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50M gone, thanks to… a PDF

December 10, 2024
in Altcoin
Reading Time: 11 mins read
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📁 $50M gone, because of… a PDF?!

Plus: SEC faces warmth from Coinbase CEO

GM. Sit down underneath the blockchain lemon tree – the Each day Squeeze is serving as we speak’s ripest updates.

🚨 Scams and tips on how to keep away from them.

🍋 Information drops: Coinbase CEO’s beef with an SEC Commissioner, the brand new Binance pockets + extra

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🍍 Market taste as we speak

Crypto’s each day horoscope: formidable with a aspect of chaos 🔮 Bitcoin spent the weekend in a decent $99K-$100.5K vary, with the Concern and Greed Index sitting in “Greed” at 78. The large query: are we tapping out on this rally or simply catching a breath? 

CryptoQuant’s Maartunn thinks that BTC might have already hit an area prime. Why? Lengthy-term holders bought practically 828K BTC over the previous 30 days. If you happen to’re pondering MicroStrategy or the ETFs are going to avoid wasting the day, effectively… 😬 MicroStrategy added round 150K BTC, and ETFs purchased about 84K BTC – these do not absolutely offset what the LTHs dumped.

So, who’s absorbing the strain? Quick-term holders and a complete lotta retail merchants. Retail demand is at its yearly highs – they have an inclination to purchase into robust rallies and bail if issues begin trying tough. This implies BTC may see some extra turbulence if retail begins panic-selling.

Retail cash can also be going into memecoins, which may presumably drain some consideration from BTC. For instance, it has been solely 20 days since Robinhood listed PEPE, they usually already maintain 2.5% of its provide. To place that in perspective, that is like $50B price of BTC being purchased in underneath three weeks.

In the meantime, Ethereum’s obtained its personal stuff goin’ on – it jumped above $4K just a few instances over the weekend. Bybit analysts identified that ETH has been outperforming BTC throughout huge occasions these days (elections, ETF bulletins, Gary Gensler’s resignation). With large ETF flows ($836.8M final week alone) and not a lot standing between ETH and its all-time excessive, it is no surprise individuals are feeling bullish.

Really, ambition + chaos is not simply as we speak’s forecast – it is the core of crypto. However hey, the joys of not figuring out what’s across the nook is perhaps a part of the magic that makes this business so particular 🪄

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🥝 Memecoin harvest

Who let the memes out? 📢🐕 These dawgs are barking the loudest as we speak:

A memecoin associated to the unhinged AI Agent on X known as Terminal of Truths.

Child Doge Coin (BABYDOGE) +33%

Pushed by elevated demand from futures merchants and whales. And let’s not overlook Elon Musk’s put up, which did not outright name-drop Child Doge… however c’mon, the dots are connecting:

Amaterasu Omikami (OMIKAMI) +34%

One other memecoin using the Shiba Inu wave – this one’s rumored to be the brainchild of Ryoshi, who left SHIB and made it his mission to launch a venture free from any energy abuse.

Skibidi Rest room (SKBI) +30%

Primarily based on a meme I am too outdated to elucidate (ask Google or your 10-year-old iPad child nephew).

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🌑 Crypto twilight zone

Ought to your coworkers choose you based mostly in your moody Monday morning self? Prolly not. However they do want to concentrate on this beast that lives someplace inside you.

I went to bed early

Similar goes for crypto – scams and hacks should not outline all of it, however we will not faux they do not exist.

So, as we speak, we’re visiting among the shady corners of crypto. Y’know, stuff that anti-crypto individuals would screenshot for his or her “I informed you so” folder, and the remainder of us may be taught from.

1/ Cardano X hack

Cardano’s official X account obtained hacked, selling a faux ADAsol token and making claims that Cardano would not assist ADA due to an “SEC lawsuit.”

Founder Charles Hoskinson confirmed the hack on his private account… after the token generated $500K in buying and selling quantity after which crashed by 99% 🫠

Lesson 1: do not click on hyperlinks simply because they arrive from a verified account.

2/ Radiant Capital’s hack

Again in October, Radiant Capital misplaced $50M in a hack.

It began with a Telegram message – a dev acquired what seemed like a DM from a former contractor, saying they obtained some new gig in sensible contract auditing and asking for suggestions. Hooked up was a zipped PDF. General – completely regular follow, nothing sus.

Nicely, they’ve discovered only recently that this, the truth is, wasn’t a standard follow: the individual was actually some North Korean hacker man, and the PDF was actually malware.

Image

Lesson 2: sure PDFs can smash your life in multiple manner.

3/ Excessive-trust individual meets low-trust habits

An 85-yr-old artist obtained a LinkedIn DM from this one pleasant artwork vendor 😃👍 and was satisfied to mint their work on what seemed like OpenSea.

Promise: $300K.

Requirement: $135K charge.

Lengthy story brief, the poor man drained his retirement financial savings, maxed his bank cards, and took out a mortgage to pay the charge… you recognize the place that is going.

When he realized he obtained scammed, he went by way of the 5 phases of grief – one in every of which was reporting to the Brooklyn District Lawyer’s Workplace. Whereas his cash could not be recovered, they did shut down 40+ faux NFT market websites. 

Lesson 3: shield your elders + if it appears too good to be true, it’s.

So yeah, in case your coworkers survived you as we speak (and vice versa), you possibly can survive the crypto shadows. The hot button is fairly apparent: do not belief every part you see, DYOR, double-check, triple-check, and keep caffeinated.

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🍋 Information drops

👋 Coinbase CEO Brian Armstrong says SEC Commissioner Caroline Crenshaw is an anti-crypto failure and needs her out. He posted this rant simply earlier than the Senate Banking Committee’s Wednesday vote on whether or not to maintain her round till 2029.

👛 Binance dropped the new-and-improved Binance Pockets (RIP Binance Web3 Pockets). First up within the relaunch is the Seamless section, centered on higher asset administration, simpler airdrops, and a slicker design.

🐧 Pudgy Penguins flipped Bored Ape Yacht Membership in each market cap and flooring worth – now they’re the #2 NFT assortment after CryptoPunks. Huge W for the workforce, congrats!

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🍌 Juicy memes

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