Bitcoin, BitConnect Fraud, Staples Center: Cryptocurrency Checkpoint

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Bitcoin, ether and solana held up on Wednesday after Tuesday’s sharp drop.

Bitcoin briefly fell below $ 60,000 on Tuesday, less than a week after hitting an all-time high of over $ 68,000.

It is not clear why the prices are falling, however, some critics blame China. On Tuesday, Meng Wei, spokesperson for China’s top economic planner, said China was launching a “full-scale” crackdown on crypto mining.

The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on December 25. The deal, which was announced Tuesday night, is reportedly worth $ 700 million.

Related: Staples Center In LA To Become Crypto.com Arena

“Known as the Creative Capital of the World, the City of Los Angeles and the people who inhabit it have always been pioneers, pushing boundaries and innovating as undeniable global leaders in culture and entertainment,” said Kris Marszalek, CEO of Crypto.com. . “We are very excited to partner with AEG and make a long-term investment in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new ways and creative so that cryptocurrency can fuel the future of world-class sports. , entertainment and technology for fans of LA and around the world.

Staples reportedly paid $ 116 million to get his name on the arena in 1999.

The US Department of Justice sells $ 56 million worth of seized cryptocurrency to compensate victims of the BitConnect fraud program.

The DOJ says the liquidation is “the largest recovery of cryptocurrency fraud by the United States to date.”

On September 1, Glenn Arcaro of Los Angeles pleaded guilty to charges of involvement in fraud. Arcaro is expected to be sentenced in January and faces a maximum sentence of 20 years in prison.

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