Crypto Weekly Recap: From April 28 to May 4, 2024, Binance US lost another license, CZ was sentenced, a trader lost $68 million in cryptocurrency, and more.

 

The cryptocurrency market saw further turbulence this week as Bitcoin (BTC) fell to multi-month lows on May 1. The value of Bitcoin has dropped by 15% from its peak despite the impending halving event and growing institutional use, both of which usually portend a future price surge.
Analysts caution that, based on historical trends, Bitcoin might yet fall to the $50,000 threshold in the near future, even though this degree of adjustment is consistent with prior bull market cycles.
You won't want to miss our summary of the most important stories and advancements in the decentralized financial industry, as per usual. Now let's discuss them. 

Remember to visit our website for transparent and decentralized cryptocurrency trading, as well as to list your token for free. You can also follow Melega Finance (@melegaexchange) on Twitter for further information on all things cryptocurrency.

RECAP OF TOP CRYPTO NEWS (April 28, 2024–May 4, 2024)

Changpeng Zhao, the former CEO of Binance, was found guilty of money laundering and received a four-month prison sentence.
$68 million is lost by a trader in a cryptocurrency scam.

A Possible Financial Setback for Do Kwon and Terraform Labs After the Fraud Verdict and the Continuing Backlash Against Binance.US: Oregon withdrew the sixth license
"Bitcoin Jesus" Roger Ver was arrested for evading taxes totaling $48 million. Hong Kong Crypto ETFs attracted over $200 million on their debut. 

Changpeng Zhao, the former CEO of Binance, was found guilty of money laundering and received a four-month prison sentence.

Changpeng "CZ" Zhao, the former CEO of Binance, received a four-month jail sentence for breaking American money laundering regulations. In November 2022, Zhao entered a guilty plea to the charges and was let free on a $175 million bail.

The judge turned down the prosecution's request for a three-year term, citing insufficient proof that Zhao knew of any particular unlawful activity taking on at Binance. Zhao said he was sorry for Binance's inability to put in place a successful anti-money laundering program and that he will report to prison later. 

$68 million is lost by a trader in a cryptocurrency scam.

An unidentified cryptocurrency trader lost an astounding $68 million in Wrapped Bitcoin (WBTC) due to an address-poisoning fraud. In this assault, the con artist used an address that looked similar to the intended recipient's to send a tiny transaction to the victim's wallet.

The trader lost more than 97% of their assets after they transmitted their whole holding of WBTC to the scammer's address out of carelessness. This event serves as a warning against address-spoofing schemes and emphasizes the need for caution while transacting with cryptocurrency. 

Do Kwon and Terraform Labs Could Take a Financial Hit After the Fraud Verdict

Do Kwon and Terraform Labs might suffer financial consequences as a result of their fraud judgment. The SEC is requesting fines totaling an astounding $5.3 billion, while Terraform is only asking for $1 million. A US court will hear arguments for suggested remedies in May. This enormous disparity emphasizes how serious the SEC is taking Kwon and his business, which is currently facing bankruptcy. Kwon's continued extradition dispute in Montenegro raises doubts about his attendance at the hearing.

The Persistent Opposition to Binance.US: The Sixth Permit Drawn in by Oregon

The sixth state to cancel, suspend, or decide not to renew Binance is Oregon.US's operating license, after five other states took same measures. This comes after Changpeng Zhao, the former CEO of Binance, entered a guilty plea to felonies including violations of anti-money laundering legislation.

Binance.The Securities and Exchange Commission (SEC) is also suing the US, and the country has had trouble finding US institutions that would cooperate with the exchange, which has resulted in a large number of layoffs. 

On Launch, Hong Kong Crypto ETFs Draw Nearly $200 Million in Interest

Since their April 30th launch, spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong have drawn in assets totaling more than $200 million. The assets under management of the Bosera HashKey and ChinaAMC ETFs are $71.94 million and $123.61 million, respectively.

The Hong Kong crypto ETFs have garnered favorable investor sentiment, despite being smaller than their American equivalents; 76.9% of respondents who are educated about cryptos want to invest. But as of right now, only Hong Kong locals—Mainland Chinese investors are not eligible. 

"Bitcoin Jesus" Roger Ver is Detained for Ignoring Taxes by $48 Million

Roger Ver, a pioneering Bitcoin investor who went by the moniker "Bitcoin Jesus," was detained in Spain and accused of tax evasion totaling close to $50 million. The US Internal Revenue Service reportedly suffered a significant loss as a result of his alleged failure to disclose capital gains from the sale of Bitcoin. US officials intend to extradite him so he may go to trial.

FROM MELEGASWAP NEWS

It's Live: MelegaSwap V2!
With immense joy, we present the MelegaSwap platform upgrade. With the inclusion of new tools for leveraging swap and liquidity in its V2 edition, MelegaSwap is prepared to transition into a multichain platform.

Among the implementations that are already planned are BaseChain, Ethereum Chain, Polygon Chain, and Solana Chain. We'll be announcing more significant news soon. Remain with us. 

Farm & Pool Farmer Coin (FARM) accessible on MelegaSwap

The goal of the Farmer Coin initiative is to assist all business owners and employees in the agriculture industry. In order to provide the agricultural industry and its operators with the new potential presented by digital asset technology, it is intended to introduce the value and significance of agricultural labor to blockchain. A clear UK firm is behind the conception and introduction of The Farmer Coin Project.

Warning: Trading or investing in cryptocurrencies has a significant level of market risk. As a result, you can end up losing money. Please plan your investments carefully and conduct thorough research. While MelegaSwap will always try our hardest to list currencies that are both high-quality and potentially profitable, we cannot be held accountable for any losses you may incur.
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