Hey, crypto champs! This is MelegaSwap, the world’s leading decentralized ecosystem. Welcome to the latest edition of the weekly cryptocurrency news roundup, where we will uncover the most interesting news about the crypto market from September 3 to September 9, 2023.
Although the market has remained relatively stable in recent weeks, the first week of September has been eventful in the world of cryptocurrency, with several high-profile legal proceedings taking place. From Genesis Global Capital's lawsuit against affiliate companies for $600 million in overdue loans to the former Co-CEO of FTX Digital Markets pleading guilty to defrauding the FEC, it's been a rollercoaster ride.
In other news, the Head of Product at Binance stepped down amidst regulatory pressure, and the Founder of Thodex Crypto Exchange received an 11,196-year sentence for fraudulent activities.
In this edition, we'll be taking a closer look at some of the major headlines that have dominated the crypto news space from the 2nd day of September to the 9th day of September. So buckle up and let's dive in!
TOP CRYPTO NEWS RECAP (SEPTEMBER 3 – SEPTEMBER 9, 2023)
- Genesis Global Capital Sues Affiliate Companies for $600 Million in Overdue Loans
- FTX Founder Calls Department of Justice's Requests "Unworkable" in Court Memo
- ARK Investment Management Turns to Ether As SEC Delays Bitcoin ETF Approval
- Binance’s Head of Product Steps Down Amidst Regulatory Pressure
- Former Co-CEO of FTX Digital Markets Pleads Guilty to Defrauding FEC
- Thodex Crypto Exchange Founder Receives 11,196-Year Sentence for Fraudulent Activities
Genesis Global Capital Sues Affiliate Companies for $600 Million in Overdue Loans
Genesis Global Capital is suing DCG for unpaid loans totaling over $600 million in Bitcoin. DCG, owner of bankrupt crypto lender Genesis, is accused of not repaying loans. These loans were part of a "master loan agreement" made in 2019. One loan matured on May 11, 2023, and wasn't repaid. Genesis has agreed to pause legal action to work out a deal with DCG, aiming to recover funds for creditors. Genesis lent 18,697.7 BTC to DCGI in 2022, but a balance of 4,550.5 BTC remains. Talks continue, but there is no resolution yet. These lawsuits are crucial in Genesis' Chapter 11 bankruptcy process.
FTX Founder Calls Department of Justice's Requests "Unworkable" in Court Memo
Sam Bankman-Fried, ex-CEO of FTX crypto exchange, is pushing back against the Department of Justice (DOJ). He filed a memo on Sept. 1 to block the DOJ's requests, calling them baseless and too wide-ranging. SBF's lawyer, Mark Cohen, argues these requests include irrelevant and damaging evidence, making it tough to defend. He insists that the court should reject the DOJ's demands, deeming them legally unsound and impractical. This clash follows recent DOJ motions to ban SBF's expert witnesses and label his fraud defense irrelevant. Meanwhile, SBF's lawyers seek his temporary release, alleging bail revocation as retaliation for exercising his First Amendment rights.
ARK Investment Management Turns to Ether As SEC Delays Bitcoin ETF Approval
The SEC has delayed its decision on Cathie Wood's ARK Investment Management's spot Bitcoin ETF, causing a stir in the crypto market. They're extending the review and seeking public input, pushing the original decision deadline past Aug. 13. With over 70 past rejections for spot Bitcoin ETFs, this delay amplifies anticipation among crypto investors and firms like BlackRock and Fidelity. Wood, confident about approval, highlights their commitment to BTC, whether spot or futures. Meanwhile, the SEC is probing market manipulation and surveillance reliability concerns. Ark Investment Management also proposes an Ethereum ETF, adding to the crypto ETF frenzy.ETH's price briefly surged post-news.
