The cryptocurrency market continues to experience significant volatility, with Bitcoin dipping below $53,000 and struggling to regain that level. Market sentiment has fallen to a one-month low as analysts caution about a potential price correction that could see Bitcoin drop below $50,000.
In other news, Telegram founder Pavel Durov has spoken out for the first time since his high-profile arrest in France last month. He expressed surprise at the arrest, noting that Telegram has an official EU representative to handle regulatory requests and law enforcement inquiries.
Meanwhile, El Salvador is celebrating the third anniversary of its decision to adopt Bitcoin as legal tender.
To keep you in the loop, we've gathered six of the most important crypto stories from the past week. Check 'em out below!
For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (September 1-7, 2024)
● Ripple Co-Founder Endorses Kamala Harris for President
● CFTC Charges Uniswap for Illegal Derivatives Trading
● CZ Banned from Managing Binance as Part of Plea Deal
● Polygon’s MATIC Upgraded to POL, Boosting Token Utility
● MEV Bot Takes $12M Loan, Earns Only $20
● Telegram Disables People Nearby” Feature Amid Safety Concerns
Ripple Co-Founder Endorses Kamala Harris for President
Ripple co-founder and executive chairman Chris Larsen has endorsed Vice President Kamala Harris for the 2024 presidential election. Larsen signed a letter alongside 88 U.S. corporate leaders supporting Harris, including prominent figures like Box CEO Aaron Levie and Yelp CEO Jeremy Stoppelman. This endorsement follows the earlier move by former Ripple board member Gene Sperling, who left the White House in August to join Harris' campaign. The impact of the 2024 election on the crypto industry remains a subject of keen interest.
CFTC Charges Uniswap for Illegal Derivatives Trading
The U.S. Commodity Futures Trading Commission (CFTC) has charged Uniswap Labs for offering illegal leveraged cryptocurrency trading to retail investors. Uniswap settled by paying a $175,000 fine and agreed to stop violating the Commodity Exchange Act. Two CFTC commissioners dissented despite the settlement, criticizing the enforcement as overreach. Commissioner Summer Mersinger called for clearer guidance for DeFi compliance, while Commissioner Caroline Pham questioned the evidence used in the case. Uniswap is one of the largest decentralized exchanges, managing $4.3 billion in assets.
CZ Banned from Managing Binance as Part of Plea Deal
Changpeng “CZ” Zhao, former CEO of Binance, has been permanently banned from managing the crypto exchange as part of a plea deal with U.S. authorities. The deal, part of a $4.3 billion settlement announced in November 2023, also required Zhao to step down as CEO and pay $50 million in fines. He pleaded guilty to one felony charge related to violations of the Bank Secrecy Act. Zhao’s replacement, Richard Teng, confirmed the lifetime ban, which exceeded the previously rumored three-year restriction.
Polygon’s MATIC Upgraded to POL, Boosting Token Utility
Polygon has upgraded its native cryptocurrency, MATIC, to a new token called Polygon Ecosystem Token (POL) on a 1:1 basis. This change, effective from September 4, positions POL as the network’s gas and staking token. Polygon Labs CEO, Marc Boiron emphasized that POL is now a "hyperproductive" token, generating fees from multiple sources beyond staking and gas, thus enhancing community participation in network growth. This upgrade is a key part of the broader Polygon 2.0 vision, aimed at providing "infinite scalability" across blockchains.
MEV Bot Takes $12M Loan, Earns Only $20
An "unlucky" MEV (Maximum Extractable Value) bot took out a $12 million flash loan in Wrapped Ether (WETH) to execute a sandwich attack on a user trading $5,000 worth of Shuffle tokens. Despite undertaking 14 transactions across decentralized platforms Aave and Uniswap, the bot barely made a $20 profit after gas fees. The attack, completed in about 12 seconds, highlights the risks of sandwich attacks, where bots manipulate transaction prices. In this case, the bot's effort fell below expectations.
Telegram Disables People Nearby” Feature Amid Safety Concerns
Telegram founder Pavel Durov announced on Sept. 6 that the platform is disabling its "People Nearby" feature, citing security concerns after reports of its misuse by malicious actors. This change is part of a broader effort to improve Telegram's content moderation and safety. While Durov emphasized that only a small fraction of users exploited these features, he acknowledged the disproportionate risk posed to the wider community. The personal geolocation tool will be replaced by a “businesses nearby” option to enhance user privacy and security.
NEWS FROM THE MELEGASWAP ECOSYSTEM
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WAXCHAIN is not just about a token but about building a comprehensive ecosystem that supports secure, efficient, profitable, humanitarian support and entertaining digital communications.
MelegaSwap Secured a Top Tier Marketing Partnership with the $FARM Project
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TONGUE (TONGUE) Farm & Pool Listed on MelegaSwap
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