LedgerX, Binance, SEC, Coinbase, Google Ads, LUNA, FTX, MEME coin, MelegaSwap, MELEGA, MARCO token, DEX, DeFi, Swap, Crypto Exchange
Welcome to MelegaSwap's weekly cryptocurrency news roundup, where we keep you up-to-date on the latest happenings in the exciting world of digital currencies. This week, from April 23rd to April 29th, 2023, was a rollercoaster ride for Bitcoin (BTC) and the overall crypto market, with dramatic price swings and regulatory actions dominating the news.
Bitcoin experienced massive volatility, bouncing between $27,000 and $30,000 but ultimately falling short of the coveted $30k mark. At press time, BTC is trading for $29,397, marking an impressive 7.45% increase in the last seven days. Other altcoins also saw slight gains, despite the turbulence caused by regulatory uncertainties and other fundamental factors.
In this week's updates, we have exciting news about Binance.US backing out of a $1 billion Voyager assets purchase, a wallet responsible for launching over 114 meme coin scams in under two months, a South Korean court ruling that LUNA is not a security, 3,000 victims losing $4.16 million in crypto to Google Ads phishing links, Coinbase's response to the SEC's Well Notice in a video, and the struggling FTX exchange selling LedgerX for $50 million
As always, we strive to keep you ahead of the curve with the latest developments in the world of cryptocurrencies. So, now, let's dive into this week's recap and discover the surprises that made headlines.
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TOP STORIES THIS WEEK (April 23-29 2023)
● Binance.US withdraws from the $1 billion Voyager asset deal
● One wallet is responsible for launching over 114 meme coin scams in under 60 days
● A South Korean court declares Luna is not a security
● Google Ads phishing links cause $4.16 million crypto losses for 3,000 victims
● Coinbase addresses SEC's Well Notice through a video
● FTX exchange sells LedgerX for $50 million amidst financial challenges
Binance.US withdraws from $1 billion Voyager asset deal
Crypto lending firm Voyager Digital's $1 billion asset sale to Binance.US is in jeopardy after the latter unexpectedly withdrew from the deal, citing regulatory pressure. Voyager filed for Chapter 11 bankruptcy in July 2022 shortly after crypto hedge firm Three Arrows Capital defaulted on a $650 million loan to the company, with the now-bankrupt FTX exchange emerging as the highest bidder for its crypto assets then.
However, FTX later backed out, and Voyager entered into the Binance.US deal, which was met with opposition from regulators. Both the SEC and US Attorney filed requests to delay the buyout, which were denied. Voyager is now investigating potential claims against Binance.US and coordinating with the Voyager Official Committee of Unsecured Creditors to proceed with self-liquidation.
One wallet responsible for launching over 114 meme coin scams in under 60 days
Crypto con artists have been busy in the past 45 days, launching "114 memecoin scams," according to crypto investigator ZachXBT. He traced the wallet address 0x739c58807B99Cb274f6FD96B10194202b8EEfB47, which sends stolen funds from the scam to the same deposit address.
Another Twitter user, CoinGurruu, identified another wallet address that has allegedly launched 2-5 memecoin scams daily for almost two years. This highlights the need for caution and due diligence before investing in any crypto token, as scams like these are a common occurrence in the cryptocurrency world.
South Korean court declares Luna as not a security
A South Korean court has ruled that LUNA, the native token of the Terra ecosystem, is not a security, stating that LUNA is not a financial investment product regulated by the Capital Markets Act. The Seoul Southern District Court rejected prosecutors' requests to confiscate properties belonging to Terraform Labs co-founder Shin Hyun-Seong and to arrest him and other executives of the project. It said that it is not clear that the properties were acquired through criminal means.
Meanwhile, attorneys of Do Kwon are seeking the dismissal of charges brought against him by the SEC, citing a lack of jurisdiction. The court records reveal that UST is a currency, not a security, and members of the Terra community have created decentralized applications that provide new use cases for UST and LUNA.
Google Ads phishing links cause $4.16 million crypto loss for 3,000 victims
More than 3,000 victims have fallen prey to malicious cryptocurrency phishing websites advertised on Google, resulting in the theft of at least $4.16 million, according to blockchain analytics and Google Ads data.
Scam Sniffer, a Web3 anti-scam platform, discovered that users who clicked on malicious ads were directed to fraudulent websites, mostly originating from Ukraine and Canada, that imitated popular decentralized exchanges and websites. Among the targeted brands were Lido, Stargate, Zapper.fi, and DefiLlama.
Also, Scam Sniffer estimates that promoting crypto-related phishing websites is profitable, with an average cost per click of $1 to $2 and a conversion rate of 40%. Scammers have spent approximately $15,000 on advertising, resulting in a return on investment of 276%, given the $4 million stolen to date.
Coinbase addresses SEC's Well Notice through a video
Coinbase executives have addressed the Wells Notice received from the SEC in a YouTube video. The Chief Legal Officer Paul Grewal emphasized the company's commitment to regulatory compliance and noted that the business of Coinbase had not changed since it was approved for the Nasdaq listing two years ago.
He also mentioned that the SEC lacks statutory authority to regulate an enterprise like Coinbase, which has already been regulated by the New York State BitLicense. Grewal believes that legislation or rule-making is required if the SEC wants to expand its oversight over the industry.
FTX exchange sells LedgerX for $50 million amidst financial challenges
FTX has agreed to sell its crypto derivatives platform LedgerX to Miami International Holdings' affiliate M7 Holdings for $50 million. The sale is part of FTX's plan to recover and monetize assets after its downfall last November. FTX CEO John Ray said the agreement with MIH was an example of their continuing efforts to deliver recoveries to stakeholders.
The deal is still subject to approval from the US Bankruptcy Court, and a hearing is scheduled for May 4th. LedgerX, which is regulated by the Commodity Futures Trading Commission, will be put in the hands of a good steward, as FTX seeks to sell three other functional businesses.
THIS WEEK IN THE MELEGASWAP ECOSYSTEM
Solerise (SLR)
The Solerise (SLR) token has been listed on MelegaSwap and is now available for trading and farming. With the Solerise token burn mechanism, every transaction reduces the token, and the supply drops while demand is up. When the sales happen, the user—being a holder—gets reflections off every sale, thereby creating generational wealth.
DsunDAO (Dsun)
The establishment of DsunDAO is a self-organized DAO organization of many people who were ruthlessly deceived by some people in the blockchain industry. Dsun DAO hopes that through the DAO organization, more groups can be united to jointly combat and resist evil in the blockchain industry! In the future, anti-fraud NFT markets, anti-fraud forums, and non-destructive lottery systems will be launched.
Baby Marco NFT minting continues
The minting of the BabyMarco NFTs collection is currently running and available for users to collect. The first collection is limited to 1,000 pieces with 100% free royalties. It is characterized by rarity based on normal, RARE, SUPER RARE, or SUPER SUPER RARE pieces.
Ownership of the BabyMarco NFT will entitle holders to priority participation in BabyMarco's airdrops and voting rights in the Melega DAO.
Melega Project Match events keep running
The Melega project match offers projects the great opportunity to connect with others to evaluate operational and marketing synergies, but above all, to create a match between the respective communities that will benefit from mutual attention and growth. Learn more.
This week, the following are the projects featured in the Melega project match;
- MasterM X BEAR
- MasterM X M01
Visit this page to participate: https://melega.finance/nft
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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