US government wants to shut down crypto platforms and 1 trader owns 13% of all Lady coins

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Last Updated on 4 March 2024 by CryptoTips.eu

US crypto czar Ms. Eun Young Choi gave an interview to the Financial Times yesterday in which she confirmed that the White House is indeed thinking of shutting down some local crypto platforms. Also striking is that memecoin ‘Ladys’ continues to be in the news because the largest Whale hodler cannot take profits as he…. has too many coins in his possession.

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The US government has not been very positive about crypto lately. Especially since the major crypto platform FTX collapsed last year, politicians are very afraid of uncovering a new scandal. As FTX founder Sam Bankman-Fried will appear in court later this year, people are terrified of another crypto platform that could get local banks into trouble.

The administration of President Joe Biden is therefore counting on its own ‘crypto tsar’, who must keep an eye on the trading operations and the general conduct of local crypto companies. Ms. Eun Young Choi confirmed what many have already whispered on social media, namely that the US territory would rather lose some platforms than gain new ones.

“We have seen the scale and scope of digital assets used in various illegal ways increase significantly over the past four years,” she said.

Washington has also targeted Binance, the world’s largest crypto exchange, in recent months. The US stock market watchdog sued the company and its CEO Changpeng Zhao in March for operating illegally on their territory. According to them, Binance has no official headquarters in America and is therefore not allowed to serve American customers.

Trader owns 13% Ladys

Memecoins are very volatile, and this past week it also became clear why. In the case of Pepe and Ladys, it appears there are a handful of addresses that bought billions of coins at the start and are currently gaining millions of dollars in profits.

However, because they worked via the ‘illegal’ technique of a maximum extractable value (MEV) bot, they purchased more coins than allowed through various means. So now those traders are blacklisted and unable to sell. One single trader currently owns about 13% of all available Ladys coins, but cannot sell due to that blacklist.

So watch out for volatility, especially if Elon Musk were to tweet about it again.

TPOphoto / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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