GM Syndicate! I hope you can tolerate pain because FTX might be hitting you with a crypto sucker punch very, very, VERY soon.

Today’s top stories:

• 🔥 FTX seeks approval to liquidate $3.4B of crypto TOMORROW.

• 💀 Milady NFT dev steals $1M+ from project.

• 🥊 Solana’s beatdown poses a major buying opportunity.

FTX MIGHT TANK THE CRYPTO MARKET AGAIN 🔥

FTX, the bankrupt crypto exchange that collapsed the crypto market in 2022, is coming back for round 2!

FTX is set to appear in court on September 13th to secure approval on the sale of $3.4B crypto assets.

Here’s everything you need to know:

• FTX’s largest holdings include $1.1B Solana, $560M Bitcoin, and $192M Ethereum.

• FTX plans to gradually sell [REDACTED] worth of Solana every month until 2028.

• FTX holds assets totaling $7B, comprising $3.4B in digital assets, $2.4B in cash reserves, $529M allocated to investments, and properties in the Bahamas worth $199M.

Some thoughts: FTX is the crypto devil.

MILADY DEV STEALS $1M IN FEES 💀

A developer from the ETH NFT project, Milady Maker, has been served a lawsuit after stealing $1M from the project.

Some background:

• Milady Maker is a collection of 10,000 generative NFTs in a neochibi aesthetic inspired by street-style tribes.

• A single Milady Maker NFT is worth 2.72 ETH (~$4.4K), and it’s down by -17.54% following the attack.

• Remilla Corporation, the company behind the Milady NFT ecosystem, has a team of 30+ members.

Here’s everything you need to know:

• 3 team members coordinated to steal $1M in fees from the NFT project.

• The developer seized the official @miladymaker, @REMILIONAIRE, and @remiliacorp Twitter accounts. The 3 accounts reach a combined 45K followers.

• The hacker’s identities have been discovered by the team and legal action has been taken. All of the funds are expected to return.

Here’s what the CEO of the Remilia Corporation had to say about the incident:

The lawsuit against the hackers can be found here.

Some thoughts: The Kingdom of Remilia will recover.

PREPARING FOR THE IMPENDING SOLANA DUMP 🔥

Are you ready for a possible once-in-a-lifetime opportunity?

Today, we’re exploring the impacts of a potential FTX selloff of their Solana holdings.

Some context:

• According to Xangle, FTX and Alameda Research received 58.1M Solana tokens which accounts for 10% of the total supply. The total value of FTX’s Solana holdings is $1.2B.

• The price of Solana fell by -60% following the collapse of FTX.

• FTX’s debt ranges from at least $10B up to $50B. Crypto prices are expected to fall once FTX begins liquidating its holdings to pay back a portion of the debts owed.

• FTX is suspected to own at least $2.2B worth of Solana-based tokens such as $OXY, $MAPS, and $SRM.

FTX’s massive Solana holdings could affect Solana prices in a substantial way. Following the collapse of FTX in November 2022, Solana fell to a low of ~$8 in December, but 1 month later, prices increased by more than 3x to ~$26.

We could possibly see another scenario play out where Solana and Solana-based tokens return to previous lows, which could pose a MASSIVE buying opportunity.

Some best practices:

• Assess Your Risk Tolerance: Understand your financial position, time horizon, and emotional capacity for risk.

• Keep Cash Handy: If you've been looking for buying opportunities, a market dump may present them. With available cash, you can capitalize on undervalued assets.

• Stay Informed: Keep up with market news, but be wary of "doomsday" headlines designed to elicit a reaction. Consider the credibility of sources and analysts.

Some thoughts: This is not financial advice, please DYOR (DO YOUR OWN RESEARCH)!

Quick News

PayPal launches off-ramp service to convert crypto to USD, available on MetaMask, wallets, dapps, and NFT marketplaces.

Luno halts UK crypto trading for some customers due to FCA regulations on promotions.

Bitfinex and Tether's CTO to testify in a $1.4T lawsuit alleging financial misconduct.

US regulator proposes a national financial fraud database to help investors and law enforcement access information.

P.S. - We’re curious… Reply to this email and let us know your thoughts on today’s edition and how we could improve!

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 resear