Daily Bullets 💊: The SEC is Finally Getting Serious! Going After Kim Kardashian

💊 M6 Daily Bullets 💊 Monday, October 3rd

Oct 03, 2022

Crypto continues to be trapped within the same boring and tired range with Bitcoin in the $19k region and ETH ~ $1300. Main thing to notice today is the SEC going after one of the Kardashians for undisclosed paid shills and this highlights a growing trend we’ve been seeing of stepped up regulatory enforcement actions by the SEC and other government agencies. Gary Gensler even came out with a video announcing the issue and action. Targeting the Kardashian feels like they’re just trying to send a message with a prominent figure but this sets the tone for what we can expect in the coming months and years. The days of crypto being like the wild west may be drawing short.

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US SEC charges Kim Kardashian for promoting EthereumMax and Kardashian has agreed to pay $1.26M in penalties, disgorgement and interest

Celsius’s former CEO withdrew $10M before the firm’s bankruptcy reportedly to pay back state and federal taxes accrued from his income from his Celsius assets

Stablecoin issuer Tether has cut its commercial paper holding to less than $50M and plans to bring its commercial paper holdings to zero by the end of the year

The launch of BitMEX exchange token, BMEX, was delayed due to market conditions, but the exchange’s CEO wants to get it launched before the end of 2022

Indian crypto exchange WazirX cuts 40% of staff two months after Indian authorities began investigating WazirX for alleged money laundering

The Sushi DAO community has voted to elect former Eons Finance CEO Jared Grey as new Head Chef

Solana back online following latest network outage caused by a misconfigured node that stopped the blockchain from processing transactions

The CFTC is bringing action against Digitex Futures and its founder for failing to register and attempting to pump its token

The SEC filed charges against four men behind Bermudan company Arbitrade Ltd., Canadian firm Cryptobontix Inc., and U.A.E.-based Sion Trading for allegedly running a pump-and-dump cryptocurrency token scheme worth $36.8M from 2017 until 2019

Binance and Kazakhstan have formalized their shared interest in developing and regulating the national cryptoasset market

Circle has created the first Verite KYB (‘Know Your Business’) credentials that are easily secured in a MetaMask Institutional wallet, just like digital assets

Cathie Wood’s Ark Invest and Eaglebrook Advisors have partnered to bring crypto strategies to investors via separately managed accounts

Wintermute hack replicated on a standard M1 Macbook with 32GB of RAM in under 48 hours by exploiting Profanity flaw

ETHOnline recap and 14 finalists

Flashbots now accounts for 39% of Ethereum blocks as censorship concerns rise

Phase 1 of Nightshade is live on NEAR's mainnet

OAK Network wins Polkadot's 28th parachain auction + Polkadot ecosystem weekly digest

Winners of the Klaytn Challenge at HackBoston, the largest student-only hackathon of 2022 held in partnership with Harvard and MIT Blockchain

Hacker returns 70% of $21M taken from Transit Swap DEX

Solana Testnet is live on Multichain

Proposal to increase the Compound III collateral supply caps for ETH, WBTC, and COMP

Aptos - BlueMove Version 2 is coming - BlueMove is the leading Multi-chain NFT Marketplace on Aptos & Sui

AltLayer alpha devnet - an EVM-compatible execution layer w/ fast block finality is live

Theta upgrade goes live to support wTHETA as TNT20 token

Raydium launching open beta for Concentrated Liquidity pools, contributing to the advancement of capital efficiency & ecosystem-wide liquidity on Solana

Vyper Vaults is now live on mainnet

Announcing STARKSCAN - a next-generation StarkNet block explorer

Governance proposal - remove and secure the stablecoin Terra Market Swap

PussyDAO is a new Web3 startup that plans to sell Solana-based NFTs that can be redeemed for physical panties and other goods

Introducing Waterfall - an NFT trading protocol that enables price speculation with a lower cost-to-entry

Introducing Knox Finance - DeFi Option Vaults with built-in risk tooling

What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?

📊 Data:

TL;DR: Today’s biggest inflow is for LINK (just 1 buyer) and MATIC (into Polygon Foundation) and outflow from USDC and USDT. Weekly shows largish outflows from USDC and USDT. For NFTs: Renga has been getting strong volume and Kitaro floor is up 987% in the past 3 days

Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...

- Inflow (1D): LINK ($13M), MATIC ($10M), WETH ($8.8M), MANA ($780k), SAND ($409k)

- Outflow (1D): USDC ($5.2M), USDT ($2M), DAI ($931k), AXS ($217k), aWETH ($195k)

Weekly:

- Inflow (7D): LINK ($13M), aWETH ($13M), MATIC ($12.4M), cETH ($9.7M), APE ($6M)

- Outflow (7D): USDT (43.6M), USDC ($26.9M), RPL ($18.3M), WBTC ($3.3M), BUSD ($3M)

Nansen NFT Hot Contracts:

RENGA: 679 ETH
Kitaro: 514 ETH
ETHRegistrarLinageeWrapper: 316 ETH
ENS: 300 ETH
Otherdeed: 222 ETH

What is the Data telling you? See anything that sticks out to you?

