Details of the Crypto Laundering Operation

The man, Jingliang Su, a Chinese national, was sentenced by U.S. District Judge R. Gary Klausner. Su is also ordered to pay over $26 million in restitution, according to the U.S. Attorney’s Office for the Central District of California. Prosecutors revealed that Su was part of an international crime network that manipulated victims in the U.S. into transferring funds to accounts controlled by the schemers.

The illicit funds were laundered through U.S. shell companies, digital asset wallets, and global bank accounts. Co-conspirators targeted individuals through texts, calls, and online dating platforms, promoting counterfeit crypto investments using fake websites resembling legitimate trading platforms.

How the Scam Unfolded

Victims were misled into believing their investments were growing, while in reality, their money was being siphoned. More than $36.9 million was channeled to a bank account at Deltec Bank in the Bahamas and subsequently converted to Tether (USDT).

Prosecutors stated, “From there, co-conspirators in Cambodia transferred the USDT to leaders of scam centers across the region.” The government identified 174 victims in the U.S. alone.

Legal Proceedings and Outcomes

In June, Su pleaded guilty to conspiracy to operate an illegal transmitting business. Eight individuals have pleaded guilty in connection to the scam, including Shengsheng He, who received a sentence of over four years in prison.

First Assistant United States Attorney Bill Essayli commented, “New investment opportunities may sound promising, but they attract criminals who, in this case, laundered tens of millions of dollars.” This case serves as a stark reminder of the risks associated with digital-asset investments.

The Block, an independent media outlet, reports on such cases to deliver timely and impactful news about the crypto industry.

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Powerful Institutional Support for Canton Network

The strategic involvement of these major institutions underscores the widespread support for the Canton Network. As Digital Asset CEO Yuval Rooz explained, “Institutions across the financial ecosystem recognize the necessity of blockchain infrastructure purpose-built for regulated markets.” The addition of these high-profile investors marks a new chapter in the evolution of both Digital Asset and the Canton Network.

How the Canton Network Stands Out

The Canton Network is a public, permissionless layer-1 blockchain designed with a strong emphasis on institutional-grade compliance and privacy. It currently supports trillions of dollars in tokenized real-world assets, with over 600 institutions and validators actively participating. This network is particularly appealing to large financial incumbents due to its ability to offer public-chain advantages without compromising on privacy or regulatory adherence.

The network’s unique positioning as a “network of networks” allows for configurable privacy and compliance controls, specifically targeting regulated markets over retail DeFi experimentation. Franklin Templeton, a global asset manager, is already leveraging these capabilities by moving its Benji Investments platform onto the Canton Network, enhancing its tokenized-fund product offering.

Strategic Funding: A Part of Broader Institutional Trends

The recent investment round is part of a broader trend of institutional interest in blockchain technologies. Digital Asset’s earlier $135 million round included investments from DRW, Tradeweb, Goldman Sachs, and others, aimed at scaling the Canton Network and onboarding more real-world assets.

This surge in institutional interest is further evidenced by recent developments like Vanguard’s decision to allow crypto trading and Bank of America’s revised crypto policy, recommending a 1%-4% asset allocation. As these traditional financial giants adapt to digital asset integration, the Canton Network’s comprehensive infrastructure positions it as a leading player in the space.

Brian Ruane from BNY highlighted the importance of seamless integration between digital and traditional markets, expressing excitement about collaborating with Digital Asset to advance privacy-enabled and interoperable settlement solutions at an institutional scale.

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The capital injection was led by DRW Venture Capital and Tradeweb Markets, with significant contributions from financial giants such as Goldman Sachs, Citadel Securities, BNP Paribas, and the Depository Trust & Clearing Corporation. Crypto-centric entities like Paxos, Polychain Capital, and Circle Ventures also participated in the funding round.

