🏓 CZ's Rescue Rekt
Hey all. Today only the real cream of society. CZ and SBF, may two of them forget that I lined them up. Finally, some crunch: Terra, Gemini and another algo stablecoin collapse. Enjoy
Weekly Digest From TradeCrypto.com #33
Daily statistics update:
Today's market is green. BTC is trading at $26,905; ETH is at $1,551.
💪 Bitcoin dominance: 50.04%
📉 Total Crypto Market Cap: $1.05T
😲 Fear and greed index: 44 (Fear)
🚀 7d Gainers (Top-100)
• Loom Network (LOOM) +60.19%
• Klaytn (KLAY) +4.89%
• Tether Gold (XAUt) +2.84%
😭 7d Losers (Top-100)
• Mantle (MNT) -14.69%
• Avalanche (AVAX) -12.60%
• THORchain (RUNE) -12.33%
🔮 Doom Cat: Did SBF call SEC to go after Binance?
Since FTX and SBF, Binance and CZ, Coinbase and Brian Armstrong are in the spotlight rn, I decided to give more space to these topics.
So today I'm featuring Binance and SBF blocks - more data that gives insight into what's happening. 🔥
But the industry doesn't stand still. Other important events and personas will be covered as well. Just in a nutshell. ⚡️
Let me know how you like these changes.
Start with a light foot. 🦶
1) Binance has published a new proof-of-reserves: all assets are +100% secured 💰
A lot of FUD around Binance lately. Some may argue that this PoR means nothing as it is self-verifying. Just look at these numbers and decide for yourself:
(Apparently it's not about the money, but the regulatory status)
2) The Industry Recovery Fund fiasco. 🤡 Remember this domino effect right after the FTX collapse, when one company after another became insolvent. Then CZ came in shining armour, claiming to save the industry with a $1 billion fund. The promise was huge, and many bought it (because some invested quite a lot right after the news).
But the plan to save everything was never fulfilled. Only $64 million was raised, and each company used the funds as they saw fit 🤷
3) Brazil has accused Changpeng Zhao and some regional managers of fraud. A 500-page report was released accusing them of fraudulent management practices, acting without authorization, and illegally offering securities.
Who’s next? 💪
Sorry, I have nothing to make light of. I was talking to my fellow designer and we were a little irritated about a story that is playing out in court. How SBF has become so... clichéd. What’s next...? 99% the same story as Anna Sorokin or Pharma Bro.🤡 Before several people will make series and films, one has already published a book. Pretty fast, isn't it?
1) According to Caroline Ellison, head of Alameda and ex-mistress of SBF, who has already pleaded guilty and appeared as a witness for the prosecution, Bankman-Fried not just planning to bribe Donald Trump before the US presidential election. He planned to become president himself. 😃
2) At the direction of SBF Allison sent the company's financial statements to banks to make Alameda appear more solvent. FTX hid Alameda's virtually endless line of credit from investors and auditors. 😎
3) Allison took notes on FTX and Alameda that were read in court. She said that sometime before the bankruptcy, Bankman-Fried was obsessed with getting regulators to take action against Binance, the largest crypto exchange, which he saw as a dangerous competitor. 😟
According to Ellison, the collapse of Binance would have increased FTX's market share.
Now for short bullets
🔥 Rumor: The Winklevoss twins secretly withdrew $280 million in assets before the collapse of Genesis.
Gemini Earn's clients are crying in the background as $900 million has been frozen since Nov. 16.
🍿 Fun Fact: TerraForm Labs is still pointing fingers at others for the USTC 2022 collapse.
Now TerraForm Labs has asked a court to deal with Citadel Securities because they had a large stake in USTC before the collapse and intentionally shorted the stablecoin. 🔎
Terra says: It wasn't our fault. Not an INSTABILITY OF THE ALGORITHM. 🤡
😱 Stablecoin USDR collapsed by ~50% 🚨
USDR is a stablecoin on Polygon that offered high yields of up to ~20% APR like UST once did.
The founders claim that this happened because they withdrew all liquid DAI from the USDR treasuries.
This led to panic and a fall in the share price.
“The company is working on a solution to this problem and has no intention to cease operations.”
I’d add: Don't step on the same rake 😬
Conclusion: I'd appreciate comments on the slightly different format. And I repeat: don't step on the same rake + draw your own conclusions. You need to find that balance. And one more funny thing: BTC investors have forgotten about spot ETFs and are now betting on the upcoming halving. The BTC dominance is at 50.04%, I guess that's the first and foremost cryptocurrency after all.
See you next week, folks! Thanks for being with us. Brought to you by Yana :)
Let us know how you would rate today's digest:
What is Crypto Ping Pong digest?
We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.
So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.