Binance’s Head of Product Steps Down Amidst Regulatory Pressure
Binance's Global Head of Product, Mayur Kamat, resigned amidst mounting regulatory pressure, marking the latest in a series of high-level departures. Previously, in July, Chief Strategy Officer Patrick Hillman and Compliance Executive Steven Christie left, citing personal reasons, but scrutiny over Binance's regulatory compliance raised doubts.
More recently, in late August, the head of Asia-Pacific, Leon Foong, also resigned. Binance faces legal action from the US SEC and CFTC, alleging violations of derivatives and investor protection regulations. These departures reflect growing uncertainty about Binance's future amid intensified regulatory scrutiny. Kamat plans to pass product leadership to the next generation of Binance leaders.
Former Co-CEO of FTX Digital Markets Pleads Guilty to Defrauding FEC
Former FTX Co-CEO, Ryan Salame, has admitted guilt in a significant crypto scandal. He pleaded guilty to charges related to illegal political contributions and operating an unlicensed money transmitting business. Salame, the fourth high-profile figure linked to FTX, faces possible prison time for campaign finance violations and running an unlicensed enterprise. As part of the deal, he must forfeit over $1.5 billion. Salame's hearing is scheduled for March 6. FTX's ex-CEO, Sam Bankman-Fried, who faces multiple charges, has maintained his innocence. Salame's plea adds to a string of FTX executives pleading guilty in connection to the exchange's troubles. FTX declared bankruptcy in late 2022, leaving a massive shortfall in customer funds.
Thodex Crypto Exchange Founder Receives 11,196-Year Sentence for Fraudulent Activities
Former Thodex CEO, Faruk Fatih Ozer, has been sentenced to 11,196 years in prison for fraud and other crimes. Ozer's abrupt exit in 2021 left 400,000 users in financial chaos. Turkish authorities swiftly acted, detaining 62 individuals. Initial estimates put losses at $24 million, but Chainalysis revealed a shocking $2.52 billion, representing 90% of global crypto fraud losses in 2021. Ozer was caught in Albania in 2022 and extradited to Turkey. The scandal has cast a shadow over Turkey's crypto landscape, denting hope amid high inflation. Ozer's sister and brother also face charges, with extraordinary sentences not uncommon in Turkey.
NEWS FROM THE MELEGASWAP ECOSYSTEM
ITs CORN (ICN) Listed on Melega Finance
ITs CORN is a deflationary meme token with rewards and low fees. ICN rewards holders with a partnered token, CakeMoon. ICN is community-governed, where the community votes on important project decisions. ICN has staking built into the source code to be switched on as determined by the community. ICN aims to develop an IOS/Android game to reward players and further burn the supply of ICN.
MelegaSwap Partners With Baka Casino
The Baka Casino project is a transformative ecosystem that diverges from traditional casinos. It's a dynamic platform supporting gambling developers and casino builders, with a bold aim to establish itself as a leading memecoin in the betting and gambling market. Baka Casino's innovation lies in its unique approach, fostering partnerships and seamless token integration within casinos, thus revolutionizing the gambling industry landscape.
MelegaSwap and Farmer Coin Join Forces
Farmer Coin (FARM) is a project designed to bring the value and importance of agricultural work to blockchain in order to support the sector and its operators with the new opportunities offered by digital asset technology.
DEX ON CRYPTO (DOCSWAP) Listed on MelegaSwap
Empowering Decentralized Trading.where decentralized trading reaches new heights. Our DEX is committed to providing trading capabilities across a multitude of EVM-based blockchains and tokens, offering unparalleled support and a user-friendly platform for secure exchanges. Whether you're a blockchain project or a token, gaining official listing on our DEX is straightforward, empowering you to thrive in the world of decentralized finance.
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.
Trade with the best decentralized AMM cryptocurrency exchange
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.
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.
Learn More About the Melega Ecosystem
Crypto Services Hub: https://melega.space/
Binance Feed Page: https://www.binance.com/en/feed/profile/212703589
YouTube: Melega Finance Official