Despite a relative lull in the global crypto market, Bitcoin (BTC) surged above $67,000 this week. In contrast, memecoins dominated the charts in the last few days, with Floki, Pepe, Bonk, Shiba Inu, and others leading the way.
Notably, PEPE hit a new all-time high shortly after GameStop stock trader Keith Gill posted to his Roaring Kitty X account for the first time in three years. 
Although this week was relatively quiet, we have compiled six top stories you might have missed but will find intriguing. Let's take a closer look at some of these stories that you wouldn't want to miss.
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 12–May 18, 2024)
●      Tornado Cash Developer Sentenced for Money Laundering
●      Institutional Investors Pour Billions into Bitcoin ETFs
●      Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April
●      Circle Moves Legal Base to the United States Ahead of IPO
●      DTCC and Chainlink Successfully Pilot Fund Data Tokenization
●      Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto
Tornado Cash Developer Sentenced for Money Laundering
Alexey Pertsev, developer of Tornado Cash, was sentenced to five years and four months in prison by Dutch judges for laundering $1.2 billion in illicit assets. Despite Tornado Cash being a noncustodial protocol, Pertsev was held accountable for not preventing money laundering. This case raises concerns for open-source developers about potential liability for code misuse. Pertsev's legal team has 14 days to appeal the ruling.
Institutional Investors Pour Billions into Bitcoin ETFs
Over 600 firms disclosed $3.5 billion in spot Bitcoin ETF investments in recent SEC filings. Millennium Management leads the investments with $1.9 billion, followed by Schonfeld Strategic Advisors with $479 million. Other major investors include Morgan Stanley, JPMorgan, and Wells Fargo. Despite a recent decline in inflows, institutional investment in Bitcoin ETFs remains substantial, reflecting strong interest and confidence in the cryptocurrency market.
Meme Coin Frenzy: Over 1 Million New Tokens Launched Since April
Since April 1, over one million new crypto tokens have been created, with 372,642 on Ethereum and 643,227 on Solana. A significant portion, especially on Solana, consists of meme coins. Coinbase’s layer-2 blockchain Base saw 88% of Ethereum's new tokens. This surge, driven by low costs and meme coin popularity, has led to concerns over scams and the proliferation of low-value tokens.
Circle Moves Legal Base to the United States Ahead of IPO
Circle, the company behind USD Coin, is relocating its legal base from Ireland to the U.S. to align with stricter U.S. cryptocurrency regulations and prepare for an upcoming IPO. This strategic move aims to boost investor confidence despite higher compliance costs. By adhering to U.S. regulatory standards, Circle seeks to enhance transparency and adoption, positioning itself competitively in the stablecoin market.
DTCC and Chainlink Successfully Pilot Fund Data Tokenization
The Depository Trust and Clearing Corporation (DTCC) and blockchain oracle Chainlink completed a pilot program with major U.S. banks, including JPMorgan and BNY Mellon, to tokenize traditional finance fund data. The Smart NAV Pilot utilized Chainlink's Cross-Chain Interoperability Protocol to bring net asset value (NAV) data on-chain, enhancing automated data management and enabling various on-chain use cases. This initiative supports future financial industry innovations and broader API solutions for price data.
Senate Votes to Overturn SEC Crypto Rule; Biden Threatens Veto
The U.S. Senate passed a resolution, 60-38, to nullify the SEC’s Staff Accounting Bulletin No. 121, which requires banks to keep customers’ digital assets on their balance sheets. Critics argue this stifles innovation. President Biden intends to veto the resolution to protect investors and the financial system. If vetoed, Congress needs a two-thirds majority to override. This marks a significant bipartisan move on crypto legislation.
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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.

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Bitcoin (BTC) experienced a significant drop this week, falling to around $60,300 after a notable 4% decrease over the past seven days. Although the coin had reached an all-time high of $73,750 a few days before the most recent halving, the current dip has led to discussions about potential market corrections and uncertainties as we prepare for the upcoming bull run.
While there were several positive developments in the world of cryptocurrency this week, such as Binance and KuCoin's return to the Indian market, the FTX crypto exchange's plan to reimburse users (with some receiving extra compensation), and the possible resolution of the long-standing legal dispute between the SEC and Ripple, there were also several negative stories.
