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GM to all 64,642 of you. Crypto Nutshell #316 breakin’ trail... 🥾 🥜

We’re the crypto newsletter that’s more hilarious than Jim convincing Dwight that he's been recruited by the CIA... 🕶️🔍

What we’ve cooked up for you today…

• 🚨 New scam alert

• 📉 Corrections are normal

• 🤯 Ethereum wallet check

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

NEW SCAM ALERT 🚨

BREAKING: Crypto trader loses $73.5 million in address poisoning scam, highest recorded yet

A crypto investor has been hit hard by a scam known as “address poisoning”.

This latest incident serves as a strong warning about being extremely careful when dealing with crypto transactions.

Here’s how the scam works:

A user created a new address and sent a test transaction of 0.05 ETH to this new address.

A scammer generated an address with the same starting and ending letters/numbers and transferred 0 ETH to the user. This transfer will now appear in the users transaction history.

Most wallets hide the middle part of an address with “…” to make the UI look better.

When the user went to transfer the full amount to their new address, they accidentally copied the address generated by the scammer.

These two addresses would have looked identical as they have the same starting and ending letters/numbers.

The user ended up transferring 1,155 Wrapped Bitcoin to the scammer.

That’s ~$73.5 million at todays prices…

Ouch. 😢

Always double (and triple) check that you have the right wallet address.

Remember, there’s no help centre for crypto.

Once a transaction is confirmed, it’s final. There’s no going back unfortunately.

Stay safe out there. 🫡

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CORRECTIONS ARE NORMAL 📉

Price drawdowns like the one we just witnessed are perfectly normal.

That’s the latest message out from macro investor Raoul Pal.

In his latest video, Raoul put Bitcoin’s recent price drawdown into context.

Coinbase put out a really interesting tweet reiterating this point:

Breaking it down like this…

The crash we just experienced really wasn’t that bad…

But when these drawdowns do occur, Raoul explained that you should ask yourself the following questions:

In Raoul’s opinion the answer to all of these questions is a simple “no”.

Therefore it’s corrective price action and good for the market.

(also a good time to fill your bags if you have any extra cash lying around)

Raoul also forecasts a period of slowly grinding upwards, until we reach the “banana zone”.

(If you have no idea what we mean by the “banana zone”, checkout our breakdown here)

Moral of the story?

When drawdowns like these occur, don’t freak out.

As you can see, Bitcoins price has already recovered. 😎

ETHEREUM WALLET CHECK 🤯

Yesterday we took a look at the number of Bitcoin addresses with a non-zero balance.

So it’s only fair that we see what’s happening on the Ethereum side today.

In case you missed yesterday’s newsletter, here’s a quick rundown on this metric.

It provides a high level overview of Ethereum’s user base/activity.

• Increasing number of addresses: increasing adoption levels 📈

• Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉

Compared to Bitcoin, this one’s a little more insane…

It’s only ever experienced one period of decline (June - August 2021).

And currently, it’s at an all-time high of 121,044,064 wallets.

But it’s important to keep in mind that this metric doesn’t track contract addresses. (if it did, it’d be MUCH higher)

The Ethereum network is growing at a rapid rate.

Year-to-date this metric has increased by 9,370,952 wallets.

And over the course of 2023, it increased by 19,591,140 wallets.

The trend is obvious isn’t it?

Ethereum has been growing every year and it’s only getting faster. ⚡

CRACKING CRYPTO 🥜

Nigeria poised to outlaw P2P crypto trading over national security concerns. Nigeria’s National Security Adviser is set to label crypto trading as a national security threat.

BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs. The asset manager has been helping educate pension funds, endowments and sovereign wealth funds.

Bitcoin opens $63K futures gap as thin liquidity threatens BTC price. Bitcoin faces thin liquidity as a weekend rebound gathers pace.

Coinbase cross-selling on display during impressive Q1. Crypto exchange Coinbase’s ability to cross-sell its products is its “superpower,”.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

• The Hustle (link) - Get Smarter on Business and Tech

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• Wild Golf (link) - Twice weekly Golf insights & tips

• The Neuron (link) - AI trends and tools to keep you ahead

CAN YOU CRACK THIS NUT? ✍️

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) Namecoin 🥳 

The first altcoin, Namecoin (NMC), was released in April 2011, three years after Bitcoin.

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HOW DID WE DO? 🤷

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NUTCASE REVIEW OF THE DAY 🔍

DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.