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The US Attorneys Office has filed a civil forfeiture action to recover crypto proceeds of a business email compromise (BEC) fraud scheme that targeted a company in Massachusetts, according to a press release on Tuesday evening.

The government is looking to forfeit crypto seized from seven accounts held at crypto exchange Binance, which contain bitcoin, tether, shiba inu, Binance coin, and more.

The BEC fraud in question came to the attention of investigators in March 2022, when a fraudulent email tricked the Massachusetts company into wiring almost $900,000 to a bank account in California.

That money went through another bank account and was then converted to bitcoin on a crypto exchange then, transferred through a series of other crypto addresses in a manner consistent with tactics employed in money laundering transactions, the release said.

Eventually, a portion of the funds ended up on Binance. They were seized by authorities in August and September 2022.

Read more: US govt creates moral minefield after SVB and Signature bailout

Using wire communications as part of a scheme to defraud or obtain money or property through false or fraudulent pretenses is a violation of federal law. The complaint alleges that the seized currency represents proceeds from wire fraud and/or property involved in money laundering.

A civil forfeiture action enables third parties to assert claims to the property, which must be resolved before the property can be forfeited to the US and returned to the victims.

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US gov't seeks to forfeit crypto seized on Binance in fraud case - Protos

According to Avorak AI, Binance Coin (BNB), the native token of the worlds largest cryptocurrency exchange volume-wise, is attractive for long-term investors. Avorak AIs algorithm-based analysis focused on market trends, historical data, and sentiment analysis, among other factors, to generate the Binance coin price prediction. The Avorak AI algorithms note BNBs strong potential for long-term growth due to its expanding ecosystem, increasing adoption, and the demand for DeFi.

Binance Coin (BNB) was created to provide diverse benefits to its users, such as payment of transaction fees on the platform and receiving discounted trading fees. Binance Coins popularity and adoption make it a notable cryptocurrency with a unique use case beyond a means of exchange, and its growth potential attracts investors in the crypto market. In addition to its use for trading fees on Binance Exchange, BNB has multiple other use cases within the Binance ecosystem, including paying for listing fees, participating in token sales on the Binance Launchpad platform, and as a form of payment for certain services.

Avorak AI falls under the AI crypto category, referring to platforms integrating blockchains security with AIs intelligence. Artificial intelligence has made inroads and is doing wonders in other sectors, including auto manufacturing, aerospace engineering, healthcare, education, shipbuilding, and more. AI crypto simplifies human-led tasks involving image creation, crypto trading, customer experience, and content generation. Avorak Write leads the way in the content generation arena through its advanced APIs and natural language bank that allows it to edit, proofread and autocorrect text for optimized, nonrepetitive, and plagiarism-free output.

In its desire to further develop and increase its AI portfolio offering, Avorak runs an ICO currently surging ahead in phase six with one AVRK going at $0.235, a 291.67% increase from the initial price. Avorak rewards ICO investors with on-top bonuses, access to staking pools, and Beta testing. Indeed, Avorak AI is a small-cap gem with a 100x, as YouTuber The House Of Crypto notes. With a limited supply of 40 million AVRK tokens, its value will surely rise and may surpass its targeted $1 launch. Azbit, PancakeSwap, Coinsbit, and LAToken are some of the confirmed AVRK listing exchanges.

Avorak Trade, a flagship crypto trading bot, is revolutionizing crypto trading with its simplistic user interface and in-depth analysis that makes novices look like pros. The AI trade bot surveys the market 24/7 without ever tiring or getting fatigued and eliminates the human error aspect of emotional trade decisions. Avorak AI can also analyze voluminous historical and present data to identify future Binance coin price indicators. From the analysis, the bot displays charts and trading view comparisons. Investors who do not have time to monitor their investments round the clock can use the automatic trading feature and let the bot handle their instructions, for example, Buy BNB when Binance coin price reaches $300.

BNB gained popularity and adoption from the growth of the Binance exchange and its expanding ecosystem, including the development of various decentralized finance (DeFi) applications on the Binance Smart Chain. Binance coin price has seen tremendous growth in value over the years, now trading at $313.84 per (BNB / USD), with its current market capitalization reaching over $48 billion.

Although cryptocurrency investment involves various risks, many industry players consider the analysis provided by Avorak AI as a potentially attractive investment opportunity for those investing in the crypto market. The value proposition of holding Binance Coin makes it an attractive investment opportunity with potential for long-term growth.

Website: https://avorak.ai

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Binance Coin Price attractive for long term investors according to ... - Blockzeit

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In recent hours, crypto data tracker Whale Alert has spotted a massive chunk of XRP being moved to the Binance crypto exchange.

Whale Alert notes that 87,305,753 XRP worth $41,197,105 were transferred from an unknown wallet to Binance.

There are three possible explanations for why wallets outside of exchanges send their assets there, as shifting coins incurs costs.

If there is a surge of buyers at the spot exchange, investors are probably sending their coins there to be sold. A price fall is a common outcome of this kind of behavior, which is a negative indication.Trading on the volatile derivatives market is the second reason. Last but not least, investors periodically transfer their holdings to exchanges for staking, airdropping, or simple reshuffling.

In this instance, it is difficult to draw many conclusions about pricing or volatility. This justification for the behavior is frequently seen as unimportant.

At the time of writing, XRP was easing intraday gains but remained in the green. XRP was marginally up, 0.99% higher in the last 24 hours to $0.469. The cryptocurrency is, however, up 10% in the past seven days.

