This week, the darker side of crypto surfaced when Kanye West, now Ye, revealed he rejected a $2 million offer to promote a crypto scam. The scheme allegedly involved him posting a fraudulent promotion to his 32.6 million followers before claiming his account was hacked—by which time victims could have already lost significant sums.
Meanwhile, the number of unique cryptocurrency tokens listed on CoinMarketCap is nearing 11 million, with over 10.99 million digital assets now available. This surge, largely driven by memecoins on the Solana network, marks a dramatic rise in 2024 and early 2025.
The price of Bitcoin (BTC) struggled to hold the $100k mark, dropping 3.22% in the last seven days and now trading at just over $97k.
Follow along as we discuss last week's key updates in the cryptocurrency market.
Visit our website for transparent and decentralized crypto trading and to list your crypto token for free. For more, follow Melega Finance (@meleganews) on X.
TOP CRYPTO NEWS RECAP (February 2–February 8, 2024 2025)
- Coinbase Faces Legal Setback in Investor Lawsuit
- Tornado Cash Developer Released, Privacy Debate Intensifies
- SEC Takes First Step Toward Spot Solana ETF Approval
- Trump-Backed Truth Media Plans ETFs Tied to Bitcoin and U.S. Energy
- Bitcoin Miners Struggle Amid Rising Difficulty, Riot Platforms Stands Out
- Crypto.com Eyes ETF for Cronos as Institutional Adoption Grows
Coinbase Faces Legal Setback in Investor Lawsuit
A U.S. federal judge ruled that Coinbase must face allegations of selling unregistered securities, rejecting its claim that it isn’t a “statutory seller” under federal law. Plaintiffs argue the exchange sold 79 cryptocurrencies illegally without broker-dealer registration. Initially dismissed in 2023, the lawsuit was revived on appeal. Coinbase maintains it doesn’t list securities and views the narrowed discovery scope as a positive. Meanwhile, the exchange remains in a legal battle with the SEC over its regulatory status and banking access.
Tornado Cash Developer Released, Privacy Debate Intensifies
Alexey Pertsev, developer of Tornado Cash, was released from prison on Feb. 7 and placed under house arrest as he prepares his legal appeal. Arrested in 2022 and convicted of money laundering in 2024, Pertsev’s case has alarmed privacy advocates, who fear legal threats to open-source developers. Meanwhile, U.S. courts recently overturned sanctions on Tornado Cash, ruling that immutable smart contracts are not property. The case remains a key battleground in the fight over financial privacy and regulatory overreach in crypto.
SEC Takes First Step Toward Spot Solana ETF Approval
The SEC has acknowledged Grayscale’s amended application for a spot Solana ETF, marking a shift in regulatory stance. Bloomberg analysts call this a “notable” development, as previous filings were rejected. The change comes amid leadership transitions at the SEC and ongoing crypto lawsuits. The final decision on Grayscale’s ETF is expected by October 11. Other firms, including 21Shares and Bitwise, are also vying for approval. Analysts predict a spot Solana ETF could attract up to $6 billion in its first year if approved.
Trump-Backed Truth Media Plans ETFs Tied to Bitcoin and U.S. Energy
Trump Media and Technology Group (TMTG) is launching exchange-traded funds (ETFs) and separately managed accounts (SMAs) linked to its Truth Social platform, with a focus on Bitcoin, U.S. energy independence, and manufacturing. The company, majority-owned by Donald Trump, filed trademarks for several “Truth.Fi” investment products, backed by an initial $250 million. CEO Devin Nunes frames the initiative as an alternative to “woke funds.” Meanwhile, Republican leaders and SEC Commissioner Hester Peirce push for pro-crypto regulations, aligning with Trump’s promise to support digital assets.
Bitcoin Miners Struggle Amid Rising Difficulty, Riot Platforms Stands Out
January saw a decline in Bitcoin production for major miners like Hut 8, Marathon, and Bitfarms as mining difficulty surged to an all-time high of 110 trillion (T). Riot Platforms defied the trend, increasing its output by 2.1%, aided by a new Texas facility with a 15.7 EH/s hash rate. With mining difficulty up 27.8% since the April 2024 halving, miners are upgrading equipment to stay competitive. However, with difficulty easing slightly to 108 T, the industry may see some relief ahead.
