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Former Monero Lead Developer Arrested for Fraud Unrelated to XMR

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After leaving Monero in December 2019, Ricardo Spagni has been apprehended on charges unrelated to the cryptocurrency.

Monero’s former lead maintainer, Riccardo Spagni, was arrested last month for alleged fraud committed between 2009 and 2011 while residing in South Africa. His crimes have no relation to his work on the Monero network. 

Charges Against Spagni

Court documents state that Spagni’s crime is related to his time as an IT manager at Cape Cookies – a bakery in Cape Town, South Africa – where he worked from October 1st, 2009 until June 8th, 2011, when his employment was terminated by mutual agreement.

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The memorandum alleges the following:

“As an employee of Cape Cookies, SPAGNI intercepted invoices from another company, Ensync, relating to information technology goods and services it had supplied Cape Cookies.

SPAGNI knowingly used false information to fabricate similar invoices purporting to be from Ensync, relying on details including this company’s Value Added Tax (VAT) number and bank account information. SPAGNI then inflated the prices for the goods and/or services.”

The invoices purportedly contained a bank account opened and controlled by Spagni rather than an account connected to Ensync. Apparently, Spagni had also generated false invoices from three other “fictitious entities” related to information technology products. Unwittingly, Cape Cookies went on to pay these invoices to what were actually more of Spagni’s own accounts.

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The Arrest

The warrant for Spagni’s arrest was issued on July 20th on behalf of the South African government, with “a view toward his extradition to stand trial for fraud.” He was apprehended in Nashville, Tennessee, on the same day during a scheduled fueling stop while aboard a private jet on his way to Mexico.

A hearing will take place on August 5th to determine whether the former developer is held pending trial. He could land up to 20 years in prison if convicted for the alleged crimes. 

Spagni began mining Bitcoin in 2011 but quickly switched to building mining tools for others who were looking into a bunch of “scam coins” in 2012, which he described as “a fun adventure.” He later became the lead developer for Monero after a contentious hard-fork event early in the cryptocurrency’s life. 

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Monero is now one of the world’s leading cryptocurrencies, offering increased privacy in transactions compared to other coins. However, developers recently discovered a “rather significant bug” which hurts said transaction privacy of the coin.

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Monero price analysis: XMR price recovers to $266 after gaining bullish support

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  • The price has been recovered up to $266.
  • Monero price analysis shows bullish trend.
  • Support is found at $250.66 level.

The latest Monero price analysis shows that the price has undergone revival once again after the green candlesticks reappeared on the candlestick chart. The price experienced a constant downfall in the prior week as a downtrend was at its peak. Nevertheless, the bullish momentum has been recovered today and the price has been able to rejoin its former level i.e. $266.8. The price might top its current position in the upcoming hours as well.

XMR/USD 1-day price chart: XMR finds recovery at $266 after bullish comeback

The one-day Monero price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The XMR/USD value has been revived once again as the price can be spotted at $266.5 level. The bears had been leading the market in the previous week, but now the bullish momentum is resurging. The moving average indicator (MA) is showing its value at $266.5 in the one-day price chart.

Monero price analysis: XMR price recovers to $266 after gaining bullish support 1

A crossover between SMA 20 and SMA 50 resulted in the past few days, because of the upward trend. The upper Bollinger band is present at the $286.50 mark whereas the lower Bollinger band is present at $250.66 mark. The Relative Strength Index (RSI) indicator is declaring an increase in the score up to 51.56.

Monero price analysis: Uptrend enables price to take over $266.11 resistance

The four hours Monero price analysis confirms that a bullish trend has been following for the last four hours. The trending line is moving ascendingly as the price has been rising constantly for the past few hours. The price has been able to overcome the resistance present at $266 as well and is currently settling at $266.5. Moving on, the moving average value in the four hours price chart is standing at $260.4.

Monero price analysis: XMR price recovers to $266 after gaining bullish support 2
XMR/USD 4-hours price chart. Source: TradingView

The Bollinger bands indicator is dictating an average of $258.10. Whereas its upper value is resting at $266.11 position and the lower value is at 4250.09 position. The RSI score has improved up to 58.86 level as well because of the persistent flight of XMR/USD price.

Monero price analysis: XMR price recovers to $266 after gaining bullish support 3
XMR/USD technical indicators chart. Source: TradingView

The coin value of XMR/USD upgraded in value to a great extent during the past few months. The technical indicators chart is further confirming the bullish win with a buying signal. There are 13 indicators on the buying position, nine indicators on the neutral position while only four indicators are on the selling position.

The Oscillators are also dictating a significant rise in price with a strong bullish signal. There are 11 indicators that are currently present at the buying position, while three indicators are on the selling and one indicator is on the neutral position. The Oscillators are maintaining neutrality for the day, with eight oscillators at the neutral level, two at the buying level, and one oscillator at the selling level.

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Monero price analysis: conclusion

The one-day and four hours Monero price analysis is showing signs of bullish recovery as the price heightened up to $266 in the last 24 hours. The price underwent a constant decline in the previous weeks, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.

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Monero price analysis: Downtrend restricts XMR progression above $271 level

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  • XMR price faces a decline up to $261.4.
  • Monero price analysis shows a downward trend.
  • Support is still secure at $236.5.

The Monero price analysis shows the cryptocurrency is facing immense pressure from the bearish side as a downtrend has been following consistently for the past two weeks. The price underwent a decline even today and has moved down to the $261.37 level. Although there had been instances where the price was uplifted, the overall trend that has been observed is on the bearish side. A further drop in price can be expected in the future as well.

XMR/USD 1-day price chart: XMR faces resistance above $261 as bears exhibit control

The price has receded down to the $261.4 level during the last 24-hours which is an alarming sign. The market value of the Monero coin has decreased quite significantly as the price has been declining constantly since the past week. The price has taken a downturn even today, as the bearish momentum is getting stronger. The moving averages indicator is showing its value at $261.4 level for the day.

The volatility has decreased slightly which means that chances of improvement are coming the cryptocurrency’s way. The upper Bollinger band is now settled at the $294.15 mark whereas the lower Bollinger band is at the $236.5 mark. The Relative Strength Index (RSI) score has dropped down to 48 as well.

Monero price analysis: Minimal progress reported as price moves up to $261.4

The four hours Monero price analysis is dictating a subtle rise in price as the bulls are striving to make a comeback. The price has increased up to $261.37 in the last four hours as the bulls are trying to recover back from the loss. A significant drop had been recorded earlier, but now a slight shift in the trends has been observed. The price is still standing far below the moving average value which is found at $266.6.

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Monero price analysis: Downtrend restricts XMR progression above $271 level 2
XMR/USD 4-hours price chart. Source: TradingView

The SMA 50 curve is still going above the SMA 20 curve which means that the bears are still dominant. The upper value of the Bollinger bands Indicator is at $277.01 whereas their lower value is at $261. The RSI score for the four hours price chart is 34, as it declined drastically as well.

Monero price analysis: Downtrend restricts XMR progression above $271 level 3
XMR/USD technical indicators chart. Source: TradingView

As the price dropped significantly in the past few months, the situation is getting tough for the buyers. The overall indication for the cryptocurrency is bearish, with 12 indicators on the selling position, 10 indicators on the neutral position, and four indicators on the buying position.

The moving averages indicator is confirming the downtrend as well by displaying a strong bearish signal. There are 11 indicators on the selling position, three indicators on the buying position, and only one indicator on the neutral position. The Oscillators are giving out a neutral hint as there are nine oscillators on neutral position while the remaining two oscillators are on selling and buying positions each.

Monero price analysis conclusion

The Monero price analysis concludes a downtrend in price has been recorded during the past 24-hours as the price has lowered down to the $261.4 level. This came as a huge blow for the buyers as they were unable to rescue XMR from the bearish pressure. The price might go down than its current position as well as the four hours chart is displaying red candlesticks as well.

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Monero (XMR-USD) perpetual contract market is now live in DYDX

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DYDX has gained 80% in a week. So, what is driving the DEX token rally? Traders have increased their bids for the decentralized exchange token with a hope that it would benefit from China’s decision to classify all crypto transactions as “illegal.”

Monero Expressed: We’re excited to announce that XMR has been added to dYdX synthetic perpetuals.

DYdX expressed they are excited to share that the Monero (XMR-USD) perpetual contract market is now live. Eligible traders outside of the United States can trade $XMR with up to 10x leverage, cross margining and zero gas fees.

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Their goal is to continue to launch new markets with $XMR marking the 25th addition to their layer 2 product.

Contract Specs: XMR-USD; underlying market: XMR; Margin Settlement asset: USDC; Tick Size: $0.1000 USD; minimum order size: 0.1 XMR. Expiry: Perpetual (no expiration); Maximum leverage: 10x: Initial Margin requirement: 10.00%; Maintenance Margin Requirement: 5.00%; initial Margin Requirement: 10.00%; maintenance margin requirement: 5.00%; Mark price for liquidations: The index price given by Chainlink’s Layer 2 XMR-USD price feed; Funding: Funding payments are credited or debited at the start of each hour, and are included in the realized PnL for the position.

The funding premium is scaled so as to have a realization period of 8 hours (8-hour funding rate); contract loss mechanism: Deleveraging, centralized, but verifiable insurance fund is the first backstop before deleveraging.

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With dYdX, you remain in full control of your funds at all times. There are no central intermediaries that hold your private keys. Your funds are secured by smart contracts at all times when they are on dYdX.

dYdX is launching Perpetual Contract Markets that enable trading of any non-Ethereum based asset.

DYdX is the native token of decentralized exchange DYDX. Traders have lot of trust about the potential of the token versus China’s recent ban in cryptocurrency transactions.

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The China ban worked positively for the dYdX decentralized exchange (DEX) which provides perpetuals, margin and spot trading, and also lending and borrowing services to their users.

Holding DYDX gives the owners a right to propose and vote on the changes related to the dYdX’s layer 2 protocol.

DYDX stakers earn their rewards by depositing to the liquidity staking pools that is DEX related. Users will benefit by getting a discount on trading fees which is based on the size of their DYDX reserves.

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The China FUD is continuing to attract new users. Further, DeFi farmers are claiming to have made several hundreds of thousands of dollars by gaming dYdX‘s recent airdrop

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