Crypto News Update: Ex-CFO of African Gold Acquisition Corporation Sentenced, Wakanda Inu Launches NFT Raffle, Binance to Re-enter Japan, & More

Welcome to our latest crypto news update! We’ve some exciting stories to cover in the crypto world, including the recent sentencing of a former CFO for embezzlement, the launch of a really cool NFT raffle, and Binance’s plans to re-enter the Japanese market. As always, we’re committed to keeping you up-to-date with the latest and most relevant news in the crypto space, so let’s dive in and see what’s been happening.

Embezzlement Charges Against Cooper Morgenthau

Cooper Morgenthau, the former CFO of AGAC, has been sentenced to three years in prison for embezzling $5 million from another Special Purpose Acquisition Company (SPAC). According to the US Department of Justice, Morgenthau reportedly used the stolen money to trade cryptocurrencies and meme stocks. This highlights the growing trend of individuals turning to cryptocurrencies as an alternative investment option.

Wakanda Inu’s WKD NFT Raffle

Wakanda Inu has announced its WKD NFT raffle, which offers participants a chance to win thousands of dollars in this multi-winner system. The raffle is divided into four cycles – closed, open, drawing winners, and post-draw – with each cycle limited to a maximum of 2,000 participants and a minimum of 300 winners and a maximum of 500 winners, although with less participants, the number of potential winners also drops. Participants can buy or mint NFT tickets to take part in the raffle cycle. Revenue generated by NFT minting will be used to develop and publicize the Wakanda Inu ecosystem.

Binance’s Re-Entry into Japan

Crypto exchange Binance is set to re-enter Japan after acquiring the regulated crypto exchange platform Secure Exchange Bitcoin (SEBC). SEBC will end its current crypto exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023. Users of the SEBC exchange are required to withdraw their funds before May 28, and any remaining funds will be automatically converted to Japanese yen and transferred to users’ respective bank accounts.

Coinly Partners with Revolut for Tax Reporting Service

Crypto tax solution Coinly has partnered with digital financial services provider Revolut to offer users an automated tax reporting service for cryptocurrency transactions. Revolut users can now generate crypto tax reports to calculate gains and losses by synchronizing their cryptocurrency transaction history with Coinly. This partnership highlights the growing need for comprehensive tax solutions for cryptocurrency investors.

KuCoin Confirms Exchange User Responsible for Meme Coin Scams

Crypto exchange KuCoin has confirmed that an exchange user is responsible for launching thousands of meme coin scams. However, the exchange will not freeze the user’s assets without any official notice from law enforcement. While blockchain explorer Etherscan has marked the user’s address as a fake phishing wallet, KuCoin’s Johnny Liu has said that the exchange will only freeze the account when it receives a notice from relevant authorities.

As the world of cryptocurrencies and blockchain technology continues to evolve, it’s no surprise that there’s always a new development worth watching out for. From the Cooper Morgenthau embezzlement charges to the WKD NFT raffle by Wakanda Inu, there is a lot to be excited about in the near future. Stay tuned for more! Follow Cryptotvplus on Twitter.

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