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<p>Welcome to Melega Finance&#39;s weekly crypto recap, where we unravel the most compelling stories of the week with a spotlight on legal and bankruptcy developments. From FTX&#39;s legal battles and Genesis settling with the SEC to a congressional pushback against an SEC rule, this week&#39;s news is packed with regulatory twists.</p><p>But that&#39;s not all—cryptocurrency projects unlocking $900 million in tokens and the emergence of Celsius from bankruptcy add more layers to the narrative.</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://twitter.com/melegadex" rel="noopener noreferrer nofollow">&#64;melegadex</a>) on Twitter for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (JANUARY 28–FEBRUARY 03, 2024)</h2><p>●  FTX&#39;s $400M Hack Linked to SIM-Swap Trio: 3 Charged by Feds</p><p>●  Genesis Settles SEC Lawsuit for $21M in Bankruptcy Deal</p><p>●  Celsius Emerges from Bankruptcy, Initiates $3B Return to Creditors</p><p>●  FTX Plans Full Repayment, Shelves Restart Amid Bankruptcy</p><p>●  Crypto Projects to Unlock $900M in Vested Tokens in February</p><p>●  Congressional Move to Overturn SEC Rule on Crypto Custody Sparks Debate</p><h3 id="ftx-39-s-400m-hack-linked-to-sim-swap-trio-3-charged-by-feds">FTX&#39;s $400M Hack Linked to SIM-Swap Trio: 3 Charged by Feds</h3><p>In a major development, three individuals—Robert Powell, Carter Rohn, and Emily Hernandez—<a href="https://cointelegraph.com/news/crypto-exchange-ftx-400m-hack-sim-swap-attack" rel="noopener noreferrer nofollow">have been charged</a> by U.S. prosecutors for orchestrating SIM-swap attacks, directly linked to the $400 million FTX hack in 2022. The trio allegedly stole identities, convincing telecom providers to transfer victims&#39; numbers to their phones. The court filing revealed that Hernandez impersonated an employee, enabling Powell to access FTX&#39;s AT&amp;T account, transfer over $400 million in virtual currency from crypto wallets just hours after the exchange filed for bankruptcy. FTX&#39;s CEO cited poor security, making it an attractive target for the alleged attackers.</p><h3 id="genesis-settles-sec-lawsuit-for-21m-in-bankruptcy-deal">Genesis Settles SEC Lawsuit for $21M in Bankruptcy Deal</h3><p>Bankrupt firm Genesis Global Holdco and its affiliates have reached a $21 million settlement with the SEC over the &#34;unregistered offer and sale of securities&#34; through the Gemini Earn program. The proposed deal, subject to a Feb. 14 hearing, aims to resolve the SEC&#39;s civil lawsuit and eliminate the uncertainties of protracted litigation. <a href="https://restructuring.ra.kroll.com/genesis/Home-DownloadPDF?id1&#61;MzA1NjE5Mg&#61;&#61;&amp;id2&#61;-1" rel="noopener noreferrer nofollow">The settlement</a>stems from actions between February 2021 and November 2022, leading to Genesis&#39; bankruptcy in January 2023. This marks the latest SEC settlement in ongoing crypto-related lawsuits, echoing similar cases with firms like Bittrex.</p><h3 id="celsius-emerges-from-bankruptcy-initiates-3b-return-to-creditors">Celsius Emerges from Bankruptcy, Initiates $3B Return to Creditors</h3><p>Crypto lender Celsius has <a href="https://www.businesswire.com/news/home/20240131994097/en/Celsius-Emerges-from-Chapter-11-and-Commences-Distributions-of-Over-3-Billion-of-Cryptocurrency-to-Creditors/" rel="noopener noreferrer nofollow">successfully exited</a> Chapter 11 bankruptcy, marking a significant turnaround since its collapse in 2022. The company plans to distribute over $3 billion in crypto and fiat to creditors, facilitated by the creation of Ionic Digital, a Bitcoin mining company.</p><p>Approximately 98% of Celsius creditors approved the exit plan, allowing the distribution process to commence. Additionally, Celsius has increased the amount available for distribution by $250 million through strategic conversions. The bankruptcy exit is a result of a collaborative effort, defying initial expectations of a complete disappearance. Former CEO Alex Mashinsky faces legal challenges amid the company&#39;s restructuring.