The Ledger: Crypto criminals face pressure, new regulation rolls in

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Updated March 17, 2023 | Published March 17, 2023

2 mins read

Shaquille O’Neal is holed up in his house facing an FTX-related lawsuit, Signature has gone belly up, and authorities are cracking down on crypto crime.

The week of crypto was once again busy with cross-border cooperation between authorities leading to several arrests, and new regulations being introduced.

In addition, several gaming projects took shape during the past few days, with the crypto industry remaining fairly intact after the collapse of two of its biggest lenders.

The US and the European Union managed to seize funds worth up to $47m from a crypto mixer service, ChipMixer. The operation was conducted in collaboration with Europol and the US Department of Justice.

Back in the US, authorities apprehended Guo Wengui, a Chinese billionaire who is tied to several schemes that have defrauded investors out of $1.4bn.

Epic Games is still confident in the future of blockchain gaming, and tentatively introducing more of it on its platform. Unlike competitors, such as Steam, Epic Games is said to be looking at 20 new blockchain games to be added to the Epic Games Store, a digital marketplace where consumers can buy video games.

The original Age of Empires designer Peter Bergstrom has said that he expects the video gaming industry to continue embracing innovation and eventually turn to web3 gaming as part of its core offer. Triple-A game developers are bound to start adding elements of web3 before long, Bergstrom said earlier this week in an interview.

NBA ace and all-time legend Shaquille O’Neal is reportedly avoiding public appearances after the collapse of FTX, which he is accused of promoting. O’Neal is not leaving his home, a report said earlier this week. He is named as one of the defendants in a class-action lawsuit filed against FTX.

Hackers have been busy this week, with unnamed parties making away with $197m from Euler Finance, “the safest protocol” in crypto. The hack was detected by PeckShield, a monitoring service, which flagged the attack while it was in progress on Twitter.

Singapore is looking to clear the role of digital currencies and assets in its economy, but as it does, the country’s new-fangled gambling regulator has said that cryptocurrencies will not be allowed to be used in land-based casinos.

Signature, the second-largest crypto-focused bank, bankrupted this week, becoming the latest big crypto entity to have gone under. Signature’s demise coincides with a meltdown in the mainstream financial sector which saw Silicon Valley Bank go bankrupt and Credit Suisse teeter on the edge.

The Federal Bureau of Investigation has warned consumers to be wary of play-to-earn games which are now being used by criminals to steal money from crypto users. These criminals will usually reach out to victims in person and seek to convince them to install the fraudulent apps.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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The Ledger: Crypto criminals face pressure, new regulation rolls in
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