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<p>Welcome to another series of MelegaSwap&#39;s Weekly Crypto News Recap! Join us as we unravel the top, mind-blowing updates from the cryptocurrency market between May 28th to June 3rd, 2023.</p><p>Bitcoin (BTC) experienced a marginal 0.15% increase in value over the course of the week, reaching a peak of $28,202.63 according to <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">Coinmarketcap data</a>. This modest upward trend, particularly on Monday, coincided with a period of uncertainty surrounding the U.S. debt ceiling, end-game negotiations, and renewed inflation concerns. Several of the top 10 altcoins also experienced a slight increase in value over the past week. Notably, Ripple (XRP), Tron (TRX), and Litecoin (LTC) saw gains of up to 10.01%, 6.09%, and 8.29%, respectively in weekly charts.</p><p>In other news, BKEX had to halt withdrawals due to alleged money laundering activity, while prosecutors continued to fight against Sam Bankman-Fried&#39;s charges dismissal filings. Furthermore, Mercedes-Benz is introducing its own non-fungible token (NFT) collections, and Circle has successfully developed USDC stablecoin on the Arbitrum network to improve transaction efficiency.</p><p>Surprisingly, BEOSIN, a blockchain security firm, has revealed in a new report that losses from rug pulls exceeded those from DeFi attacks in May, indicating that security should remain one of the major concerns in crypto. Elon Musk is also facing a global lawsuit for allegedly manipulating the price of Dogcoin (DOGE) through his tweets and public statements.</p><p>Now, read on as we uncover these top, interesting news updates of the week one after the other.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP: (MAY 28-JUNE 03, 2023)</h2><p>●  BKEX exchange halts withdrawal after a suspected money laundering activity</p><p>●  Prosecutors vehemently oppose Sam Bankman-Fried&#39;s (SBF) charges dismissal appeal.</p><p>●  Mercedes Benz Web3 unit sets to launch an NFT collection</p><p>●  Circle has announced the official launch of USDC on Arbitrum</p><p>●  BEOSIN: Crypto Rug Pulls Outstrip DeFi Exploits in May Losses</p><p>●  DOGE price manipulation brings a global lawsuit against Elon Musk</p><h3 id="bkex-exchange-halts-withdrawal-after-a-suspected-money-laundering-activity">BKEX exchange halts withdrawal after a suspected money laundering activity.</h3><p>BKEX, a global crypto exchange, has <a href="https://bkex.zendesk.com/hc/en-us/articles/19022106904729-BKEX-Announcement-on-Suspension-of-Withdrawals%C2%A0" rel="noopener noreferrer nofollow">halted all withdrawals</a> due to suspicion of money laundering activity by one user. The exchange, with over eight million users, offers a variety of crypto trading pairs and futures.</p><p>The exchange claimed to be cooperating with law enforcement agencies and has urged users to remain patient.</p><p>Meanwhile, some users criticize the move, questioning why they must face restrictions. Concerns about the platform&#39;s financial stability have also been raised.</p><h3 id="prosecutors-vehemently-oppose-sam-bankman-fried-39-s-sbf-charges-dismissal-appeal">Prosecutors vehemently oppose Sam Bankman-Fried&#39;s (SBF) charges dismissal appeal.</h3><p>Prosecutors have been outspoken in their opposition to the termination of charges against Sam Bankman-Fried (SBF), the former billionaire and founder of the troubled FTX exchange.</p><p>Prosecutors contested the defense&#39;s arguments in <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.149.0.pdf" rel="noopener noreferrer nofollow">court documents</a> filed on Monday, claiming that the criminal allegations made against Bankman-Fried had considerable weight and should not be dismissed on procedural grounds.</p><p>However, Bankman-Fried&#39;s defense team has sought dismissal of the charges on a variety of grounds, including technicalities regarding his extradition back to the United States and the apparent insignificance of certain U.S. statutes due to FTX&#39;s non-U.S. location. The defense also claimed that the charges went beyond the agreed-upon extradition parameters.</p><h3 id="mercedes-benz-web3-unit-sets-to-launch-an-nft-collection">Mercedes Benz Web3 unit sets to launch an NFT collection</h3><p>&#34;Maschine,&#34; a generative art NFT collection inspired by automotive concepts, is <a href="https://twitter.com/MercedesBenzNXT/status/1663585720689205249?s&#61;20" rel="noopener noreferrer nofollow">being released</a> by Fingerprints DAO in collaboration with artist Harm van den Dorpel and Mercedes Benz. The collection includes 1,000 unique Ethereum-based tokens and will be auctioned off in the Netherlands on June 7.</p><p>Meanwhile, Mercedes-Benz NXT intends to launch three &#34;core&#34; collections, which will be administered by 0xNXT, and satellite and peripheral projects inside its NFT ecosystem. Luiz Ramalho, the founder of Fingerprints DAO, expects that the partnership will bridge the gap between burgeoning digital art and the established art scene.</p><h3 id="circle-has-announced-the-official-launch-of-usdc-on-arbitrum">Circle has announced the official launch of USDC on Arbitrum.