🏓 FTX Saga Spirals

Hey TC people. 3 whales - FTX, Binance and Coinbase are in focus. Complete meltdown, holding and expanding. Dive in.

Weekly Digest From TradeCrypto.com #30

Daily statistics update:

Today's market is green. BTC is trading at $26,584; ETH is at $1,629.

💪 Bitcoin dominance: 49.10%

📉 Total Crypto Market Cap: $1.06T

😲 Fear and greed index: 45 (Fear)

🚀 7d Gainers (Top-100)

• Bitcoin Cash (BCH) +11.80%

• VeChain (VET) +9.15%

• THORChain (RUNE) +7.97%

 😭 7d Losers (Top-100)

• ApeCoin (APE) -17.57%

• Astar (ASTR) -16.40%

• Pepe (PEPE) -16.09%

🔮 Doom Cat: Huobi is in trouble?

FTX drama unfolds

First, I will talk about the former FTX, especially the state of affairs for SBF and his inner circle. Then I will talk about the current FTX and what exactly has shaken the entire alt market this week.

Ryan Salame, the former FTX manager, will plead guilty, primarily to massive political donations from user funds. With that, he joins the group of culprits of Caroline Ellison, Nishad Singh and Gary Wang. As a reminder, SBF has pleaded not guilty and is not willing to cooperate with the government. 🤡

This week, a juicy rumour came to light: It turns out that SBF’s parents, Stanford law professors, were actively involved in building the FTX empire. Whether they will be held accountable is now unclear. 🤔

FTX now: The company received court approval to liquidate $3.4 billion in assets. The markets went crazy as if FTX was dumping everything at once. 🥶 The Solana community in particular took a hit, as FTX held ~$1 billion in SOL. In fact, FTX's limit on sales is $50 million for the first week is $50 million, and $100 million thereafter. You know, when the F&G index is on Fear for several weeks, this crazy reaction was just right. Now it has stabilized anyway. 🤔

Binance’s exodus

Yes, if people changing jobs, that’s perfectly fine. But in 2023, more than 10 executives left Binance.🥺 Binance CEO Changpeng Zhao says the departure of key executives is irrelevant as they continue their careers outside the company. The latest on the list of fugitives are the Binance US Chief Risk Officer & Head of Legal and Binance US CEO. To be fair, we should have compiled a similar list with other large companies and looked at what happened there during the same period. And Binance is really very large.🤔 And some things are just out of control. But given the regulatory pressure, this exodus of executives is kind of scary.

Coinbase goes broad

Coinbase wants to make it big outside the United States. The reason is the same: more adequate cryptocurrency regulation. SEC chair Gary 🤡 says crypto companies are not compliant with laws and are full of flaws. Scammers, in short.

Nana Murugesan and Tom Duff Gordon, vice presidents of global business and international policy at Coinbase, specifically named the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as "near-term priority markets" These countries "enact clear regulations" and Coinbase will focus on "acquiring licenses, registering, building, and expanding operations" in these. 😎

Conclusion: We do the best we can. Fear is normal, but you shouldn't panic and make decisions based on that feeling. 💪 At least look at how Binance is holding up, and what Coinbase is saying and acting. Regarding FTX - no comment. I definitely advise you to look into the rumours of SBF dad's involvement, but that will bring nothing but unpleasant feelings. The only healthy conclusion is that the fraud did not happen in a vacuum, but that the inner exec circle and maybe family knew.

See you next week, folks! Thanks for being with us. Brought to you by Yana :)

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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.