The Canton Network, a permissionless layer-1 blockchain, provides adjustable privacy and institutional-grade compliance. The freshly acquired capital will aid Digital Asset in incorporating “billions” of Real-World Assets (RWAs) into the network.

Launched in May 2023, the Canton Network was a collaborative effort between Digital Asset, Microsoft, Goldman Sachs, and Deloitte. Following its launch, the network has seen substantial adoption, with over 350 simulated transactions executed by institutional investors through distributed ledger technology.

Digital Asset and its partners aim to accelerate the integration of more real-world assets, fulfilling blockchain’s transformative potential at an institutional scale. Meanwhile, the RWA market has seen robust growth, exceeding $23 billion in total value in the first half of 2025.

Recent developments in the RWA industry include Alchemy Pay’s expansion into tokenized US investment products and Guggenheim’s digital commercial paper offering through a partnership with Ripple.

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The NODE ETF will invest in a wide range of companies operating within the blockchain space. These include crypto miners, exchanges, infrastructure providers, and fintech platforms that have a focus on cryptocurrency, according to a press release from VanEck.

The fund will also consider investments in any companies that have shown a clear intent to operate in the crypto space, as evidenced by public filings, earnings calls, or investor materials. However, it’s worth noting that the NODE ETF will not hold any cryptocurrencies directly.

The portfolio will be actively managed and updated as new players enter the industry through IPOs, spinouts, or strategy shifts. Matthew Sigel, VanEck’s head of digital asset research and the NODE ETF’s portfolio manager, shared that the fund would also adjust beta and volatility to maintain responsible exposure to Bitcoin and to businesses propelling the growth of the onchain economy.

In April, VanEck also launched the Digital Transformation ETF (DAPP) that passively tracks companies operating in the digital asset space. The DAPP ETF boasts $185 million in net assets as of May 14. Currently, asset managers like VanEck are seeking the US Securities and Exchange Commission’s (SEC) permission to list over 70 crypto ETFs in response to the SEC’s softened regulatory stance towards crypto under President Donald Trump’s administration.

On May 5, VanEck approached the SEC for approval to list an ETF that holds the native token of the BNB Chain.

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However, the crypto realm remains split over XRP’s true value and function. As such, it’s worth delving deeper into the altcoin’s utility.

Developed by Ripple Labs in 2012, XRP Ledger (XRPL) was crafted with the aim of facilitating interbank settlements. It initially offered three enterprise solutions — xRapid, xCurrent, and xVia — all of which have since been rebranded under the RippleNet umbrella. However, only On-Demand Liquidity (ODL) — the successor of xRapid — necessitates the use of XRP, implying that banks can adopt Ripple technology without ever having to hold the token.

While XRP is utilized as a gas token, its role in the Web3 sphere is relatively minor. Unlike Ethereum, Ripple doesn’t support complex smart contracts or decentralized apps (DApps). It only provides basic Web3 features, such as a token issuance mechanism and native NFT support under the XLS-20 standard, introduced in 2022.

There are differing opinions regarding XRP’s position in a strategic reserve. Ripple Labs CEO Brad Garlinghouse has continually championed equal treatment of cryptocurrencies. However, not all cryptocurrencies serve the same function — Bitcoin is often viewed as a “geopolitically neutral asset like gold,” whereas XRP’s role remains ambiguous. This is primarily due to Ripple’s permissioned nature. Unlike Bitcoin or Ethereum, Ripple doesn’t rely on miners or staked tokens to secure the network but on a Unique Node List (UNL) — a group of trusted validators responsible for approving transactions. This raises questions about potential censorship, corruption, and security risks.

Despite Ripple’s popularity in banking, concerns about XRP’s utility persist, particularly given that Ripple Labs still holds roughly 55% of the 100 billion pre-mined coins. This concentration of holdings raises concerns about potential market manipulation and the coin’s long-term stability.

