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<p>This week saw Bitcoin (BTC) break the $70,000 barrier again as Q1 closed strong, with some analysts predicting a future surge to at least $180,000 in the next bull run. But regulation continues to be a hot topic, with the SEC making headlines and a UK court freezing millions in assets tied to the Craig Wright vs. Satoshi Nakamoto saga.</p><p>Beyond those stories, get ready to dive into a packed week: a major figure in crypto sentenced to 25 years, an exchnge platform making a big switch, and legal battles brewing between US authorities and crypto companies. We&#39;ll unpack these developments and more, offering insights into the ever-evolving world of cryptocurrency. Let’s get into ‘em!</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/melega_swap" rel="noopener noreferrer nofollow">&#64;melega_swap</a>) on Twitter for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (March 24–30, 2024)</h2><p>●  Sam Bankman-Fried Sentenced to 25 Years for FTX Crimes</p><p>●  Coinbase to Shift all USDC Blances to Base Chain</p><p>●  US DOJ and CFTC Charge KuCoin for AML Violations and Unlicensed Operation</p><p>●  Terra Founder Do Kwon Released Amid Extradition Deliberations</p><p>●  SEC Seeks $2 Billion in Fines Against Ripple, Claims Exceed Authority</p><p>●  Fidelity Seeks Approval for Innovative Spot ETH ETF with Staking Option</p><h3 id="sam-bankman-fried-sentenced-to-25-years-for-ftx-crimes">Sam Bankman-Fried Sentenced to 25 Years for FTX Crimes</h3><p>Former FTX CEO Sam Bankman-Fried has been sentenced to 25 years in prison by Judge Lewis Kaplan for multiple felonies, including perjury and witness tampering, related to the collapse of cryptocurrency exchange FTX. This sentence comes with an $11-billion forfeiture judgment to ensure any future earnings by Bankman-Fried benefit the government and victims, not him.</p><p>While Bankman-Fried&#39;s legal team plans to appeal, the sentence addresses the massive losses incurred by investors, lenders, and customers, totaling $11 billion. The ruling also emphasizes the gravity of Bankman-Fried&#39;s crimes and rejects any reduction based on potential full repayment to FTX customers, highlighting the permanent impact on victims and the crypto industry.</p><h3 id="coinbase-to-shift-all-usdc-blances-to-base-chain">Coinbase to Shift all USDC Blances to Base Chain</h3><p>Coinbase is transferring both customer and corporate USD Coin (USDC) balances to Base, its own Ethereum layer-2 solution, aiming to improve fund management with lower fees and faster settlements. This move, distinct from the Coinbase Wallet, marks a significant step towards an on-chain financial system and sets a precedent for future cryptocurrency exchange and banking operations. Despite some centralization concerns, Coinbase plans for gradual decentralization of Base, reinforcing its commitment to blockchain integration and financial innovation.</p><h3 id="us-doj-and-cftc-charge-kucoin-for-aml-violations-and-unlicensed-operation">US DOJ and CFTC Charge KuCoin for AML Violations and Unlicensed Operation</h3><p>The US Department of Justice (DOJ) and the Commodity Futures Trading Commission (<a href="https://www.cftc.gov/PressRoom/PressReleases/8884-24" rel="noopener noreferrer nofollow">CFTC</a>) charged cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, with operating an unlicensed money transmitting business and failing to uphold Anti-Money Laundering (AML) protocols. The DOJ&#39;s <a href="https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally" rel="noopener noreferrer nofollow">indictment </a>reveals KuCoin&#39;s deliberate concealment of its significant US customer base, utilizing it to become a major global exchange without adhering to necessary AML safeguards. Founders Gan and Tang are currently at large.