Hey there, PoI readers! 💫 

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From the FBI's undercover crypto sting to a British man's $647 million landfill treasure hunt, we've got a smorgasbord of digital drama to dig into. So, grab your virtual chopsticks and let's dive into this week's crypto bento box! 🍱🕵️‍♂️🔍

INTEL BRIEF

🟧 The FBI created a fake AI fund token called "NexFundAI" to catch market manipulators, leading to charges against multiple individuals involved in crypto fraud.

🟧 A British man is suing his local council for $647 million over a lost Bitcoin hard drive in a landfill.

🟧 Former FTX executive Ryan Salame began his 7.5-year prison sentence after failed attempts to delay it.

🟧 Ethereum co-founder Vitalik Buterin sold $1.6 million worth of memecoins for charity donations.

FBI Creates Fake AI Token to Catch Real Crypto Fraudsters

The FBI just pulled off a crypto caper, the Feds cooked up their very own cryptocurrency called "NexFundAI (NEXF)" to catch some alleged bad actors in the act.

Picture this: The FBI, donning their best "fellow kids" disguise, approached some shady characters and said, "Hey, we've got this totally legit AI fund token. Wanna help us pump up the volume?" And wouldn't you know it, these eager beavers jumped at the chance.

Little did these alleged fraudsters know, they were walking right into a trap more elaborate than a Rube Goldberg machine. The FBI's undercover agents met with the crew from MyTrade MM, a crypto market-making firm, and even chatted up the folks at LBank exchange.

The mastermind behind MyTrade MM, Liu Zhou (aka "David Zhou" or "DZ" - because apparently, one cool nickname just isn't enough), allegedly spilled the beans on all their sneaky tactics. Wash trading, pump-and-dumps, you name it - it was all laid out like a criminal's cookbook.

On October 2, and NEXF token makes its grand debut on LBank. Millions of dollars worth of wash trades later, and boom! The FBI had all the evidence they needed. Zhou and his merry band of co-conspirators are now facing charges that could land them in the slammer for up to five years.

This sting operation was just one piece of a larger puzzle. The Department of Justice announced charges against 18 individuals in various crypto market manipulation cases. It's like a game of Whac-A-Mole, but with white-collar criminals.

Now, here's where things get as messy as a dropped ice cream cone. Some crypto sleuths think they've identified the FBI's token, pointing to one with the catchy address "0x16ca471aE755f8a2cD4eC315A4a7439dcfEBE54c."

But, There's no solid proof this is the FBI's creation, and it might just be a clever copycat. The FBI's foray into the world of crypto has left us all with more questions than a philosophy exam.

FBI created fake AI fund token "NexFundAI" to catch crypto fraudsters

MyTrade MM founder and others charged with market manipulation

18 individuals facing charges in multiple crypto fraud cases

British IT Engineer Pursues Multimillion Dollar Lawsuit for Discarded Bitcoin

James Howells, an IT engineer from Newport, UK, is giving us all a masterclass in "How to Turn Your Trash into a Lawsuit." Howells is suing Newport City Council for a cool 495 million British pounds (that's about $647 million for those of you keeping score at home) because they won't let him dig through a landfill for his lost Bitcoin fortune.

Picture this: It's 2013, and Howells is doing some spring cleaning. In a moment of absent-mindedness that would make even the most forgetful among us feel better, he accidentally tosses out a hard drive containing 8,000 Bitcoin. Fast forward to today, and that's worth more than the GDP of some small countries!

Now, Howells has been trying to get his digital gold back for over a decade. He's even offered the council a 10% finder's fee if they let him excavate.

But the Newport City Council isn't budging. They're playing the role of the fun police, citing environmental concerns like asbestos, arsenic, and methane. It's as if Mother Nature herself is conspiring to keep Howells' Bitcoin buried.

Not one to give up easily, our intrepid hero came up with an $11 million plan in 2022 to find the needle in this very stinky haystack. His idea? Use robots to sift through 110,000 tonnes of garbage.

