Notcoin launches on TON with 80 billion airdropped tokens, CME Group considers Bitcoin spot trading, and Chinese police uncover a $1.9B USDT scheme.
Notcoin Launches on TON Blockchain and Airdrops Tokens

Notcoin Launches on TON Blockchain and Airdrops Tokens

May 17, 2024
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Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Notcoin Launches on TON Blockchain and Airdrops 80 Billion Tokens

Notcoin, a viral web3 clicker game, has launched its cryptocurrency, NOT, on the TON blockchain, airdropping over 80 billion tokens to participants. Initially launched as a Telegram Mini App in January, Notcoin has attracted over 35 million players who mined in-game currency by tapping a Notcoin icon. The mined currency converted into NOT tokens at a 1000:1 ratio. Pre-market trading began in March through an NFT trading system, making Notcoin's NFT vouchers the fourth-largest collection on the TON blockchain. 

Currently with a total supply of 102.7 billion tokens, the Notcoin’s fully diluted market cap is  hovering around $890 million. 

CME Group Considering Launching Bitcoin Spot Trading

The Chicago Mercantile Exchange (CME) Group is considering launching Bitcoin spot trading alongside its existing futures product, according to a report from the Financial Times. While the plan is not yet finalized, discussions have been ongoing with traders interested in a regulated cryptocurrency trading platform. 

Launching Bitcoin spot trading would enable traders to profit from basis trades, exploiting differences between futures prices and the underlying asset’s spot price. If implemented, CME would join other channels providing Wall Street greater access to digital assets. Bitcoin spot trading, already offered by exchanges like Coinbase and Binance, involves immediate asset swaps at market prices. 

Former FTX Exec Asks For No More Than 18-Month Prison Term

Former FTX Digital Markets co-CEO Ryan Salame has requested a prison sentence of no more than 18 months after pleading guilty to conspiracy to operate an unlicensed money-transmitting business and campaign finance fraud. In a court filing on May 14, Salame’s lawyers argued for a lenient sentence, citing his substantial restitution and forfeiture obligations and emphasizing his lack of involvement in the core conspiracies at FTX. 

Salame reported FTX’s fraudulent activities before the company’s collapse and has accepted responsibility for his actions. Scheduled for sentencing by Judge Lewis Kaplan on May 28, Salame remains free on a $1 million bond and faces significant financial penalties, leaving him with no remaining assets.

Chinese Police Uncover $1.9B USDT Banking Scheme

Chinese police dismantled a $1.9 billion underground banking operation involving the stablecoin Tether (USDT) in Chengdu. The racket, operational since January 2021, facilitated foreign currency exchanges for smuggling medicine, cosmetics, and investment assets. Authorities arrested 193 suspects across 26 provinces, destroyed operations in Fujian and Hunan, and froze 149 million yuan ($20 million) linked to USDT activities.

Despite a comprehensive ban on cryptocurrency in China, traders continue to circumvent it, with 33.3% holding stablecoins. The police report highlights the ongoing resilience of cryptocurrency usage in China despite government prohibitions on exchanges and mining.

Other breaking news

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