ETH Investor Turns $87K Into $40M After 8 Years Holding Ethereum
In 2016, an Ethereum whale purchased 16,636 ETH at a price of $5.23 per token in revenue. The trader also owns more than $38 million worth of ETH. Meanwhile, another trader used the shotgun bidding method to obtain $1.5 million worth of CryptoPunk NFT for just 10 ETH. Not all cryptocurrency tests are successful. Another trader lost $43 million betting on Bitcoin’s performance. This illustrates that long holding usually performs better for investors and no margin is involved for these trades.
Investors Lose Millions In Defi Project on Base
BaseBros Fi, the DeFi protocol on the Base blockchain, disappeared after being pulled out using unverified smart contracts. The project shut down its website and social media accounts on September 13, leaving investors unable to access their accounts. While most of BaseBro’s contracts are under investigation, an unverified vault contract had an external influence that allowed $130,000 to be stolen. Initial concerns about the Seamless Protocol were alleviated after research confirmed that the Seamless Protocol was ineffective. The stolen money was laundered by Tornado Cash.
House Republicans Push SEC’s Gensler for Clear Stance on Crypto Airdrops
U.S. Reps. Tom Emmer and Patrick McHenry gave SEC Chairman Gary Gensler until the end of the month to clarify the agency’s position on crypto airdrops. They have raised concerns about the SEC’s classification of airdrops as unregistered securities in recent cases, such as those against Hydrogen Technology and Justin Sun. Lawmakers are seeking answers about how airdrops meet the Howey test and the potential economic impact of regulating them as safe. This is the second time in a week that Republican lawmakers have attacked Gensler for his leadership.
Solana’s New Seeker Phone Debuts as More Than a Memecoin Phone
Solana has announced a new Seeker phone that aims to be a gift card like its predecessor, the Saga, but Solana Labs president Emmett Hollyer says it’s not just for memecoins. The Finder is priced lower than the Saga and promises better hardware, a better business app (DApp) store, and a variety of crypto-integrated experiences including DeFi, payments, and gaming. While the Seeker offers rewards, Solana’s goal is to provide users and developers with tools to support new crypto applications. Unlike rival tools from Apple or Google, the Seeker’s zero-cost app store is designed to support cryptocurrency-friendly innovations like the Token Launchpad, providing users with greater convenience and ease of use.
MicroStrategy Raises $875M to Expand Bitcoin Holdings
MicroStrategy announced plans to raise $875 million by converting senior notes due 2028 to exercise $500 million in warrants and purchase more Bitcoin. Closing is expected to occur on September 19, 2024, and the offering would increase to $997.4 million if additional options are exercised. The note bears interest at 0.625% and is convertible into cash or stock. Led by Michael Saylor, MicroStrategy is Bitcoin’s largest shareholder with 244,800 BTC, and the redemption of the certificates will release 69,080 BTC previously held as stock.
. . .
Are there any crypto trends and issues that seem unclear to you?
A suggestion or comment?
Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?
Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.
Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.
Don’t miss out!
