According to federal prosecutors, founder of antivirus software John McAfee and an associate orchestrated fraud schemes to earn millions in cryptocurrency, writes CNBC.
McAfee, 75, and his ‘cryptocurrency team’ advisor Jimmy Watson, 40, reportedly set up the age-old ‘pump and dump’ program, which involved buying large amounts of cheap cryptocurrency and promote it grandiose. online to artificially inflate their market prices.
The couple also reportedly used McAfee’s robust Twitter account to tout “false and misleading” ideas about crypto.
Cryptocurrency trading volumes soared 17% last month after Tesla bought $ 1.5 billion worth of bitcoin, Reuters wrote.
The move included larger trades taking more shares of the overall volume.
In February, trade soared to $ 2.7 trillion. Large exchanges took the lion’s share, with volumes increasing more than 35% to $ 2.4 trillion, while smaller exchanges fell 36% to $ 381 billion.
This, according to Reuters, suggests a concentration of trading on mainly larger exchanges.
Bitcoin, although known for its volatility, has been on an upward trajectory for the past few months; it hit an all-time high of $ 58,354 on February 23 and started declining thereafter. The increase came when Tesla, along with other top companies like Mastercard, voiced support for crypto.
Bitcoin’s main funder, MicroStrategy, said on Friday (March 5) that it had purchased around 205 bitcoins for $ 10 million in cash, Reuters wrote.
This brings the company’s holdings to around 91,064 bitcoin.
Meitu, the software company, bought 15,000 units of Ether, according to a press release, along with 379.1 units of bitcoin.
The prices were $ 22.1 million for Ether and $ 17.9 million for bitcoin.
According to the statement, Meitu believes the cryptocurrency space has disruptive power similar to that of the initial launch of mobile internet around 2005, which disrupted the way the internet on PCs and other offline institutions.