Crypto Weekly: Ponzi Scheme Mastermind Jailed, Kyrgyzstan Launches Stablecoin

Ponzi Scheme Mastermind Jailed

• ⛓️ The mastermind behind a vast Ponzi scheme in China was jailed in Britain for over 11 years.
• 💰 She conned nearly 130,000 investors and laundered proceeds into cryptocurrency, now worth billions.
• 🚨 Over 61,000 Bitcoin, valued at approximately 5 billion pounds, were seized, representing the largest confirmed cryptocurrency seizure globally.
• ⚖️ This investigation is also the biggest money laundering case in UK history by value.

Stablecoin Developments

• 📈 Circle's third-quarter profit exceeded expectations, driven by higher reserve income and increased circulation of its flagship stablecoin, USDC.
• 🌐 The circulation of USDC more than doubled year-over-year, reaching $73.7 billion.
• 🇪🇸 Open Bank Santander launched a cryptocurrency trading service in Spain, following rivals, due to growing customer demand.

Kyrgyzstan's Crypto Initiatives

• 🇰🇬 Kyrgyzstan launched its national stablecoin, backed by gold and pegged to the US dollar, with a value exceeding $50 million.
• ⚡ Concurrently, the government ordered a nationwide shutdown of crypto mining due to a worsening electricity shortage.
• 🌍 Kyrgyzstan aims to be a cryptocurrency leader in Central Asia, despite Western sanctions on its crypto companies allegedly aiding Russia.