</p><h3 id="ftx-plans-full-repayment-shelves-restart-amid-bankruptcy">FTX Plans Full Repayment, Shelves Restart Amid Bankruptcy</h3><p>FTX&#39;s legal team, in a United States Bankruptcy Court hearing, <a href="https://www.youtube.com/watch?v&#61;jHbFL9M7Cgo" rel="noopener noreferrer nofollow">revealed plans</a> to fully repay users and creditors without restarting the exchange, citing the lack of investor commitment for FTX 2.0. The bankruptcy lawyer highlighted the challenges posed by former CEO Sam Bankman-Fried&#39;s mismanagement, emphasizing the high costs and risks of resurrecting the defunct exchange.</p><p>Bankman-Fried, found guilty of fraud, awaits sentencing in March. FTX Token&#39;s price briefly surged amid the announcement. The court ruling favored debtors&#39; reimbursement proposals based on crypto asset prices at the time of bankruptcy, rejecting creditors&#39; &#34;in kind&#34; repayment proposition.</p><h3 id="crypto-projects-to-unlock-900m-in-vested-tokens-in-february">Crypto Projects to Unlock $900M in Vested Tokens in February</h3><p>In February, crypto projects such as Avalanche, Aptos, The Sandbox, Optimism, and Sui are poised to release nearly $900 million in <a href="https://token.unlocks.app/" rel="noopener noreferrer nofollow">vested digital assets</a>. Vested tokens, locked for a predetermined time, prevent early investors from quick profit-taking and encourage long-term commitment.</p><p>Avalanche leads with 9.5 million tokens, valued at around $320 million, set for release on Feb. 22. Aptos, The Sandbox, Optimism, and Sui follow suit with substantial releases. However, the sudden influx of tokens could potentially impact cryptocurrency market prices, as per tokenomics considerations.</p><h3 id="congressional-move-to-overturn-sec-rule-on-crypto-custody-sparks-debate">Congressional Move to Overturn SEC Rule on Crypto Custody Sparks Debate</h3><p>Members of the U.S. Congress, led by Representatives Mike Flood, Wiley Nickel, and Senator Cynthia Lummis, are<a href="https://flood.house.gov/media/press-releases/congressmen-flood-nickel-senator-lummis-introduce-bipartisan-resolution-repeal" rel="noopener noreferrer nofollow">pushing to repeal</a> the Staff Accounting Bulletin 121 (SAB 121) imposed by the Securities and Exchange Commission (SEC). The rule requires banks to hold clients&#39; cryptocurrency assets on their balance sheets, impacting the willingness of regulated banks to serve as crypto custodians.</p><p>Critics argue that SAB 121, which lacks prior consultation, treats crypto holdings differently and poses risks to consumer protection. A Congressional Review Act resolution seeks to formally disapprove the SEC&#39;s rule, prompting a broader debate on regulatory oversight.</p><h2 id="header-1">NEWS FROM MELEGA ECOSYSTEM</h2><h3 id="a-href-https-www-mememintcoin-com-home-rel-noopener-noreferrer-nofollow-meme-mint-mememint-farm-pool-on-melegaswap-a"><a href="https://www.mememintcoin.com/home" rel="noopener noreferrer nofollow">MEME MINT (MEMEMINT) Farm &amp; Pool on MelegaSwap</a></h3><p>Anchored by Minty the Magician, the heart and soul of the project, MemeMint goes beyond being a mere cryptocurrency venture. It&#39;s a community-driven movement at the crossroads of memes, blockchain technology, and creative expression. Born in October 2023, this adventure is fueled by a collective passion for the boundless realm of internet humor and the vast possibilities offered by blockchain.</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 while still having 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/melegadex" rel="noopener noreferrer nofollow">https://twitter.com/melegadex</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>

Crypto Weekly Recap: Celsius Exits Bankruptcy; FTX Plans Full Repayment; Congressional Move Sparks Debate on SEC Rule; and More (Jan. 28–Feb. 03, 2024)

Crypto Weekly Recap: Celsius Exits Bankruptcy; FTX Plans Full Repayment; Congressional Move Sparks Debate on SEC Rule; and More (Jan. 28–Feb. 03, 2024)

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