Some popular companies are still facing rigorous regulatory actions while something “funny” reportedly happened with Binance’s case in Nigeria. Let's take a closer look at some of the stories that you wouldn't want to miss.
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 4–May 5, 2024)
●      Binance and KuCoin Secure FIU Approval for India Comeback
●      SEC Asserts Need for Injunctions in Ripple XRP Case
●      Grayscale Withdraws Ethereum Futures ETF Application
●      FTX's Reorganization Plan Aims to Compensate Creditors
●      SEC Issues Wells Notice to Robinhood Crypto Business
●      Alleged Secret Crypto Deal Proposed to Binance by Nigerian Officials
Binance and KuCoin Secure FIU Approval for India Comeback
Global crypto exchange Binance has received approval from India's Financial Intelligence Unit (FIU) to resume operations in the country, becoming the second offshore platform after KuCoin to gain regulatory clearance. Following regulatory notices and a January ban on several foreign exchanges, including Binance and KuCoin, the exchange has now registered with the FIU. This move reflects efforts by crypto platforms to comply with Indian regulations amidst tax changes and regulatory uncertainties.
SEC Asserts Need for Injunctions in Ripple XRP Case
In the ongoing legal battle between Ripple Labs and the SEC, the SEC has filed its final response, disputing Ripple's claims and emphasizing the necessity of injunctions to prevent future violations. Despite Ripple's arguments of past compliance and proposed changes, the SEC maintains concerns about potential future breaches. The dispute might soon be coming to an end.
Grayscale Withdraws Ethereum Futures ETF Application
Grayscale has withdrawn its 19b-4 application for an Ether futures exchange-traded fund (ETF) just before the SEC's decision deadline. Initially filed in September 2023, the move raises questions about Grayscale's strategy, especially as the SEC faces upcoming decisions on spot Ether ETF applications. Despite the withdrawal, speculation persists over the SEC's stance on Ether ETFs, with implications for future crypto investment products awaiting regulatory approval.
FTX's Reorganization Plan Aims to Compensate Creditors
Bankrupt exchange FTX Trading Ltd. proposes a reorganization plan to reimburse creditors and customers, potentially distributing $14.5 billion to $16.3 billion. Despite objections due to crypto price fluctuations, the plan suggests full repayment to non-governmental creditors with up to 9% interest annually. Subordination arrangements prioritize individual creditors over governmental ones like the IRS. Specific agreements settle substantial claims, while a "convenience class" targets 98% of creditors with claims under $50,000.
SEC Issues Wells Notice to Robinhood Crypto Business
As indicated by a Wells notice, the SEC plans to take enforcement action against Robinhood's crypto business. Despite Robinhood's attempts to register with the SEC and avoid securities violations, the agency's investigation into crypto listings and operations suggests potential enforcement actions. Robinhood contends that its listed assets aren't securities and aims to clarify its stance. Regulatory ambiguity hampers mainstream crypto adoption, highlighting the need for clearer guidelines in the evolving regulatory landscape.
Alleged Secret Crypto Deal Proposed to Binance by Nigerian Officials
Binance CEO Richard Teng claims Nigerian officials proposed a secret cryptocurrency settlement to resolve regulatory issues, escalating tensions. The proposal, involving significant crypto payments, followed investigations into Binance's operations. Despite Binance's refusal, two executives were detained. Teng criticizes Nigeria's actions, calling them a dangerous precedent. Meanwhile, Nigeria plans to ban peer-to-peer crypto trading in the national currency to safeguard the naira from potential manipulation.
NEWS FROM MELEGASWAP
Melegaswap Secures New Marketing Partnership with KAPS (KAPS)
KAPS is a BSC token on the BEP20 standard that offers a solid price floor by forming an initial stablecoin reserve and reinforcing it with transaction fees over time. The Kaps platform serves as a trailblazing platform dedicated to blockchain, exclusively led by the community through participatory voting. 
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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.
