Hello, crypto enthusiasts! This is MelegaSwap, the world's leading decentralized ecosystem. Welcome to the latest edition of our weekly cryptocurrency news roundup, where we will discuss the most interesting news from the crypto market from September 10 to September 16, 2023.
Bitcoin (BTC) is up 2.69% in the past 7 days, while Ethereum (ETH) has been named the least popular digital asset of 2023 among exchange-traded product (ETP) investors. This comes as the cryptocurrency market faces a resurgence of bearish sentiment, with four consecutive weeks of outflows from digital asset investment products.
In major news, Remitano, the popular peer-to-peer exchange, experienced a $2.7 million hack, but Tether froze one address, potentially saving $1.4 million of customers' crypto. The company assures users that their assets remain fully protected.
In this week's crypto news recap: SEC sues Stoner Cats creator for unregistered NFTs, OneCoin co-founder gets 20-year sentence, FTX approved for $100M weekly asset liquidation, Huobi rebrands to HTX with mixed reactions, PayPal launches crypto on/off ramps, and more Binance.US execs depart. Ready to have the full gist? Let’s dive in!
TOP CRYPTO NEWS RECAP (SEPTEMBER 10 – SEPTEMBER 16, 2023)
- SEC Sues Creator of Stoner Cats Web Series for an Unregistered Offering of NFTs
- Karl Greenwood, Co-Founder of OneCoin, Gets a 20-Year Prison Sentence for Crypto Ponzi Scheme
- FTX Exchange Receives Court Permission to Liquidate Its Assets, Up to $100 Million Per Week
- Huobi Crypto Exchange Rebrands to HTX, but the Community Is Skeptical
- PayPal Launches On and Off Ramps, Bringing Crypto and NFTs to Mainstream Payments
- Two More Top Executives Depart Binance.US, CZ Calls It a “Deserved Break.”
SEC Sues Creator of Stoner Cats Web Series for an Unregistered Offering of NFTs
The crypto-NFT-sceptic Securities and Exchange Commission (SEC) has charged the creators of 'Stoner Cats' for selling unregistered securities through NFTs, raising over $8 million. The web series, featuring A-list voices, sold out in 35 minutes, emphasizing resale value. However, Stoner Cats settled, agreeing to a $1 million fine, fund for affected investors, and NFT destruction.
This is a big deal because it shows that the SEC is taking NFTs seriously. They've already taken action against one other NFT project, and celebrities like Kim Kardashian have also been under scrutiny.
Karl Greenwood, Co-Founder of OneCoin, Gets a 20-Year Prison Sentence for Crypto Ponzi Scheme
Karl Greenwood, co-founder of the fraudulent OneCoin cryptocurrency, received a 20-year prison sentence for orchestrating a massive $4 billion scam. Greenwood's role in the pyramid scheme defrauded over 3.5 million victims. His partner, Ruja Ignatova, remains at large and is on the FBI's Most Wanted list.
Greenwood, which was also ordered to forfeit $300 million, was the top distributor, pocketing over $300 million from OneCoin sales. The scheme, falsely marketed as a legitimate cryptocurrency, operated from 2014 to 2016, accumulating billions in sales revenue. The sentencing serves as a warning against crypto fraud.
FTX Exchange Receives Court Permission to Liquidate Its Assets, Up to $100 Million Per Week
The news surrounding FTX, the bankrupt exchange, has been making headlines lately. However, there is a glimmer of hope for the exchange, as it has recently gained court approval to sell up to $100 million in crypto assets weekly. This move is a part of FTX's liquidation plan aimed at repaying creditors and reducing market volatility risks.
FTX's liquidation plan is a significant step towards recovery, as it aims to recover over $3 billion following its collapse in 2022. While the market watches closely, experts believe that it won't heavily impact assets like Ethereum, Solana, and other altcoins held by the struggling exchange. This is good news for investors who may have been worried about market instability due to the sell-off.
Huobi Crypto Exchange Rebrands to HTX, but the Community Is Skeptical
Huobi, a leading exchange, celebrates its 10th anniversary with a controversial rebrand to HTX, signaling a fresh era. The name amalgamates "H" from Huobi, "T" from Tron, and "X," possibly denoting its 10-year milestone or just “exchange.” HTX aims for a metaverse-free port, envisioning financial freedom for all 8 billion global residents. It focuses on global expansion, ecosystem growth, wealth impact, and security compliance.
Interestingly, many community members question its resemblance to the defunct FTX exchange, while Justin Sun's interest in FTX assets fuels speculation.
PayPal Launches On and Off Ramps, Bringing Crypto and NFTs to Mainstream Payments
PayPal introduces Off Ramps for seamless crypto-to-USD conversion directly into PayPal balances for U.S. users. This expansion complements their earlier On Ramp service, allowing convenient crypto purchases.
As a result of this new product, Web3 platforms gain access to PayPal's vast user base, with robust security measures included. The move underscores PayPal's commitment to shaping the future of digital finance, following recent initiatives like the introduction of stablecoin PYUSD.
Two More Top Executives Depart Binance.US, CZ Calls It a “Deserved Break”
Binance.US, the US-based cryptocurrency exchange, is facing more top executives leaving after CEO Brian Shroder's departure and staff layoffs. The Wall Street Journal reported that Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya are departing.
Juvvadi was one of the company's contacts for communicating with the SEC, which is taking legal action against Binance.US for unregistered securities operations. The company has also seen the departures of executives and layoffs this year. Nevertheless, Changpeng Zhao, the founder of the exchange, took to Twitter to address customers'concerns about these latest developments, saying it’s just a “deserved break.”
NEWS FROM THE MELEGASWAP ECOSYSTEM
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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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