Your Favorite Crypto Digest From TradeCrypto.com #85: Justice, Mystery, and the Mediterranean

The statistics:

Market is green. BTC is now trading above $23,300, ETH is trading around $1,550.

💪 Bitcoin dominance: 42.95%

📉 Total Cryptocurrency Market Cap: $1.039 tr

😲 Fear and greed index: 31 (Fear)

🚀 Gainers(Top-100)

• Flow (FLOW)+18.03%

• Waves (WAVES)+17.38%

• Lido DAO (LDO)+17.28%

😭 Losers(Top-100)

• Nexo (NEXO)-10.11%

• TerraClassicUSD (USTC)-1.98%

• Curve DAO Token (CRV)-1.86%

The poor Three Arrows Capital (3AC) owes a whopping $3.5 billion💰 to 27 different companies—including Blockchain.com, Voyager Digital, and lender Genesis Global Trading—according to court documents.

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3AC failed to repay loans and missed multiple margin calls with lenders, meaning that its investment accounts fell below required levels and were not topped up.

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It passed the now-insolvent firm $2.36 billion in a loan that was under-collateralized and had a margin requirement of 80%, according to the court documents. Yikes. We wouldn't want to be in 3AC's shoes right now.

Good news for crime-fighting! The FBI and U.S. Justice Department⚖️ last year thwarted attempts by North Korean🇰🇵 state-sponsored hackers to cripple an American🇺🇸 hospital—seizing $500,000 in cryptocurrency and ransom payments in the process.

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In a Tuesday statement, the DOJ’s Deputy Attorney General Lisa O. Monaco said💬 the bad guys hacked a Kansas hospital’s system in 2021 and demanded a ransom, threatening to cripple the center’s servers if their demands were not met.

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The hospital’s staff paid the ransom after the cyber criminals threatened to double the amount within 48 hours🕧. The DOJ statement did not specify if the ransom payment💸 was paid in cryptocurrency, but what matters is that the villains' fortune came to an end. Go justice!

On Sunday, nasty hackers infiltrated popular NFT registration platform Premint and made away with 320 stolen NFTs and more than $400,000💰 in profit in one of the biggest such hacks this year.

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They then created a pop-up within the site that prompted users to verify their wallet ownership, ostensibly as an additional security measure.

Brad Sherman, the boring congressperson who previously called for banning cryptocurrencies in the United States🇺🇸, is now criticizing the Securities and Exchange💱 Commission’s (SEC) approach to enforcement among major crypto exchanges.

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Grewal responded💬 that he was unable to specify if the SEC enforcement division was investigating any crypto exchanges, but referred to a case brought against Poloniex in August 2021 for trading📉 cryptocurrencies deemed securities to U.S🇺🇸. investors on its platform between July 2017 and November 2019.

There's been an injustice done. Ravi Menon, the managing director of the Monetary Authority of Singapore🇸🇬, or MAS, said the companies often labeled by the media in connection to the recent market volatility📉 as “Singapore-based” were in fact not representative of the country’s approach to crypto regulation.

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In a speech on the MAS Annual Report on Tuesday, Menon said crypto-related companies, including TerraForm Labs and Three Arrows Capital or 3AC, had “little to do” with crypto regulation in Singapore🇸🇬.

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According to the MAS managing director, Three Arrows Capital was not regulated under the country’s Payment Services Act and had “ceased to manage funds in Singapore” prior to the reports of it failing to meet margin calls. Ok, we hear you Singapore, you're all right.

Digital asset exchange Crypto.com has received approval from Italian regulators to offer its services in the Mediterranean country — a move the company says aligns with its vision of “building🛠 lasting growth in the region.

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Crypto.com announced that it had officially received registration and regulatory approval from Organismo Agenti e Mediatori, also known as OAM, Italy’s primary Anti-Money Laundering regulator.

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The approval effectively grants Crypto.com the ability to offer its products and services to Italian🇮🇹 customers. Crypto.com claims to have over 50 million customers👥 around the world. In recent months, the exchange received regulatory licenses to operate in Greece, Singapore, and Dubai. Good for Crypto.com!

In May of last year, when the CEO of the world's largest crypto exchange was asked where his company is headquartered Changpeng Zhao's, or CZ for short, answered 💬 that Binance has no headquarters—it's a decentralized company, in keeping with the decentralized⛓ ethos of the crypto industry.

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He also challenged🇮🇹 the definition of a headquarters: "Is that an office where people sit? I worked from home for the last three and a half years. Our leadership team are not sitting in one office, we don't have a clear place where we can go by most people's normal definitions of a headquarters that we can call a headquarters.

Conclusion: The market is out of the zone of extreme fear. People are already seriously considering buying, and are increasingly asking about it

Let us know how you would rate today's digest:😍 Loved it🤨 Could have been better🤮 Better luck next time