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This week, the cryptocurrency market faced fresh volatility as Bitcoin (BTC) hit multi-month lows on May 1. Despite the upcoming Bitcoin halving event and increased institutional adoption, which typically point to a potential price rally, Bitcoin's value has fallen around 15% from its all-time high. 
Although this level of correction is in line with previous bull market cycles, analysts warn that Bitcoin could still drop to the $50,000 mark in the near future based on historical patterns. 
As usual, we have a recap of the top news and developments in the decentralized finance space that you won't want to miss. Let’s get into them.
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 (April 28-May 4, 2024)
●      Former Binance CEO Changpeng Zhao Sentenced to Four Months in Prison for Money Laundering Violations
●      Trader Loses $68 Million in Cryptocurrency Scam
●      Terraform Labs and Do Kwon Face a Potential Financial Blow Following Fraud Verdict
●      The Ongoing Backlash Against Binance.US: 6th License Pulled by Oregon
●      Hong Kong Crypto ETFs Attract Over $200 Million on Debut
●      "Bitcoin Jesus" Roger Ver Arrested for $48 Million Tax Evasion
Former Binance CEO Changpeng Zhao Sentenced to Four Months in Prison for Money Laundering Violations
Former Binance CEO Changpeng "CZ" Zhao has been sentenced to four months in prison for violating U.S. money laundering laws. Zhao pleaded guilty to the charges in November 2022 and had been free on a $175 million bond. 
The judge rejected prosecutors' recommendation of a three-year sentence, stating there was no evidence Zhao was aware of specific illegal activities at Binance. Zhao apologized for Binance's failure to implement an effective anti-money laundering program and will report to prison at a later date.
Trader Loses $68 Million in Cryptocurrency Scam
An unknown crypto trader fell victim to an address-poisoning scam, losing a staggering $68 million worth of Wrapped Bitcoin (WBTC). This attack involved the scammer sending a small transaction to the victim's wallet using an address resembling the intended recipient's. 
In a moment of carelessness, the trader sent their entire WBTC holding to the scammer's address, resulting in a loss of over 97% of their assets. This incident highlights the dangers of address-spoofing scams and the importance of vigilance when conducting crypto transactions.
Terraform Labs and Do Kwon Face a Potential Financial Blow Following Fraud Verdict
Terraform Labs and Do Kwon face a potential financial blow following their fraud verdict. In May, a US court will hear arguments for proposed remedies, with the SEC seeking a staggering $5.3 billion in penalties, while Terraform argues for a mere $1 million. This vast discrepancy highlights the severity of the SEC's case against Kwon and his company, whose bankruptcy proceedings are already underway. Kwon's presence at the hearing remains uncertain due to his ongoing extradition battle in Montenegro.
The Ongoing Backlash Against Binance.US: 6th License Pulled by Oregon
Oregon has become the sixth state to revoke, suspend or decline to renew Binance.US's license to operate, following similar actions by five other states. This comes after Binance's former CEO Changpeng Zhao pleaded guilty to felony charges related to Anti-Money Laundering laws. 
Binance.US is also facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) and has faced difficulties in finding U.S. banks willing to work with the exchange, leading to significant layoffs.
Hong Kong Crypto ETFs Attract Over $200 Million on Debut
Hong Kong's debut of spot Bitcoin and Ether exchange-traded funds (ETFs) on April 30th has attracted over $200 million in total assets. The Bosera HashKey and ChinaAMC ETFs have accumulated $71.94 million and $123.61 million, respectively, in assets under management. 
While smaller than their U.S. counterparts, the Hong Kong crypto ETFs have received positive investor sentiment, with 76.9% of crypto-knowledgeable respondents planning to invest. However, access is currently limited to Hong Kong residents, excluding mainland Chinese investors.
"Bitcoin Jesus" Roger Ver Arrested for $48 Million Tax Evasion
Early Bitcoin investor Roger Ver, known as "Bitcoin Jesus," has been arrested in Spain and charged with evading nearly $50 million in taxes. He allegedly failed to report capital gains from selling Bitcoin, resulting in a major loss to the US Internal Revenue Service. US authorities plan to extradite him to face trial.
