Your Favorite Crypto Digest From TradeCrypto.com #99

The statistics:

Market is green. BTC is now trading above $23,800, ETH is trading around $1,700.

💪 Bitcoin dominance: 41.31%

📉 Total Cryptocurrency Market Cap: $ 1.105 tr

😲 Fear and greed index: 42 (Fear)

🚀 Gainers(Top-100)

• Celsius (CEL)+28.80%

• Zcash (ZEC)+9.60%

• STEPN (GMT)+7.11%

😭 Losers(Top-100)

• Lido DAO (LDO)-8.03%

• Optimism (OP)-5.15%

• Filecoin (FIL)-4.70%

This is unexpected. The U.S. Treasury Department today sanctioned 🔐 Tornado Cash, an Ethereum coin mixing tool.

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In a Monday announcement 💬, the body added the Tornado Cash website and a long list of Ethereum addresses to its Specially Designated Nationals list, banning American citizens from using the tool or transacting with these addresses.

The floor price of Series 3 CryptoDickButts climbed 📈 as prominent influencers shilled their Dickbutt bags and praised the CDB community. CryptoDickbutts surged on Sunday, leapfrogging a handful of other notable NFT collections on elevated volume. It's unclear exactly why the price is pumping today, but flag-waving by Meltem Demirors, Chief Strategy Officer of CoinShares and a prominent Bitcoiner with a quarter of a million followers, may have been the spark. Accident or deliberate action?

Trouble for them continues. Stablecoin issuers can blacklist interactions with the Tornado Cash dApp on the Ethereum smart contract level. All U.S. persons and entities are prohibited ❌ from interacting with the virtual currency mixer's USDC and Ethereum smart contract addresses on the SDN list.

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Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, consisting of stablecoins, Ethereum, and wrapped Bitcoin (wBTC), are currently held ❄️ in Tornado Cash's smart contract addresses. As a result, issuers are expected to take steps to prevent the transaction or redemption of such assets.

Cryptocurrencies are conquering more and more territories. Research highlighted a significant rise in curiosity among Nigerians after the crypto market downturn 📉 in April. The Nigerian population searched the term “cryptocurrency,” “invest in crypto” and “buy crypto” the most among the 15 countries that were part of the research and had a total search 🔍 score of 370. Nigeria’s growing interest in crypto is fueled by inadequate financial services in the country, something that has been a key reason for crypto adoption across Africa.

How noble. Mere hours after the Nomad token bridge published 🔉 an Ethereum wallet address last week for the return of funds following a $190 million hack, whitehat hackers have since returned approximately $32.6 million worth of funds.

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The vulnerability of the Nomad protocol was highlighted in Nomad's recent audit by Quantstamp on June 6 and was deemed "Low Risk." As soon as the exploit was discovered, members 👥 of the public joined the attack by copy-pasting the initial hack transaction, which was akin to a "decentralized robbery."

The Ethereum co-founder suggested that smart contract wallets could include a method that would allow the sender to essentially mask 😎 their address to third parties. “You would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is,” 💬 said Buterin. Finding the balance between semi-anonymity and transparency on the blockchain has been a challenge for many as the crypto space continues to grow. Interesting phrase, but for what purpose did he bring it up?

Just another one or the last one? Blaming market conditions and lack of liquidity, Singapore-based crypto lending 💱 platform Hodlnaut has become the latest firm to suspend withdrawals and deposits. The crypto lending firm made an official announcement on Monday, claiming that market conditions have forced it to suspend its services and that it is actively working on recovery plans.

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Hodlnaut also stated that it has withdrawn ❌ its regulatory license application in Singapore and as a result, would no longer be able to offer any token swaps features.

Conclusion: The fight against mixers has finally begun. Black wallets will now be much easier to detect and hence there will be less and less reason to distrust crypto. Overall, there is a positive trend in crypto. Hamsters already want to buy BTC at 18th.

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.