SBF. AND THE B STANDS FOR BILLIONAIRE?

GM, GM. Your favourite newsletter to wake up to is back again. No insane headlines today, knock on wood, let’s take it as a blessing. Ready to dive in? Let’s see what’s in the pod for today.

How we looking today?

The markets haven’t crashed yet… This feels too good to be true.

A $8.9B HOLE WITH $2.2B FALLING IN WHOSE POCKET ???

Geez this guy really doesn’t catch any breaks does he? Not that he deserves to… wen jail? You’ve probably guessed it by now but there aren’t many individuals that have scammed users funds as much as this guy, SBF. According to court filings seen by Bloomberg and the Financial Times, SBF and his gang of clowns transferred roughly $3.2B worth of funds to themselves before their collapse. Also, if you were leverage trading on FTX and got liquidated, I don’t blame you, there’s proof that showed that they were stop and liq hunting their own users! The funds were moved under “payments and loans”, from Alameda, oh Caroline you were the true mastermind weren’t you (she was the chief executive of Alameda Research, aka. SBF’s girlfriend).

Anyways, SBF himself received $2.2B whereas the rest of the team divided the remainder with Caroline only receiving $6M… hmm something isn’t quite adding up here 🤔, maybe SBF was a cheap skate. Him and his friend Gary Wang bought $546M worth of Robinhood shares with this money last year btw, and probably a bunch of other investments we can only dream of owning ourselves. Did I mention this $3.2B doesn’t include for all the ‘donations’ (bribes) to politicians, charities, other subsidiaries aannnd properties he spent on himself, and his team???

Ultimately, John Ray, the new chief exec of FTX is trying to find more assets, liabilities and transfers to bring more light into the darkness for those that were affected.

THE GREATEST TRADE OF ALL TIME ?

Yes I know what you’re thinking, it feels like this whole Euler Finance exploitation has been covered a lot. I know, I know, but trust me it’s worth it. If you don’t know what I’m talking about check out yesterday’s and Monday’s edition and you’ll be caught up in a jiffy.

Lets get back to it, last night the Euler exploiter started laundering funds, sending a total of 2601 ETH (as of this moment) to an alternate wallet and from there mixing, or as some like to say, laundering, 1100 ETH through Tornado Cash. Tornado Cash is an notorious DApp that mixes funds and was cracked down by the feds with the developer in jail as of this moment, similar to the story of Silk Road.

This’s cool and all but what’s really funny is the destination where one of these 100 ETH transactions ended up. If we go back a day, closer to the time of the exploit, wallet 0x2Af sent an on-chain message to the exploiter quote “Please consider returning 90%/80%. I'm just a user that only had 78 wstETH as my life savings deposited into Euler, I'm not whale or millionaire. You can't imagine the mess I'm into right now, completely destroyed. I'm pretty sure 20M is already life changing for you and you'll bring back joy to a lot of affected people.” Surprisingly, the exploiter sent 100 ETH back to this victim netting him a total profit of 22 ETH from one message. Now if the guy was lying that’s the easiest 100 ETH bag he made EVER. I know what you’re thinking cause I’m thinking the same thing, we message all future exploiters from now. 

To add to the humour, tens of people have been sending the user similar on-chain messages like the one below.

FIRST BAYC NOW DEGODS, WHO’S NEXT?

NFT’s on the BTC network called ‘BTC ordinals’ has had its moments with tons of volume a few weeks back but it’s slow downed in recent days. Yuga Labs inscribed their own ordinal collection on BTC known as ‘TwelveFold’ with the lowest bid coming in at 2.25 BTC, approx. 2 weeks ago, raising $16M in total. The number of big macs you could’ve bought with that many Bitcoin… But now comes another player from the NFT space, Frank Degods, founder of DegodsNFT and y00tsNFT on Solana and Ethereum, respectively. Frank is seeking to raise 0.444 BTC for each Degods inscribed on BTC with a total collection size of 500. That’s 222 BTC !!! Equivalent to ~$6 M for legit copy and pasting art files and inscribing it on a different network. I don’t know about you, but to me that seems like a lot of money for not a lot of effort. Who knows, the collection might 10x and I’ll come back to this post asking myself why I didn’t buy, but I for one can’t afford the ~12k USD price tag yet alone a pack of fries from McDonalds. To the degens that’ll ape for these inscriptions I pray you gmi 🙏🏻.

PEAS IN THE POD

• Based off on-chain reports, Justin Sun, profited $3.3M from the $USDC crash. This guy doesn’t lose…

• Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move

• Shiba Inu Token Falls 10% Amid Shibarium Code Drama. There was fud that the new Shibarium chain is actually a copy of an existing one…

• SEC Chairman Gensler Suggests Again That Proof-of-Stake Tokens Are Securities. He’s really fudding for cheaper bags…

HOW YOU BEAN - A READERS CONFESSION

Read about the victim that received 100 ETH from the Euler hacker by telling him he lost everything. I thought can’t hurt to do the same and sent him a similar message (I wasn’t affected at all), but instead of sending 0 ETH I accidentally pressed MAX… Safe to say Karma’s a b*tch.

PEE-PEA OF THE DAY

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.