NFT Failure to Launch

Good morning. Today we've got coverage on a spectacular bust from a new NFT launch, a DeFi insurance portal, and Russian crypto mining hardware being sold off by Compass. All that and more in the CT5!

Summer Vacation: the CT5 will be off starting Friday, April 29th through Friday, May 13th.

Market Update (as of 8:42am ET):

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Top 5:

1. Aku Ethereum NFT launch ends with $34M locked in flawed smart contract. A hotly anticipated Ethereum NFT launch on Friday went seriously awry when flaws in the project’s underlying code locked away $34 million worth of ETH, which now apparently can't be accessed by the creators or NFT buyers. The launch was for Akutars, a 3D avatar project from former Major League Baseball player Micah Johnson. A flaw in the Aku developers’ smart contract code failed to account for multiple NFT mints within the same transaction, and the contract requires the numbers to line up properly to enable withdrawals of any kind. The team is working to address the issues and release the NFTs to purchasers.

2. Crypto miner Compass selling $30 million of equipment in Russia. The American crypto-mining firm is selling off around $30 million worth of hardware in Russia after the US government sanctioned rival BitRiver over its Russian operations. Compass is seeking buyers in Russia for equipment with 12 megawatts of capacity and expects to recover most of the value from the equipment. The company will distribute the proceeds to about 2,000 clients who own the mining hardware that Compass hosts on their behalf.

3. DeFi insurance platform Uno Re launches cover portal for crypto assets. Uno Re, a decentralized insurance platform, launched a cover portal over the weekend that enables DeFi users to immediately insure their crypto-assets. The company said it is addressing a need in the DeFi space to provide accessible insurance amid the potential for hacking attacks, which have increased multiple times on a year-over-year basis in the first quarter of 2022. The cover portal can scan users' wallets, detect insurable assets within, measure possible risks using an AI-based algorithm and allow users to secure their on-chain assets. The platform allows users to pay their premiums in USDC.

4. Nike and RTFKT reveal CryptoKicks—their first Ethereum NFT metaverse sneakers. The RTFKT x Nike Dunk Genesis CryptoKicks are digital wearable items that are designed for use in metaverse worlds. RTFKT revealed them initially on Twitter, in a video that shows how the look of the digital shoes can be altered via collectible “Skin Vials,” which can be swapped to enable varying styles. Nike’s first CryptoKicks can be opened through RTFKT’s MNLTH Ethereum NFTs, which were airdropped for free to holders of RTFKT’s valuable CloneX profile picture NFTs and other earlier RTFKT NFTs in February.

5. Tennessee prepares to hold cryptocurrencies. The state of Tennessee is seeking a contractor to hold cryptocurrencies on its behalf according to reports from the Nashville Post. The state’s treasury posted a request that potential vendors explain how their companies would manage its virtual currencies, including bitcoin. Tennessee currently holds no crypto, but is seeking a vendor in order to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program,” the report said. A bill introduced in the state's legislature in February would, if approved, allow the state and other municipalities to invest in cryptocurrency and non-fungible tokens.

Updates and other stories:
- Bitcoin ETFs to roll out in Australia to test crypto demand...Read More
- Moonbirds NFT sells for record $1 million within week of launch...Read More
- Grayscale notes SEC inconsistency in latest case for spot bitcoin ETF...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.