Not the Axies!

Good morning. Today in the CT5 we've got coverage on possibly the biggest DeFi hack on record, Saylor buying more bitcoin, Ripple's CEO taking shots at the Bitcoin network's energy consumption, and more!

Programming Note: we will be off tomorrow, but back on Friday to close out the week!

Market Update (as of 8:02am ET):

My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder

Top 5:

1. Axie Infinity’s Ronin Network suffers $625M exploit. Yesterday, the Ronin Network announced an exploit that allowed the hacker to drain the network of $625 million in USDC and ETH. Validator nodes from Sky Mavis, the publisher of Axie Infinity, had private keys stolen which allowed the hacker to create fake withdrawals on the Ronin bridge. The shocking piece of the story is that the hack actually happened on March 23rd and no one noticed for almost a week. It's another demonstration of the susceptibility of bridges in the crypto ecosystem and may end up being the largest DeFi hack on record.

2. Silvergate issues bitcoin-collateralized loan to MicroStrategy subsidiary. You know who doesn't care about the Axies getting hacked, Michael Saylor. The MicroStrategy CEO was busy on Tuesday pledging his bitcoin as collateral for a $205 million loan that will be used to buy more bitcoin. Silvergate Bank, the issuer of the loan, specializes in serving crypto companies and investors and provided the loan via their Silvergate Exchange Network (SEN) Leverage program.

3. World’s largest interdealer broker expands custody with BitGo and Komainu partnership. TP ICAP is the world’s largest interdealer broker and helps to facilitate trades for institutional investors. The company has partnered with crypto custodians BitGo and Komainu to expand their digital asset offering. The move will allow TP ICAP to provide additional services to clients including: expanded liquidity offerings, an OTC marketplace for spot crypto trading, and other infrastructure to support post-trade processing.

4. Ripple co-founder Chris Larsen blasted as 'Judas' after proposal to change Bitcoin. Larsen called for Bitcoin to shift to a proof-of-stake validation model in an effort to reduce the network's environmental impact. Many in the crypto community (especially the pro-Bitcoin crowd) viewed the suggestion as insincere and self-serving given that Larsen's company Ripple directly competes with the Bitcoin network as an alternative payment protocol. Larsen has partnered with Greenpeace and the Sierra Club to run a campaign called "Change the Code not the Climate" and has donated $5 million to the initiative.

5. Bitcoin miner Iris Energy secures $71 million in equipment financing. The Aussie mining firm has secured a deal with NYDIG to finance the purchase of new bitcoin mining equipment. The company pledged 19,800 miners as collateral for the loan and is considering additional future funding opportunities. It's the second major financing of a bitcoin mining company's expansion in the last week, with Greenidge securing $100 million in a similar deal to expand capacity just a few days ago.

Updates and other stories:
- World of Women Galaxy Ethereum NFT drop generates $79M...Read More
- Robinhood crypto lead leaving to start crypto venture...Read More
- Carbonplace, CIX collaborate for blockchain-based carbon trading...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.