🏓Do Kwon: 40 years for $40B
Hi TC folks. Breaking news of the week. Do Kwon faces 40 years in prison, Binance is under investigation for sanctions violations, Liechtenstein accepts BTC for public services, IRS demands 44 billion from FTX, and Circle braces for possible US default. Jump in.
Weekly Digest From TradeCrypto.com #16
News to follow:
Daily statistics update:
Today's market is red. BTC is trading at $26,420; ETH is around $1,770.
💪 Bitcoin dominance: 46.35%
📉 Total Crypto Market Cap: $1.10B
😲 Fear and greed index: 49 (Neutral)
🚀 7d Gainers (Top-100)
• Kava (KAVA) +15.62%
• Bitcoin SV (BSV) +8.91%
• FLOKI (FLOKI) +4.93%
😭 7d Losers (Top-100)
• Pepe (PEPE) -37.83%
• PancakeSwap (CAKE) -26.86%
• Conflux (CFX) -22.84%
🔮 Doom Cat: Will the US default on debt on June 1?
Do Kwon faces 40 years in prison
For record "achievements" - record punishments. 40 billion wiped from the markets = 40 years in prison. 😱 But that's only a threat now. Because Do Kwon is still in Montenegro awaiting deportation to South Korea. The U.S. also wants justice because he broke several laws there. South Korea believes it's up to them to convict Do Kwon since most of the atrocities were committed there. They're willing to impose such a long sentence for systematic crimes. Meanwhile, a hearing was held in Montenegro, where Do Kwon's lawyers rejected the accusation that he had traveled with forged documents. He requested bail in the amount of $437K 💰 so that he could go to his apartment under supervision. The court will rule on the request on June 16. I bet he'll not be released. He was detained by the police at the airport with forged documents.
Binance faces trouble in U.S.
Bloomberg cites 5 sources claiming that Binance is under scrutiny in the US for possible sanctions violations against Russia. 😧 The DOJ wants to find out whether Binance allowed money transfers through its platform. So far, neither the exchange nor its top executives have been charged with wrongdoing as part of this investigation. In April, Binance lifted the €10,000 limit for Russian investors. However, the company hasn't officially commented on the matter. Is Binance trying to do it both ways, or is it another wave of FUD? 😵💫
Liechtenstein accepts BTC
Liechtenstein will allow citizens to pay for public services with bitcoin. Although no exact date has been announced yet, this is a big deal. 🤠 No, the authorities won't keep bitcoins, they'll be immediately exchanged into the national currency. However, they added that with MiCA almost completed, they're thinking about exchanging some of their reserves into bitcoin. Liechtenstein is again loyal to digital assets. In 2019, the country's parliament passed the Liechtenstein Blockchain Act. The document created a regulated environment for providers of services related to crypto assets. 👍
Metaverse is dead
That's exactly what Business Insider thinks. Author Ed Zitron claims that the once-hyped technology has dried up in the eyes of investors. You may remember the famous meme with kids in a pool: where AI is on top, the metaverse is sinking, and NFTs are completely dead. ☠️ Well, the big players in the metaverse can only laugh at such statements. Epic CEO Tim Sweeney suggested organizing an online wake for the metaverse with 600,000,000 monthly active users in Fortnite, Minecraft, Roblox, PUBG Mobile, Sandbox and VRChat so that everyone can mourn together. 👻
Arthur Hayes silenced
Oh no, we won't see any mockery of the 3AC founders in Arthur's tweets, because Su Zhu has obtained a restraining order from court. 🤫 The order prohibits Arthur from using "threatening, abusive or insulting words" and making "threatening, abusive or insulting communication, that would harass, alarm or distress the applicant". In case you missed it: Arthur has posted that he lost 6 million in the collapse of 3AC. 💸 I bet Arthur will find a way to express his opinion in a more polite yet catchy manner. Thanks Arthur for shedding light on this.
IRS claims $44b from FTX
The IRS drops the hammer on an already complicated situation in FTX. This is one tax storm you don't want to be caught in! 🌪️ They've slapped 45 claims against FTX.US, Ledger Holdings, and even Blockfolio. Wondering what's so bad about that? Well, these claims were cleverly filed under the "Admin Priority" classification. 🤔 That means IRS can jump to the front of the line, leaving other creditors in the dust. But here's where it gets really interesting: Alameda Research LLC is facing a staggering $20.4 billion claim courtesy of the IRS. They're demanding $20 billion in partnership taxes alone. And that's not all - they're also going after millions in withheld income taxes and payroll taxes. 😨
Elon Musk did it again
The Twitter CEO sent fans of Miladys NFTs into a frenzy when he shared a meme: "There is no meme, I love you." As soon as Musk hit that tweet, the Miladys collection shot to the top spot on OpenSea, reaching an all-time high of 7.3 ETH. 🚀 But here's the kicker: the collection isn't without controversy. Journalists quickly picked up on Miladys' connection to edgy internet subcultures and New York hipsters with right-wing leanings. The collection's creator was outed as the mastermind behind the infamous Twitter account "Miya". This account was known for its offensive and cryptic posts. 🤪 Fang, the self-proclaimed CEO, apologized for his "toxic baggage" and vowed to step away from the project. A moment of redemption or a plot twist?
Circle adjusts to default
Circle has announced that it'll adjust its reserves to avoid a possible U.S. default. The problem is that the reserves consist largely of long-term U.S. government bonds that don't mature until well after a possible default - on June 1. In turn, the company is switching to shorter-dated ones. Competitor Tether said its Treasury notes mature in less than 90 days. The company also said it's "taking steps to reduce its reliance on bank-only deposits as a source of liquidity." Is this a sign we should be worried? 🤔
Conclusion: The market is red today, although can't make a joke that alt coin season is here. Who would have thought it would be meme coin season. This week is epic though. Just look at the threat of 40 years for Do Kwon. We don't know how many years SBF will get for FTX. But we do know who will be the first to get payments from FTX - the IRS. And then there's the threat of default and the ongoing banking crisis. It's a funny life.
See you next week, folks! Thanks for being with us.Brought to you by 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.