Stables require control

Market is red. BTC is now trading around $29,500, ETH is trading above $1,800.

💪 Bitcoin dominance: 44.6%

📉 Total Cryptocurrency Market Cap: $1,237 tr

😲 Fear and greed index: 13 (Extreme Fear)

🚀 Gainers(Top-100)

Waves (WAVES) +19.55%

PAX Gold (PAXG) +0.84%

😭 Losers(Top-100)

STEPN (GMT) -14.75%

Kusama (KSM) -12.47%

Arweave (AR) -12.39%

Binance-Supported Deal for Forbes to Go Public Via SPAC Is Called Off

Forbes Global Media Holdings ✔️ confirmed Wednesday its shareholders have terminated plans to go public through a special purpose acquisition company (SPAC).

The Times attributed the decision, which would have taken Forbes public at a $630 million valuation through a merger with Hong Kong-based SPAC Magnum Opus Acquisition Ltd. (OPA), to 📉 waning interest in the once-popular investment vehicle because several recent SPACs have 👎 not performed well. At the time, Binance CEO Changpeng Zhao said that "as Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform."

US Charges Ex-OpenSea Exec With NFT Insider Trading

Nate Chastain, the OpenSea staffer who quit the NFT marketplace after an insider trading 😡 scandal in September 2021, is now in the crosshairs of U.S. authorities.

Chastain was charged Wednesday with ⚠️ wire fraud and 💰 money laundering in connection with trading on confidential information about which non-fungible tokens were about to be featured on the OpenSea homepage, the Department of Justice said in a press release. The two charges each carry a maximum sentence of 20 years in 🚨 prison.

Group of Tech Pros, Academics Urges Washington to Turn its Back on Crypto Lobbyists

A collective comprising 26 IT experts and professionals has ❌ slammed crypto, accusing blockchain and crypto of “not being decentralized” – and has petitioned United States politicians to ❗ crack down on the sector and its lobbyists.

The group includes the Harvard University lecturer Bruce Schneier, the former Microsoft engineer Miguel de Icaza and a principal engineer at Google Cloud named Kelsey Hightower, the Financial Times 📝 reported, while the software developer and outspoken crypto critic Stephen Diehl took to Twitter to justify the campaign, writing: “Crypto fraud is spiraling out of control. So-called Web3 is not going great. Regulators are paralyzed and people are getting hurt left and right. It’s on us as citizens and responsible engineers to help fix the problem we created by our inaction.”

Luxury Apartment Complex in Argentina to Feature a Bitcoin Mining Facility for Residents

A new 💎 luxury apartment complex in the upscale neighborhood of Belgrano in Buenos Aires, Argentina, will become the first of its kind to feature a Bitcoin (BTC) 🤑 mining facility – to help its residents “get paid to live” in their apartments.

The project’s developers claimed that it was going to invest between USD 10m and USD 15m in the venture, which will be operated by the MCL architecture studio. Pampa 2.0 will have 9 floors and 32 apartments, as well as a restaurant on the ground floor.

Elon Musk Fires Back at Dogecoin Co-Creator Over 'Grifter' Claims

😬 Tesla and SpaceX chief Elon Musk took to Twitter to respond to Dogecoin creator Jackson Palmer’s claims that Musk struggles with computer programming, saying that even his kids "wrote better code when they were 12" than Palmer. In an 🎤 interview with the Australian 📰 news site Crikey earlier this week, Palmer said he had messaged Musk on Twitter several years ago after creating a bot that would 🔎 detect crypto scams on Twitter and automatically report them to the platform. According to Palmer, during the exchange Musk asked how to run the Python script, which led him to the conclusion that the Tesla boss "didn't understand coding as well as he made out." 

2 days ago, Musk 👏 clapped back and didn’t spare words for the Australian programmer either :“My kids wrote better code when they were 12 than the nonsense script Jackson sent me," wrote Musk. “Like I said, if it’s so great, he should share it with the world and make everyone’s experience with Twitter better. If he does, you will see what I mean.”

Dework Just Raised $5 Million

👀 Looking to bridge the gap between DAOs and potential contributors, Dework today 🗣️ announced a $5 million seed round led by Paradigm and Pace Capital, with participation from the former chief technology officer at Coinbase, Balaji Srinivasan, and Polygon founder Sandeep Nailwal.

“Dework gives Web3 builders all the tools and talent necessary to help ambitious DAOs reach their full potential,” Anish Agnihotri, a Paradigm researcher, told Decrypt in an email. “The team has built a decentralized solution for a decentralized set of challenges.”

Bank of England to Rescue Collapsing Stablecoin Issuers If They’re Big Enough

The Bank of England yesterday 🗣️ announced it would intervene to direct and oversee 📉 collapsing stablecoins should the British central bank decide that a stablecoin issuer “has reached systemic scale fail [sic].” The 📰 news came via a document prepared by the HM Treasury in response to a cryptocurrency consultation that began in January 2021 and concluded in April this year.

🤨 The British government proposes to amend the UK’s Financial Market Infrastructure Special Administration Regime to bring crypto within the jurisdiction of the British central bank while giving the institution the reins in the event of a collapsing stablecoin.

Conclusion:  As we can see, the European government is working closely with cryptocurrencies and is ready to regulate stablecoins. Elon Musk is back in the spotlight. We also see the birth of new amazing projects that are closely related to mining.

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What is Crypto Ping Pong digest?

So all the TC lads here are working quite hard and from time to time we gotta chill.

That’s why 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.

During the game, we have a rule not to discuss serious topics like analytics, predictions, etc.

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.