Crypto enthusiasts, Melega Finance here. We have a wild week of crypto news ahead of us! Bitcoin surpassed $37,000 for the first time in 18 months, and Solana (SOL) experienced an impressive 22% surge on November 10, breaking past the $54 mark for the first time since May 2022, among many other token surges.

The global crypto market was bubbling with multiple news stories this week. What could you have missed? Let's check them out!

For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance on Twitter for more on all things crypto.

TOP CRYPTO NEWS RECAP (OCTOBER 29–NOVEMBER 4, 2023)

• Lawmaker Proposes Hilarious Salary Cut for SEC Chair to $1 Amidst Wider Defunding Plan
• Crypto Lender Hodlnaut Ordered to Liquidate by Singaporean Court
• Poloniex exchange hacked for over $100 million in digital assets
• BlackRock's Ethereum ETF Plan Confirmed
• Celsius Bankruptcy Plan Approved: Customers to Receive $2 Billion in Crypto
• Binance Introduces Ordinals (ORDI) Trading and Web3 Wallet

Lawmaker Proposes Hilarious Salary Cut for SEC Chair to $1 Amidst Wider Defunding Plan

US Representative Tim Burchett has proposed an amendment to the Financial Services and General Government (FSGG) bill to cut Securities and Exchange Commission (SEC) Chair Gary Gensler's salary to $1. Burchett's proposal is part of a wider plan to defund the regulator.

Nevertheless, the FSGG bill aims to cut government spending across various sectors. It's estimated that Gensler earns over $300,000 per year for his role as head of the SEC. The bill is not the first attack on the SEC and Gensler, with U.S. Representatives Warren Davidson and Tom Emmer previously introducing the SEC Stabilization Act to remove the crypto-skeptic Gensler as chair of the SEC.

Crypto Lender Hodlnaut Ordered to Liquidate by Singaporean Court

Crypto lender Hodlnaut was ordered to liquidate by a Singaporean court after ending judicial management, leaving users' funds frozen since August 2022. The company suspended deposits and withdrawals and withdrew its licensing application before the Monetary Authority of Singapore on August 8, 2022, citing market conditions.

Meanwhile, creditors include 17,000 users, Samtrade Custodian, S.A.M. Fintech, and the Algorand Foundation. Hodlnaut avoided forced liquidation by receiving court-appointed IJMs, but creditors rejected a restructuring plan in January and voted overwhelmingly for liquidation in April.

Poloniex exchange hacked for over $100 million in digital assets

Poloniex, a digital asset exchange, has been hacked, with over $100 million in crypto being drained by attackers.Blockchain security firms believe that the incident was due to a “private key compromise.” Moreover, the exchange stated that it maintains a healthy financial position and will fully reimburse the affected funds. Justin Sun, the billionaire entrepreneur who acquired the exchange in 2019, also posted the same assurance. Sun also offered a 5% white-hat bounty to the Poloniex hacker and claimed that he is looking for collaborations to recover the lost funds.

BlackRock's Ethereum ETF Plan Confirmed

BlackRock, the world's largest asset manager, seeks to list an ETF that holds Ethereum's ether (ETH), deepening its commitment to cryptocurrencies. The plan was revealed in a filing by Nasdaq, where BlackRock will seek to list the product. This disclosure massively drove the price of Ethereum past $2,000.

However, the company has already made waves in crypto by seeking to list a Bitcoin ETF, which the community sees as a “done deal.” According to the new filing, Coinbase would be the custodian for the ether held by the product. BlackRock also has a market-surveillance pact with Coinbase. The filing appeared to try and preempt possible SEC objections to the surveillance-sharing aspect.

Celsius Bankruptcy Plan Approved: Customers to Receive $2 Billion in Crypto

The Celsius bankruptcy plan has been approved, allowing customers to receive shares in the reorganized company, NewCo, and around $2 billion in Bitcoin and Ether to be redistributed to Celsius creditors. Many of the creditors were participants in its Earn program, which allowed them to earn weekly rewards by holding CEL tokens that were locked for a year.

NewCo will expand the existing mining operations of former crypto lender Celsius and will be managed by the Fahrenheit consortium. However, the former CEO, Alex Mashinsky, was arrested in July 2023 on charges of securities fraud, commodities fraud, and wire fraud.

Binance Introduces Ordinals (ORDI) Trading and Web3 Wallet

Binance, the world’s leading cryptocurrency exchange, has announced that users can now trade Ordinals (ORDI), a BRC-20 token collection minted on the Bitcoin blockchain, against Tether USDT, Bitcoin BTC, and the Turkish lira. As noted, the ORDI token has no listing fees, and withdrawals will open on Nov. 8. To incentivize users, the first 1,000 who deposit at least 72 ORDI to the exchange will receive a 50 USDT trading rebate voucher.

Within the same week, Binance also launched its new Web3 wallet, using multiparty computation (MPC) to break a user's private keys into three smaller parts, two of which will be controlled by the user for self-custody.

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