</h3><p>Circle, the creator of the world&#39;s second-largest stablecoin by market cap, <a href="https://www.coingecko.com/en/coins/usd-coin" rel="noopener noreferrer nofollow">USDC</a>, plans to <a href="https://twitter.com/circle/status/1664256935976132610" rel="noopener noreferrer nofollow">release</a> a new native version of its USD Coin on the Arbitrum network on June 8.</p><p>The existing Ethereum-based version of USDC will be called &#34;USDC.e&#34; and will be replaced by a native coin that runs on the Arbitrum network. The aim is to improve transactions by utilizing cross-chain transfer processes, which will allow USDC to move natively to and from Ethereum (ETH) in minutes.</p><h3 id="beosin-crypto-rug-pulls-outstrip-defi-exploits-in-may-losses">BEOSIN: Crypto Rug Pulls Outstrip DeFi Exploits in May Losses</h3><p><a href="https://beosin.com/resources/blockchain-security-monthly-recap-of-may-1969m-lost-in-to?lang&#61;en-US" rel="noopener noreferrer nofollow">According</a> to Beosin, a blockchain security startup, losses from rug pull and exit frauds in the digital currency market exceeded those from DeFi hacks in May. <a href="https://academy.binance.com/en/glossary/rug-pull" rel="noopener noreferrer nofollow">Rug pulls</a> cost more than $45 million in losses over six occurrences, while DeFi hacks cost nearly $19.7 million.</p><p>The company, however, observes that the total amount of money involved in security incidents has been falling for the past two months. The paper also warns of new methods of coin theft and suggests that cryptocurrency users increase their anti-fraud understanding and better secure their bitcoins.</p><h3 id="doge-price-manipulation-brings-a-global-lawsuit-against-elon-musk">DOGE price manipulation brings a global lawsuit against Elon Musk</h3><p>Elon Musk is facing new allegations of insider trading in a new <a href="https://qz.com/elon-musk-is-accused-again-of-dogecoin-insider-trading-1850496407" rel="noopener noreferrer nofollow">lawsuit</a> filed by cryptocurrency investors. Investors claim that Elon Musk used his power to influence the price of Dogecoin, a popular meme cryptocurrency.</p><p>The investigation is centered on Elon Musk&#39;s decision to sell $124 million worth of <a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> in April, which corresponded with his changing of the Twitter logo to the meme coin symbol, causing Dogecoin&#39;s price to rise by up to 30%.</p><p>As a result, investors believe that Musk took part in apparent cryptocurrency market manipulation, leading the price of Dogecoin to skyrocket through a series of activities.</p><h2 id="header-1">NEW LISTINGS ON MELEGASWAP</h2><p>We are excited to introduce the new cryptocurrency listings on our native Melegaswap decentralized exchange platform. You can now trade, farm, stake, and earn the following tokens seamlessly and transparently.</p><h3 id="supepe-sup">SUPEPE (SUP)</h3><p>A project conceived for the community with the ambition to match all the worldwide fans of two icons (Pepe the Frog and Superman) and to develop a series of digital comics and exclusive collectible NFTs for the Web3 universe.</p><h3 id="pepe-prime-prp">PEPE PRIME (PRP)</h3><p>Pepe Prime is a completely decentralized, secure project planning a visit to Mars, and it is the next big thing in the world of meme-based cryptocurrencies.</p><p>Pepe Prime has been inspired by the massive hype surrounding Pepe the Frog, and Pepe Prime is poised to become the next king of all meme tokens in the crypto space.</p><h3 id="a-href-https-edenxfunding-com-en-rel-noopener-noreferrer-nofollow-edenx-edenx-a"><a href="https://edenxfunding.com/en" rel="noopener noreferrer nofollow">EdenX (EDENX)</a></h3><p>EDENX is a crypto crowdfunding platform where you can create your fundraiser. Create your own cryptocurrency fundraiser for any cause and help others realize their dreams.</p><h3 id="a-href-https-hugoinu-com-rel-noopener-noreferrer-nofollow-hugo-inu-hugo-a"><a href="https://hugoinu.com/" rel="noopener noreferrer nofollow">HUGO INU (HUGO)</a></h3><p>Hugo, a character in the game, is famous for his journey to rescue his family. Now he has found his new journey in the blockchain world, becoming the leader of Memeseasion.</p><h2 id="header-2">•••</h2><p><em><strong>Risk warning: </strong>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.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p><em>Do you want to buy, sell, and invest in cryptocurrencies and still have 100% control over your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that provides users with various options to trade and earn free tokens at extraordinarily high-interest rates and low charges.</em></p><p><em>At Melega, nobody manages your funds for you because you manage them directly from your personal wallet, while smart contracts transparently take care of everything else.</em></p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>Website: <a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow">https://melegaswap.finance</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter: <a href="https://twitter.com/meleganza" rel="noopener noreferrer nofollow">https://twitter.com/meleganza</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p>

May 28- June 03, 2023 Top Crypto News Recap: BKEX Halts Withdrawals, Mercedes Launches NFT, Elon Musk Faces Lawsuit

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