Are you ready for the juiciest crypto highlights of the week? Then welcome to #MelegaSwap 's weekly roundup, where we bring you the latest in the world of digital currencies. Brace yourself for a wild ride as we take you through the highs and lows of April 30th to May 6th, 2023.
This week, we've got a court-approved win for Celsius users, the successful launch of SUI Network, the meme coin PEPE smashing through the $1 billion market cap, and Biden’s proposed bill to impose a 30% tax on bitcoin mining in the US.
But that's not all—we've got the latest on Voyager Creditors, Coinbase, FTX, and even an FBI and Ukraine domain seizure. Plus, we can't forget the scandalous insider trading allegations against Coinbase officers and board members and the devastating $1 million loss suffered by Decentralized Exchange Level Finance.
Stay ahead of the game with our weekly crypto updates—let's dive in!
TOP 10 CRYPTO STORIES THIS WEEK (April 30–May 6, 2023)
Celsius users approved by the court to withdraw all funds after 300 days
Sui Network launches its mainnet, promising fast, private, and secure digital asset ownership
PEPE memecoin surges over 2000% in value and reaches $1b market cap
Voyager creditors may soon get their funds back
Coinbase halts new loans via borrow service
Troubled FTX seeks to recover $4B from bankrupt Genesis
FBI and Ukraine seize domains of 9 crypto exchanges accused of aiding cybercriminals
Coinbase executives and board members face insider trading lawsuit over public listing
Decentralized Exchange Level Finance hacked, loses over $1 million
White House considers 30% tax on crypto mining
Celsius users approved by court to withdraw all funds after 300 days
Crypto lending platform Celsius has finally allowed eligible users to withdraw 100% of their original funds after freezing withdrawals for over 300 days. The company made this announcement on May 4 after receiving court approval.
Until recently, such users could only withdraw up to 94% of their funds. This marks the first time Celsius users have been reimbursed for missing funds since the company froze withdrawals in June 2022 and filed for bankruptcy in July. Many users had reported a backlog of withdrawal attempts despite the funds supposedly being available.
#sui Network launches mainnet, promising fast, private, and secure digital asset ownership
The Sui Network has finally launched its mainnet after rounds of successful testnet launches. The Layer 1 blockchain and smart contract platform is designed to make digital asset ownership accessible, fast, private, and secure for everyone.
Using a modified version of the Move programming language, initially created at Meta, Sui is gaining traction in the crypto community and has the potential to power various top-tier apps in gaming, banking, commerce, social media, and other areas as a general smart contract platform.
#PEPE memecoin surges over 2000% in value, reaches $1b market cap
The Pepe meme coin has taken the crypto world by storm, with a surge of over 2000% in value since its launch in late April 2023. The token has surpassed a remarkable $1 billion market cap just three weeks after its debut, thanks to enthusiastic meme coin hype and social media buzz.
Meanwhile, Dogecoin and Shiba Inu have failed to see the same price movement, trading in the red this week.
Voyager creditors may soon get their funds back
The wait is almost over for creditors of the now-bankrupt brokerage, Voyager. In the final stages of liquidation procedures, it is expected that all funds stuck in limbo will be returned to their rightful owners within a few weeks.
Although the recent acquisition deal with Binance fell through due to regulatory scrutiny in the United States, the liquidation process is moving forward. The Official Committee of Unsecured Creditors has allowed parties a 10-day window to file objections, but if none are raised, Voyager will follow through with the plan.
Coinbase halts new loans via borrow service amid SEC Scuffle
Coinbase, one of the largest crypto exchanges in the US, is discontinuing its Borrow service that allowed certain customers to post crypto as collateral to receive a cash loan. In an email sent to Coinbase Borrow customers, the exchange announced that from May 10, new loans would no longer be available through the platform.
Outstanding loans, however, will not be affected. The move comes amidst a regulatory battle between Coinbase and the SEC, which sent the exchange a Wells notice in March regarding possible securities law violations.
Meanwhile, Coinbase has launched a new institutional platform for crypto derivatives trading called Coinbase International Exchange (CIE).
Troubled #FTX seeks to recover $4B from bankrupt Genesis.
FTX, a struggling cryptocurrency exchange, is taking legal action to recover value for creditors by demanding $1.8B in loans and $273M in collateral from Genesis.
They are also seeking to claw back $1.6B in withdrawals and $213M from the BVI-based entity GGC International. The filing claims that Genesis was "largely repaid" its $8B loan to Alameda, unlike other FTX creditors and customers. With the battle of bankruptcy underway, FTX is determined to recover as much value as possible.
FBI and Ukraine seize domains of 9 crypto exchanges accused of aiding cybercriminals
Nine digital currency exchanges accused of aiding cybercriminals had their domains seized by the FBI and Ukrainian authorities. The exchanges, including 24xbtc.com and 100btc.pro, allegedly offered anonymous digital currency exchange services without complying with regulations.
Anyone attempting to access these sites will see a seizure notice. The FBI noted the exchanges had "lax" Anti-Money Laundering measures and collected minimal Know Your Customer information.
Coinbase executives and board members face insider trading lawsuit over public listing
A Coinbase shareholder has filed a complaint against some of the company's top executives, including CEO Brian Armstrong, for allegedly using insider information to profit from the company's public listing.
The lawsuit claims that the defendants made $2.9 billion by selling Coinbase shares in the days following the direct listing on Nasdaq. The suit was filed on behalf of the company's stockholders, with the plaintiff buying shares on the day of the listing.
Decentralized Exchange Level Finance hacked, loses over $1 million
Level Finance, a decentralized exchange, has suffered a security breach resulting in the theft of more than $1 million worth of Level Finance (LVL) tokens. The exchange disclosed the attack on Twitter, revealing that over 214,000 LVL tokens were stolen and converted to 3,345 Binance Coins (BNB). The attack was due to a bug in the smart contract, which allowed for repeated referral claims.
White House considers 30% tax on crypto mining
The White House is proposing a new federal budget that could impose a 30% tax on crypto miners, demanding they pay for the environmental damage caused by their operations. The tax aims to address issues such as greenhouse gas emissions, local pollution, and higher energy prices.
While the proposal has garnered support, it has also drawn criticism from those who believe it could stifle innovation in the industry. Robert F. Kennedy Jr. warns that such a tax could push innovators to take their businesses elsewhere, and that video games use just as much energy as #bitcoin mining.
