In a verdict that has sent shockwaves across the global financial landscape, Faruk Fatih Ozer, the once-celebrated boss behind the Thodex cryptocurrency exchange, has been handed an astonishing sentence of 11,196 years in prison. This extraordinary sentence comes after he was found guilty of defrauding investors of millions of dollars.

The popular Chinese social media platform, Weibo, has made a notable move. South China Morning Post reported that Weibo has banished 80 prominent crypto influencers. For context, Weibo is akin to China's Twitter with a vast user base. This decision mirrors the broader stance Chinese authorities are taking against cryptocurrency, signaling their intent to control the narrative in this volatile market. Shifting our focus to the US, a significant development emerges from the US Treasury and the IRS. As reported by Cointelegraph, they're proposing new cryptocurrency regulations, this time targeting brokers. Though details are still under wraps, it seems the US is working towards establishing a firm regulatory framework for digital currencies. It remains to be seen how this will balance between providing clarity and potentially stifling innovation. Lastly, a concerning trend is being spotlighted by BleepingComputer. Google Looker Studio, a product by the tech giant, is falling prey to cryptocurrency phishing attacks. This intersection of big tech and crypto serves as a stark reminder of the ever-evolving tactics of those looking to exploit the digital currency world.

Hey there, crypto enthusiasts! 🌟 Welcome to another exciting episode of Cryptolog Newscast. Ever dazzled by the meteoric rise of Bitcoin or enchanted by the tales of overnight Ethereum millionaires? Well, you're not alone. But here's the other side of the coin (pun intended 😉) - for every legit crypto wonder, there's a sneaky scam lurking in the shadows. Today, we're diving deep into the world of digital dacoits and, more importantly, equipping you with the crypto-shield to fend them off. So whether you're a crypto newbie or an old-hand hodler, stay tuned for a rollercoaster ride into safeguarding your digital treasures! 🚀🛡️🪙

A new report by Henley & Partners reveals that there are now 88,200 millionaires in the world who have earned their fortunes through cryptocurrency. This represents a significant increase from the 48,000 crypto millionaires in 2021.

The report, which was conducted in partnership with the Crypto Valley Association, found that the majority of these crypto millionaires (40,500) owe their wealth to bitcoin. Ethereum is the second most popular cryptocurrency among crypto millionaires, with 19,500 millionaires holding ETH.

Meanwhile,

A Santa Monica man has agreed to plead guilty to using his cryptocurrency cash exchange business to launder millions of dollars in criminal proceeds, federal prosecutors announced Tuesday.

Charles Randol, 33, will plead guilty to failure to maintain an effective anti-money laundering program, a crime that carries a sentence of up to five years in federal prison.

BitMEX co-founder and former CEO Arthur Hayes believes that the Bitcoin bull market began in March 2023, despite the fact that the market has yet to fully realize it. The Colorado Division of Motor Vehicles (DMV) has announced that it is now accepting Bitcoin and cryptocurrency payments through PayPal for Coloradans to renew driver's licenses, identification cards, and vehicle registrations.

The collapse of the cryptocurrency market last year has led to a wave of bankruptcies, and lawyers and other professionals have been reaping major profits from the chaos.

A New York Times analysis of court records found that lawyers, accountants, consultants, cryptocurrency analysts and other professionals have charged more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX.