PANews reported on August 22nd that South Korean actress Hwang Jung-eum was indicted for allegedly embezzling approximately 4.2 billion won (US$3.07 million) in company funds to invest in virtual currencies. During her court appearance on the 21st, prosecutors charged her with violating the Aggravated Punishment Act for Specific Economic Crimes and requested a three-year prison sentence. Hwang Jung-eum pleaded guilty and repaid the full amount between May and June. The final verdict in the case is scheduled for September 25th.


Market participants are eagerly anticipating at least a 25 basis point (BPS) interest rate cut from the Federal Reserve on Wednesday. The Federal Reserve, the central bank of the United States, is expected to begin slashing interest rates on Wednesday, with analysts expecting a 25 basis point (BPS) cut and a boost to risk asset prices in the long term.Crypto prices are strongly correlated with liquidity cycles, Coin Bureau founder and market analyst Nic Puckrin said. However, while lower interest rates tend to raise asset prices long-term, Puckrin warned of a short-term price correction. “The main risk is that the move is already priced in, Puckrin said, adding, “hope is high and there’s a big chance of a ‘sell the news’ pullback. When that happens, speculative corners, memecoins in particular, are most vulnerable.”Read more
