Your Favorite Crypto Digest From TradeCrypto.com #109

The statistics:

Market is in the sidebar, some of the alts are green, some are red. BTC is now trading above $21,150, ETH is trading around $1,600.

💪 Bitcoin dominance: 40.75%

📉 Total Cryptocurrency Market Cap: $ 991 tr

😲 Fear and greed index: 28 (Fear)

🚀 Gainers (Top-100)

• EOS (EOS)+18.11%

• Chiliz (CHZ)+16.43%

• Cosmos (ATOM)+8.51%

  😭 Losers (Top-100)

• Celsius (CEL)-23.68%

• XDC Network (XDC)-6.17%

• Quant (QNT)-5.21%

He was inspired by the $3 million TON domain sale? Telegram CEO Pavel Durov has proposed 🔈bringing the platform usernames and channel links to market as NFTs, to “add a little bit of Web 3.0 to Telegram”.

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Durov suggested that millions of reserved Telegram addresses could be auctioned as assets on the blockchain. “This would create a new platform where username holders could transfer them to interested parties in protected deals 🤝 – with ownership secured on the blockchain via NFT-like smart contracts,” he explained.

On August 2, Voyager Digital filed a motion to the United States Bankruptcy Court ⚖️ in the Southern District of New York to approve the Key Employee Retention Plan (KERP), which aims to distribute $1.9 million to 38 key employees who are deemed to be crucial to the operations of the exchange 💱. The creditors wrote that the employees are "already well-compensated", while the creditors struggle to pay their expenses. We can understand them, too.

A troublesome twist. The South Korean Ministry of Strategy and Finance on Monday 💬 made clear that virtual asset airdrops, staking rewards, and hard forked tokens will be subject to a gift tax under the Inheritance and Gift Tax Act, despite the postponement of crypto gains tax to 2025.

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The tax authority explained that even though virtual asset gains tax would be applicable from 2025, free virtual asset transfers would still attract a 10-50% tax under the Inheritance and Gift Tax Act. The said tax requires the recipient of the free “gift” 🎁 to file a gift tax return within three months of receiving it.

Do you think this amount is enough? Global asset management firm Invesco has launched an investment fund focused on all things Metaverse. The Invesco Metaverse Fund is registered in Luxembourg and has a size of approximately $30 million. “We will seek to capitalize on these opportunities through a highly selective, valuation-conscious approach,” 💬  said Tony Roberts, the fund manager.

The Chinese technology conglomerate, Tencent, recently received 💪🏻 a novel patent for a blockchain-based missing person's poster. The patent took nearly three years to be awarded from the date of its first submission in December 2019.

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The patent consists of a data generation request made after a user reports that a person has gone missing. The proposal is then unveiled publicly 👀 on the blockchain for verification. Once a consensus has been reached regarding the request, it is then stored in the public ledger and forwarded to nodes for broadcasting to a wider audience  👏🏻. Do you think this will increase the efficiency of the search for the missing person?

Wow, interesting to see what this will look like. Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange  💱 , according to a report in South Korean publication Newspim. The companies aim to create a corporation to open an exchange in the first half of next year.

Lawyers for former OpenSea product manager Nate Chastain have filed a motion to dismiss ❌  the insider trading charges against the ousted NFT marketplace employee. Filed Friday, the motion argues that NFTs are not securities or commodities—so no insider trading could have taken place.

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The Department of Justice and FBI in June arrested and charged Chastain with wire fraud and money laundering for alleged trades he made using insider knowledge, 🌐 of which NFT collections were going to be featured on OpenSea. Do you think he's guilty?

Conclusion: The market is in a flat state and many people now prefer scalping as a method of trading. Pavel Durov keeps introducing web3 to Telegram. We wonder if there will be a place for the TON coin there.

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.