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- ⚪ NounsDAO on the verge of COLLAPSE
⚪ NounsDAO on the verge of COLLAPSE
NounsDAO loses $12M in a bitter division of the community. Vitalik get's hacked, drains iconic Crypto Punk.
GM Netizens! It seems like day after day, there is just drama in the crypto world, especially in the NFT scene.
This is why we exist, your trusted crypto companion – we’ll be the light that guides you through the darkness of the bear market. Hopefully, we’ll make it together.
Today’s top stories:
🔥 40% of NounsDAO holders choose to leave.
🤬 Vitalik Buterin’s Twitter gets hacked.
🎈 $100M+ worth of tokens could get dumped this week.
NOUNSDAO IN TURMOIL 🔥
Dubbed the “Rage Exit,” 40% of Nouns NFTs have decided to initiate a fork and leave the NounsDAO.
🍴 Fork - Whenever a community makes a change to the blockchain’s protocol, or basic set of rules. When this happens, the chain splits — producing a second blockchain that shares all of its history with the original, but is headed off in a new direction.
Kinda like the American Civil War.
Some background:
NounsDAO is a decentralized autonomous organization that allows Nouns NFT owners to shape and govern the project by voting on proposals funded by a treasury.
The first Nouns NFT sold for 613 ETH (~$1.9M) in August 2021.
As of writing, a single Nouns NFT sells for 35 ETH (~$40K).
Here’s everything you need to know:
333/842 Nouns NFT have committed to leaving NounsDAO.
An expected $12M will be taken from the existing NounsDAO treasury, dropping the treasury value from $30M to $18M.
35 ETH (~$40K) will be distributed to each NounsDAO NFT that participates in the fork, as reported by @huntersolaire_.
Some thoughts: People’s bags are down bad and they’re pissed enough to burn everything to the ground.
VITALIK BUTERIN COMPROMISED 💀
Vitalik Buterin, co-founder of Ethereum, had his Twitter account hacked, leading to his father, Dmitriy Buterin verifying the incident on his personal Twitter profile.
Here’s everything you need to know:
Vitalik’s Twitter account was used to promote a phishing link that stole cryptocurrencies and NFTs.
~$691K of assets was stolen from the phishing link.
2 crypto punks were taken, 1 of which was later sold for 155 ETH (~$230K).
It wasn't just any punk that got drained today.
This hoodie punk represents the first punk ever claimed by the public, in essence the first NFT ever minted.
It took Vitalik himself to pry it away from the owner's wallet.
RIP to a legend.
— quit (👀,🦄) (@0xQuit)
1:27 AM • Sep 10, 2023
Some thoughts: Don’t click on random links telling you to connect your wallet.
POTENTIAL “BLOOD IN THE STREETS” IN THE ALTCOIN MARKET 🔥
It is time for opportunity Netizens! Or is it?
Today, we’re exploring the possibility of an altcoin market DUMP.
This is just satire and not a real quote.
Some context:
10 projects will unlock $104M+ worth of tokens this week.
Aptos, the newly launched Layer 1 blockchain by Ex-Meta employees, accounts for nearly a quarter of the unlocked tokens (~$23M).
These unlocked tokens were previously not sellable, but now they will be.
The tokens being unlocked overwhelmingly belong to Venture Capitalists who invested early in the blockchain. This could pose a potential buying opportunity as these early-stage investors might look to sell their tokens to take some profit.
This week, 10 projects will unlock tokens totaling over $104 million.
$APT - 4.54 million tokens ($23.17 M) - Sept. 12
$FT - 2.02 million tokens ($3.81 M) - Sept. 12
$SWEAT - 594.26 million tokens ($4.4 M) - Sept. 13
$BICO - 22.3 million tokens ($4.44 M) - Sept. 14
$SNX - 3.16… twitter.com/i/web/status/1…— ardizor 🧙♂️ (@ardizor)
1:08 PM • Sep 11, 2023
Some thoughts: Even if token prices go down, it doesn’t necessarily mean it’s a good deal. Maybe there’s an underlying reason why people are selling…
Quick News
FTX sues LayerZero Labs to recover $21M in allegedly illegally withdrawn funds during a liquidity crisis.
FTX paid celebrities for marketing deals, now identifying outstanding payments to cover debts.
Sushi DEX expands to Aptos, a non-EVM blockchain, to attract fresh capital inflows and compete.
FinCEN alerts financial institutions to report cryptocurrency scams, especially romantic crypto scams.
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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