🐂 The biggest bull in town

GM, GM. We hope you had an amazing weekend surrounded by family and friends, we certainly did. But…all good things come to an end, so that means we’re back and ready to take you through another week in the whacky, wonderful world of cryptocurrency and web3. Let’s see what’s in the pod for today.

How we looking today?

MICROSTRATEGY…WITHOUT THE STRATEGY?

Michael Saylor…good old Michael Saylor. Co-founder of Microstrategy, professional sats stacker and overall Bitcoin enthusiast. By Bitcoin enthusiast, we mean he’s so much of an enthusiast that he holds 1 out of every 150 BTC. Pretty impressive if you ask us.

Just last week, Saylor and his Microstrategy acquired another 6,455 BTC @ $23,238 per Bitcoin, increasing his total number of BTC to just north of 140,000. In fiat terms, that’s $4.17 Billion. Yes, billion with a B! But with one man holding such power, we must ask…what’s the plan?

Over here at Bean Boy we’re no experts, but we’ll give it a shot. It appears that Saylor and Microstrategy are attempting to play the long game. In essence, Microstrategy has been converting its cash reserves into BTC for a while now, betting on the fact that in due time, that Bitcoin’s value will far exceed the value of the cash.

Yes yes we know, what an amazing analysis of a situation. We had to stretch ourselves to figure that one out. But seriously, it seems that Saylor is hedging big on Bitcoin, and his Twitter proves that. However, with one man holding so much Bitcoin, one must ask whether this is good for the open market or not. I mean, what if Saylor decided he was done with Bitcoin? What if he makes a sh*t-load of money and says later nerds. At the end of the day, only time will tell, but for now, we’ll just have to put up with Saylor and his Twitter bull-posting.

Oh…but while we’re here, let’s bring back this gem from the Bitcoin bull himself. We won’t hold it against him though, we’ve changed our opinions on things plenty of times (*cough* Ordinals….)

DID SOMEBODY ORDER SUSHI?

Look. We know we said that we were done talking about hacks and exploits. We really thought we were. We had hoped that we were given at least one week of reprieve before we had to cover something like this again. But here we are again. So let’s dive in.

On April 9th, a smart contract (not so smart now, huh..) on the decentralized exchange, SushiSwap, was exploited. The exploit, which we’re not going to explain in detail because who reaaalllyyy has time for that? Long story short, the exploit was responsible for a loss of around $3.3 Million, which developers later confirmed as true. But it seems all hope might not be lost. While doing some digging, a mysterious Twitter user by the name of @trust__90 tweeted this.

Essentially, this Twitter user noticed the Sushi contract could be exploited, and decided to do so in order to get the attention of the developers, aka to get them to fix it. When first exploiting the contract, @trust__90 took 100ETH from @0xSifu, who if you’ve been around crypto for awhile, know has a wild story. After this, MEV bots (which we covered here) cloned the exploit, and it spread like wildfire, leading to over $3.3 Million in losses.

Sushi, unlike Safemoon, are actually competent though. They noticed the exploit was a “whitehat" exploit and got in touch with those who successfully exploited the contract. Eventually, this lead to the following tweet from Jared Grey, aka head chef of SushiSwap👇

All in all, while we’re here covering another hack…yet again, it seems that this one was quite mild and tame compared to some of the other hacks we’ve covered in the past. All in all, we’re happy with the fruitful resolution that SushiSwap reached with the exploiters, and that nobody was severely impacted, even if it was Sifu…

PEAS IN THE POD

• Bitcoin is now the most searched term in the USA. Now…lets ease up on these regulations shall we…

• Texas law-makers have proposed a Gold-backed digital currency. Seriously. Can we go ONE day…ONE DAY without a government trying to create a currency?

• Crypto exchange BitGet launches $100M web3 fund for crypto projects in Asia. Hey…uhhh. Bean boy is a crypto project…and uhh yeah sure we’re in Asia. Where do we sign up?

HOW YOU BEAN - A READERS CONFESSION

Going out to a fancy restaurant for dinner this week, it’s been 2 years since I last went to one as I lost a LOT of money from the crash. Now, I’ve learnt to accept my current portfolio instead of dreaming about my portfolio at it’s ATH, still working to earn and stack more coins. WAGMI my bros <3

To be featured in ‘HOW YOU BEAN’ please email: [email protected]

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.