Your Favorite Crypto Digest From TradeCrypto.com #165

The statistics:

Market is red. BTC is now trading above $18,400, ETH is trading around $1,300

💪 Bitcoin dominance: 41%

📉 Total Cryptocurrency Market Cap: $ 0.860 tr

😲 Fear and greed index: 29 (Fear)

🚀 Gainers (Top-100)

• Trust Wallet Token (TWT)+4.95%

• BinaryX (BNX)+2.71%

• Casper (CSPR)+2.45%

😭 Losers (Top-100)

• FTX Token (FTT)-72.29%

• Aptos (APT)-27.29%

• Solana (SOL)-22.01%

Unbelievable. Sam Bankman-Fried issued an official statement regarding the situation around FTX and Binance and the stoppage of withdrawals from the platform: "We have reached an agreement on a strategic deal 🤝 with Binance. Our teams are working to eliminate the backlog of withdrawals. This will eliminate the liquidity crisis, all assets will be offset 1:1. This is one of the main reasons we turned to Binance. It may take some time to resolve, we apologize for that."

After Sam's statement, Changpeng Zhao said that the company will buy out FTX, "FTX approached us for help this afternoon. There is a significant liquidity crisis. To protect users, we signed a memorandum intending to fully acquire 💸 FTX and help cover the liquidity crisis. "The agreement does not include FTX US or Binance US, the individual operations of the respective cryptocurrency exchanges in the United States, said Benkman-Fried on Twitter.

U.S. District Judge Michael Fitzgerald on Monday issued a tentative court ruling saying that lawyers for the disgruntled investors were “trying to act like” the SEC. Tentative rulings show how a judge is set to rule in a case before it hits ⚖ court. Fitzgerald reportedly added that the celebrities did not “care to label the tokens as a security for obvious reasons.” In January, investors sued the mega rich celebs, claiming they worked to pump the price of EthereumMax tokens and then dump them, leaving others out of pocket. Wonder how it's going to end.

Notable South Korean developer and publisher NCSoft is turning more of its attention to Web3 gaming. Today, the firm revealed that it contributed to the recent 💰 $300 million Series B funding round for Mysten Labs, creator of the nascent Sui blockchain, and said that the companies will collaborate on future projects.

In addition to backing Mysten financially, NCSoft also plans to work with the firm on potential Web3-powered games. In a release, the companies said that they would "explore future collaborations to create digital entertainment 🌐 experiences that are more engaging and player-centric, leveraging Sui." Wow, something cool might come out of this.

Another company is threatened. Major miner Iris Energy has received a claim of $103 million from a creditor. Prices for mining equipment continue to fall. Against this background, many "farmers" faced the threat of default, because there is simply nothing ❌ to pay the margin on loans secured by the equipment. The miner sent a notice to the SEC. Payments on the designated loan were due back on October 25. Now the lender is demanding immediate repayment of not only the loan itself, but also the interest. Iris Energy said it expects to restructure the debt. Otherwise, the company will announce a technical default.

They don't give up. In an announcement 📢, the Department of the Treasury said it had “delisted and simultaneously redesignated” Tornado Cash in addition to taking into account activities conducted by North Korean nationals Ri Sok and Yan Zhiyong in its basis for sanctions. The government department reiterated its claims that the crypto mixer was involved in laundering $455 million in crypto stolen by the North Korea-affiliated Lazarus Group.

The redesignation of Tornado Cash essentially replaces Treasury’s actions against the crypto mixer in August, establishing sanctions for its role in “enabling malicious cyber activities, which ultimately support the DPRK’s [weapons of mass destruction] program.“ The original sanctions 🚨 included the Lazarus Group, but did not show connections with North Korea’s nuclear program.

Inheriting their colleagues? U.S. Patent and Trademark Office (USPTO) attorney Mike Kondoudis noted that luxury watch ⌚ brand Rolex has filed several trademark applications. Among other things, they are related to the release of NFTs and the organization of auctions of virtual goods. Rolex's new trademarks cover the following areas: issuance of both NFTs and hardware carriers for them, development of token trading platforms, transaction processing and cryptographic key issuance, organization of auctions of virtual goods and exchange and transfer of cryptocurrencies.

This will be the first NFT auction from Unchain.Fund. The action has received official support from the heroes of the meme themselves, Taylor Armstrong and the family of Smudge the cat. The auction will also help 🤝 the advertising agency Zlodei (BADS), which in April sold another popular meme Coffin Dance in the form of NFT for 130 ETN. Of that amount, they donated $250,000 to the "Come Back Alive" charity.

"Our fund has already provided humanitarian aid to more than 400,000 Ukrainians to the amount of over $9.3 million. We now see a need for a creative approach to fundraising in order to increase the amount of aid. That's why when the Bads agency approached us with a proposal of cooperation we decided to do everything possible so that the charity auction could take place" - 💬 commented the news Rev Miller, co-founder of the Unchain Fund.

Conclusion: What is happening now is definitely the event of the year. It will surely go down in cryptocurrency history. CZ took advantage of insider information about the lack of collateral on the FTX exchange, collapsed its crypto-asset price and forced all FTX customers to withdraw funds. Sam realized how hopeless it was and agreed to sell, but CZ took his time and knocked the price down. We stock up on popcorn and watch to see how it will continue.

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.