🧼 OneCoin scam founder pleads guilty and faces a 60 year sentence

🧼 OneCoin scam founder pleads guilty and faces a 60 year sentence 🥽 Affyn sells out first NFT-based metaverse city in record time, marking a new milestone for blockchain gaming 😨 OKX suspends withdrawals after major hardware failure in Alibaba's Hong Kong data center

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Here's what recently happened in the space:

🧼 OneCoin scam founder pleads guilty and faces a 60 year sentence 

🥽 Affyn sells out first NFT-based metaverse city in record time, marking a new milestone for blockchain gaming 

😨 OKX suspends withdrawals after major hardware failure in Alibaba's Hong Kong data center

OneCoin scam founder pleads guilty and faces a 60 year sentence

Scams and rugs are a big part of the crypto space, unfortunately. Investors need to do their due diligence when investing in any digital asset and not be easily swayed by promises of huge returns or shady actors. Normally, we consider these scammers as invincible and unreachable; however, law enforcement agencies and regulators are escalating their attempts to combat this.

One of the latest examples is that of Karl Sebastian Greenwood, the co-founder of the multi-billion dollar fraudulent cryptocurrency scheme OneCoin. Greenwood has accepted responsibility for the allegations levied against him by the United States Department of Justice (DOJ). His potential sentence could be up to 60 years in prison.

According to U.S. Attorney Damian Williams, Greenwood was behind “one of the largest international fraud schemes ever perpetrated” by selling worthless tokens while claiming they were a “BTC killer.” Green was getting clients to invest in OneCoin packages, which would pay out investors with money from earlier investors. He was also reportedly earning around $21.2 million per month in his role as the “global master distributor” of the fraudulent crypto firm.

The DOJ has reported that over $4 billion was fraudulently obtained by OneCoin from people who invested in its packages. Authorities are now vowing to go after others involved in this scheme and hold them accountable for their actions.

The DOJ's decision to pursue and prosecute Greenwood is a major sign that law enforcement is taking a tougher stance against fraudsters in the crypto space. It serves as an important reminder for investors to always be vigilant and do their due diligence when dealing with digital assets. Furthermore, it is a big win for the crypto community as scammers will think twice before taking advantage of unsuspecting individuals.  It shows that law enforcement can still go after criminals, even if they are using decentralized technology or running a global operation on the internet. 

Affyn sells out first NFT-based metaverse city in record time, marking a new milestone for blockchain gaming

A gaming-centric blockchain solution, Affyn has recently achieved a major milestone by selling out its first metaverse city with 2,000 land NFT plots in just two hours and nine minutes. This sale was part of the company’s NEXUS World metaverse.

The land being sold is a replica of Singapore’s real-world locations and was made possible due to mobile geolocation technologies. The land is composed of hexagonal tiles which measure 65.9 meters per side, amounting to approximately 15,047.5 sq ft in total.

Affyn noted that the sale of the land has set a new level of engagement and excitement in the industry, as it was sold out within a short period of time. The company believes that this is an indication that blockchain-based virtual worlds are becoming increasingly appealing to people, who are able to explore them even more seamlessly with geolocation technology. Affyn founder Lucaz Lee noted that the company has lined up expansion to other cities with plans to enable landowners to develop their economies in the NEXUS World.

Whether that plan is going to be a success or not, it is good to know that NFTs still can create a huge success in the blockchain and gaming space.  This is a sign of more exciting times ahead for the industry as we can expect more NFTs being used to build virtual worlds.

OKX suspends withdrawals after major hardware failure in Alibaba's Hong Kong data center

Over the weekend, users of cryptocurrency exchange OKX felt the brunt of Alibaba’s major hardware failure in its Hong Kong data center, as this caused massive disruption in services and withdrawals. The exchange's servers were down for seven hours due to the incident.

Alibaba, who provides cloud infrastructure to OKX, said that an “equipment anomaly” had caused the disruption. Fortunately, OKX have been able to resume withdrawals for BTC, ETH and stablecoins but further investigations are being done by Alibaba as to why this equipment anomaly occurred in the first place.

OKX is not alone in this incident; other exchanges that rely on Alibaba’s cloud infrastructure have also felt the effects of the outage. These exchanges are now being encouraged by OKX to review their security protocols in order to minimize the chances of similar incidents happening again in the future.

Meanwhile, customers of OKX were given reassurance by the exchange and users have been informed that user funds remain secure at all times during such incidents. As a precautionary measure, OKX has also implemented additional security protocols such as two-factor authentication for customers logging into their accounts.

That was for sure one hell of a scare for OKX customers and other cryptocurrency exchanges that rely on this cloud infrastructure provider, but with the situation now resolved, we can only hope that similar incidents will be avoided in the future.

The incident serves as a reminder of just how fragile our current crypto infrastructure is, and why it’s so important to have robust backup protocols in place. As the crypto industry continues to grow, investing in quality and secure infrastructure should be a priority for all exchanges if we are to remain safe in the digital age.