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- 🥜 How to make 66.8 million
🥜 How to make 66.8 million
PLUS: Stablecoins on the rise
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What we’ve cooked up for you today…
🤑 How To $66.8 Million
💸 Why the answer is Bitcoin
📉 The stablecoin supply
💰 And more…
MARKET WATCH ⚖️
Only the top 20 coins measured by market cap feature in this section
HOW TO MAKE $66.8 MILLION 🤑
BREAKING: Crypto scammer returns stolen assets after victim offers bounty
Last week we covered a story on how a hacker stole ~$70 million worth of Wrapped Bitcoin (WBTC).
Well it turns out that this story has a happy ending.
The hacker has now returned 22,960.07 ETH worth ~$66.8 million to the victim.
And the way the victim got their money back is pretty juicy 🤨
The victim began sending on-chain messages to the hackers wallet, even offering a bounty of 10% for returning 90% of the funds.
“We both know there's no way to clean these funds. You will be traced. We also both understand the "sleep well" phrase wasn't about your moral and ethical qualities. Nevertheless, we officially admin your right to the 10%. Send 90% back, There's no turning back after this.”
(if you’re curious, you can checkout the messages here)
The conversation was then taken off chain.
However the deal where the hacker could keep 10% of the funds appears to be off the table…
As the hacker has now returned over 90% of the stolen funds.
Perhaps the hackers guilty conscience was weighing on them too heavily?
Or perhaps they realised there was no way they could safely clean such a huge sum of money. 🧼
Remember, all transactions on a blockchain are publicly available.
And with enough effort, it is possible to trace a wallet to someone. (it’s not known if the victim has actually identified the hacker yet)
Always be extra cautious when dealing with crypto transactions.
Although this story had a happy ending, it’s not often you hear about a scammer actually returning the stolen funds…
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WHY THE ANSWER IS BITCOIN 💸
Bitcoin is simply a better version of gold.
Gold is just way too slow.
That’s the latest message out from Michael Saylor.
In his latest interview, Saylor made it clear why Bitcoin is superior to gold.
(Saylor even mentions that comparing Bitcoin to gold is an insult to Bitcoin…)
“You can’t settle it every day, it doesn’t move fast enough. So that’s why it fails versus Bitcoin. With Bitcoin you could have 10,000 different custodians and they could be settling $100 million between each one every day, and the network will hold that kind of load.”
Gold is just way to slow. Imagine having to move tonnes of gold every single day to settle payments.
That just doesn’t make any sense.
No billionaire ever got rich by investing in gold…
This is why Saylor believes that Bitcoin is the fix on gold.
“Bitcoin is the fix on gold. Gold itself is just a defective treasury asset because it’s too slow and it’s too inflationary.”
Continuing on, Saylor explains:
“No intelligent person in America thinks that the US dollar is a store of value. If it was, you’d find a billionaire with 95% of their assets in cash accounts. No one does that. Everybody knows that the store of value is something else.”
And due to golds level of inflation, gold isn’t a great store of value either.
But if gold isn’t the answer, then what is?
“What do you call it if the dollar is worth 0.1% of what it was 100 years ago? That’s where we are. So, the currency will weaken but intelligent people will adopt a different asset as a store of value. Bitcoin is money, but it’s the store of value element of money.”
Traditionally the answer would have been real estate.
But now in Saylor’s opinion, Bitcoin is “by far the best form of property”.
In case it wasn’t clear, Bitcoin is the answer.
There is no second best…
THE STABLECOIN SUPPLY 📈
Today we’ll be taking a look at the stablecoin supply.
Stablecoin’s play an important role in the wider crypto market. They are often used on centralized and decentralized exchanges to purchase other digital assets.
By taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
When we checked in on this metric two weeks ago, the stablecoin market cap was ~$149.76 billion.
Today the aggregate stablecoin market cap is ~$149.93 billion. 📈
(it briefly crossed $150 billion on May 5th)
And it’s been growing every single week since October 2023.
In fact, it’s only ~$13 billion short of surpassing it’s all-time high.
There’s one simple takeaway from this data.
Every week, liquidity continues to pour back into the crypto industry.
Despite prices being down / flat, this metric tells us one thing…
Demand is continuing to increase.
CRACKING CRYPTO 🥜
Kraken spotlights SEC inability to identify ‘investments contract’ in digital assets. Crypto exchange Kraken has argued that the SEC could significantly reorder the US financial structure with its actions.
SEC asks court to deny Coinbase’s motion for interlocutory appeal. The SEC argued that Coinbase “simply does not like the answer” that the regulator provided around crypto regulation.
Bitcoin Is In a 'Bore You to Death' Phase, but Bottom Could Be Close, Analysts Say. This period could last between one to six months, and the sentiment will be the most negative right before the turnaround, one hedge fund manager said.
Wells Fargo reports exposure to Grayscale and ProShares Bitcoin ETFs. The third largest bank in the United States has exposure to Bitcoin through ETFs and shares of a crypto ATM company.
WHAT WE’RE READING 📚
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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”)
What type of network is the Bitcoin network? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Peer-to-Peer network 🥳
One of the core components of the Bitcoin system is the peer-to-peer network that it runs on.
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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.
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