s remote procedure call (RPC) system, which allows access to a network’s server node to communicate with the blockchain.

    The response by Shiba Inu’s developer

    Interestingly, the pseudonymous Shiba Inu developer Shytoshi Kusama repudiated reports that what Shibarium was facing was “a bridge issue.” In a newsletter, Kusama said:

    “Our technical difficulties are due to the massive amount of traffic we experienced within moments on Shibarium,” they said. “The team is working tirelessly to fix the issue and scale so that we can give the ShibArmy the experience they deserve. All funds are safe.”

    A moderator in Shibarium’s Discord also stated that “as a precautionary measure,” admins “have temporarily restricted access to certain channels due to the spread of misinformation and fake websites.”

    What Shibarium’s misfortunes mean for Shiba Memu

    Well, Shiba Inu stands out as a major rival to Shiba Memu and its mishaps could only be translated to mean an advantage to the new Shiba Memu project, which is already on course to become the most popular meme coin project.

    Shiba Memu is a revolutionary token combining AI and the latest technology to create an entirely self-sufficient marketing powerhouse, deviating from the norm of most meme coins which purely depend on community involvement.

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  • Shiba Inu (SHIB) faces profiteering near the 100 EMA!

    Shiba Inu (SHIB) faces profiteering near the 100 EMA!

    Shiba Inu has not yet lost its charm, as this hyperactive meme coin is once again in action. The recent jump of 19% value despite the profit booking, in the end, has allowed Shiba Inu to jump one spot in its market capitalization, ranking to 14th position.

    The latest market cap value of Shiba Inu is $6,002,002,929, which is not the high we witnessed during the 2021 peaks, but it is moving somewhere after a decent break in strong movements. The sudden buying rallies followed by steep profit booking have become a common price trend of SHIB coins but considering the probable gains to be made in this cryptocurrency, let’s analyze its price action.

    Shiba Inu has showcased a newfound resolve to break the stereotype of being a hype coin going dead. Shiba Inu has made a tremendous return with close to a 20% market gain made this week. Moving forward, the price of $0.00001090 brings Shiba Inu back to the 100 EMA curve, which could make things interesting from this point, despite some profit booking at 100 EMA. Wondering what would happen next? Read our SHIB price prediction to get a closer picture of the future price action of the coin.

    SHIB PRICE CHARTFrom the uptrend seen in August to consolidative movement in September and now again a new attempt to move upwards, Shiba Inu has shown strong resolve in upside movement, with previous resistances having a strong say in its price volatility going ahead.

    The RSI indicator has already taken opportunists by storm, and so has the MACD indicator started to move with a bullish crossover. SHIB surpassed previous uptrends in just three days, which sometimes took months to achieve. The volumetric action seen is too great of a number to ignore.

    Buyers might soon swarm to take a bite of this profitable-looking trade, but the sudden rally in Shiba Inu must be taken as an opportunity with huge risks. The downside from this point forward is in the vicinity of 15%, with the upside limited to just 23%; the trade-off itself seems positive at a glance.

    SHIB PRICE ANALYSISOn weekly charts, the outlook for Shiba Inu can be seen gradually shifting towards a strong upside possibility. The consolidation and negative movement of the last five months have finally been overcome with a single week’s uptrend and active buying rallies of SHIB investors.

    Both RSI and MACD indicators showcase a consolidation phase with huge volatility from its peak of $0.00001351 to support of $0.00000945. The next target for Shiba Inu would be $0.00001750, creating a profitable position for buyers. The outlook for SHIB buyers is about to change with a breach of consistent resistance levels.

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