The week was a rollercoaster ride in the world of cryptocurrency. From Shiba Inu’s skyrocketing burn rate to the rising concerns about overvaluation in the crypto market, there was no shortage of action. Meme coins continued to make waves, with Pepe and Dogecoin gaining traction. Meanwhile, Cathie Wood of Ark Invest made a bold prediction about Ethereum. Here’s a recap of the top stories.

Shiba Inu Burn Rate Skyrockets – Shiba Inu SHIB/USD is back in the spotlight with a significant increase in burn rates and wallet movements. Data from Shibburn revealed a 2,211.9% spike in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins. Read the full article here.

Crypto Greed Peaks, But Prices Don’t – Twitter personality WazzCrypto expressed concerns about the current state of the cryptocurrency market. He highlighted the prevalence of overvaluation, with many new projects launching with valuations exceeding $10 billion. He also discussed the impact of memes on market sentiment and the influx of new money into the cryptocurrency space. Read the full article here.

See Also: ‘Dogecoin Killer’ Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price

Pepe May Flip Shiba Inu and Dogecoin – Pepe PEPE/USD has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action. Meme coin analyst and trader Murad believes that Pepe, a “cult community with more than 10 million unique memes,” could flip Shiba Inu and Dogecoin. Read the full article here.

Memecoins Fueling Mass Adoption Of Base’s L2 Network – Jesse Pollak, the creator of Base of Coinbase, attributed the burgeoning adoption of the layer-2 network to the rise of memecoins. He emphasized the influence of memecoins in integrating a significant number of users into the Base ecosystem. Read the full article here.

Cathie Wood’s Ethereum Prediction – Cathie Wood of Ark Invest believes that Ethereum ETH/USD could catch up to Bitcoin BTC/USD and provide investors with huge profits in the coming years. She predicts that Ethereum could reach a market capitalization of $20 trillion by 2032. Read the full article here.

Read Next: Meme Coins Are ‘A Pure Ponzi’ And ‘Destroying Crypto,’ Says Trader Who Thinks Dogecoin Was Different

Photo by Avi Rozen via Shutterstock

The Taipei District Prosecutors’ Office of Taiwan’s cryptocurrency sector has indicted 32 people on fraud and money laundering charges. This cluster includes individuals like JackIssue founder David Pan and his associate, Lin Keng-hong, who is involved in Ace Exchange. The prosecutors are suggesting a 20-year jail term for the four principal suspects, a crucial milestone in this continuing court case.

Taipei Police Raid Ace Exchange, Arrest 15

The indictments outline a sophisticated fraud that left over 1,200 investors misled and losses currently estimated at almost 800 million New Taiwan dollars ($24.56 million). This amount is far above the original estimates, which were only 340 million NT$ ($10.6 million). One of the most important figures indicted is Wang Chen-huan, a well-known lawyer and the chairman of Ace Exchange, who would potentially face 12 years of imprisonment if found guilty. His participation as a legal consultant provided a sense of legitimacy to the false actions.

Taipei City Police apprehended David Pan and 14 others in January 2024 after a detailed investigation. The raid hit several places, including the principal office of Ace Exchange. The probes found connections with a fake crypto wallet service, known as “Alfred” or “Afu wallet,” and associated cryptocurrency cards.

Ace Exchange Denies Ties to Founder Pan

In 2019, the suspects actively promoted a number of token investments, among them NFTC tokens and bitnature coins, and issued devious white papers and promotional materials. They aimed to make Ace Exchange the top blockchain ecosystem for crypto trading in Asia. Nevertheless, the reality for investors was far more harrowing, as their tokens would lose value without being able to be converted back to fiat currency, despite the assurances given.

This financial incongruity resulted in many investors filing lawsuits, which has brought about the current charges. Seizing the defendant’s assets, the court has already acted, the value of which is at least 3.5 million NT$ ($110,000), thus providing a kind of compensation for the fake investors.

In response to the indictment, Ace Exchange declared on April 8 that David Pan is not associated with Trader’s Paradise, that he has not been related to the day-to-day operations since 2022, and that his accused fraudulent activities were not connected to the platform’s current operations. However, such a guarantee did not help restore Ace Exchange’s trust.

Read Also: US DOJ Fights Back Against Tornado Cash Founder’s MTD Request

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.