Despite Howells' persistence (or perhaps because of it), the council remains unmoved. They're questioning the legality and feasibility of his claims. As this digital treasure hunt saga continues, let it be a lesson to us all: Keep your hardware wallets safe, your private keys secure, and, triple-check before you throw anything out.

British man sues council for $647 million over lost Bitcoin hard drive in landfill

Council refuses excavation citing environmental concerns

Man proposes $11 million robot-assisted recovery plan, still denied

Former FTX Executive Begins Prison Sentence After Failed Delay Attempts

Ryan Salame has officially traded in his executive suite for a prison cell! The former FTX bigwig checked into his new digs at FCI Cumberland on October 11, 2024, kicking off his 90-month all-inclusive stay courtesy of the U.S. government.

Salame, who pleaded guilty to charges of running an unregistered money-transmitting business and some campaign finance shenanigans, tried to pull a fast one and delay his prison check-in. His excuse? A dog bite. That's right, he attempted to push back his surrender date by almost two months because Fido got a little too frisky. Nice try, buddy, but Judge Lewis Kaplan wasn't buying what Salame was selling.

But here's where it gets interesting: Salame seems to be taking his new "career change" in stride. He even updated his Twitter and LinkedIn profiles to reflect his new position as "inmate at Cumberland Correctional Institution." Talk about embracing your personal brand!

In a last-hurrah interview with Laura Shin on the Unchained podcast, Salame spilled some tea about his $600,000 crypto withdrawal during FTX's collapse. He chalked it up to "Not my brightest moment" – understatement of the year, anyone? Apparently, he needed the cash for legal fees, but hey, at least he admitted it wasn't his finest hour.

Salame's got big plans for his time behind bars. He's aiming to get a law degree while serving his sentence. Not because he wants to be the next Perry Mason, mind you, but because he thinks his previous legal advice was about as useful as a chocolate teapot. He's planning to represent himself in the future – because that always works out so well, right?

Former FTX exec Ryan Salame began his 7.5-year prison sentence on October 11, 2024

Salame's attempt to delay prison entry due to a dog bite was denied

He plans to pursue a law degree in prison to represent himself in future legal matters

Vitalik Buterin Sells 1.6 Million Dollars in Memecoins, Turning Crypto Jokes into Charitable Gold

Vitalik Buterin, is back at it again, turning memecoins into cold, hard... charity donations! Buterin has transformed $1.6 million worth of joke coins into Ether, all destined for the greater good.

We're talking $982,800 of Moo Deng (MOODENG), $231,000 of Monsterra (MSTR), and $183,000 of the aptly named ETHEREUM IS GOOD (EBULL). He also offloaded some Popcat, Fwog, and even a coin named after himself.

Over the past nine days, Buterin has been busier than a one-armed paperhanger, converting a whopping $2.78 million of memecoins into Ether and donating $884,000 to various charities.

Now, before you start throwing your Dogecoin at Vitalik's wallet, he's got a message for you: "Thanks, but maybe donate directly next time?" It's like he's saying, "I appreciate the gesture, but I'm not your personal crypto Robin Hood!"

Buterin's still sitting on a $700 million crypto portfolio, including $2.4 million in MOODENG tokens. It's like he's got his own Fort Knox, but instead of gold bars, it's filled with digital dogs and cats.

Some economists are now suggesting Buterin for the Nobel Prize in Economic Sciences. That's right, from memecoin magician to potential Nobel laureate! As economist Tyler Cowen put it, "What does someone have to do to get a Nobel Prize?" Well, apparently creating a global cryptocurrency platform and refuting economic theorems is a good start!

Vitalik Buterin sold $1.6 million worth of memecoins for charity 

He's converted $2.78 million of memecoins to Ether in 9 days

Economists suggest Buterin for Nobel Prize in Economic Sciences

And that's a wrap, my lovely PoI readers! 🔍 I hope this edition left you feeling informed, entertained, and maybe even a little bit wiser about the wild world of crypto. Remember, whether you're HODLing or just along for the ride, the crypto rollercoaster never stops! Until next time, this is Mochi, signing off with a virtual high-five and a side of wasabi! 🙌✨

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. Every voice matters in the PoI community📣❤️ Share the newsletter and spread the crypto love!

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