Today, US crypto stocks and Bitcoin have skyrocketed in cryptocurrency. The Paraguayan president has denied claims that Bitcoin will become fiat currency, and in Australia authorities have discovered a $123 million crypto-washing scheme tied to security companies.
Bitcoin, US Crypto Stocks Rise as More Corporate Plan BTC Purchases
US crypto stocks rose alongside Bitcoin, earning Monday trading day as more public companies added assets to their finances.
The country’s four largest crypto miners and some major crypto companies closed on June 10 with a small profit, extending profits outside of business hours.
Bitcoin (BTC) rose 4% to $110,150 on its last day, then returned to its peak on May 22nd, heading back towards $112,000.
Crypto and Stock Trading Platform Robinhood Markets Inc. (Hood) was a rare exception to a wide upward trend as the S&P Dow Jones index did not change its S&P 500 membership on Friday.
Meanwhile, Bitmine Immersion Technologies, Inc., a Bitcoin mining equipment rental company. (BMNR) on Monday said Kulr Technology Group, Inc. He said he bought 100 BTC for the first time to hold (KULR).
Paraguay warns of “irregular activity” after BTC claims it is fiat currency
Paraguayan President Santiago Peña’s office appeared to deny a post on social media platform X that announced that it would begin to recognize Bitcoin as fiat currency.
In X’s Monday post, the official Paraguay presidential office account asked its followers to “defeat recently published content” without official confirmation from his office.
The post comes minutes after Peña’s personal account on X was announced (in English) and Paraguay made Bitcoin (BTC) the legal currency, establishing a BTC reserve worth $5 million, and providing investors with a wallet address to “securing (their) shares.”
At the time of publication, Peña’s personal posts had been removed, but government posts still lived on the platform. The president’s office said in order to work with social media platforms to “clear the situation” and consider the public to consider only the information issued through official channels.
X Post reportedly follows the El Salvador example by adopting Bitcoin as a reserve asset.
Australia masks $133 million crypto washing ring behind security company
Australian authorities have filed four individuals after an 18-month investigation into Australia’s $190 million ($123 million) crypto laundry business.
Australian Federal Police said they have frozen suspected criminal assets worth around $13.6 million across Queensland and New South Wales.
The Queensland Organized Crime Task Force (QJOCT), which consists of 70 officers from federal and state agencies, began its investigation in December 2023. It reportedly revealed a business that will use the armored vehicle units of the security business as a front line to wash criminal proceeds.
The transaction trajectory from one of the suspects who allegedly laundered $9.5 million over 15 months has led investigators to reveal complex laundry schemes masked as legitimate business activities.
The security company has been accused of combining clean business revenues with suspected criminal cash with illegal cash, and then concentrated funds through promotional companies, classic car dealers and cryptocurrency exchanges.
The laundered funds are said to have been distributed to beneficiaries via cryptocurrencies or their frontal business.
