Criminal code amendment threatens Russian crypto traders with jail time
An amendment to the Russian criminal code can be used against crypto traders, according to a legal firm providing advice to those involved in the digital asset space.
On the surface, Russia wants to punish “money mules” laundering cash for criminals. Experts warn, however, that the updated law would allow Russian authorities to target ordinary citizens trading digital currencies.
The executive power in Moscow has submitted new legislation amending the country’s main criminal law to toughen penalties for “droppers,” Russian slang for people who lend their bank accounts and wallets to fraudsters trying to launder criminal proceeds.
The respective bill was filed with the State Duma, the lower house of the Russian parliament, on Friday, the leading Russian-language crypto news outlet Forklog reported on the weekend. It amends Article 187, “Illegal circulation of payment instruments,” of the Criminal Code of the Russian Federation.
The new text expands criminal liability for the front persons transferring illegally obtained funds on behalf of actual perpetrators of thefts and other crimes. It describes the conditions under which they can be prosecuted for sharing electronic payment instruments, such as bank cards, with criminals.
People in financial difficulties and debt, immigrants, and poor students often fill the role of a “money mule.” They are usually entangled in criminal schemes through job ads offering exaggerated earnings for a few hours a day of work, with money transfers.
The Russian crypto community is likely to soon learn that “droppers” may not be the only category affected by the upcoming legislative change. According to Ignat Likhunov, founder of the crypto-focused legal firm Cartesius, a broader interpretation of the proposed provisions would threaten crypto traders as well.
Under “illegal transactions,” the draft law now lists the issuance, transfer, and receipt of money without legal grounds as described in current Russian law, Likhunov noted in a podcast posted on Forklog’s YouTube channel .
If earlier, accountants forging payment orders and hackers writing malware were held liable for such transactions, liability is now being introduced for anyone who simply lends a bank card to a friend, explained the lawyer, himself a former investigator of financial crimes.
Since law enforcement officers like to interpret laws very broadly, and to their own advantage, this gives them leeway for arbitrary actions, believes the legal expert, who does not discount the law’s potential effectiveness in combating money mulling as a phenomenon.
If the bill is approved by Russian lawmakers, droppers can expect up to three years in jail, while their criminal leaders and also traders may get up to six years of prison time.
Likhunov noted that many Russians need cryptocurrencies as a result of the sanctions imposed on their country over the invasion of Ukraine. The main question, he stressed, is whether the sale of cryptocurrency will be considered an illegal transaction under the updated criminal law.
The lawyer elaborated:
“If so, then it will be possible to simply put everyone in jail. Drug addicts in pre-trial detention centers will be replaced by droppers and cryptocurrency traders.”
The founder of Cartesius highlighted that since 2022, he has been accepting only cash whenever he has had to sell cryptocurrencies, refusing any fiat payments to his bank card account.
So far, Russia has recognized mining as a legal crypto-related activity but has been reluctant to allow the free circulation of cryptocurrencies in its economy. In March, the Russian central bank proposed the establishment of an “experimental legal regime” for limited crypto operations.
The latter will allow the exchange of cryptocurrencies in a controlled environment reserved for “ qualified investors ” and the use of digital coins for cross-border settlements by Russian companies facing international financial restrictions.
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Critical XRP Metric Reaches New Record: What Does it Mean for Ripple’s Price?
TL;DR
As the graph below will show you, XRP whales went on a substantial buying spree after the US elections, which was somewhat expected given the anticipation for big regulatory changes in the country that could affect domestic crypto businesses, such as Ripple.
After a minor hiatus in December when the total number of such investors dropped, they returned in full force at the start of 2025 and haven’t looked back since, aside from some minor deviations.
Data from Glassnode shows that the number of addresses holding over 10,000 XRP has gone above 300,000, which is a record of its own. According to popular industry commentator Amonyx, this is “insanely bullish” as it serves as “absolute proof of surging investor confidence.”
Recall that whales bought over 900,000,000 XRP in April alone. In USD terms, this massive fortune was worth close to $2 billion.
With the SEC legal case seemingly behind Ripple, the company is now focused on expansion after the acquisition of Hidden Road and the failed attempt to take over Circle. The XRP Army, on the other hand, is anticipating the approval of a spot ETF after the recent good news on the futures ETF front.
However, the US securities regulator delayed making a decision on Franklin Templeton’s XRP ETF applications and the new deadline is set for mid-June. ETF experts believe the summer of 2025 will see the approval of numerous such financial vehicles tracking the performance of various cryptocurrencies, including XRP.
Maybe that’s what the “big money” is preparing for.
Bitcoin Open Interest Surge Hints at Bullish Momentum Ahead
In recent weeks, Bitcoin has shown signs of a stronger recovery. But it’s not just the price that’s intriguing. On-chain analyst Avocado_onchain has observed a sharp spike in open interest in the futures market—and according to him, it’s not just a number.
The chart he shows shows a pattern similar to previous bull runs, where open interest that breaks through a previous peak is often followed by a price spike. While it hasn’t yet crossed that threshold, its steep slope suggests that it could come sooner than expected.
Imagine a long line in front of a store. A store is more likely to be having a large sale the longer and rapidly the line builds. Open interest, then, is like a line in the futures market. A busy market with a consistent financing rate may indicate that the market is getting ready for a rally rather than pandemonium.
On the other hand, data from CNF previously reported that Bitcoin’s MVRV ratio jumped 21.84% in just 21 days. This means that more and more investors—especially those who have been holding BTC for a long time—are starting to see unrealized profits. This is usually the trigger for a change in market sentiment.
Interestingly, institutions and whales are not sitting idle. They are actually continuing to accumulate large amounts of BTC, even though the global market has not yet fully stabilized.
Furthermore, on May 2, 2025, data from Glassnode revealed an extraordinary surge in demand from whales. In one day, there was an inflow of 12,500 BTC to whale wallets—meaning to wallets with more than 1,000 BTC. At the same time, the price of Bitcoin rose from $58,200 to $62,400, or an increase of around 7.2%.
Trading volumes on Binance and Coinbase also soared, indicating that not only large investors are involved, but market participation in general has also increased sharply.
Not only that, in the last two weeks until May 1, 2025, whale accumulation has reached more than 43,100 BTC—worth almost $4 billion. Interestingly, most of this accumulation was done secretly. They are moving BTC from exchanges to personal wallets, indicating an intention to hold for the long term. Just think, who would bother withdrawing money from an ATM if they didn’t intend to save it?
Still from Glassnode, the number of wallets holding between 1,000 and 10,000 BTC also increased to 2,014 as of April 15. Up from 1,944 on March 5. This is the highest number since April 2024, and reflects the growing institutional confidence in Bitcoin as a long-term asset—not just momentary speculation.
Interestingly, even though open interest has increased sharply, funding rates on various exchanges remain relatively neutral. Even on Binance, short positions still dominate slightly.
Meanwhile, as of press time, BTC is trading at about $96,386.11, up 1.78% over the last 7 days. Its daily transaction volume is also quite large, reaching $24.14 billion.
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+ 25 squats, 135lbs, heels on 5lb plates, heels roughly shoulder-width apart
+ 25 full ROM pull-ups, heels in front of torso, do immediately after squats
+ Rest till 7-minute mark
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Frontier社群媒體數據
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