The cryptocurrency market has been buzzing with activity lately. On-chain data shows a sharp increase in Bitcoin accumulation, similar to the accumulation phase in 2020 that led to Bitcoin's surge to $64,000 by April 2021. This hints that we might be on the brink of another bull run. 
In a surprising development, what initially seemed like bad news for the cryptocurrency market led to massive rallies in related memecoins. This was triggered by the final verdict in former US President Donald Trump's case, where he was found guilty of all 34 counts of falsifying records to cover up a sex scandal.
As always, we've gathered the top cryptocurrency stories from the past week. In this recap, we'll explore six intriguing developments you might have missed.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegaexchange) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (May 26–June 1, 2024)
●      Binance Founder CZ Starts 4-Month Prison Sentence for Money Laundering
●      Biden Vetoes Repeal of Crypto Accounting Rule
●      Judge Dismisses DEBT Box Case, Orders SEC to Pay $1.8M in Fees
●      Hong Kong Bans Unlicensed Crypto Exchanges
●      Terraform, Do Kwon Near Fraud Settlement with SEC
●      Gemini Reimburses $2.18 Billion to Earn Users
Binance Founder CZ Starts 4-Month Prison Sentence for Money Laundering.
Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has reported to a low-security federal prison in Lompoc, California. His legal team at Latham and Watkins confirmed that Zhao is serving a four-month sentence for money laundering charges. 
The crypto community praised Zhao's move, viewing it as a protective measure for the Binance exchange. Following his release, Zhao plans to continue his involvement in cryptocurrency, focusing on passive investing. Despite facing an initial three-year recommendation, Zhao was sentenced to four months and fined $50 million.
Biden Vetoes Repeal of Crypto Accounting Rule
U.S. President Joe Biden vetoed a resolution to overturn the SEC's Staff Accounting Bulletin No. 121 regulating cryptocurrency holdings. Biden cited the need to protect consumers and investors and stated that reversing the guidelines would undermine the SEC's authority. 
The decision faced sharp criticism from the crypto industry and lawmakers, who argued it stifles innovation. Despite bipartisan support in Congress for the repeal, Biden emphasized his commitment to maintaining financial security and regulatory oversight.
Judge Dismisses DEBT Box Case, Orders SEC to Pay $1.8M in Fees
A federal judge has dismissed the SEC's case against Digital Licensing, doing business as DEBT Box, and ordered the commission to pay $1.8 million in attorney and receivership fees. 
The May 28 ruling by Judge Robert Shelby in the U.S. District Court for the District of Utah follows a March finding of SEC misconduct related to a temporary asset freeze. DEBT Box claimed the SEC's information was inaccurate, leading to this significant win for the firm. The SEC cannot proceed with the case as it stands.
Hong Kong Bans Unlicensed Crypto Exchanges
Hong Kong has mandated that all cryptocurrency exchanges without an operational license from the Securities and Futures Commission (SFC) must cease operations immediately. This regulatory crackdown aims to enhance investor security and transparency in virtual asset trading.
Exchanges had until February 29 to apply for a license, with a three-month window to comply. Major exchanges like OKX and Huobi HK exited the market in May. As of May 31, only HashKey and OSL Exchange have received approval, with more decisions expected by June 1.
Terraform, Do Kwon Near Fraud Settlement with SEC
Terraform Labs and former CEO Do Kwon are close to settling fraud charges with the SEC. Both parties are expected to submit the final settlement terms for court approval by June 12, 2024. The SEC accused Terraform and Kwon of misleading investors about the stability and investment potential of TerraUSD (UST) and other tokens. 
The settlement follows a civil case in which they were found liable for defrauding investors. This proposed settlement addresses significant financial penalties and Kwon’s future roles in securities-issuing entities.
Gemini Reimburses $2.18 Billion to Earn Users
Gemini has reimbursed users of its defunct Earn program with $2.18 billion in digital assets, covering 97% of the owed amounts. This payout followed a settlement with Genesis Global, a former partner in the program. 
Genesis had filed for bankruptcy after halting withdrawals amid a liquidity crisis. Gemini's settlement ensures users receive 100% of their assets, including any appreciation. New York Attorney General Letitia James secured a $2-billion settlement with Genesis to address fraud claims, mandating the return of investor funds and cessation of its New York operations. 
NEWS FROM MELEGASWAP
MARCO Token: Presale Concluded and Launched on Uniswap
The $MARCO token, the native cryptocurrency of the Melega Finance ecosystem, has successfully concluded its presale on GemPad and is now available for trading on Uniswap through the Base Chain. 
Melegaswap, the leading AMM DEX on the Binance Smart Chain (BSC), will expand to multiple blockchain networks in the coming weeks. We continue to provide a user-friendly trading experience and robust project support.
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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
#MelegaSwap #melega #melegamarco #dex #gemini

The crypto market had a bullish week, with Bitcoin (BTC) soaring 12.6% and reaching stability around $52,000. This surge pushed its market cap past $1 trillion, highlighting renewed investor confidence. Interestingly, 75% of new Bitcoin investments are linked to recently approved spot Bitcoin ETFs, showcasing their growing impact.
