Your Favorite Crypto Digest From TradeCrypto.com #104

The statistics:

Market is red. BTC is now trading above $23,800, ETH is trading around $1,800.

💪 Bitcoin dominance: 41.06%

📉 Total Cryptocurrency Market Cap: $ 1.112 tr

😲 Fear and greed index: 44 (Fear)

🚀 Gainers(Top-100)

• Chiliz (CHZ)+18.59%

• Ankr (ANKR)+8.28%

• STEPN (GMT)+6.47%

😭 Losers(Top-100)

• Celsius (CEL)-28.43%

• The Graph (GRT)-5.47%

• Uniswap (UNI)-5.31%

Another closing? Publicly traded blockchain services company Eqonex Limited (EQOS) announced 🔉 on Monday that it will shut down its cryptocurrency exchange operations, citing falling trading volume, “intense market competition, and low margins.”

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The exchange 💱 will close on August 22. That gives customers one week to close their derivatives trading positions, after which all trading on the platform will cease.

Galaxy Digital today said 💬 it would no longer acquire BitGo in what would have been a massive deal in the crypto world. BitGo is now suing. Digital asset custodian BitGo has announced it will seek $100 million or more in damages from crypto investment firm Galaxy Digital 💸 for pulling out of a deal to acquire it. Another trial to watch.

An unexpected twist. Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC. 💬 “overstepped its legal authority” when it named cryptocurrency mixer Tornado Cash and 44 associated wallet addresses to its list of Specially Designated Nationals, or SDNs, on Aug. 8.

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The directors claimed Treasury’s actions could have potentially violated U.S. residents’ “constitutional rights to due process and free speech” 🔍 and they were exploring bringing the matter to court. “By treating autonomous code as a ‘person’ OFAC exceeds its statutory authority,” said Brito and Van Valkenburgh.

Hackers again? Polkadot-based decentralized finance (DeFi) platform Acala saw its aUSD stablecoin crash 📉 by 99% after hackers exploited a bug in its liquidity pool. Hackers used an exploit to mint 1.28 billion aUSD tokens, prompting the stablecoin to lose its peg to the U.S. dollar and plunged to as low as $0.009 💰 in the early hours of Monday morning.

Was a lifeline thrown? Cryptocurrency exchange 💱 Zipmex has gotten a chance to sort out liquidity issues as a court in Singapore has granted the firm with more than three months of creditor protection.

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Singapore’s High Court has ruled that each of the five Zipmex entities has a moratorium ⛔️ until Dec. 2, 2022, to come up with a restructuring plan. The action aims to protect Zipmex from potential creditor lawsuits during the moratorium period after the exchange abruptly halted crypto withdrawals on its platform in mid-July.

The Canadian Securities Administrators will require crypto trading platforms to file an undertaking committing them to investor protections while their registration 🔐 is in process. Filing the undertaking will allow crypto trading platforms to continue operating during the review of their applications for registration with the CSA. Crypto.com and the Canadian platform Coinsquare Capital Markets, have already filed ✔️ those undertakings. Will it help?

New heights conquered? AFSA said it had granted in-principle approval ☑️ toward Binance operating as a digital asset trading facility and providing custody services in the Astana International Financial Centre, a financial hub in the capital city of Nur-Sultan.

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In a Monday blog post, Binance said it was required to complete the application process for approval, which the crypto exchange expected to do 💬 “in due course.” The major crypto exchange has secured regulatory approval in 2022 to operate as a digital asset service provider in France, Bahrain, Spain and Dubai.

Conclusion: Another project has shown its vulnerability and is likely to be abandoned. This strengthens the position of the main assets. In the future, more and more attention will be paid to auditing smart contracts. Hacken and Circle are rubbing their hands.

What is Crypto Ping Pong digest?

TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.