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AML Bitcoin Founder Faces Up to 30 Years in Prison for Telecommunications Fraud and Money Laundering

2 days ago

On March 16th, as reported by News.bitcoin, a federal jury in San Francisco found Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, guilty of telecommunications fraud and money laundering. Andrade is scheduled to be sentenced on July 22, 2025. He could face a maximum of 20 years in prison for telecommunications fraud, up to 10 years in prison for money laundering, and the seizure of assets related to his crimes. Based on the evidence presented during the trial, 47-year-old Andrade from Texas misappropriated more than $2 million from AML Bitcoin sales for personal use, such as purchasing two properties in Texas and two luxury cars. He laundered investors' funds through various bank accounts and then used these funds to finance his own purchases. The jury determined that Andrade falsely claimed that AML Bitcoin was about to obtain approval from the Panama Canal Authority, when in fact, no such agreement existed. Through these false statements, he raised millions of dollars from investors.
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Trump: Appoints Bowman as the Federal Reserve's New Vice Chair of Supervision

On March 18th, U.S. President Trump made a post on Truth Social, announcing the appointment of Michelle Bowman, who is currently a member of the Federal Reserve Board, as the new Vice Chair for Supervision of the Federal Reserve.

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Musk's xAI Acquires AI Video Generation Startup

On March 18th, according to the report in TechCrunch, Elon Musk's xAI has officially acquired the AI video generation startup Hotshot. This startup focuses on developing AI video generation technology similar to OpenAI's DALL-E. Hotshot announced on its website that it has stopped providing new video production services since March 14th. It is currently unclear whether all Hotshot employees will join xAI.

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Gemini Appoints New CFO Dan Chen

On March 18th, the cryptocurrency exchange Gemini appointed Dan Chen as its new Chief Financial Officer (CFO), likely in anticipation of an upcoming initial public offering (IPO). Chen previously held the position of Vice President of Capital Markets at Affirm and stated, "Cryptocurrency is the most dynamic industry within the financial sector, and Gemini is at the forefront of this revolution, enabling users to participate in the digital asset market in a straightforward and secure manner."

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TRON's revenue surged past $2 billion last year, a year-over-year increase of 116%.

On March 18th, TRON DAO made an announcement. It stated that the TRON network is expected to generate an annual revenue of more than $2 billion by 2024, with a year-on-year growth rate of 116%. Furthermore, TRON has completely burned the TRX transaction fees, making it one of the few blockchains with deflationary characteristics.

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Bitfarms has completed the acquisition of Stronghold Digital Mining

On March 18th, according to Decrypt, the Bitcoin mining firm Bitfarms has announced the accomplishment of its acquisition of Stronghold Digital Mining. The deal is valued at $175 million, with $125 million in equity. Bitfarms stated that this acquisition will assist the company in optimizing operations by making use of the newly acquired data centers and will provide computing resources to an AI company, thereby promoting its growth in high-performance computing and AI. This acquisition not only raised Bitfarms' market valuation but also made it more difficult for its competitor, Riot Blockchain, to acquire it. Since 2023, Riot has been trying to acquire Bitfarms, and this transaction may enhance Bitfarms' position in the industry consolidation.

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On Polymarket, the probability of "The Fed will end its quantitative tightening policy before May" has reached 100%.

On March 18th, the probability on Polymarket that "The Fed will end quantitative tightening before May" has reached 100%, and the total trading volume has exceeded $6.25 million.

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