Your Favorite Crypto Digest From TradeCrypto.com #101

The statistics:

Market is green. BTC is now trading above $24,500, ETH is trading around $1,900.

💪 Bitcoin dominance: 41.2%

📉 Total Cryptocurrency Market Cap: $ 1.143 tr

😲 Fear and greed index: 41 (Fear)

🚀 Gainers(Top-100)

• Celsius (CEL)+29.52%

• Lido DAO (LDO)+22.06%

• THORChain (RUNE)+16.67%

😭 Losers(Top-100)

• UNUS SED LEO (LEO)-3.59%

• PAX Gold (PAXG)-0.34%

• Dai (DAI)-0.05%

The beginning of the end for yet another exchange. On Thursday, cryptocurrency exchange 💱 Hotbit said it "suspended trading, deposit, withdrawal and funding functions," with no timeframe for resumption. In explaining the decision, Hotbit stated:

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"A former Hotbit management employee who left in April this year was, unbeknownst to Hotbit, involved in a project in 2021 that law enforcement authorities now think is suspected of violating criminal laws. ⚖️ Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally."

Ripple is “interested in learning about Celsius and its assets, and whether any could be relevant to our business.” When asked whether Ripple planned to wholly acquire 💸 Celsius, the spokesperson declined to say. CEL, the native utility token of Celsius’ platform, rose 23% on Wednesday following the news. Intriguing material for thinking, it'll be interesting to see where this will lead.

A rather uninspiring statement. Despite the insolvency proceedings, Nuri said 💬 that customers would still have “guaranteed access” to their euro accounts and crypto wallets.

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“All funds in your Nuri accounts are safe due to our partnership 🤝 with Solarisbank AG. The temporary insolvency proceedings do not affect your deposits, cryptocurrency funds and Nuri Pot investments which have been done with us,” the company said in a statement.

Are hackers having a full moon or is there competition this month? Attackers apparently compromised a Curve website or domain name to redirect unwitting users or their transactions to a malicious destination. According to Web3 on-chain sleuth, Zachxbt, the thieves made off with $570,000 in ETH, which they sent to the FixedFloat cryptocurrency exchange to launder the money. 💸

Who could assume what kind of turnaround the collapse of this platform would create? The size of the losses has sparked a joint investigation into Celsius’ demise by Canadian regulators and the SEC across the border 🌏.

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“We came into this knowing that these were not necessarily going to be winners for us. We’re comfortable with that fact,” 💬 Bankman-Fried said. “And I think when you look at Voyager, we’ll see what happens, but best guess is like, that’s $70 million down the drain that we probably won’t see again.” It's good that he understands that.

Maybe this will help, at least a little bit. Blockchain sleuthing firm Elliptic has launched a new risk analytics tool to track and screen cryptocurrency movement across multiple blockchains.

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Elliptic helps crypto businesses and financial institutions to meet ⛔️ their AML (Anti-Money Laundering), CTF (Counter-Terrorism Financing), and sanctions compliance obligations. If users move their cryptocurrency from one blockchain to another using a bridge, it can be traced quickly and at scale using Elliptic’s Holistic Screening.

Conclusion: The decline in inflation has taken the crypto market into a green candle area of price increases. No one was confused by the exit of yet another exchange from the market and another hack, which this time targeted Curve Finance. Sometimes, crypto seems to be more vulnerable to traditional instruments from outside than to internal factors.

What is Crypto Ping Pong digest?

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.