Your Favorite Crypto Digest From TradeCrypto.com #131

The statistics:

Market is red. BTC is now trading above $18,700, ETH is trading around $1,200

💪 Bitcoin dominance: 40.98%

📉 Total Cryptocurrency Market Cap: $ 0.872 tr

😲 Fear and greed index: 22 (Extreme Fear)

🚀 Gainers (Top-100)

• Algorand (ALGO)+10.47%

• Celsius (CEL)+10.22%

• Chiliz (CHZ)+7.47%

😭 Losers (Top-100)

• EOS (EOS)-7.83%

• Ethereum (ETH)-4.63%

• Curve DAO Token (CRV)-3.90%

A bug in the latest upgrade for Arbitrum, an Ethereum scaling network, had been live for almost three weeks, but had not yet been exploited. A white hat hacker has discovered 🔍 a bug within the latest upgrade for Arbitrum, an Ethereum scaling network, that could have led to the theft of over $530 million.

Arbitrum builder OffChain Labs earlier this week rewarded the hacker, who operates under the pseudonym 0xriptide, with a bounty of 400 ETH (worth approximately 💰 $530,000) for sharing the discovery. Very honorable, isn't it?

Cryptocurrency exchanges Binance and FTX have reportedly made the leading bids for the assets of bankrupt crypto lender Voyager Digital. Crypto exchanges 💱 Binance and FTX have reportedly made the top bids of approximately $50 million each for the assets of the bankrupt crypto lending firm Voyager Digital. Binance’s current bid is slightly higher than that offered by FTX, but neither offer had been accepted yet. Who do you think will win?

The appeal didn't help. A judge in New York has ordered stablecoin issuer Tether to produce financial documents proving the dollar 💲 backing of USDT, as part of a lawsuit alleging the firm manipulated crypto markets.

Tether, which is owned by the same company as crypto exchange Bitfinex, has been ordered to release 💬 “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements” in addition to information about the timing of the trades. The order also requires Tether to share details about the accounts it holds at crypto exchanges Bitfinex, Poloniex and Bittrex.

Binance continues to conquer the world. Crypto exchange Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), enabling the crypto exchange 💱 to offer a range of virtual asset services to qualified retail and institutional investors. With the new permission, Binance will be able to offer a range of virtual asset-related services to qualified retail and institutional investors under the legislative framework for virtual asset service providers (aka VASPs).

This is a very cool idea. OpenSea, the digital marketplace for crypto collectibles and nonfungible tokens (NFTs), has launched 📢 a new initiative to make it easier for creators to create and distribute NFTs on its marketplace.

As part of this new immersive initiative, creators will be able to launch their NFT collections on their own customizable and dedicated drop pages, which the company hopes will allow for greater visibility and discoverability on the marketplace’s new homepage. Under the customizable drop pages, creators will now have the ability to share 📲 images and videos, provide team highlights, outline roadmaps and more.

A self-described 23-year-old “Crypto King” is facing a raft of demands among 140 of his investors as they try to claw back a collective total of $35 million from his company AP Private Equity Limited. Сreditors are hard at work trying to unravel where all the money 💸 ended up that they allegedly gave Canadian Aiden Pleterski to make crypto and foreign exchange investments on their behalf. So far, roughly $2 million worth of assets has been seized, among them two McLarens, two BMWs and a Lamborghini. Where's the rest of the money?

Do they think they are going to save the situation? Draft legislation in the United States House of Representatives would place a two-year ⌛ ban on new algorithmic stablecoins such as TerraUSD Classic (USTC), which depegged from the U.S. dollar earlier this year, causing widespread crypto market contagion.

The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft 📃 of the legislation obtained by Bloomberg. However, the legislation includes a grace period of two years for existing algorithmic stablecoin providers to change their models and collateralize their offerings differently.

Conclusion: Despite another rate hike by the Federal Reserve, there wasn't a significant effect on the market. There is a very serious level of support, which is quite difficult to beat. Who knows, maybe this is the worst we'll see this year.

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.