CryptoLaw founder and XRP holders' attorney, John Deaton, reveals an interesting find that might suggest that XRP was viewed as a non-security in SEC emails.

Deaton says, "I can't wait for these emails to be released. I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat-out wrong. The inquiry about the motive behind this lawsuit will go into a higher gear mark my words."

XRP jumped 10% during the week as Judge Torres denied the SEC's motion to seal the documents of former SEC official William Hinman.

As reported, following the major advancements made by Ripple in the week shortly after Judge Torres' ruling, some in the XRP community think a "storm" might be on the horizon.

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Massive XRP Shifted to Binance as Price Trades in Green: Details - U.Today

With a simple tweet about Bitcoin, Binance may have provided insight into their beliefs regarding the future direction of the digital asset.

When the largest cryptocurrency exchange in the world speaks, or in this case, tweets, the crypto community takes notice. In a recent tweet, Binance shared three distinct numbers: 8 billion (the worlds population), 62.5 million (the number of millionaires globally), and 21 million (the total number of Bitcoin that will ever exist). This simple but potent statement might offer insights into Binances beliefs about Bitcoins value and future potential.

Its crucial to highlight that the tweet doesnt explicitly promote Bitcoin. Instead, it lays out the figures that underpin the cryptocurrencys scarcity dynamics. The supply of Bitcoin is finite, but the potential market in this case, millionaires worldwide vastly outnumbers it.

This scarcity is a fundamental tenet of Bitcoins value proposition. Its what sets Bitcoin apart from traditional fiat currencies, which central banks can print in unlimited quantities. Binances tweet seems to underscore this point, emphasizing the limited supply of Bitcoin in the face of a potential large and growing demand base.

The choice of presenting these figures in a tweet also indicates Binances understanding of Bitcoins appeal to a broader audience. By relating Bitcoins availability to the number of millionaires and the worlds population, the company could be hinting at the potential for wider adoption.

However, its crucial not to misconstrue this analysis as an endorsement or promotion of Bitcoin. Its more about understanding the beliefs that a significant player in the cryptocurrency market might hold about Bitcoins value, as inferred from the information presented in their tweet. After all, tweets can sometimes tell us more than meets the eye.

The tweet by Binance highlights the scarcity of Bitcoin. The implication here could be interpreted as bullish because if demand outpaces the limited supply, it could lead to an increase in the value of Bitcoin. However, this interpretation doesnt mean that Bitcoins value will indeed increase. Many other factors, like regulatory changes, technological developments, and broader market trends, will also impact Bitcoins future value.

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Binance's Bullish Implication: Interpreting their Bitcoin-Centric Tweet - CryptoGlobe

You can no longer send money to Binance using PayID. Image: Shutterstock

The worlds biggest cryptocurrency exchange Binance is finding it harder to do business in Australia as third-party providers and banks limit access to local customers.

On Thursday, Binance Australia told customers that it was unable to facilitate PayID AUD deposits after its third party payments provider cut off access.

Binance has been using PayID to offer quick, fee-free deposits onto its platform.

Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations, Binance Australia said.

Withdrawals through cash transfer are available until 1 June. Binance still allows Australians to buy crypto using debit and credit cards which incurs fees.

Binances payments provider is Cuscal which did not speak to Binance specifically but which said in a statement that it had strict due diligence, onboarding and compliance requirements and that Cuscal would cut off customers and merchants that didnt meet those requirements.

Last week, one of the big four banks, Westpac, started blocking Binance payments as part of what it called scam prevention measures.

Westpac customer services and technology executive Scott Collary said cryptocurrency exchanges do have a legitimate role to play in the financial ecosystem.

But since the rise of digital currency, weve noticed that scammers are increasingly using overseas exchanges, he said.

Often our customers only discover theyve been scammed after the money has left the country, making recovery extremely difficult.

Australian banks have long blocked cryptocurrency-related businesses from operating in Australia by not giving them local bank accounts a tactic called de-banking.

Binances cryptocurrency exchange competitors have taken advantage of Binance being excised from certain banks and payment protocols.

On Twitter, Kraken has started promoting ads to reassure Australians that PayID deposits and withdrawals are fully operational on its exchange.

Binance remains by far the worlds largest cryptocurrency exchange with a 24-hour trading volume of US$5.5 billion at the time of writing its nearest competitor had US$2 billion and Kraken had less than US$400 million worth of trades in the past day, according to CoinMarketCap.

Regulators in the US and Australia are closely scrutinising Binances business practices to bring it in line with local laws.

Last month, the Australian Securities and Investments Commission (ASIC) cancelled Binance Australias derivatives license after the company failed to classify retail and wholesale clients two distinct levels of investor sophistication which carry different sets of legal obligations and consumer protections.

And late last year , Binance Australia was fined $2 million for breaching the Spam Act because it had sent out 5.7 million marketing emails without an easy way for people to unsubscribe.

In late March, US regulators began a lawsuit against Binance claiming it actively facilitated violations of US law.

Binance hadnt registered with the US Commodity Futures Trading Commission (CFTC) and was required to block US customers but instead purposefully grew, maintained and simultaneously concealed its US customer base, including by instructing customers to use virtual private networks (VPNs) to access the platform, according to the CFTC complaint.

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Binance slowly being squeezed out of Australia | Information Age ... - ACS