Your Favorite Crypto Digest From TradeCrypto.com #189

Daily statistics update:

Today's market is green. BTC is trading at $17,170; ETH is above $1,266.

💪 Bitcoin dominance: 39.08%

📉 Total Crypto Market Cap: $845.27B

😲 Fear and greed index: 27 (Fear)

🚀 Gainers (Top-100)

• TonCoin (TON) +11.02%

• GMX (GMX) +6.87%

• Stacks (STX) +5.68%

😭 Losers (Top-100)

• Trust Wallet Token (TWT) -17.96%

• Neutrino USD (USDN) -10.82%

• ApeCoin (APE) -6.91%

Only one person is disappointed Sam got arrested 😤. It is Maxine Waters, House Committee chair, cause Sam is supposed to testify at today's hearing. Everyone else just exploded. Events unfolded prosaically. The US charged SBF with conspiracy, wire fraud, money laundering, and securities violations. A strong selection 😱. Then the Bahamas received a formal notification from the US that SBF is a criminal and they might extradite him soon. That's how SBF ended up behind bars.

To tell the truth, I'm with Maxine on this one. This means I wanted to hear his testimony. Mainly cause he refused 🙅 to testify before the Senate and the House of Representatives. Now the future is foggy. Not all branches of the US government have decided on the changes. More to come in the coming days. Saying justice was done is too early. With a bouquet of charges like that, SBF could spend the rest 🧟 of his life in prison. But the lawyers could still get him out. Let's keep an eye on it.

Binance is under mainstream media attack. First, they didn't like the audit for Mazars. Then the news Binance might face criminal charges 🤬 from the US Department of Justice. Then CZ paused withdrawals of Sun Token, Osmosis, and others cause he saw a spike of activity, thinking it was fishy. Yesterday was a peak of FUD cause users understood CZ can pause withdrawals if he thinks it is for the best. How could Binance users react to all this? Right, started fleeing from it. The outflow 🏃 of $902 million in the past 24 hours. 9 times larger than the second-largest outflow of Bitfinex.

Lodestar Finance was exploited the same way as Mango Markets, leaving the company users with $5.8m of bad debt 🤑. Hackers "artificially pumped the price of an illiquid collateral asset which they then borrow against, leaving the protocol with irretrievable debt." The attack is due to a flaw in protocol design, not a bug. The pvlGLP token was vulnerable, and the exchange rate of plvGLP to GLP in one pool relied on total assets divided by total supply on Lodestar. So the attacker loaned ether, usdc in several days, leaving the plvGLP/GLP exchange rate at 1.00:1.83, which helped him to borrow even more. Who should I congratulate - copycat or Avraham Eisenberg 😡?

Argo mining firm reported insufficient funds and tried to sell certain assets to keep afloat. Unless it finds a way, it will undoubtedly go bankrupt next month 🙅. Dec.9 suspension of trading on the London Stock Exchange and Nasdaq drove the last nail. In Oct, Argo Blockchain was seeking investments but failed, saying if they didn't find any, the end would be soon. Filing for bankruptcy Chapter 11 didn't happen, but the option is on the table, closer than it has ever been 😱.

Conclusion: Most of the top 100 market is growing today, so congrats. It is not clear how to react to the arrest of SBF, I don't want to gloat either, but at least we are not witnessing him being on an endless run. When will the FUD around Binance settle down?

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.