Magic Eden stealing away BAYC
Good morning. Today we've got coverage on the Treasury Department getting trolled, Coinbase's lackluster Q2 earnings, and a strong play by Magic Eden to steal Bored Apes away from OpenSea. That's all right here, right now in the CT5!
Market Update (as of 7:58am 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. Someone is trolling celebs by sending ETH from Tornado Cash. In response to OFAC's blacklist of crypto mixer Tornado Cash one anonymous user is sending small amounts of ETH from the platform to high-profile Ethereum addresses. The gag highlights the difficulty of sanctioning autonomous blockchain-based software that is outside the control of a single entity. Recipients of ETH from Tornado Cash include Brian Armstrong, Jimmy Fallon, clothing brand Puma, and Dave Chappelle.
Been accumulating a pretty big list of major CT users ETH addresses and their .ens official addresses
— depression BTC (@depression2019) August 8, 2022
Withdrawing .1 ETH to all of them from tornado throughout the rest of the day
2. DeFi protocol Curve.Finance hacked, $570K stolen. A hacker compromised the main website used to access decentralized digital asset exchange Curve.Finance by hacking the company that provides their domain name (curve.fi). The hacker redirected users to a cloned version of the curve.fi website that executed malicious contract code in order to steal funds. Shortly after being made aware of the hack Curve's operators were able to address the issue. The hacker made off with around $570K in stolen tokens.
🚨 Looks like the https://t.co/2IX35AwXBI DNS has been hijacked. Don't make any new approvals or transactions there until official resolution from @CurveFinance proper
— foobar (@0xfoobar) August 9, 2022
3. German crypto exchange Nuri files for insolvency. And another one gone and another one gone, another one bites the dust...One of Germany's largest crypto exchanges, Nuri, has filed for insolvency as a result of the crypto market downturn and the collapse of crypto lender Celsius. The company confirmed that customers will still be able to make withdrawals and that deposits are not affected by the insolvency. An insolvency filing in Germany is temporary and will allow the company to look for a “viable long-term restructuring concept."
4. Coinbase shares drop on billion-dollar loss in second quarter and revenue miss. The exchange's Q2 results disappointed investors with trading volume dropping 29% during the quarter along with a $1.1 billion net loss. Coinbase attributed the results to dramatic movements in the crypto market as the main driver for results, but also pointed to their strong risk management program during the "complex quarter". The stock traded down more than 10% on Tuesday after the earnings report was posted, but the company remains bullish on growth.
COINBASE: "Despite market conditions, we continue to onboard some of the world’s largest clients who have placed their first trades in crypto - including several of the world’s largest hedge funds."
— Frank Chaparro (@fintechfrank) August 9, 2022
5. Magic Eden wants to build an ApeCoin NFT marketplace just for Bored Apes. Just a week after entry into the ETH NFT market Magic Eden is going after the big bois. The leading Solana NFT exchange wants to build a Bored Ape Yacht Club marketplace specifically for the ApeCoin (APE) community. The marketplace would cater to the community by providing the ability to bid using a combination of ETH and APE and by offering lower trading fees than both OpenSea and the "normal" Magic Eden platform. If the proposal is adopted, Magic Eden has offered to build the marketplace for free and says they can have it ready by September for trading. It's a bold move going after one of the premiere Ethereum NFT projects - let's see if it pays off.
4/ Instead of asking for upfront $, we will build the @apecoin marketplace for free.
— Magic Eden 🪄 (@MagicEden) August 9, 2022
We will dedicate resources across engineering, marketing & customer service to knock it out of the ballpark.
Some initial mock-ups here: pic.twitter.com/Ndc4y72d8c
Updates and other stories:
- Riot Blockchain delays earnings report to sort out how much crypto rout devalued its assets...Read More
- Celsius CEO cashed in after bankrupt crypto lender's token surged...Read More
- CoinFLEX files for restructuring in Seychelles court...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.