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.
NEWS FROM MELEGASWAP
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.
Farmer coin (FARM) Farm & Pool Listed on MelegaSwap
Farmer Coin is a project dedicated to supporting all operators and workers in the agricultural sector. It is designed to bring the value and importance of agricultural work to blockchain in order to support the sector and its operators with the new opportunities offered by digital asset technology. The Farmer Coin Project is conceived and launched by a transparent UK company
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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.