Crypto.com Eyes ETF for Cronos as Institutional Adoption Grows
Crypto.com plans to launch an ETF for its native token, Cronos (CRO), by Q4 2025, pushing toward greater institutional adoption. Ahead of this, the exchange will introduce stock trading, banking features, and a new stablecoin by Q3. Having secured a MiCA license, Crypto.com can now operate across the European Economic Area. Meanwhile, institutional interest in crypto ETFs is surging, with Bitcoin and Ethereum funds attracting billions. A shifting U.S. regulatory landscape could pave the way for even more crypto investment products this year.
NEWS FROM MELEGASWAP
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Melega.finance Approves Farming Grants for $TRUMPET!
Melega.finance is pleased to announce the official approval of farming grants for $TRUMPET, a project that truly embodies the principles of decentralization!
TRUMPET (TRUMPET) Farm Listed on MelegaSwap
Trump is blowing the trumpet, and the sound is unstoppable! Inspired by the vibrance and power of music, Crypto Trumpet is here to shake up the crypto space like a jazz solo at its peak.
Fartcoin (FARTCOIN) Trading Started on MelegaSwap
Fartcoin is a meme cryptocurrency launched in 2024 on the Solana blockchain, designed for humor and community engagement, featuring a unique 'Gas Fee' system that emits digital fart sounds during transactions.
MelegaSwap Secures Top-Tier Marketing Partnership with Positive Mind (PM)
This is a movement, not just a token. A revolution of positive thinking in crypto. It has also been listed on the MelegaSwap decentralized exchange.
ai16z (AI16Z) Trading Started on MelegaSwap
AI16z is an innovative token on the Solana blockchain, combining AI and community governance within its operational framework.
Gigachad (GIGA) Trading Started on MelegaSwap
Gigachad is a meme that has been around for years and is now a worldwide phenomenon. The meme is based on a photoshoot of Russian bodybuilder Ernest Khalimov, who was coined "Gigachad" for his perfect physique and jawline, and he is a symbol of what a peak masculine male should strive for.
Popcat (SOL) (POPCAT) Trading Started on MelegaSwap
POPCAT is a meme-based cryptocurrency inspired by a viral meme featuring a cat named Oatmeal, operating on the Solana blockchain. It combines internet culture with the advantages of Solana's transaction efficiency.
MelegaSwap Awards Farming Grants to POSITIVE MIND!
This is big news for the Polygon ecosystem! MelegaSwap has officially assigned farming grants to Positive Mind (PM), empowering the project to expand its reach and impact!
ZERA (ZERA) CTO Trading Started on MelegaSwap
In the vast savanna of cryptocurrency, $ZERA stands out like a zebra's stripes—unique, bold, and impossible to ignore. Our token draws inspiration from nature's most striking equine, the zebra, symbolizing individuality in a world of conformity.
Render (RENDER) Trading Started on MelegaSwap
Welcome to Render Network, the world's first decentralized GPU rendering platform to supercharge your creative workflow. We harness idle GPU power worldwide, providing near-limitless rendering capacity at a fraction of the usual cost.
Bonk (BONK) Trading Started on MelegaSwap
Bonk is Solana's social layer and community meme coin with deep integrations as a utility token across a wide base of applications and protocols within the Web3 ecosystem.
Jupiter (JUP) Trading Started on MelegaSwap
Jupiter is one of the best decentralized liquidity platforms, the largest DAO & best community in crypto.
Virtuals Protocol (VIRTUAL) Trading Started on MelegaSwap
Virtuals Protocol is a decentralized platform that combines AI and blockchain technologies to create, own, and monetarily benefit from AI-driven virtual agents.
Jito (JTO) Trading Started on MelegaSwap
JTO enables token holders to make key decisions to shape Jito Network's future. This will ensure that Jito Network continues to evolve and thrive in alignment with users' needs and the broader Solana ecosystem.
Pyth Network (PYTH) Trading Started on MelegaSwap
Pyth Network is a first-party financial oracle that provides real-time market data for various assets, including crypto, equities, and commodities, to over 90 blockchains.
Test (TST) | Farming Started on MelegaSwap
Say "Hello" to the latest Binance Smart Chain Family member, Test Token, deployed by Binance on four.meme.
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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