Here is the top crypto news of the day curated by CoinChapter.com.
Trump Token Rebounds After Guilty Verdict
The largest Donald Trump-linked meme coin, TRUMP, plunged 16%, following the former president’s guilty verdict of hush money case. Moments after the verdict, TRUMP wiped out over $130 million in market cap. However, the token recovered within 20 minutes, bouncing back to just 1.5% below its previous 24-hour peak.
Other Trump-themed meme coins like Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also fell sharply before partially recovering. Conversely, the Jeo Boden (BODEN) token linked to Trump’s rival, Joe Biden, initially rallied 6.4% before dumping to levels lower than pre-verdict prices.
Crypto News: Toncoin Market Cap Plunges Billions After Supply Data Fix
Toncoin (TON) saw its value plummet by over $7 billion. This happened after The Open Network updated data aggregators with accurate circulating supply figures.
This adjustment, aligning with industry practices, excluded TON holdings by entities like Telegram and the TON Foundation.
The supply data correction instantly pushed Toncoin out of the top 10 cryptocurrencies by market cap, with Cardano (ADA) reclaiming the 10th position at around $15.8 billion. Toncoin’s market cap now stands at approximately $15.6 billion, just behind Cardano’s.
Ex-Banker Gets 41-Month Sentence for Crypto Fraud Scheme
Rashawn Russell, a former Deutsche Bank executive, was sentenced to 41 months in prison for running a fraudulent cryptocurrency investment scheme. Through the scheme R3 Crypto Fund, Russell claimed large guaranteed returns on invested funds.
Between November 2020 and August 2022, Russell misused investor’s funds for personal gain or to repay other investors. He also lied about wiring money to investors seeking repayment. Prosecutors charged Russell in April 2023, and he pleaded guilty in September to wire fraud charges related to the crypto scheme and an unrelated access device fraud case.
In addition to his prison sentence, Russell was ordered to pay $1.5 million in restitution to victims of his crypto fraud scheme.
Another Crypto News of the Day: Pudgy Penguins to Launch Mobile Game in 2025
The popular Pudgy Penguins NFT and toy collection will release an immersive mobile game in 2025. Developed by Mythical Marketplace on the Mythos Chain, the AAA game aims to bridge Web3 with mainstream consumers further.
Source: XHolders of Pudgy Penguins NFTs will have exclusive access to mobile game content previews and the opportunity to provide input during the development process. In the coming months, they can expect sneak peeks of gameplay footage and a chance to weigh in on various aspects of the game.
Telegram Wallet Implements Stricter KYC Rules for Crypto Users
Telegram’s popular cryptocurrency Wallet bot is implementing stricter Know Your Customer (KYC) requirements and will transition to a new service provider, WOT Global Solution. Starting June 3, users must provide personal information, including their name, phone number, and date of birth, to access most of Wallet’s features.
The new system introduces three verification levels, each with different requirements and transaction limits. The basic level allows daily transactions up to $3,780 without documentation, while higher levels require identity documents and proof of address for increased limits of up to $1.08 million monthly.
Telegram Wallet explained that these changes are part of ongoing efforts to provide better quality services. Users had until May 20 to delete their accounts if they did not want their data transferred to the new provider.
Read The Full Story Here — Telegram’s Wallet Bot Imposes Strict KYC, Switches Service Provider
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The post Top Crypto News Of The Day: TRUMP Plunged, Crypto Fraud, and More appeared first on CoinChapter.
