USDT on Tron Surpasses Visa's Daily Volume; German Bank Appoints Bitcoin-friendly CEO; Colorado Man Pleads Guilty to Crypto Fraud
Summary:
Tether (USDT) on the Tron network outperformed Visa's daily trading volume last week, according to Lookonchain. Despite its troubles with stablecoin providers like Circle, Tron continues in the 12th spot of blockchain networks by market cap. In other news, Bitcoin-friendly Andreas Streb has been announced as the next CEO of German bank Volksbank Raiffeisenbank Bayern Mitte. Meanwhile, a Colorado man pleads guilty to a $2.2 million crypto fraud.
Tether's (USDT) trading volume on the Tron network briefly crossed the amount traded daily by financial giant Visa last week. Data referenced by the Lookonchain platform, taken from the Tron (TRX) block explorer TronScan, points out that Tether chalked up a total transaction volume of $53 billion on Tron, beating Visa's daily volume by $9 billion.
Visa's average daily trading volume in the first quarter of 2024 amounted to $42 billion, as per Lookonchain. Yellow Card's founder, Christoper Maurice, revealed the widespread use of Tron-backed USDT amongst cryptocurrency users across Africa, seeking to protect their financial assets against intense inflation at home.
Even though the Tron network has a market capitalization of roughly $10.3 billion and ranks 12th in blockchain networks, it has had problematic relationships with other stablecoin providers, such as the U.S.-based Circle group.
In yet another update, German regional bank Volksbank Raiffeisenbank Bayern Mitte has announced the appointment of its new CEO, Andreas Streb, a Bitcoin enthusiast. Richard L. Riedmaier, the bank's outgoing leader, will relinquish his role by the year-end. Streb, who effectively spearheaded and patronized the Bitcoin program at VR Bayern-Mitte, is set to take over in early next year.
In a shocking revelation, a Colorado man admitted to defrauding investors of $2.2 million in a cryptocurrency fraud scheme featuring an MEV bot. Robert Wesley Robb beguiled over ten victims into individually investing sums exceeding $100,000 through aggressive selling techniques. Rather than using the funds for trading as promised, Robb squandered investors' money on personal indulgences. He now faces up to 20 years in prison.
Published At
6/24/2024 7:41:49 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.