Binance in Spotlight as U.S. Seizes $7.1M Crypto Linked to Oil Scam
The U.S. government has initiated proceedings to forfeit $7.1 million in cryptocurrency connected to a fraudulent oil and gas investment scheme that reportedly swindled victims out of $97 million. The illicit funds were allegedly funneled through Russian and Nigerian accounts, with a substantial portion laundered via the Binance exchange. Geoffrey Auyeung, indicted in August 2024, is facing charges for receiving and converting stolen proceeds into crypto. The case highlights the ongoing challenges of crypto-related fraud and the role of major exchanges in tracking and recovering stolen assets.
US Moves to Seize $7.1M in Crypto Linked to Oil Investment Scam
The U.S. government is pursuing the forfeiture of $7.1 million in cryptocurrency tied to a fraudulent oil and gas investment scheme that allegedly defrauded victims of $97 million. Funds were funneled through Russian and Nigerian accounts, with a significant portion laundered via Binance.
Geoffrey Auyeung, indicted in August 2024, faces charges for receiving and converting stolen proceeds into crypto. Homeland Security seized $2.3 million from his accounts during the arrest.
BNB's 15% Surge Reignites Debate Over Changpeng Zhao's Wealth
BNB coin surged 15% this week, hitting a record $804 amid renewed speculation about former Binance CEO Changpeng Zhao's net worth. Forbes estimates Zhao controls 64% of BNB's supply—roughly 95 million tokens—valuing his holdings at $76 billion. Bloomberg's assessment, limited to Binance equity, places his fortune at $59.7 billion with low confidence due to undisclosed crypto assets.
The altcoin rally has sparked FOMO warnings, though BNB's outperformance dominates conversations. Zhao celebrated the milestone on social media, underscoring his unconventional wealth composition—nearly entirely in BNB rather than traditional equity or diversified assets.
BNB Hits Record $804 as CZ Hints at Altcoin Season
Binance Coin surged 14% this week to reach an all-time high of $804, triggering celebratory remarks from former Binance CEO Changpeng Zhao. The token's rally coincides with growing momentum across altcoin markets, as evidenced by CoinMarketCap's Altcoin Season Index.
Zhao's personal holdings—approximately 95 million BNB tokens worth $76 billion—remain a dominant force in the crypto wealth landscape. Bloomberg's $59.7 billion net worth estimate excludes these private crypto assets, suggesting his true position among global billionaires may be understated.
Market observers note the convergence of institutional interest and retail FOMO, with Zhao's social media commentary amplifying speculation about an impending altcoin rally. The BNB milestone reinforces Binance's enduring market influence despite regulatory challenges.
Crypto Market Stabilizes as Bitcoin Holds $118K, Altcoins Rally
Bitcoin maintains stability near the $118,000 threshold while altcoins seize momentum in a market flush with bullish sentiment. ethereum retests the $2,600 level despite a 2.45% intraday dip, its market capitalization hovering at $439.52 billion. The asset traded between $2,586 and $2,765 over 24 hours—a consolidation phase preceding potential breakout momentum.
Binance Coin steals the spotlight, breaching $800 for the first time to claim fifth-largest cryptocurrency by market cap. The token's $109.33 billion valuation reflects a 2.8% surge in dominance, signaling growing institutional confidence in exchange-linked assets.
Vaulta emerges as the day's standout performer, catapulting 8% to approach $1 billion market cap. The rally underscores a broader trend: capital rotation into mid-cap tokens with strong community backing. Market structure suggests this altcoin season has legs—technical indicators across top 100 projects flash bullish convergence.