</p><h3 id="terra-founder-do-kwon-released-amid-extradition-deliberations">Terra Founder Do Kwon Released Amid Extradition Deliberations</h3><p>Do Kwon, the South Korean founder of Terraform Labs, <a href="https://www.bloomberg.com/news/articles/2024-03-23/crypto-fugitive-do-kwon-out-of-jail-but-his-next-destination-is-unclear" rel="noopener noreferrer nofollow">was released</a> from prison in Montenegro as the Supreme Court reviews extradition requests from the United States and South Korea. Kwon faces fraud allegations linked to Terra&#39;s $60 billion market collapse in 2022. His release followed the expiration of his detention for using fake travel documents, with the Supreme Court pausing a lower court&#39;s extradition ruling to South Korea, where penalties may be milder compared to the U.S.</p><h3 id="sec-seeks-2-billion-in-fines-against-ripple-claims-exceed-authority">SEC Seeks $2 Billion in Fines Against Ripple, Claims Exceed Authority</h3><p>Ripple&#39;s Chief Legal Officer, Stuart Alderoty, <a href="https://www.reuters.com/markets/us/sec-seeking-2-billion-ripple-labs-chief-legal-officer-says-2024-03-25/" rel="noopener noreferrer nofollow">revealed </a>that the SEC has requested a federal judge to impose $2 billion in fines and penalties against Ripple amid an ongoing legal battle initiated in 2020. The request, part of a sealed filing, comes despite a recent ruling favoring Ripple by defining XRP as not as a security in certain sales. Ripple criticizes the SEC&#39;s aggressive stance and plans to respond in April, challenging the unprecedented penalty size.</p><h3 id="fidelity-seeks-approval-for-innovative-spot-eth-etf-with-staking-option">Fidelity Seeks Approval for Innovative Spot ETH ETF with Staking Option</h3><p>Fidelity has submitted an S-1 application to the U.S. SEC for a groundbreaking spot Ether (ETH) exchange-traded fund (ETF) that includes a staking feature. This ETF, aimed to trade on the Cboe BZX Exchange, introduces potential staking rewards for investors, presenting new risks such as taxable events and slashing penalties. The move signals Fidelity&#39;s push into cryptocurrency investment products, despite regulatory uncertainties and potential risks from Ethereum&#39;s blockchain dynamics.</p><h2 id="header-1">NEWS FROM MELEGA ECOSYSTEM</h2><h3 id="a-href-https-www-memesoccer-com-rel-noopener-noreferrer-nofollow-meme-soccer-msoc-forms-a-strategic-partnership-with-melegaswap-a"><a href="https://www.memesoccer.com/" rel="noopener noreferrer nofollow">Meme Soccer (MSOC) Forms a Strategic Partnership With MelegaSwap </a></h3><p>MEME SOCCER merges the worlds of cryptocurrency and gaming, offering players a revolutionary platform where gaming skills translate into real-world rewards. With MEME SOCCER, players immerse themselves in a vibrant universe where they can customize their characters, engage in thrilling matches, and compete in tournaments. The play-to- earn model allows gamers to monetize their talents, earning valuable in-game rewards that can be converted to cryptocurrencies.</p><h3 id="a-href-https-melega-finance-swap-rel-noopener-noreferrer-nofollow-melegaswap-trends-at-6-on-dexstein-on-march-30-a"><a href="https://melega.finance/swap" rel="noopener noreferrer nofollow">MelegaSwap Trends at #6 on DexStein on March 30</a></h3><p>We&#39;re cooking something special for MelegaSwap and MELEGA hodlers. There are upcoming big news, new chains, new partnerships, and more. Our main aim is to strengthen our ecosystem and make the project bigger. 2022 marked the concept. 2023 marked the beginning. 2024 will mark the achievement of new heights. Stay with us.</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>Learn More About the Melega Ecosystem</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_swap" rel="noopener noreferrer nofollow">https://twitter.com/melega_swap</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: SBF Sentenced to 25 Years; KuCoin Sued by US Authorities; SEC Seeks $2B Fine From Ripple; and More (March 24–30, 2024)

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