gm to everyone buying the dip and by dip we mean
wagmi
Markets
Here are today’s market moves:
Here's what you need to know:
Victim of OpenSea phishing attack sues company
Well, it finally happened.
Today, a Texas victim of the OpenSea phishing attack has sued the company, claiming it knew about a flaw in its platform that allowed hackers to buy unlisted NFTs at a fraction of the market price.
Timothy McKimmy alleged in a complaint that he didn't even list his Bored Ape #3475 for sale, but a hacker managed to buy it for just .01 ETH ($26) and turn around and sell it for 99 ETH ($250,000 at current prices).
Lately, OpenSea has been famously known for its buggy platform. Its servers have often gone down days in a row, users have mistakenly sold their NFTs at deep discounts and it fixes bugs super duper late. After all that OpenSea has put its users through, I am surprised they haven’t faced many lawsuits.
Artist blows up a Lamborghini and now is selling its fragments as NFT
To prove that NFTs are being used in the wrong way, an artist, Shl0ms, blew up a $250,000 Lamborghini, took photos of 999 shards of the car, and is auctioning them off this week. Here’s the full footage.
“This technology is incredibly promising, there are so many good things we can do with it but there are so many terrible things being done with it,” he said.
Shl0ms chose blow up a Lambo because it “is a pretty potent representation of people simply engaging with crypto because it’s a way for them to make money off other people as quickly as possible.”
Magic Eden has made it mandatory to doxx owners
After two high-profile rug pulls that scammed investors out of hundreds of thousands of dollars, Magic Eden, the largest marketplace on Solana by volume traded, has put in place new safety procedures to help prevent future scams, including stringent know-your-customer (KYC) requirements on creators that force them to “privately dox” the company.
This is a much needed step as this type of scam is all too common in the NFT space on both Ethereum, the leading blockchain network for NFT trading, and Solana.
Beanie is back, Loopifyyy warns
Beanie is one of the most notorious scammers in the NFT world who tricked investors out of millions of dollars through false promises. Here are two tweets that will fill you in with what happened with Beanie and how his scams were exposed:
Fast forward today, in a recent tweet, Loopifyyy warns about Beanie creating another project that is the direct competitor of the first project he worked with.
Loopifyyy is the creator of the Treeverse and InterleaveCC and we recommend following him on Twitter for insights into the NFT world. He also shares a ton of beginners guide to crypto.
Stay safe frens and invest only what you can afford to lose. Always do your own research before investing.
Here’s the price of an iPhone in comparison to Bitcoin over the years
Check this out
One of my ‘NFT dealer’ that I have on speed dial gave me some ‘alpha’ on a project called Dumpster Dork. I loved the art but I ignored him and now the floor is 0.3 ETH 😭
Here’s a project that caught my eye. It deals with ‘food recipes’ as a concept, and is bridging the gap between the physical food industry and the limitless possibilities of web3 integration.
Look, I like the art and the mint price seems reasonable. It’s minting this week for 0.05 ETH.
This is not investment advice. DYOR.
Did you hear?
Ray Dalio says, allocating up to 2% of your portfolio to bitcoin is reasonable.
Tourism in El Salvador is up 30% since the nation began accepting Bitcoin as legal tender.
Crypto billionaires aren’t watching price drop. Average investors are. "I'm so bullish on crypto I haven't checked prices in weeks," posted Tyler Winklevoss on his Twitter account.
Crypto lingo of the day
Shilling:
It's not an ex-Austrian currency. It's a person hyping coins or shitcoins for their own benefit. Avoid.
Did you like this edition? Let us know!
Your comments help us improve. Click on a link below to share anonymous feedback!