U.S Regulators have entered the chat....

GM, GM. We’re already half way through the week with Easter right around the corner. Before you ask, Bean Boy doesn’t take public holidays off on weekdays, so that’s right you’ll be receiving an edition on Easter as usual. Now, Bean Boy is back to provide you the most quality and prestigious news for this morning in 5 minutes or less. Let’s see what’s in the pod for today!

How we looking today?

Well, well, well, look what we have here, some green across the board. Could we potentially see a breakout to 30k soon???

PAXFUL MEETS ITS END

Paxful, the second largest peer-to-peer bitcoin marketplace by trade volume after LocalBitcoins (which shut down earlier this year), is unfortunately closing down as well. Paxful founder and CEO Ray Youssef said in a blog that “key staff departures” and the regulation environment were behind the decision. Looks like the crackdown on anonymous crypto-fiat transactions is finally here.

Ultimately, peer-to-peer marketplaces are utilised by individuals and entities to anonymously enter and exit crypto holdings for real life assets such as cash or bank transfers. After the shutdown of LocalBitcoins and now Paxful, LocalMonero alongside AgoraDesk, are now the primary competitors within the P2P markets. Are we finally seeing the removal in utility of decentralised, privacy coins ? If I had to make a guess, I feel like Central Bank Digital Currencies (CBDC) will be launched by governments sooner or later. As the government cannot tax these transactions due to their anonymity, it looks like they’re going to get rid of the whole P2P market itself.

THE MOST EXPENSIVE MISCLICK OF THIS YEAR

Last night, OpenSea rebranded the previous NFT aggregator ‘Gem’ (which was acquired in April 2022) to OpenSea Pro. An NFT aggregator acts by combining inventories from multiple NFT marketplaces into one unified interface. This is more convenient for users and gives buyers a clear view of the market, allowing them to compare NFT prices and acquire NFTs from different sources, all in one consolidated purchase. This means all the NFT stans can throw more money away on ‘art’ in one transaction!

Alongside the announcement of OpenSea Pro, OpenSea also gifted wallets which ‘bought an NFT on Gem before March 31, 2023 to be eligible to claim the ‘Gemesis’ NFT. The NFT is a “limited-edition collection which encapsulates [OpenSea Pro’s] evolution, celebrates our community, and embodies the exciting road ahead.” Basically, a ‘empty’ NFT without any announced utilities as of this moment. Gemesis is currently trading at ~0.05 ETH, equivalent to ~100 USD, a gift definitely worth acquiring if you’re eligible.

To those users that weren’t eligible to claim Gemesis, not to worry, as I can say with certainty that someone else is having a much, much worse day. To put it simply, one user was trying to bid on 100 Gemesis NFTs but instead bid 100 wETH on ONE Gemesis NFT instead. That’s a yikes if I’ve ever seen one. Obviously, some of these Gemesis holders have bots running to accept an offer on their NFTs if they exceed a certain price. Unfortunately, that’s exactly what happened with the offer being accepted instantly with 1500+ gwei in gas. The guy lost ~190k USD from one fat finger, luckily the wallet still owns 2000 ETH.

DO KWON FACES JUSTICE

Here’s a short update on Do Kwon for you guys. Pretty much he’s still arrested in Montenegro, but what’s new is that, according to a report by YNA, Kwon may have denied U.S. jurisdiction out of consideration to reduce the severity of his future punishment. Everything this guy does is illegal or with bad intention to some degree, when will he learn…

Now, even though Do Kwon registered Terra/Luna in Singapore and is a resident in Singapore, due to the broadness of the digital market he will be persecuted in either South Korea or the US.

Do Kwon denied U.S jurisdiction as in the United States, it is possible to be sentenced for more than 100 years in prison by adopting the judicial principle of adding up sentences for each individual crime. Bruh… SBF should be in there for the rest of his life then, right? 

Meanwhile, in Korea, the maximum sentence for economic offences is only about 40 years, and there are no standards and laws to determine whether cryptocurrency is securities or not. TBH, I would do the same thing and try to be persecuted in South Korea if I had to choose…

PEAS IN THE POD

• CashApp founder and MobileCoin CPO, Bob Lee, has passed away after being stabbed in SF. RIP Bob Lee, from all of us at Bean Boy

• ETH broke past $1,900 for the first time this year. What’s not to love about that?

• Binance CEO CZ said that the recent FUD was likely sponsored by another exchange. I smell a turf war…

HOW YOU BEAN - A READERS CONFESSION

I failed my Tradfi job interview the other day. I need a job ASAP, I quit my previous IB role during the peak of the bull run as I used to make my yearly salary from one trade. Now, my savings has run dry and contemplating selling all my watches I bought to flex on crypto Twitter.

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

MEME 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.