🎓 Research:

Glassnode - Hashrate Hits New Highs - source

Vitalik - How much can we constrain builders without bringing back heavy burdens to block proposers? - source

Huobi Research - New Move of Cosmos: It All Starts with Interchain - source

The State of DeFi Lending - source

Recent Crypto Ideas Worth Exploring - source

What is regenerative finance (ReFi) and how can it impact NFTs and Web3? - source

The feds are coming for the metaverse — from Axie Infinity to Bored Apes - source

Censorship... wat do? The Road Ahead - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

LooksRare - starting from the Listing Rewards period that begins on October 3rd, only verified collections will be eligible to earn Listing Rewards

Introducing the PhotoVogue NFT Residency collection

Dolphin Entertainment’s flagship NFT collection, Creature Chronicles, an intergalactic, immersive storytelling experience from former Marvel Studios' artist Anthony Francisco, sold out in about 90 minutes

Tamadoge, a blockchain-powered P2E game ecosystem allowing users to mint, breed, and battle with their Tamadoge pet in the metaverse, has confirmed plans to launch its new NFT collection this week

🌍 Crypto Twitterverse:

Avraham Eisenberg @avi_eisen

SEC going after a market maker for manipulating trading volume and price of crypto "securities"

sec.govSEC.gov | SEC Charges The Hydrogen Technology Corp. and its Former CEO for Market Manipulation of Crypto Asset Securities

Alex Good @goodalexander

Credit Suisse. Below I will summarize what has happened and what I think the implications are. 1/ Credit Suisse options price an explosive equity move over the next 3 months. Implied vol of 61 at decade highs imply moves 2x US financials. Bonds and CDS paint a similar story.

mattcha @withmattkim

we raised $1.2M for our startup @withsmoothie. but it wasn't easy. here are 19 lessons for crypto fundraising:

◢ J◎e McCann @joemccann

Let’s clear up some FUD and misinformation on the recent @solana outage. 🧵

Sal.xyz @sal_coin

Web3 Gaming Manifesto - The History of Gaming and its Web3 Future I read 400+ pages of books, academic papers, and blogs about video game economic design so you don’t have to! Some of these findings will surprise you🧵 1/50

Martin🧭 @themlpx

1/ State of the NFT Market (ETH & @solana) backed by @nansen_ai data Expect a more nuanced and high quality take compared to Bloomberg's 97% drop in monthly USD volume piece. TLDR: Volumes down bad but NFT space def not dead

Oisín Kyne | oisin.eth @OisinKyne

Appchain takes are hot again, let's recap. App specific L1 - high issuance for low security, no atomicity, hard to be most decentralized. App specific L2/roll up - low issuance gets high security, cross roll up atomicity through the L1, piggybacks L1 decentralization.

Altcoin Sherpa @AltcoinSherpa

You should always have reasons for why you invest / trade the coins you are buying. Considerations for why you choose the coin you choose (be it $BTC $ETH $APE $XRP $SOL or random coins like $SHIB): -Time horizon -Risk Factor -Liquidity -Momentum -Random Notes below 👇

MapleLeafCap📜 @MapleLeafCap

(0) Onekey was the 1st business Folius committed to when getting started (Back in June 21!) as I came across Yishi on Weibo. It became immediately obvious to us Web3 needs a holistic (HW + SW) security solution, and we are very excited to get involved in the journey.

Yishi Wang @yishi_oh

We are thrilled to announce that OneKey has closed a Series A round of approximately $20 million led by @dragonfly_xyz and @RibbitCapital , and followed by @hiFramework, @Sky9Capital, @FoliusVentures, @etherealvc, @coinbase, @santiagoroel, and @fishkiller 🌱.

📈 Fundraises:

NYDIG has raised $720M for its Institutional Bitcoin Fund according to a filing with the SEC

Gaming technology startup Improbable to raise a new funding round of $111M as it sets its sights on creating metaverse worlds for buzzy Web3 firms like Bored Ape Yacht Club-creator Yuga Labs

Crypto checking account provider Juno raises $18M and launches token JCOIN via airdrop for its tokenized loyalty program

Blowfish, a firewall provider aiming to help Web3 firms fight off the cyber attacks, raises $11.8M

Fabric raises $4M to boost fan interaction platform

Ingram Content Group, the world's leading book distributor, invests in web3 eBook startup Book.io

Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!