A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.

According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”

Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.

Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.

Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.

The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.

However, Nurieva is the first Finiko executive to be convicted and sentenced.

Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.

The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.

During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.

Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.

Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.

Source: cryptonews.com

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Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.

Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.

On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.

Source: dailycoin.com

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In a bid to offer its users more opportunities in the Decentralized Finance (DeFi) space, Binance Web3 Wallet has introduced two new ways to earn: ‘Yield Plus’ and ‘Simple Yield’. These new features will be accessible right within the Binance Web3 Wallet Earn section.

About Yield Plus Zone
The Yield Plus Zone is a unique feature designed to showcase projects with potential airdrops or additional yield opportunities. This feature will give users easy access to projects that offer multiple levels of rewards. The initial projects that will be included are Eigenpie, Kamino Finance, Lista Dao, Marinade, Ondo Finance, Renzo, StakeStone, and SolBlaze. Binance Web3 Wallet plans to announce exclusive campaigns in future updates through the Binance Web3 X account.

About Simple Yield Zone
The Simple Yield Zone allows users to earn an Annual Percentage Rate (APR) with stablecoins and other tokens by providing liquidity to lending protocols. When providing liquidity, users may receive both the Supply APR and Distribution APR, depending on the protocol chosen.

More on Binance Web3 Wallet
Developed with a commitment to innovation, security, and seamless user experience, the Binance Web3 Wallet is a secure, self-custodial crypto wallet integrated within the Binance App. It serves as a bridge between the Exchange and Web3, enabling users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a selection of the best decentralized applications (dApps) all in one wallet.

Source: blockchain.news

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