🏓 Su Zhu Caged
Hey TC people. Justice has been done: Su Zhu is arrested for ghosting. SBF trial just started, and SEC just lost the second attempt to sink Ripple. The regulator, hovewer, has no intention of losing to Coinbase. Dive deep.
Weekly Digest From TradeCrypto.com #32
Daily statistics update:
Today's market is green. BTC is trading at $27,541; ETH is at $1,627.
💪 Bitcoin dominance: 49.62%
📉 Total Crypto Market Cap: $1.08T
😲 Fear and greed index: 50 (Neutral)
🚀 7d Gainers (Top-100)
• Trust Wallet Token (TWT) +21.37%
• Solana (SOL) +16.06%
• Render (RNDR) +15.29%
😭 7d Losers (Top-100)
• Pepe (PEPE) -13.37%
• Frax Share (FXS) -12.03%
• ApeCoin (APE) -11.60%
🔮 Doom Cat: Will $XRP rise anytime soon?
SEC lost to Ripple again
A loss for SEC. The crypto community was gloating. On October 4, a federal judge rejected the SEC’s appeal of an earlier decision to dismiss the agency’s lawsuit against Ripple. It’s not a complete defeat for the regulator. Even if the crypto community would like to think so. The judge only said that SEC failed to prove itself this time, and another trial is scheduled for April 2024. The XRP price increased by 5% after this news. The funny thing is after the announcement of the so-called ”final" victory for Ripple, the XRP price is the same as before the first victory in July. Draw your conclusion.
Su Zhu caged
Imagine the face of Arthur Hayes (Bitmex founder and great writer who used a lot of black humour to bring up things against SU Zhu and 3ac for owing money and letting down the industry). Su Zhu, the founder of bankrupt 3ac, was arrested at Changi Airport. He was sentenced to 4 months in prison. Kyle Davies was also sentenced to 4 months, but his whereabouts are unknown. You won’t ask why if you read our digest for a while. For all you newbies, Su Zhu and Kyle Davies delibarelely failed to comply with court and Teneo, the liquidator of 3ac. Meanwhile, they even managed to open another crypto exchange OPNX. I do suggest you read more stories about 3ac, Kyle and Su. Use a search on our website and the digest’s site.
SEC wants to dismiss Coinbase motion
Coinbase has filed a motion in court to dismiss the SEC’s lawsuit against the exchange which alleges Coinbase of all the sins of securities violations. Probably afraid of Ripple's second victory, SEC went to court to object to Coinbase’s motion. As you can imagine judge might rule in favor of Coinbase. Even if the judge grants the motion, the very lawsuit could come out in favour of Coinbase.
SBF trial: first days
Promised sequel 🍿The highly anticipated trial has just begun. What happened NOT in court: the FTX exploiter (the one who stole $600 million when FTX collapsed) unexpectedly returned a part - $36.8 million as soon as the trial started. 🤯
What else? A former FTX employee knew about a backdoor in Alameda's $65 billion line of credit months before the platform collapsed. The employee who discovered the loophole informed his supervisor of the discovery, but instead of fixing the problem, the team member was fired. 🤡 To learn what has happened in the courtroom since October 3, I recommend the Coindesk SBF Trial Newsletter. The trial will last about 6 weeks, and we can’t give SBF that much space to report only the most important details. 😎
Conclusion: Look again at the cover of this digest again. I can’t stop gloating. I don’t mean to sound mean, but these guys who open other businesses while willfully ignoring their other business' bankruptcy proceedings deserve justice and jail time. As of jail, all eyes are on SBF. If you don't care about this stuff (then why do you subscribe?), the market is now nice for trading. Good luck!
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.