Weekly Digest From TradeCrypto.com #10

News to follow:

  🙅 Binance spot trading is temporarily suspended due to error

  🚪 First Citizens buys all deposits of Silicon Valley Bank

   🗣 Binance CEO Changpeng Zhao rejects CFTC accusations

  🚀 Circle stablecoin USDC to launch on Cosmos via Noble network

  🌍 Gemini to launch overseas derivatives exchange: The Information

Daily statistics update:

Today's market is green. BTC is trading at $27,767; ETH is around $1,790.

💪 Bitcoin dominance: 45.97%

📉 Total Crypto Market Cap: $1.17B

😲 Fear and greed index: 61 (Greed)

🚀  7d Gainers (Top-100)

• XRP (XRP) +24.15%

• Stellar (XLM) +20.13%

• Confux (CFX) +14.94%

  😭 7d Losers (Top-100)

• Stacks (STX) -18.96%

• SingularityNET (AGIX) -16.12%

• Mina (MINA) -15.27%

The happy ending to the drama and the suspicion unfolded over weeks 🌈. The hacker returned 51,100 ether, or $90 million, to the Euler team. Although they stole about 200 million and the team asked to return 90%, that's good news because you can't forget that all the funds could end up being stolen by a North Korean address that tried to phish the Euler hacker. The team still slept well that night 😪 and Euler-based EUL tokens gained 25% after this news. Apparently, this is the end now.

Сarte blanche. Coinbase has built Base so that they can ask for anything now. And it's actually a nice kicker from a Wells Notice they received last week from SEC 💪. To combat the economic uncertainty caused by the financial system failure, i.e. inflation, Coinbase said it's now "more important than ever" to build a stablecoin pegged to inflation. Stablecoin pegged not to the US dollar but to the "price of living" by tracking consumer price index and inflation data. Coinbase didn't stop there and said devs are welcome with any ideas between fiat-pegged stables and volatile cryptos 🙌. The post is actually quite interesting, so I recommend reading it. 

We don't hear enough from Do Kwon now simply cause he's still in Montenegro, but things will get sharper, I promise. At the moment, the Montenegrin court has decided to detain Kwon for 30 days longer than usual ☠️. It's not often one sees the most wanted criminal behind bars. To add, there is information that he didn't stop being an entrepreneur on the run 🤠 and registered Codokoj22 d.o.o Beograd, a consulting company in Serbia, in October 2022. Interestingly, this happened only a week after a red notice was issued to him. He worked on that with his closest associate Han Chang-jun, the CEO of Chai Corporation.

What's up with next-gen storytelling experiences, Mickey Mouse? The entire metaverse team of 50 experts was cut 🚪. Not only is the metaverse team being laid off, but Disney is also slated to cut 7,000 jobs to control costs and "streamline" the business. It's not yet clear if Disney will work on the metaverse or if they have abandoned it completely, although they entered the space in 2022 and were very bullish 🐂. The metaverse is still far from mass adoption. But big companies like Disney could certainly make a change.

There is a great battle going on and nobody seems to be giving it up 🚨. As you recall, the U.S. Department of Justice objected to the Binance.US Voyager deal because the deal provided a pardon for the individuals involved, even if regulators determine they violated some rules. Now the U.S. has filed an emergency motion, and a federal judge has approved a stay of the deal, at least until the DOJ's appeal is decided. Voyager is holding its ground and says it'll continue to aggressively fight 👊 regulators. Is it a coincidence that Binance has received a civil complaint from the CFTC and is it going to influence Voyager's sale? We'll see in the coming weeks.

12 criminal charges are apparently not enough. The clouds over Sam darken 🌧 with a new allegation of bribing Chinese officials to the tune of $40 million. Why is he alleged to have done this? To get Chinese government officials to release access to some $1 billion Alameda accounts that the country had frozen. Given that SBF is already in hot water, the new charges only make matters worse in the current geopolitical climate. Sam denied the allegations, as he did with other ones. 🤡

SEC chair said they don't have enough money 💰 to track and investigate cryptoplayers. Fair enough, given how much pressure the regulator has been putting on the industry lately. The requested funds will allow the agency to keep track of the crypto industry and hire 170 heads to crack down on misconduct once and for all. "As the cop on the beat, we must be able to meet the match of bad actors," he said. Wild, Wild West. 🤠

An open letter signed by top-notch devs and Elon Musk says the AI race is dangerous 🤖and we need to stop it before it's too late. Bots more powerful than Chat GPT4 will be too advanced for even the creators to be able to control their brainchildren, the letter continues. Not long ago, even OpenAI posted that the development should be monitored by independent bodies. But how on earth you think the race with all the high-tech players is going to stop now? 🧐 The letter, unfortunately, has no bearing on that, although it does call on governments to take action. 

Conclusion: If you go back to the beginning, you'll see that we asked if we were all in for a big fat rally. You may wonder why we're thinking about that. If you haven't slept in the last few weeks, you've caught that the crack on crypto is so great that we basically have no choice but to grow from this point. 

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.