Hey, crypto enthusiasts! This is Melega Finance, the world's leading decentralized ecosystem. Welcome to the latest edition of our weekly cryptocurrency news roundup, where we will discuss the most interesting news from the crypto market from October 1 to October 7, 2023.
Bitcoin (BTC) was able to rise above $28,400 for the first time in several weeks, currently having an increase of 2.6% over the last seven days. However, most other top altcoins including Ethereum (ETH) and BINANCE Coin (BNB), have plummeted by at least 1.5% since last week.
Moreover, the week was filled, as usual, with several stories related to high-profile lawsuits, including the one against the founder of FTX. How is this case going? Let's check out a summary of some of the most important crypto news stories from the previous week!
TOP CRYPTO NEWS RECAP (OCTOBER 1–OCTOBER 7, 2023)
- Alex Mashinsky is set to face a criminal trial on September 17, 2024
- Judge Denies SEC Motion for Interlocutory Appeal Against Ripple
- Crypto-Friendly Congressman McHenry Temporarily Takes Over U.S. House
- Court Trial for SBF Kickstarts With Interesting Updates
- Ledger dismisses 12% of its workforce due to "macroeconomic headwinds."
- tech Subjected to SIM-swap Attack, Losing Over $385K in Users’ Funds
Alex Mashinsky is set to face a criminal trial on September 17, 2024
Former Celsius CEO Alex Mashinsky's criminal trial is scheduled for September 17, 2024, in a New York court. He remains free on $40 million bail with limited travel and financial restrictions. He faces allegations of defrauding Celsius investors.
However, Roni Cohen-Pavon, a former Celsius executive, has pleaded guilty and may testify in his trial, while other high-profile crypto-related cases are also underway.
Judge Denies SEC Motion for Interlocutory Appeal Against Ripple
A federal judge rejected the SEC's attempt to recoup its loss against Ripple, stating that the SEC failed to prove its case. The judge set a trial date for April 2024 for the remaining issues, and the SEC may still appeal the overall case later. Previously, the judge ruled that Ripple violated securities laws with institutional investors but not with retail customers, raising questions about crypto regulation.
Crypto-Friendly Congressman McHenry Temporarily Takes Over U.S. House
Kevin McCarthy, the U.S. House Speaker, faced an unprecedented ousting with a 216-210 vote in Congress, where eight fellow Republicans voted against him, marking a historic event in U.S. politics.
However, Patrick McHenry, known for his crypto-friendly stance, now serves as interim House Speaker, potentially impacting the digital asset sector. McHenry has been critical of the SEC's approach to crypto regulation and proposed the "Digital Asset Market Structure Proposal" to encourage innovation.
An official vote for a new House Speaker is set for October 11, with potential pro-crypto candidates, although none have publicly expressed interest yet.
Court Trial for SBF Kickstarts With Interesting Updates
Sam Bankman-Fried's trial for alleged multibillion-dollar fraud began on October 3, 2023, in Manhattan. He's accused of orchestrating FTX's collapse, once valued at $30 billion, leaving customers in distress.
It was revealed that the exchange had a hidden backdoor. This allowed Sam Bankman-Fried's firm, Alameda Research, to maintain a negative balance of up to $65 billion.
SBF maintains his innocence, possibly relying on an "advice of counsel" defense. The trial is expected to last up to six weeks, and if convicted on all charges, he could face a maximum of 110 years in prison.
Ledger dismisses 12% of its workforce due to "macroeconomic headwinds."
Ledger, a hardware crypto wallet maker, is cutting 12% of its workforce, with CEO Pascal Gauthier citing the need for long-term sustainability due to the 2022 bear market and industry challenges. Approximately 88 employees may be affected.
Meanwhile, this follows Ledger's $109 million funding round and integration with PayPal a few months back. Other crypto firms, including Binance.US, Nansen, Coinbase, Huobi, and Crypto.com, have also announced staff reductions due to market uncertainty and regulatory challenges.
Friend.tech Subjected to SIM-swap Attack, Losing Over $385K in Users’ Funds
Friend.tech, a decentralized social network platform that allows users to purchase "keys" of individuals, which grants access to private chat rooms with them, has been targeted by SIM-swap attackers in recent days, resulting in the loss of over $385K in users' funds.
Friend.tech has since implemented additional security measures, such as allowing users to add and remove login methods from their accounts. However, users are still advised to enable 2FA on all of their accounts, including Friend.tech, and to use strong passwords.
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