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<p>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.</p><p>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.</p><p>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!</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (OCTOBER 1–OCTOBER 7, 2023)</h2><p>● Alex Mashinsky is set to face a criminal trial on September 17, 2024</p><p>● Judge Denies SEC Motion for Interlocutory Appeal Against Ripple</p><p>● Crypto-Friendly Congressman McHenry Temporarily Takes Over U.S. House</p><p>● Court Trial for SBF Kickstarts With Interesting Updates</p><p>● Ledger dismisses 12% of its workforce due to "macroeconomic headwinds."</p><p>● Friend.tech Subjected to SIM-swap Attack, Losing Over $385K in Users’ Funds</p><h3 id="alex-mashinsky-is-set-to-face-a-criminal-trial-on-september-17-2024">Alex Mashinsky is set to face a criminal trial on September 17, 2024</h3><p>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.</p><p>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.</p><h3 id="judge-denies-sec-motion-for-interlocutory-appeal-against-ripple">Judge Denies SEC Motion for Interlocutory Appeal Against Ripple</h3><p>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.</p><h3 id="crypto-friendly-congressman-mchenry-temporarily-takes-over-u-s-house">Crypto-Friendly Congressman McHenry Temporarily Takes Over U.S. House</h3><p>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.</p><p>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.</p><p>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.</p><h3 id="court-trial-for-sbf-kickstarts-with-interesting-updates">Court Trial for SBF Kickstarts With Interesting Updates</h3><p>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.</p><p>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.</p><p>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.</p><h3 id="ledger-dismisses-12-of-its-workforce-due-to-macroeconomic-headwinds">Ledger dismisses 12% of its workforce due to "macroeconomic headwinds."</h3><p>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.</p><p>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.</p><h3 id="friend-tech-subjected-to-sim-swap-attack-losing-over-385k-in-users-funds">Friend.tech Subjected to SIM-swap Attack, Losing Over $385K in Users’ Funds</h3><p>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.</p><p>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.</p><h2 id="header-1">NEWS FROM THE MELEGASWAP ECOSYSTEM</h2><h3 id="strong-melegaswap-and-gempad-forge-a-strategic-partnership-strong"><strong>🔥MelegaSwap and GemPad Forge a Strategic Partnership</strong></h3><p>We are thrilled to announce a strategic partnership with GemPad - the #1 Multichain Launchpad. Now on GemPad, you can choose MelegaSwap as your preferred DEX to launch your new crypto project on the BNB chain. By choosing MelegaSwap you will get unparalleled benefits compared to listing on any other DEX. Learn more <a href="https://t.me/melegacommunity/254892" rel="noopener noreferrer nofollow">HERE</a>.</p><h3 id="strong-dogereaperai-drai-farm-pool-on-melegaswap-strong"><strong>DogeReaperAI (DRAI) Farm &amp; Pool on MelegaSwap</strong></h3><p>DogeReaperAI represents an innovative initiative to bridge the divide between artificial intelligence and individuals less familiar with its applications, all while revolutionizing the landscape of crypto memes. This document offers an overview of the initiative's core features, utilities, and tokenomics.</p><h3 id="hacienda-hada-farm-pool-on-melegaswap">Hacienda (HADA) Farm &amp; Pool on MelegaSwap</h3><p>The mission of the $<a href="https://hacienda.tech/" rel="noopener noreferrer nofollow">HADA project</a> is to empower HADA token holders by providing them with unique opportunities to reap profits from lucrative real estate rental ventures. The vision is to construct a self-sustaining Global Real Estate Ecosystem</p><h3 id="clowncoin-clowns-farm-pool-on-melegaswap">Clowncoin (CLOWNS) Farm &amp; Pool on MelegaSwap</h3><p>Join the <a href="https://clowncoinbsc.com/" rel="noopener noreferrer nofollow">Circus</a> to the moon!</p><h3 id="pspay-pspay-farm-pool-on-melegaswap">PSPAY (PSPAY) Farm &amp; Pool on MelegaSwap</h3><p><a href="https://www.paycoin.solutions/" rel="noopener noreferrer nofollow">The Pspay token</a> will revolutionize the way you use your cryptocurrencies. With it, you can make payments, and shop at partner physical stores using the Pspay app, and in the Paycoin Shop marketplace.</p><h3 id="">•••</h3><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>Do you want to buy, sell, and invest in cryptocurrencies and still have 100% control of your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Website:<a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow"> https://melegaswap.finance</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</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/melega_space" rel="noopener noreferrer nofollow">https://twitter.com/melega_space</a></p><p>Binance Feed Page: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</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>

Melega Crypto News Recap: SBF’s Trial Started; Ledger Cuts Staff; SEC Motion Denied; Ex-Celcius CEO Faces Criminal Trial; and More (Oct. 1-7 2023)

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