March 25, 2023

Newsletter #234 - Legal Action And Airdrops

Yo Shitcoiners,

Oh boy, do we have a lot of spicy news to get through this week. Before that, check out the latest episode of Wage Cucking with Jmo! He talked Andreas and Blake through how he finessed the USDC trade last week. This one was full of alpha.

The last seven days have been a perfect storm of bullish sentiment and divisive developments. We start with the news that Do Kwon has been arrested in Montenegro. Bankless were among the first to share the news.

Do has always protested his innocence, remember he was not on the run. However, those fake documents he was travelling with tell another story…

We will just leave this here.

His arrest comes at an interesting time, his LUNA chart didn’t look that much different to this!

In a convenient segue, Justin Sun is having some legal issues of his own. The SEC is coming for him.

As expected, Justin thinks they stand no chance of winning. He’s probably about to try and buy the SEC to make this go away anyway.

This comes following the news that Justin has lost his diplomatic immunity. Was he up to more shenanigans in St. Maarten?

Meanwhile, over in Dubai, a meeting took place.

The meeting was probably about their controversial new project, OPNX. Zhu is all about second chances these days!

When Kyle isn’t attending important meetings in Dubai, he’s “at peace” in Bali. Unfortunately, some of CT can’t join him.

Many of the industry leaders of the last bull run have had a rough time in this bear market. CZ has weathered the storm so far, but could his feature on Nas Daily seal his fate?

We all remember what happened after the release of that SBF video.

CZ did have some problems this week however as Binance suffered some heavy downtime.

Here’s a fun video of CZ and Arnie to lighten the mood!

Speaking of “influencers”, Richard Heart appears to be covering his tracks. Unluckily for him we have Eric(a).

We have been hearing about “Operation Chokepoint 2.0” for weeks. In the latest attack, the SEC is going after Coinbase

Will you be buying up that COIN?

It’s coming thick and fast at this point. The White House thinks our magical internet money has no value. Oh, no!

Whatever they are trying to achieve, the banking collapse playing out in real-time is not helping their push for a U.S. CBDC.

We love a good conspiracy! Did this global financial crisis start as a way to destroy crypto?

Balaji thinks this is uber-bullish. He took a $1M bet that hyperinflation would happen in the next 90 days and Bitcoin would hit $1M.

We want some of what Balaji is smoking. We love the optimism but look at that candle.

But then again… Bitcoin to $1M you say?

Here’s an explainer if this is all too far on the right of the bell curve for you.

We are a fickle bunch.

Let’s talk about free money! Arbitrum came through and launched their token, ARB, on Thursday.

The launch wasn’t without its issues though. Before the launch, the whole Arbitrum ecosystem appeared to come to a standstill. The issues lasted a few hours after the claim time too.

Investooors still had plenty of appetite. Despite getting 10,250 tokens, one guy splashed another $1M on the project. What a chad.

In other DeFi news, DefiLlama had a rough day when due to an internal disagreement, a fork of the project was announced. 0xngmi, one of the co-founders shared an update.

If you want to know more, here’s a very long TLDR.

Things move fast in crypto. By the next day, they had worked it out. Crisis averted!

Continuing our DeFi thread, we’ve all heard about or seen sandwich bots around the blockchain. Here’s how one bot went off the rails losing millions as a result.

While bots lost millions, Euler got back some of their hacked funds! If they are made whole is yet to be seen.

There is one way to avoid becoming a hack victim. Just sit on your hands!

Because in crypto, there’s only one thing you have to do.

In this industry, you never really know when the next bull market might strike. All we can do in the meantime is usher it into existence with memes and AI-generated videos. Case and point below.

When things do turn bullish, you can laugh at all of your TradFi-loving friends.

That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next time.