Beyond the Bitcoin boom, exciting developments abound. Uniswap v4 gears up for launch with Ethereum's Dencun upgrade, aiming to improve efficiency and scalability. Meanwhile, legal battles heat up, with FTX creditors suing Sullivan & Cromwell and Binance founder CZ's sentencing postponed. In positive news, Celsius completes a $2 billion crypto distribution to its creditors.
However, potential challenges loom. Galaxy Digital warns of a possible 20% drop in Bitcoin's hash rate post-halving. GoFundMe halts fundraising for Tornado Cash's legal defense, raising concerns about censorship and privacy.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (FEBRUARY 4–10, 2024)
●      Uniswap v4 Set to Launch in Q3 After Ethereum’s Dencun Upgrade
●      FTX Creditors Sue Sullivan & Cromwell, Alleging Fraud in Bankruptcy Case
●      Binance Founder CZ's Sentencing Postponed to April 30
●      Celsius Completes $2B Crypto Distribution to Creditors
●      GoFundMe Halts Tornado Cash Legal Defense Crowdfunding
●      Bitcoin Hash Rate Faces Potential 20% Drop Post-Halving, Says Galaxy Digital
Uniswap v4 Set to Launch in Q3 After Ethereum’s Dencun Upgrade
The Uniswap Foundation plans to release version 4 of its decentralized exchange after Ethereum's Dencun upgrade, tentatively scheduled for the third quarter of 2024. Currently in the "Code Freeze" phase, Uniswap v4 undergoes rigorous testing, optimization, and security checks. The foundation aims for it to be the most thoroughly audited code on Ethereum. Following community and audit firm assessments, v4 will move to the testnet before its mainnet deployment, contingent on the Dencun upgrade's progress. Ethereum's Dencun upgrade introduces EIPs like proto-danksharding to reduce layer 2 transaction fees, with mainnet activation slated for March 13, 2024.
FTX Creditors Sue Sullivan & Cromwell Alleging Fraud in Bankruptcy Case
FTX creditors have filed a class-action lawsuit against law firm Sullivan & Cromwell (S&C), accusing it of actively participating in FTX Group's multibillion-dollar fraud. The lawsuit claims S&C knew about FTX's fraudulent conduct but still stood to gain financially. S&C, overseeing FTX's bankruptcy, had a prior relationship with the exchange, raising concerns about conflicts of interest. Former FTX executives revealed close ties between the companies. Despite S&C's denial of wrongdoing, its involvement in FTX's affairs is under intense scrutiny, prompting calls for an independent examination.
Binance Founder CZ's Sentencing Postponed to April 30
Binance's former CEO, Changpeng Zhao, known as CZ, was slated for sentencing on Feb. 23 for money laundering charges, facing up to 18 months in prison. However, the sentencing has been delayed to April 30, per a Seattle Federal Court filing. While some expect a minimal sentence, the prosecution hinted at the possibility of a longer term, up to ten years. Despite efforts from Zhao's legal team, including offering his equity in Binance.US as security, his fate remains uncertain as he awaits sentencing on bail.
Celsius Completes $2B Crypto Distribution to Creditors
Celsius, a bankrupt cryptocurrency lender, has successfully distributed $2 billion worth of cryptocurrency to 172,000 creditors. The distribution, managed by PayPal and Coinbase, saw 20,500 Bitcoin and 301,000 Ether tokens transferred without issues. Despite concerns about compliance hurdles, nearly 75% of the BTC/ETH intended for distribution have been collected. However, creditors who didn't agree to the restructuring plan will have to wait for the resolution of their claims. The completion of this distribution marks a significant milestone in Celsius' journey since filing for bankruptcy in July 2022.
GoFundMe Halts Tornado Cash Legal Defense Crowdfunding
GoFundMe abruptly terminated a fundraiser aimed at supporting the legal defense of Tornado Cash co-founder Roman Storm and developer Alexey Pertsev. The platform cited a breach of its terms of service, specifically Term 22, which prohibits campaigns that could expose GoFundMe to harm or liability. Despite accumulating $30,000 in donations, the fundraiser was canceled, prompting questions from the Tornado Cash community about GoFundMe's actions. Donors, including Ryan Adams, had their contributions returned, while Storm and Pertsev continue to seek financial support through other platforms like JuiceBox.
Bitcoin Hash Rate Faces Potential 20% Drop Post-Halving, Says Galaxy Digital
Galaxy Digital's research suggests that up to 20% of Bitcoin's hash rate might go offline after the upcoming halving, as older mining rigs struggle to break even with reduced block rewards. The report highlights how sensitive breakevens are to Bitcoin's price and transaction fees, indicating potential shutdowns of older models like Bitmain's S9 and Canaan's A1066. Newer, more efficient models like the Antminer S19 are expected to fare better.
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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
#MelegaSwap #melega #CZ #GoFundMe