Hey, crypto fans, Melega Finance here, the world's leading decentralized ecosystem. Welcome to the latest edition of our weekly crypto news roundup, where we'll discuss the most interesting news from the crypto market from October 22 to October 28, 2023.
It was a week that marked the 15th anniversary of the publication of the Bitcoin Whitepaper, and that certainly reflected in the price of BTC, which has been mostly green since "Uptober." On October 31, 2008, the pseudonymous creator of Bitcoin, Satoshi Nakamoto, shared the Bitcoin white paper with a mailing list of cryptographers—a date that is also annually celebrated as Halloween.
Bitcoin mostly hovered between $34,000 and $36,000 this week, as investors and enthusiasts keep their eyes peeled for the potential approval of a Bitcoin spot ETF in the U.S. Meanwhile, the future looks bright, with the halving event scheduled for April 2024.
The highly-watched case of the once-celebrated “King of Crypto,” Sam Bankman-Fried (SBF), the founder and former CEO of the FTX crypto exchange, came to an end this week, with the court finding him guilty on all charges.
So, without further ado, let's get into the most interesting crypto news of the week!
TOP CRYPTO NEWS RECAP (OCTOBER 29–NOVEMBER 4, 2023)
- Former FTX CEO Sam Bankman-Fried Found Guilty of All Charges
- OpenSea Lays Off Staff To Launch OPENSEA 2.0 With a Smaller Team
- SafeMoon Executives Charged with Fraud and Unregistered Securities Sales
- PayPal Receives SEC Subpoena Over Its PYUSD Stablecoin
- Wallet Exploits Multichain Bridge Opening, Profits Millions in Hours
- Swiss Bank SGKB Partners With SEBA Bank To Offer Crypto Services To Select Customers
Former FTX CEO Sam Bankman-Fried Found Guilty of All Charges
Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges in his criminal trial in New York, including wire fraud, securities fraud, and money laundering conspiracy. He will return to court for sentencing on March 28, 2024, which could result in a maximum sentence of up to 115 years in prison.
Bankman-Fried's attorney that he maintains his innocence and will continue to fight the charges against him. Other key FTX executives have pleaded guilty to various charges and testified against Bankman-Fried in the five-week trial.
OpenSea Lays Off Staff To Launch OpenSea 2.0 With a Smaller Team
The NFT marketplace has announced significant organizational and operating changes as it focuses on building a more nimble version of itself. The company has said around 50% of employees will be affected across all functions, and the number of middle managers will be reduced. Meanwhile, the employees will receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare.
SafeMoon Executives Charged with Fraud and Unregistered Securities Sales
SafeMoon and three of its executives have been charged with fraud and unregistered securities sales by the SEC. The Justice Department has also unsealed charges against the men at the same time. SafeMoon creator Kyle Nagy, CEO John Karony, and chief technology officer Thomas Smith are accused of withdrawing assets worth $200 million from the project and misappropriating investor funds.
However, Karony and Smith have been arrested, while Nagy remains at large. The SEC claimed marketing for SafeMoon promised funds would be locked in the liquidity pool, while in reality, much of the pool was not locked.
PayPal Receives SEC Subpoena Over Its PYUSD Stablecoin
The US Securities and Exchange Commission (SEC) has issued a subpoena to PayPal in relation to its PayPal USD (PYUSD) stablecoin. The subpoena was sent to PayPal's Enforcement Division, which requested the production of certain documents. PayPal confirmed it was cooperating with the SEC in relation to the request.
The subpoena comes three months after PayPal launched its PYUSD stablecoin, which is backed by US dollar deposits and short-term Treasury bonds and is based on the Ethereum blockchain.
Wallet Exploits Multichain Bridge Opening, Profits Millions in Hours
A wallet address took advantage of the momentarily opened Multichain Bridge, turning nearly 1.9 million Fantom (FTM) tokens worth $280,000 into $1.9 million within hours. Speculations of an insider job circulated among the crypto community.
The wallet seized the opportunity to swap FTM tokens for depegged assets on the Fantom network, then transferred them to Ethereum, regaining their total value. Questions were raised about the timing and sole beneficiary of the bridge opening, but no concrete evidence of an inside job has been found so far. No official statements have been released by Fantom Network or Multichain.
Swiss Bank SGKB Partners With SEBA Bank To Offer Crypto Services To Select Customers
Switzerland's St.Galler Kantonalbank (SGKB) has partnered with SEBA Bank to offer cryptocurrency services to select customers. SGKB, one of Switzerland's largest banks, plans to expand its crypto offerings based on client demand. The bank's partnership with SEBA Bank marks its first step into the digital asset industry.
The bank’s customers can now access Bitcoin and Ether with the digital asset custody and brokerage services offered by SEBA Bank. SEBA is a Swiss-regulated bank that manages, invests, and stores cryptocurrencies, nonfungible tokens, and other assets for private and retail banks.
NEWS FROM THE MELEGASWAP ECOSYSTEM
DogeReaperAI (DRAI) was boosted
DogeReaperAI (DRAI), a groundbreaking cryptocurrency project that harnesses the power of artificial intelligence in the crypto world, has provided more tokens to reward liquidity providers on MelegaSwap. This is another chance for users to earn more passive rewards on their cryptocurrency holdings.
Fugging Crabby (FUGC) Launches Fairlaunch on GemPad
The team behind Fugging Crabby, a token that facilitates secure, transparent, and efficient transactions within the crypto space, has chosen MelegaSwap as their preferred DEX for their FairLaunch on TheGemPad.
MelegaSwap and PIPI/TOTO Forge a Strategic Partnership
MelegaSwap and the PIPI/TOTO ecosystem have formed a strategic partnership to offer free listings on the NFT.lol Marketplace to all projects listed on MelegaSwap. This includes a free listing of NFTs, free minting of NFTs, and the unique opportunity to list your own currency as a trading currency on the marketplace.
Crafted BNB (CBNB), Crafted USDT (CUSDT), and Crafted XRP (CXRP) Farm and Pool on MelegaSwap
Inspired by the digital asset industry's symbolic cryptocurrencies, Crafted Tokens seek to become meme tokens that gain market capitalization, liquidity, and potential through the growth of a shared ecosystem.
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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