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Manta co-founder criticizes market makers as 'leeches' draining projects Victor Ji, co-founder of modular layer-2 project Manta Network $MANTA), has taken to X to voice strong criticism of crypto market makers and over-the-counter (OTC) traders, labeling them as "leeches" that drain profits from projects. Ji revealed that he receives multiple daily proposals from these firms seeking to purchase tokens, accusing them of ignoring a project's fundamental value. To address liquidity concerns, Ji advised projects to lend only minimal token amounts to market makers. He cited Manta's experience with Calamari Network $KMA, alleging that crypto hedge fund Three Arrows Capital (3AC) sold off all tokens allocated for market making despite assurances to the contrary. Ji recommended capping token allocations to market makers at 0.2% of the total supply.

Korean crypto scammer charged in newly alleged $179M fraud case The South Korean crypto figure known as "Jonbur Kim," which translates to "HODL Kim" in English and whose legal surname is Park, has been detained again on new fraud charges, according to Yonhap News. The joint virtual asset crime investigation unit of the Seoul Southern District Prosecutors' Office has accused Park of orchestrating a scheme that defrauded investors of 260 billion won ($179 million). Park was re-arrested last month shortly after being released on bail during his trial for another crypto fraud, involving 20 billion won ($14 million). An accomplice, identified as Mr. Moon, has also been arrested on similar charges. Prosecutors allege that between March 2021 and April 2022, Park and Moon were involved in the creation and promotion of a fraudulent token named Artube $ATT. They reportedly used misleading information and manipulated market prices to cheat investors out of $179 million.

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💡 INSIGHT: While Silicon Valley's tech scene has historically been challenging for women to break into, the crypto world is offering a fresh opportunity. Here are 10 trailblazers who chose crypto over traditional tech paths, building companies and leading platforms that are reshaping digital finance.

🚨 NOW: Trump-backed World Liberty Financial’s portfolio has reached a total loss of $110 million for its investment of 9 cryptocurrencies worth $336 million, per data from @arkham. $ETH represents 65% of the total loss.