🏓 FTX buys up everyone

Hello crypto-enthusiasts! Today in our digest you will find news about the correction. How big players take advantage of the fall in the market

Your Favorite Crypto Digest From TradeCrypto.com #88

The statistics:

Market is red. BTC is now trading above $21,800, ETH is trading around $1,500.

💪 Bitcoin dominance: 42.36%

📉 Total Cryptocurrency Market Cap: $ 0.987 tr

😲 Fear and greed index: 30 (Fear)

🚀 Gainers(Top-100)

  • Synthetix (SNX)+1.10%

  • Tether (USDT)+0.01%

😭 Losers(Top-100)

  • Convex Finance (CVX)-11.88%

  • Lido DAO (LDO)-10.51%

  • Flow (FLOW)-8.76%

Yuga Labs Threatened With Possible Class-Action Lawsuit

Last month, Yuga Labs, the $4 billion 💰 company behind popular NFT collection Bored Ape Yacht Club (BAYC), generated headlines by suing a prominent artist for trademark infringement. Now, the company may find itself on the other side of the courtroom.

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Law firm Scott+Scott is currently organizing a class-action suit against Yuga Labs, according to an announcement 🔉 from the firm late this week. The lawsuit will allege that Yuga falsely promoted Bored Ape NFTs and ApeCoin, the collection’s native Ethereum token, as securities with guaranteed returns but which in reality plummeted in value over the last three months.

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The case’s plaintiffs have not yet filed an official complaint in a federal court ⚖️. Scott+Scott is still in the preliminary stage of seeking plaintiffs who suffered losses in association with the purchase of Yuga-backed NFTs and tokens from April to June. Unexpectedly, interesting how will it turn out?

Zipmex Says Discussions With Potential Investors ‘Have Progressed Significantly’

Someone wants to save them? Just days after pausing customer withdrawals, Singapore-based cryptocurrency exchange 💱 Zipmex said it’s received a memorandum of understanding from a potential investor, which could be looking to buy out the firm.

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“Our conversations with various interested parties have progressed significantly,” the company said 💬 in a tweet, adding that “one of those parties has offered terms in an MOU,” a non-binding agreement that’s often a starting point for negotiations.

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Zipmex did not describe the exact nature of the deal 🤝 or name the prospective buyer, only that it sought “to commence Due Diligence,” which is common in mergers and acquisitions, and enables potential buyers to take a deeper dive on a target company, particularly its financial statements.

Hacker drains $1.08M from Audius following passing of malicious proposal

Another system hack? Proposals in crypto help 🤝 communities make consensus-based decisions. However, for decentralized music platform Auduis, the passing of a malicious governance proposal resulted in the transfer of tokens worth $6.1 million, with the hacker making away with $1 million.

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On Sunday, a malicious proposal, Proposal #85, requesting the transfer 📲 of 18 million Audius’ in-house AUDIO tokens was approved by community voting. First pointed out on Crypto Twitter by spreekaway, the attacker created the malicious proposal wherein they were “able to call initialize and set himself as the sole guardian of the governance contract.”

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Audius co-founder and CEO Roneil Rumburg clarified that the community did not pass a malicious proposal 💬: “This was an exploit — not a proposal proposed or passed through any legitimate means — it just happened to use the governance system as the entry point for the attack.”

Sam Bankman-Fried’s FTX May Buy South Korean Crypto Exchange Bithumb: Report

He has a good appetite. This crypto winter, rumors of FTX rescuing or acquiring struggling crypto companies have proliferated—and now South Korean crypto exchange 💱 Bithumb is said to be on FTX CEO Sam Bankman-Fried’s shopping list.

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FTX is in late-stage talks to potentially acquire Bithumb, which has over 8 million registered users 👥. The conversations have reportedly been in progress for “several months.”

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Despite seeing over $1 trillion in total volume traded on its exchange 💱, Bithumb has struggled on and off over the years. Back in 2020, Bithumb faced a number of lawsuits and Huobi was reportedly looking to acquire it, but never did.

California Ends Ban on Bitcoin and Other Crypto Donations to Political Campaigns

Legislators in the golden state have voted ☑️ to end the ban on cryptocurrency donations to state and municipal political candidates.

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The Fair Political Practices Commission (FPPC) ruled Thursday that California residents can make donations 💸 of any amount (within California’s contribution limits) in cryptocurrencies such as Bitcoin.

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While accepting crypto donations may seem like California is embracing the permissionless, global, and pseudonymous nature of crypto, there’s a catch. Political campaigns must immediately convert 💱 any crypto donations into U.S. dollars, and only payment processors registered with the U.S. Department of Treasury can be used. Do you think there will be many applicants?

Twitter Cancels Q2 Earnings Call, Citing Elon Musk's 'Pending Acquisition'

An unexpected twist. Twitter, Inc canceled ❌ this month’s quarterly earnings call today, citing its ongoing litigation against Elon Musk, the billionaire CEO of Tesla, whose beleaguered attempt to withdraw from a planned multibillion-dollar acquisition of Twitter continues apace.

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“Given the pending acquisition of Twitter by an affiliate of Elon Musk, we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance in conjunction with our second quarter 2022 earnings release,” 📲 Twitter wrote in a statement.

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Many in the crypto space 🌏 had enthusiastically supported Musk’s bid for Twitter in the hope that he would further integrate crypto features into the platform and lay the groundwork for broader adoption.

South Korean Authorities Widen Terra Probe as Co-Founder Daniel Shin's Home Raided

The case is gaining momentumA probe into possible illegal activity behind the algorithmic stablecoin 🪙TerraUSD (UST) and the affiliated LUNA token has deepened with a raid on the Seoul home of the firm’s co-founder Daniel Shin, according to a Bloomberg report citing local media.

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On Wednesday, a team of South Korean investigators visited the offices of seven local crypto exchanges 💱, including Upbit, Bithumb and Coinone, seizing transaction records and other materials. The authorities planned to analyze the materials seized during the raids and question witnesses in order to determine the size of damages suffered by investors.

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Prosecutors are also said 💬 to be looking into whether Kwon, who is believed to be residing in Singapore, dodged taxes by moving profits from cryptocurrency transactions to an offshore account.

Conclusion: The news vector has changed on the background of the correction and drawdown in the cryptocurrency market. Who knows? Might be Musk sold Tesla's BTC for a reason

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