🏓 Do Kwon caught
Hello there. The pressure on crypto continues, with Coinbase hit with a Wells notice, while ARK sells Coin shares. DefiLlama calls back token airdrop, and Arbitrum was nearly crashed by ARB claims. Magic Eden jumps on the Bitcoin NFTs bandwagon. And last but not least - Do Kwon gets busted.
Weekly Digest From TradeCrypto.com #9
Daily statistics update:
Today's market is green. BTC is trading at $28,251; ETH is around $1,841.
💪 Bitcoin dominance: 46.21%
📉 Total Crypto Market Cap: $1.18B
😲 Fear and greed index: 61 (Greed)
🚀 7d Gainers (Top-100)
• Mask Network (MASK) +47.65%
• XRP (XRP) +18.32%
• XDC Network (XDC) +18.22%
😭 7d Losers (Top-100)
• Arbitrum (ARB) -87.95%
• Huobi Token (HT) -14.41%
• Kava (KAVA) -14.23%
🔮 Doom Cat: Is Operation 2.0 Real?
Over 80 firms eying presence in HK
Since October last year, some 80 companies have been interested in setting up stores in Hong Kong, and 23 have already taken steps to do so📍. While the U.S. continues its regulatory push without concrete steps to establish a regulatory framework, Hong Kong is taking countermeasures. HK Secretary said it is already home to more than 800 tech companies and is a leading Web3 hub 🚀, but with the virtual asset licensing regime set for June 2023, even more companies will want to operate there. Until March 31, the centralized exchanges can get a consultation on license submission.
DefiLlama solves internal conflict
The DeFi analytics platform had a leadership dispute 🧐. One of the devs said DefiLlama was subject to a hostile takeover and wanted to launch a gov token called LLAMA without anyone on the team being in favor of it. Another part of the team fired the exact accusations back to the devs. However, the conflict was settled, and it was announced on the official Twitter that there will be no airdrop of the new token and that these issues will be discussed with the community beforehand 🏓.
ARK Cathie Wood sells Coinbase stock
For the first time in 2023 and after buying Coinbase shares in a row, Ark Invest sold 160,887 shares worth $13.5 million. After the sale, Ark still holds about 1.6 million shares worth $132 million. The sale comes at a time when Coinbase shares are performing well, reaching $83.99 per COIN for the first time since September 2022, but some might say the sale is due to U.S. pressure on Coinbase as the exchange received a Wells notice.
North Koreans try to phish Euler hacker
The North Korean address responsible for the 625 million Ronin Bridge attack sent an on-chain message to Euler attackers that had to be decrypted 🗝. It turned out that this message was actually a scam aimed at eliciting access to the funds from the Euler hacker. The Euler team, currently in talks with the exploiter about the return of funds, immediately noticed this and sent a message to the hacker that the Ronin attacker wants to steal the funds. In the end, the encrypted message wasn't opened 🤡 and the funds remained with the hacker. It's still unclear when it'll be returned to the Euler team.
Coinbase receives Wells notice
After cracking Kraken's staking product, SEC is now taking aim at Coinbase👺. On Wednesday, the crypto exchange received a pre-litigation warning, a Wells Notice, alleging that Coinbase staking products are unregistered securities. The Wells Notice also mentions unspecified aspects of the Coinbase exchange and its crypto wallet. Although this is a serious matter, the team said they'll fight in court if it gets to that point, and that the notice itself isn't sufficient for the team to respond to SEC. They wrote a cool explanatory blog post 📍saying that they have been in talks with the regulator for a long time and can't understand what is going on when they were always accommodating and got an approval in 2021 when Coinbase went public.
Magic Eden launches Bitcoin Ordinals marketplace
One of the largest NFT marketplaces is jumping on the hype 🚀surrounding Bitcoin Ordinals NFTs. The newly launched marketplace allows users to have similar experiences with Bitcoin NFTs as they have with Ethereum, Solana and Polygon NFTs. The move comes after the mints of new NFTs increased from 679 in February to 567,087 at the end of March. Currently, the marketplace only supports secondary sales and there is no royalty support, but the Magic Eden team hinted it's looking 😛 into the possibility.
Arbitrum crashes after users rush to claim tokens
Both the Arbitrum homepage and Arbiscan crashed, cause the ARB is here🔝. In the first hour of the airdrop, 42M ARB tokens were claimed. But the technical difficulties didn't stop users, as more than half were still able to claim ARB. Recipients of the airdrop still have six months to claim their airdrops. ARB climbed as high as $14 📈 in some venues before settling at $1.54 after more wallets claimed their allocations.
Do Kwon arrested in Montenegro
Almost a year after countless attempts by Interpol, South Korean and Singaporean authorities to catch the founder behind the $40 billion Terra LUNA bust, he's finally caught 👩✈️. An interior minister of Montenegro announced that the person with fake documents was arrested on March 23. South Korean authorities are still waiting for fingerprints to confirm that it's indeed Do Kwon, but based on the photo, nationality, name and age, it can be assumed that it's him. Do Kwon was detained at Podgorica airport when authorities didn't believe that the documents he presented were genuine. Montenegro doesn't have an extradition treaty with Singapore and South Korea, but extraditions have been made to the United States in the past. So if it's Do Kwon, he probably faces a long journey ✈️.
Conclusion: Crypto holds up well and gains strongly with a new Goldenboy ARB. As the U.S. continues its push, making numerous statements and filing lawsuits, the crypto industry doesn't seem as hot-headed as it was a week ago, but questions whether U.S. regulators can establish a framework through which it becomes clear what is good and what isn't are prominent.
See you next week, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)
Let us know how you would rate today's digest:
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.