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Ramil Palafox pleads guilty in a $200 million Bitcoin Ponzi that defrauded 90,000 investors worldwide.
Bitcoin ETFs saw $51 million outflow; SEC approves Grayscale’s $915 million multi-crypto fund.
Ripple’s RLUSD stablecoin hits $729 million; Binance’s BNB crosses $1,000 for the first time.
The crypto industry continues to deliver headlines ranging from fraud cases and regulatory approvals to milestone price moves and institutional adoption. Here are the top stories shaping digital assets today.
Praetorian Group International (PGI) CEO Ramil Ventura Palafox has pleaded guilty in a Virginia court to charges of defrauding investors through a $200 million Ponzi scheme and laundering proceeds.
Between 2019 and 2021, Palafox solicited more than $201 million, including 8,100 BTC valued at $171 million at the time. At today’s prices, those Bitcoin holdings would be worth nearly $1 billion.
Court filings revealed PGI lured at least 90,000 investors worldwide, promising daily returns of 0.5% to 3% through a supposed Bitcoin trading program. In reality, new investor deposits were used to pay earlier participants. Losses are estimated at $62.7 million.
Prosecutors allege Palafox used investor money for personal luxuries, including $3 million spent on 20 vehicles, more than $6 million on real estate in Las Vegas and Los Angeles, and hundreds of thousands on jewelry and designer goods.
The case has been compared to infamous scams like BitConnect and OneCoin. Palafox faces up to 40 years in prison, with sentencing scheduled for February 3, 2026.
Also Read: Arizona Man Pleads Guilty in $13 Million Crypto Scam Using AI & Fake Agency
Bitcoin spot ETFs recorded net outflows of $51.28 million on September 17, breaking a week-long streak of inflows.
BlackRock’s iShares Bitcoin Trust (IBIT) remained the leader with $149.73 million in inflows, bringing its lifetime total above $60.4 billion.
Grayscale’s Bitcoin Mini Trust ($BTC) drew $22.54 million, lifting historical inflows to $1.84 billion.
Fidelity’s FBTC, however, saw outflows of $116 million, dragging sentiment.
The total net asset value of Bitcoin spot ETFs now stands at $152.45 billion, about 6.62% of Bitcoin’s market capitalization.
Ripple’s US dollar-backed stablecoin RLUSD hit a new market cap record of $729 million in September. Analysts now expect it could surpass $1 billion in the coming months.
Ripple announced partnerships with DBS Bank and Franklin Templeton to launch tokenized money market funds and repo trades on its XRP Ledger. Investors can now purchase Franklin Templeton’s sgBENJI tokens on the DBS Digital Exchange using RLUSD.
Also Read: XRP Could Rally 100,000%: Here’s What’s Fueling the Prediction
Ripple has also expanded RLUSD into African markets through collaborations with Chipper Cash, VALR, and Yellow Card, reflecting the growing demand for regulated stablecoins in emerging markets.
In a major regulatory milestone, the US Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund (GDLC) to trade as an exchange-traded product (ETP).
The fund, which manages $915 million in assets, offers exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano. It is the first multi-asset crypto product to receive SEC approval and arrives alongside newly simplified ETF listing rules.
SEC Chairman Paul Atkins said the move reflects a commitment to expanding investor choice and encouraging innovation in digital markets.
BNB, the token fueling the Binance ecosystem, surged 4.5% to a new all-time high of $1,004, briefly pushing its market cap to $140 billion. The rally comes amid reports that Binance is negotiating with the US Department of Justice to remove a court-appointed compliance monitor imposed during its $4.3 billion 2023 settlement.
Speculation about the potential return of co-founder Changpeng Zhao (CZ) has also fueled optimism, though Binance has not confirmed leadership changes.
Technical analysis shows support consolidating just below $1,000, with resistance emerging near $1,005. If momentum persists, analysts say BNB could test $1,100.
1. What did the PGI CEO plead guilty to?
He admitted to defrauding investors in a $200 million Bitcoin Ponzi scheme and laundering funds.
2. How did Bitcoin ETFs perform recently?
They saw a net outflow of $51.28 million on Sept 17, breaking a 7-day inflow streak.
3. What is RLUSD’s latest milestone?
Ripple’s RLUSD stablecoin reached a $729 million market cap, boosted by DBS and Franklin Templeton deals.
4. Which Grayscale fund got SEC approval?
The SEC approved Grayscale’s Digital Large Cap Fund (GDLC), the first multi-crypto ETP.
5. Why did BNB hit $1,000?
BNB surged on Binance’s potential DOJ deal, speculation about CZ’s return, and strong technical momentum.
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