Weekly Digest From TradeCrypto.com #25

Daily statistics update:

Today's market is red. BTC is trading at $29,149; ETH is at $1,830.

💪 Bitcoin dominance: 48.73%

📉 Total Crypto Market Cap: $1.16T

😲 Fear and greed index: 54 (Neutral)

🚀 7d Gainers (Top-100)

• XDC Network (XDC) +42.88%

• Bone Swap (BONE) +24.12%

• Optimism (OP) +17.06%

 😭 7d Losers (Top-100)

• Curve DAO Token (CRV) -20.60%

• Compound (COMP) -18.49%

• Synthetix (SNX) -13.08%

The new meme coin BALD made almost x30,000% in 24 hours. And then it SCAMmed. BALD is a meme token launched on Base, a new blockchain platform developed by Coinbase. Base is an L2 network for Ethereum that offers high speed and low transaction costs. BALD is traded on LeetSwap, a decentralized exchange (DEX) built on Base. The scheme looked like this: you buy ether, then buy BALD on the BASE chain, fix the profit and have the choice to buy a new token or stay with ether.🤪 The money doesn't come out of the blockchain, it just flows in. People don't fix. They keep trading. And so it spirals after spiral until the pyramid collapses. At some point, the token's creators decided they had enough and pulled out all the liquidity, earning $23 million. Beware, lovers of quick profits. 🤬

The story didn’t stop there.

Blockchain investigators decided to look into the BALD developer's past. There they found a link to SBF (Sam Bankman-Fried, ex-FTX CEO).🤡 Cause thousands of ETH were transferred from wallets associated with FTX and Alameda Research to the Ethereum wallet associated with the launch of the BALD token. Just a reminder, SBF is under strict bail and doesn't have an internet connection, so those rumours are just conspiracy theories.😵‍💫 But someone from the past FTX may have a buddy who created this BALD token. This theory fits better if you ask me.

U.S. Department of Justice plans to charge Binance for fraud. Charges against Binance could result in the bankruptcy of the American branch. CZ posts “4”. If indictments are filed, a compromise is still possible - fines, a deferral agreement, etc. Is it a FUD that will fade away in a few days?🤟 Semafor added to the story, saying that the DOJ is looking at other options because they are afraid of a bank run. Subtext: we want and we are sure, but we care about crypto users. On the same day, Binance celebrated a milestone: they onboarded 150 million users. FUD aside, Binance has added 30 million new users since 2022, showing a 25% increase. 📈

Why do you see these clickbaits everywhere? Curve Finance founder's $100 million debt could trigger DeFi's collapse. While Curve Finance still suffers from the recent $47 million hack, another issue directly affects CRV holders. On Aug. 1, Delphi Digital tweeted a detailed report that Egorov, the founder of Curve, has about $100 million in loans under various lending protocols secured by 427.5 million CRVs. On the Aave platform, Egorov has 63.2 million USDT in loans secured by 305 million CRVs. Delphi Digital stated that this position could be liquidated at a token price of 0.3767 USD. At the moment, CRV is trading at about $0.57. 😵‍💫 Egorov also has 59 million CRV on the Frax Finance platform, securing a debt of 15.8 million FRAX tokens. The loan is currently 100% utilized, resulting in the interest rate on the loan doubling every 12 hours. Delphi Digital has stated that it could rise to 10,000% in just 3.5 days. 😰 This will lead to liquidation regardless of the price of the CRV token.

And here it is. Again, the comparison with SBF. 🤡

Conclusion: Such a crazy week: possible death of DeFi, crazy scam token, another FUD for Binance. And lots of things in the background. For example, Gary Gensler’s interview where he said he doesn’t like cryptocurrencies and he is one of 5 people reviewing BTC EFT applications. By the way, 6 companies applied for ETH ETFs. But other events have overshadowed this news. Should you be concerned? Let’s talk about it next week and see how this CRV thing plays out.

What is Crypto Ping Pong digest?

We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.

So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.