🏓 How deep is the DCG hole?

Hey folks. OneCoin founder pleads guilty, Bitvavo claims DCG is insolvent, Solana's Raydium loses 2 million, and Nigeria recognizes crypto.

Your Favorite Crypto Digest From TradeCrypto.com #193

Daily statistics update:

Today's market is red. BTC is trading at $16,744; ETH is around $1,183.

💪 Bitcoin dominance: 39.90%

📉 Total Crypto Market Cap: $806.86B

😲 Fear and greed index: 29 (Fear)

🚀 Gainers (Top-100)

• TonCoin (TON) +4.68%

• XDC Network (XDC) +4.24%

• ZCash (ZEC) +1.97%

  😭 Losers (Top-100)

• UNUS SED LEO (LEO) -5.46%

• Mina (MINA) -5.22%

• GMX (GMX) -5.20%

Is DCG solvent? 

The parent company of troubled Genesis, Gemini, and Grayscale could be in trouble. Crypto exchange Bitvavo claims it has $280 million stuck with DCG 💸. DCG stated in return that Genesis, not it, is responsible for keeping the funds. All allegations were denied. Pretty convenient to point fingers since Genesis' problems are well known. Bitvavo then said that it blames DCG, not Genesis. In the meantime, speculation abounds. Crypto analyst Will Clemente pointed out that several crypto coins related to DCG are aggressively selling off 😵‍💫, suggesting that DCG might be the one selling in search of liquidity. Whether it's true or not, the subsidiaries are not in the best place. No wonder if DCG goes down with them.

Raydium hacked over 2.2M

One of the largest DeFi protocols on Solana, Raydium, is the victim of an attack. Hackers posed as the organization's owners and drained liquidity pools, taking over $2 million😵‍💫. How they managed to get the private keys is a mystery. A really tough time for Solana. The users immediately flew the Raydium. Don't forget that Solana's now without Serum, as its co-founder SBF is in prison for a long time. So if we think Solana can't get any worse, it somehow finds a way 🥺.

OneCoin founder pleads guilty 

While СryptoQueen Ruja Ignatova is on the run, OneCoin co-founder Karl Greenwood has no choice but to plead guilty to wire fraud and conspiracy to launder money. The creators of OneCoin once claimed they would kill bitcoin. What went wrong? Just kidding. OneCoin is the ultimate Ponzi scheme where billions of dollars were stolen. Regulators want to send a message to those who want to exploit the crypto industry next. We hope it works.

Nigeria to recognize crypto 

To "keep up with global practices", Nigeria will soon pass a law recognizing Bitcoin and other cryptocurrencies as capital for investment 🔝. As a reminder, Nigeria banned cryptocurrencies in 2021. Now the president says the decision isn't the opposite, but rather a secondary review, stating that if cryptocurrencies are within the legal framework, it's not a lifting of the ban, but a change in the law. Fair enough 🧐.

350 scam tokens created every day

New interesting research from Solidus Labs. They claim that more than 350 scam cryptocurrencies are created every day this year 😡. More precisely, 118,000 frauds in the period between January and November. That's 41% more than Solidus found in 2021. Solidus also claims that the BNB chain is the most popular blockchain among scammers, while Ethereum is second and about 8% of ERC-20 created are scam tokens 🤔.

Conclusion: The market fell over the weekend, and we haven't woken up yet. And the statistics on scam tokens are impressive. Especially when you read them together with the news about the OneCoin verdict. Once again, they want to teach all the scammers a lesson. And that's despite the fact that their numbers are only growing.

See you tomorrow, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)

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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.