🏓 Binance vs. or with the U.S?
Hey guys, long time no see. This week's spotlights: FTX, Silvergate, Paradigm, Tornado Cash, Blur, Binance, Polygon, El Salvador, and Bitcoin. Lawsuits, lawsuits, lawsuits and some tech updates that will blow your mind. Read to the end: there's a BasedAF bonus of sorts.
Weekly Digest From TradeCrypto.com #4
Don't miss the news:
Daily statistics update:
Today's market is red. BTC is trading at $23,665; ETH is around $1,655.
💪 Bitcoin dominance: 42.16%
📉 Total Crypto Market Cap: $1.08T
😲 Fear and greed index: 61 (Greed)
🚀 7d Gainers (Top-100)
• BinaryX (BNX) +44.35%
• Astar (ASTR) +43.36%
• Mina (MINA) +41.72%
😭 7d Losers (Top-100)
• Frax Share (FXS) -15.48%
• Neo (NEO) -4.91%
• Nexo (NEXO) -2.31%
🔮 Doom Cat: Will Binance pay off the U.S?
SBF gets deferral of SEC and CFTC trials
SBF is a hot potato in court because so many entities want to sue him . But SEC and CFTC have to move a bit because the first trial SBF faces is a criminal trial set for October. The U.S. Attorney even said that the evidence of SBF's guilt will likely be the same in all trials and that the DOJ's criminal case will greatly help the civil authorities SEC and CFTC. It was also suggested that SBF would have less room for a tailored defense. His lawyers obey the U.S. decision. For us, this means only one thing: SBF will remain in the news for at least the entirety of 2023, congrats.
Silvergate under SBF fire
A new class action lawsuit has been filed on behalf of FTX users who allege that Silvergate Bank helped FTX and SBF commit fraud 💔. Silvergate CEO Alan Lane also came under fire for personally knowing about FTX's dirty dealings and hiding them from customers, according to the lawsuit. In other words, Silvergate is accused of being a conspirator 🤝. However, this lawsuit has yet to be certified by the district court. In addition, even the DOJ itself opened an investigation against Silvergate 2 weeks ago. And for the same reason.
VCs who aided FTX facing lawsuit
The FTX story continues. And everyone who ever laid an eye on the once-great company is now partying hard 🎉 in court. Newbies: Sequoia Capital, Thoma Brava and Paradigm. FTX users have filed a lawsuit against them, claiming that their capital has cleared the air around FTX and made it look like a legit company. The thing is, these 3 companies participated in the Series B round in 2021, where FTX raised $900m, which is an absolute record 🔝 for the crypto industry. Not only was the money infused, but also a lot of good things were said about SBF, like he's a genius and so on. We can all understand the intentions of users in this case, but it's a delicate matter because the 3 companies are separate.
Polygon to launch zkEVM mainnet beta
Faster, stronger, better... 🚀 The date has finally been announced. The Ethereum Virtual Machine update is set for March 27. For the last 3 years, Polygon has been working on the zk-rollup and it has been a long road as there have been many tests. With Zk proofs, a large amount of data is processed at high speed before it's on the Ethereum mainnet. The transaction cost will also change and will be $0.001/1 per transfer! Since the news was published, Poolygon's native token MATIC has gained well 📈.
El Salvador to open Bitcoin Embassy in the U.S.
Lugano has been a fun destination for El Salvador's bitcoin diplomacy 🏣. Now it's time to expand, and Texas is waiting for El Salvador's second Bitcoin office. It's set to open in Texas to promote the mass adoption of cryptocurrencies. The news comes at a time when Texas lawmakers are considering introducing tax-free shopping with Bitcoin. As we all know, Texas is one of the most crypto-friendly places in the US, but with these two pieces of news, it could also become the crypto capital 💰of the country.
Tornado Cash dev to stay in jail
Another trial, another refusal to leave the jail on bail. Alexey Pertsev will remain in jail at least until April, when the next trial is scheduled. The Dutch said the same thing: if they let him go, he could escape🚶♂️.However, the lawyers say it was a good trial because they managed to teach the prosecutors how DeFi works and that it's not a case of money laundering 🙈. Nevertheless, Alexey has been in prison since August, and nothing can be done about that.
Blur debuts token
The long-awaited milestone for the NFT marketplace is here, and Blur might now compete on a stronger footing 🐾. NFT traders can not only get the rewards in $BLUR now, but also trade them on the open market. In this airdrop, most of the tokens were sent to the most active marketplace users, which may be wash traders. Nevertheless, Blur has already overtaken OpenSea in terms of trading volume 🔝. And overall, this is a big boost for the NFT industry.
Binance ready to pay the U.S. regulators
Binance's chief strategy officer said the company is willing to make peace ✌️with U.S. regulators and pay all fines for any outstanding investigations. Binance also said it's up to the U.S. to decide what the sum would be to resolve all past compliance issues. The timeline is also unknown, but the company knows where it stands and thinks things are going well 🏦. No other comments were made. The interview came just days after the US cracked Paxos, which issues the Binance stablecoin BUSD, and banned staking via Kraken.
BasedAF: Metaverse marathon
BasedAF is a sold-out NFT collection, a creation of 💪 Robin Schmidt aka @IAm SuperMassive from the Defiant YouTube channel. Now he rocks even more with the first-ever ultramarathon in the metaverse. Check out the video and follow the project on socials.🚀
Conclusion: We all can't get away from the story of FTX and won't until at least the end of 2023. It's kind of a textbook thing. Unfortunately, not everyone is as lucky as SBF, especially Alexey Pertsev of Tornado Cash, who can't leave jail on bail. As Doom Cat said, Binance will surely find common ground with the US prosecutors, and wouldn't that be a relief for all of us?
See you next week, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)
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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.