This article is for informational purposes only and should not be construed as legal or investment advice. The opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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A symmetrical triangle is currently being formed on XRPUSD’s weekly chart, a pattern indicative of a struggle between buyers and sellers. Contrary to common assumptions, symmetrical triangles do not always signal bullish continuation patterns. They highlight a bias conflict, often culminating in a breakout in either direction according to prevailing momentum. Similar setups have historically led to declines in the crypto markets, rather than bull runs. For instance, Ethereum’s 2018 triangle breakdown resulted in an 80% drop.

When such a scenario unfolds, the price usually ascends or descends towards the level equal to the triangle’s maximum height in length. Applying this technical rule to XRP suggests a downside target of approximately $1.46, which aligns with the 50-week exponential moving average.

XRP’s price took a hit after the White House’s inaugural Crypto Summit on March 7, when hopes about its potential inclusion in a US strategic crypto reserve quickly dimmed. Despite initial enthusiasm, it was clarified by President Donald Trump’s team that the mentioned cryptocurrencies, including Ethereum, Solana, Cardano, and XRP, were merely illustrative examples, not official selections. Furthermore, there’s no proof that the US government holds XRP, and Trump’s broader stockpile strategy, focusing on altcoins, excludes new purchases. This revelation has already led to a 10% decline in the XRP market.

On the other hand, Bitcoin is clearly favored by the Trump administration, with the US also holding approximately $17.7 billion in BTC. Meanwhile, the XRP/BTC pair is consolidating within a historic distribution zone, yet it remains above the 200-2W EMA (the blue wave) at around 2,459 satoshis. A break below this level could push XRP/BTC toward the 50-2W EMA (the red wave) at around 1,700 satoshis, leading to a correlated decline in XRPUSD and thus increasing the risk of a 20% drop.

XRP’s trading volumes recently hit record heights, with analyst Martunn warning that XRP is in a distribution phase where large holders unload positions to retail buyers after a significant rally. This volume surge comes after XRP’s 600% increase from November 2024 to January 2025, a typical distribution setup.

In 2021, a similar volume explosion came before a lengthy downtrend, as selling pressure eventually overpowered demand. If history repeats itself, XRP could be in for another major correction, aligning with the symmetrical triangle breakdown explained earlier.

The decrease in XRP whale holdings further illustrates distribution. The whale balance has fallen from 94.21 billion to 90.21 billion XRP in a year, wiping out the increase from the post-US election “Trump pump”. Whales, or large investors/entities holding significant amounts, in this case, are those with balances over 1 million XRP.

When whales offload, it often signals a lack of confidence in the asset’s near-term performance, as these players usually have access to better market insights or strategic plans. Their selling can create a ripple effect, depleting liquidity and increasing selling pressure as smaller investors follow suit.

Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move carries risk, and readers should conduct their own research when making a decision.

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Bitcoin continues to display remarkable resilience, maintaining its value amidst significant market fluctuations. As various cryptocurrencies experience volatility, Bitcoin’s stability highlights its robust position in the digital asset space. This stability can be attributed to increased institutional interest and growing acceptance as a store of value.

Institutional Interest Fuels Stability

Institutions are increasingly viewing Bitcoin as a viable investment, contributing to its steadiness. The influx of institutional funds provides a solid foundation, mitigating drastic price drops and enhancing Bitcoin’s credibility as a long-term investment.

Growing Acceptance as a Store of Value

Bitcoin’s acceptance as a digital store of value is on the rise. Investors seeking to hedge against inflation and economic uncertainty are turning to Bitcoin, reinforcing its position as a reliable asset. This trend is expected to continue, further solidifying Bitcoin’s role in the financial landscape.

Future Outlook

The outlook for Bitcoin remains positive, with anticipated advancements in technology and increased regulatory clarity likely to bolster its position. Investors and analysts remain optimistic about Bitcoin’s potential to reach new heights in the coming years.

