CZ wanted by Interpol?!

GM, GM. Bean Boy is back AGAIN to deliver you some extraordinary news as usual. Now, strap in, because today’s edition has it all. CEO of Binance, CZ, captured in crypto Twitter’s headlights, alongside Elon Musk fooling around on Twitter, and millions of dollars lost by bots. Let’s see what’s in the pod for today!

How we looking today?

There’s always something exciting about waking up and checking the charts only to realise it’s the same price as the night before…

CZ POSSIBLY ON INTERPOL’S RADAR???

Last night, a famous crypto Twitter influencer, ‘Cobie’, sent a encrypted message using the SHA-256 hash function, the same encryption tool which many cryptocurrencies utilise for security, translating to “Interpol Red Notice for CZ.” Now SHA-256 encryptions work in a way where a SHA-256 hash is created from a regular message or input and it cannot be destroyed. So lets say I encrypt the following message ‘I love Bean Boy,’ and in return, I’ll receive a SHA-256 hash. Now, this hash can later be revealed by utilising the input string and users can make sure that the hash matches up to it. On top of this, there are ways where a fast/advanced computer can brute force their way to discover the input string and see the contents of the encryption. However, this is only possible towards encryptions with standard dictionary words or short content.

With this information in mind, I know you’re wondering, how did users found out what Cobie was trying to say? Well, according to the man himself, looks like someone within his inner circle leaked the contents of his message, and with that information, its as easy as pushing open a locked door that hasn’t been shut properly. RIP to the guy that leaked Cobie’s message.

Before you press Bean Boy for the accuracy of the claim, Cobie has stated that it was just a rumour that he acted on and never intended the encryption to be solved without official notices. Unfortunately, crypto degens and the markets didn’t care too much whether the message was valid or not, as they sent BNB, the official Binance Coin, plunging last night. Cobie out here market manipulating without even intending to. The power this man has…

On the other side of things, some users are speculating that Cobie intended to leak the encryption key to his message so that he could capitulate on BNB’s price action. Putting a fat 100x short on BNB last night would’ve made you some generational wealth. Ultimately, everything important here as either been rumours or speculations and nothing has been announced officially. It sure did cause some chaos and drama tho, thank you Cobie for the free entertainment 😂. 

THE NEW FACE OF TWITTER?

Now, just after Cobie sent crypto Twitter into a frenzy, another known ‘troll’ within the crypto scene, Elon Musk, decided to join in on the fun, changing the iconic Twitter logo of a blue bird into, drumroll, the dog from $DOGE. I guess he wanted to steal the spotlight off Cobie.

Although this was a bomb dropped on the whole world, Elon mentioned that he had intentions to do this in March 26th, where he responded to a Twitter user ‘WSBChairman’ stating that it would be sick to change the logo to a doge. To the hundreds of people that got liquidated from shorting $DOGE, I’m sorry, but I guess Elon would say ‘I told you so.’ I also got liquidated if that makes you feel any better, I consider it giving back to the market… Even though I’ve only been giving back the last 100+ trades.

Unlike Cobie’s impacts on BNB, the opposite occurred with $DOGE with Elon’s actions pumping the coin up more than 35%. The coin reached as high as $0.1046 versus the $0.077 price it held prior to the ‘doge’. If only Elon could do that with Arbitrum, someone pump this coin so I can sell my airdrop!

An hour after the ‘doge’, Elon tweeted out this meme. If the liquidations weren’t bad as it is the man rubbed this meme in my face. Every time I open Twitter, I have to see the face of the dog that caused me financial ruins. What a time to be alive…

THE BATTLE OF THE BOTS

To all those victims that experienced sandwich attacks by MEV bots, this one’s for you, and me.

Yesterday, a validator exploited MEV bots resulting in a gain or loss of 25m USD respectively. MEV is an acronym for "maximal extractable value," which is a method validators use to try to maximize their profits when they validate transactions by including, excluding or changing the order of transactions in a block.

To simplify what a front-run or sandwich attack is, if you were to buy a token through a liquidity pool, a MEV bot would be able to scan the blockchain and discover that you sent a transaction to purchase this token. In order to capitalise on this, the MEV bot would buy earlier than you, pushing the price of the token up and after the block validates your transaction, resulting in you buying at a higher price than before, the MEV bot would then sell all their bought tokens making a gain dependant on your slippage settings.

Slippage essentially means the % difference you’re willing to buy the token for. If you sent a transaction to buy a token valued at $1 and had a slippage of 50%, even if the token pumped to $1.50, the transaction would still go through. TLDR, all my degen homies hate these dang MEV bots.

So how did this validator abuse these MEV bots to make a gain? First of all, the MEV abuser tested whether the ‘sandwich’ attack from the MEV bots would be triggered in certain liquidity pools by sacrificing a small portion of his funds. Sacrificing a pawn to take the king, power moveeee. After the MEV abuser realised that the MEV bots were using their entire ETH stack to drive the price of the token up and selling after his own transaction went through, this is where his plan came in affect. When the MEV bot attempts to sell all their tokens to realise their gain, the MEV abuser actually sends his own transaction to sell some tokens before the MEV bot can. This results in a small gain for the abuser and a small loss for the bot. Alas, the process is repeated until the funds run dry for these evil MEV bots.

Overall, some users say that this abuser was ‘stealing’ funds when in fact, it was just out ‘sandwiching’ the MEV bots. It’s a treacherous world out here, it only makes sense the strongest survive. Unfortunately, the MEV bots are already aware of this exploitation and won’t be affected by it anymore, meaning, some poor users are going to get sandwiched for a large chunk of their funds. Always make sure to check your slippage settings anon!

PEAS IN THE POD

• Allbridge exploiter returns most of the $573K stolen in attack. Another exploiter returning funds, what’s the point of exploiting in the first place???

• South Korean authorities seize $160M in assets tied to Terra employees. Pack it up boys, we’ve gottem.

• Feds recover $100 million from crypto scammers. They’re going to dump on us again, aren’t they…

HOW YOU BEAN - A READERS CONFESSION

I made over 6 figures from the BNB short and DOGE long from last night. This was the easiest trade I’ve had in a long time. Never knew making money could be this easy. Thanks for playing nerds, I’m gonna go out to a fancy dinner and make sure I have a good time.

I might stop receiving submissions, this guy…

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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.