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Thai police arrested a Chinese man tied to the FINTOCH Ponzi that defrauded investors with fake Morgan Stanley claims.
Mastercard eyes a $2 billion Zerohash deal, while Brazil’s Thopen plans to mine Bitcoin using solar energy.
Solana ETFs gained $116 million in inflows as Bitcoin ETFs saw $470 million in outflows amid macroeconomic caution.
Today, the crypto market saw major developments, such as corporate acquisitions, renewable energy integration, and ETF market movements. From Thailand arresting a $31 million crypto Ponzi scheme mastermind to Mastercard’s plan to acquire a $2 billion stablecoin startup.
In Bangkok, Thai police arrested a Chinese citizen, Liang Ai-Bing, for a $31 million crypto Ponzi scheme associated with the FINTOCH platform that operated from December 2022 to May 2023.
The fraudulent platform, named Morgan DF Fintech, falsely claimed a partnership with Morgan Stanley and used a fake CEO, Bob Lambert. It attracted people with a profit guarantee of 1% before vanishing with investor funds.
Investigators disclosed that the fraud involved five main operators. The on-chain analyst ZachXBT helped trace $31.6 million in USDT transferred from Binance Smart Chain to Ethereum and Tron wallets during the May 2023 exit scam.
The case demonstrates the cross-border complexity of DeFi scams and the indispensable role of blockchain forensics in tracking the stolen funds.
As per Fortune, Mastercard is nearing the final stages of discussions to purchase Zerohash, a Chicago-based blockchain infrastructure company, for $2 billion.
The main goal of Zerohash is in stablecoin and crypto settlement services, allowing businesses to offer digital asset trading and payments.
The acquisition would mark Mastercard’s biggest step in integrating blockchain into its global financial network, positioning it as a rival to Visa’s expanding stablecoin operations.
Zerohash, backed by Morgan Stanley and SoFi, has raised over $100 million and provides backend infrastructure to several major fintechs.
Brazilian renewable energy company Thopen is exploring Bitcoin mining and data center projects to utilize excess power from the country’s booming solar sector. CEO Gustavo Ribeiro said the firm aims to diversify revenue while reducing waste.
As Brazil’s renewable capacity grows, some regions face a reduction in limits on how much solar power can feed the grid.
Bitcoin mining, which converts excess energy into digital value, presents an innovative solution. Thopen’s plan could make it one of Latin America’s first clean-energy-driven Bitcoin miners.
Solana’s institutional presence is growing fast. Grayscale’s GSOL spot Solana ETF, launched on October 29, recorded $1.4 million in inflows on the first day.
Meanwhile, Bitwise’s BSOL ETF attracted $46.5 million on its second day, building on the $69.5 million from its launch.
With combined inflows exceeding $116 million, these products have cemented Solana’s position among top institutional assets.
Bloomberg’s Eric Balchunas called BSOL’s $75 million trading volume on day two “a huge number,” underscoring investor enthusiasm.
According to Sosovalue, Bitcoin spot ETFs faced heavy outflows of $470.71 million on October 29.
The largest withdrawal came from Fidelity’s FBTC, which saw $164.36 million in net outflows. Ark Invest and 21Shares’ ARKB followed with $143.8 million.
No Bitcoin ETF recorded inflows during the session, marking a sharp reversal after weeks of steady accumulation.
Despite the withdrawals, total Bitcoin ETF assets under management stand at $149.98 billion, representing 6.75% of Bitcoin’s market capitalization.
Also Read: Bitcoin Price Trades Near $110,900 as Market Awaits Fed Signals
SpaceX has transferred 281 BTC (worth $31 million) to a new wallet, its third large Bitcoin transaction in 10 days, making total transfers to over $450 million.
Data from Arkham Intelligence shows the funds originated from SpaceX-linked wallets, fueling speculation about Elon Musk’s changing crypto strategy.
The transfer coincided with Bitcoin’s decline below $110,000, triggering debates over whether corporate rebalancing or new custodial arrangements are behind the move.
1. What was the $31 million crypto scam in Bangkok?
Thai police arrested Chinese national Liang Ai-Bing linked to the FINTOCH Ponzi that faked a Morgan Stanley tie and defrauded investors across DeFi networks.
2. Why is Mastercard acquiring Zerohash?
The $2 Billion deal aims to expand Mastercard’s blockchain and stablecoin settlement services, competing directly with Visa’s crypto integrations.
3. How is Brazil connecting renewable energy and Bitcoin mining?
Solar firm Thopen plans to use excess solar power for Bitcoin mining to cut energy waste and generate new revenue streams.
4. Why did Solana ETFs gain while Bitcoin ETFs saw outflows?
Institutional investors diversified into Solana, adding $116 Million in inflows, while Bitcoin ETFs lost $470 Million amid rate uncertainty and profit-taking.
5. Why did SpaceX transfer over $450M in Bitcoin recently?
Blockchain trackers report three major Bitcoin transfers in 10 days, sparking speculation about Elon Musk’s potential restructuring or custody changes.