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Tether, a leading name in the cryptocurrency world, has recently formed a strategic partnership with the Government of Georgia. This collaboration aims to transform Georgia into a global epicenter for blockchain and peer-to-peer technology, fostering a vibrant digital asset ecosystem.

Paolo Ardoino, Tether’s Chief Technology Officer, expressed great enthusiasm about this partnership, highlighting the mutual goal to create a flourishing environment for peer-to-peer technology. He stated, “This collaboration not only marks a significant milestone for Tether but also strengthens its role as an innovative infrastructure partner for cities and nations across the globe. Tether, with a deep understanding of cryptocurrencies’ potential, aims to empower cities and catalyze the broad adoption of revolutionary blockchain technologies such as Bitcoin, along with novel peer-to-peer solutions.”

Fostering Startup Growth and Blockchain Innovation

The partnership intends to lay a strong foundation for a thriving startup ecosystem within Georgia. By demonstrating the favorable work conditions and high quality of life in the nation, both Tether and the Government of Georgia hope to draw international interest and investment, thereby fueling the growth and success of innovative startups in the blockchain sector.

Deputy Minister of Economy and Sustainable Development, Irakli Nadareishvili, underscored Tether’s investment interest in Georgia, revealing plans for a dedicated fund to support local startups in their quest to develop cutting-edge blockchain technologies. “Our collaboration in the educational sector, particularly in blockchain technology, will significantly enhance the growth of local blockchain technologies and attract companies operating in this sector to Georgia,” Nadareishvili added.

Revolutionizing Public Services and Financial Systems

Tether and the Government of Georgia are committed to examining the creation and deployment of a standalone communication and financial system. The partnership aims to leverage blockchain systems’ inherent transparency and security, aiming to transform public administration and the private sector, thereby ensuring efficient and reliable services for citizens.

Furthermore, both entities plan to work closely with local academic institutions, such as BTU, a notable technology university and research center in Georgia. The collaboration will focus on developing educational programs on blockchain technology, stablecoins, and peer-to-peer systems, cultivating a future-ready workforce.

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The TRON blockchain’s native digital asset, TRX, made an unexpected 11% surge as the weekend approached. Currently, with an increase of 11.20% in the last 24 hours and a weekly gain of 12%, TRX stands at $0.085. This impressive daily gain stands out among the top 20 cryptocurrencies, most of which recorded only marginal gains in the last 24 hours.

Ripple’s XRP follows TRX closely with an 11% gain within the same time frame. However, TRX maintains the lead in terms of weekly profits. After steadily climbing since March, TRX took a notable leap on Friday. This jump aligns with the announcement of TRON’s activation on the Ethereum blockchain via the BitTorrent bridge.

TRON’s Expansion into the Ethereum Ecosystem and Market Sentiment

Justin Sun, the founder of TRON, announced on Twitter that TRON (TRXUSD) has expanded its reach by going live on the Ethereum blockchain through the BitTorrent bridge. According to Sun, “TRX is now fully accessible within the Ethereum ecosystem.”

Santiment, an analytics company, points out that the crypto market seems to end the week on a bullish note. Most cryptocurrencies are trading in the green, with TRX being one of the few assets registering significant price increases this week. According to Santiment, the performance of equity markets in the upcoming week might hint at how crypto assets will behave, given the ongoing tight correlation.

TRON Breaks Records in Daily Transactions

Since hitting a low of $0.056 on March 22, TRX has been on a steady upward trajectory. The momentum amplified on June 2 when TRX shot up from $0.074 to reach $0.084. As TRX continued its ascent, hitting $0.085, it jumped up in the crypto market rankings to hold the 11th spot with a market cap of $7.73 billion.

This recent bullish trend has drawn attention to TRON, as speculation grows about its potential reentry into the top 10. On June 1, Justin Sun announced that the TRON network set a new record, processing 10,935,762 transactions in a single day. Sun expects this surge in transactions to boost protocol revenue, validating that TRON’s fundamentals remain strong, even in challenging market conditions.

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