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MelegaSwap V2 is LIVE!
It is with great pleasure that we announce the update of the MelegaSwap platform. In its V2 version, in addition to updated tools for using swap and liquidity, MelegaSwap is ready to become a multichain platform.
BaseChain, Ethereum Chain, Polygon Chain, and Solana Chain are some of the implementations that have already been scheduled. Other big news will be announced soon. Stay with us.
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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.

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The U.S. budget might be getting a makeover with blockchain. Robert F. Kennedy Jr., the candidate running for president, wants to put the entire U.S. budget on the blockchain.
This wild idea would make the budget more transparent, and every American would check any budget item anytime they wanted.
On a different note, the 4th Bitcoin halving happened last week, but the price of BTC hasn't made any crazy moves. Still, some experts believe it'll eventually hit $100k or even $1 million.
And, as usual, there's been a lot of legal and regulatory action in the crypto world this week. Follow along as we delve into the top six news stories we found most interesting over the last seven days
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 (April 21–April 27, 2024)
●      Do Kwon Challenges Court Decision on Extradition in Montenegro
●      SEC Delays Decision on Franklin Templeton’s Ether ETF
●      Mt. Gox Updates Repayment Schedule for Creditors
●      Samourai Wallet Co-Founders Arrested on Money Laundering and Licensing Charges
●      U.S. Prosecutors Seek 36-Month Sentence for Binance Founder Changpeng Zhao
●      Crypto Groups Sue SEC Over Expanded "Dealer Rule"
Do Kwon Challenges Court Decision on Extradition in Montenegro
Do Kwon, co-founder of Terraform Labs, has appealed a Montenegrin high court's decision that could allow the Justice Minister to decide his extradition to the U.S. or South Korea. Kwon's legal team contends the ruling is "unfounded and illegal." The extradition issue has been entangled in the Montenegrin judicial system, shifting between various courts as Kwon faces charges related to Terraform's collapse.
SEC Delays Decision on Franklin Templeton’s Ether ETF
The SEC has extended its deadline to June 11 to decide on Franklin Templeton's application for a spot in Ether ETF on the Cboe BZX Exchange. This additional 45-day period allows the commission more time to review the proposal to list and trade shares of the Franklin Ethereum Trust, following their previous landmark approval of spot Bitcoin ETFs.
Mt. Gox Updates Repayment Schedule for Creditors
Mt. Gox creditors now have updated information on their claims accounts, detailing the expected Bitcoin, Bitcoin Cash, and fiat repayments. This update, reflecting entries of both completed and pending repayments, marks significant progress in the long-awaited compensation process. The updates signal upcoming disbursements, continuing the rehabilitation efforts following the platform's collapse because of a massive security breach in 2014.
Samourai Wallet Co-Founders Arrested on Money Laundering and Licensing Charges
The co-founders of Samourai Wallet, a cryptocurrency mixer, were arrested by the U.S. Department of Justice for allegedly facilitating over $100 million in money laundering through illegal transactions totaling $2 billion. CEO Keonne Rodriguez and CTO William Hill face charges of money laundering and operating an unlicensed money-transmitting business. Their arrests on April 24 led to a sharp downturn in cryptocurrency markets, highlighting increased regulatory scrutiny on crypto mixers.
U.S. Prosecutors Seek 36-Month Sentence for Binance Founder Changpeng Zhao
U.S. prosecutors have recommended a 36-month prison sentence for Binance founder Changpeng Zhao following his guilty plea for money laundering charges. This sentence, which exceeds federal guidelines, along with a $50 million fine, is deemed necessary to address the severity of Zhao’s actions. Zhao’s sentencing is scheduled for April 30.
Crypto Groups Sue SEC Over Expanded "Dealer Rule"
The Blockchain Association and the Crypto Freedom Alliance are suing the SEC to challenge the expanded "Dealer Rule," which they claim stifles U.S. digital asset market innovation. They argue the SEC exceeded its authority with the rule's broad definition, creating an onerous regulatory framework that could drive digital asset companies overseas and deter American innovation. They seek to overturn this expansion under the Administrative Procedure Act. 
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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.
 
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