Crypto04 July, 20262 min read
Chinese Court Sentences Huang To 30 Months For Cross-Border Telecom And Crypto Scams
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Huang sentenced to 30-month prison term in China for cross-border telecom and crypto scams. Conviction followed June 10 ruling; scams began October 2022.
Court Sentences Huang
A Chinese court sentenced Huang to a 30-month prison term and fined him 30,000 yuan after convicting him on June 10 for participating in cross-border telecom and crypto scams that began in October 2022. The Shanghai Baoshan District People’s Procuratorate said the case involved luring recruits into Myawaddy, Myanmar and Cambodia with deceptive high-salary job offers. CryptoRank said operators used AI face-swapping and fake crypto platforms to manipulate victims, and it described Huang as reaching a border area and crossing terrain with smugglers before entering Myawaddy.
In the same case, CryptoRank said Huang received a 30-month prison term and a 30,000-yuan fine for overseas fraud. The sentencing and fine were tied to the scam network’s cross-border recruitment and crypto-fraud methods described by CryptoRank and the Shanghai Baoshan District People’s Procuratorate.
Bitcoin Above $63,000
Bitcoin climbed above $63,000 for the first time in two weeks, reversing late-June losses amid a modest rebound in crypto markets during thin July 4 trading. CoinDesk said XRP led the day’s majors, up 5.3% to $1.18 and nearly 10% on the week, lifting it past the USDC stablecoin to fifth place by market value at about $73 billion. CoinDesk also reported that Bitcoin climbed above $63,000 in U.S. morning hours Saturday, up 1.4% over 24 hours and 3.6% on the week, and that Ether added 3.2% on the day to about $1,793.
The rally, CoinDesk said, followed a friendlier macro backdrop including Fed Chair Kevin Warsh’s comment that inflation risks have come down, alongside a soft June jobs report and a squeeze on bearish traders. CoinDesk framed the move as a reversal of losses that closed out June, while noting trading was thin on Saturday with U.S. markets shut for the Independence Day holiday.
Deposits Signal Volatility
CryptoQuant data cited by Decrypt said Bitcoin deposits spiked to nearly 50,000 BTC per day in the last week as BTC fell below $60,000. Decrypt reported that the average size of deposits doubled to approximately 2 BTC, and it said the spike coincided with Bitcoin testing the critical $60K support level. In the CryptoQuant report, Decrypt quoted: "At these inflow levels, the market is absorbing a large volume of Bitcoin being repositioned to exchanges" and added that the pattern has historically preceded significant directional moves.
Decrypt also said Ethereum daily inflows peaked at 1.25 million per day and that other altcoin deposit transactions jumped to more than 45,000 per day, supporting a likelihood of increased volatility. After spending some time below $60,000, Decrypt said Bitcoin rebounded moderately this week, jumping 3.5% to trade at $62,886, while Ethereum gained nearly 12% this week to change hands at $1,787.