Newsletter #194 - Bear Market Debauchery

Gm,

‍

Are you ready for rugs, hacks and other bear market debauchery? We have plenty of that in this week’s edition of the weekly round-up, plus a meme or two. To kick things off we focus on the Ethereum layer-2 solution, Optimism.

Their token, OP, was greeted with plenty of hype as one of the first larger airdrops we have had in a while. Like the rest of the market the price has been suffering. It got worse though. Due to a logistical oopsie with liquidity provider Wintermute, 20M OP went missing and fell into the hands of an exploiter. For the technical amongst you, here’s the overview.

For those who want a more watered down version, here’s the announcement from the Optimism team.

With the 20M tokens in the exploiter’s wallet, his or her first action was to “donate” 1M OP to Vitalik. It’s Shiba Inu all over again!

The CEO of Wintermute put out a statement and even offered them a consulting gig.

To Cosmos. The Osmosis community had a bad time when one validator decided to “think about their family’s future”. They definitely wouldn’t use the funds for hookers and blow would they?

Supposedly some of your favourite influencers have been setting up orgies and doing weird stuff via Telegram. Word on the street is they are about to be busted. Is this a hoax or real? Telegram seem to think it's a hoax but we don’t know at this point.

Meanwhile Jump decided to do a full breakdown of the UST collapse. A compelling read if you still have headspace for the Terraform Labs meltdown.

‍

Stablegains, the Y-Combinator startup that promised “safety and ease” is back under the spotlight due to their UST shenanigans. Spicy.

It’s not looking good for Mr Kwon...

In other US regulatory news the SEC may soon be making way for the CFTC.

‍

But that won't stop the SEC continuing in the meantime. Binance are possibly about to face some heavy questioning.

‍

How do we escape all of the doom and gloom? We shill Bitcoin and cryptocurrencies! How do we do that? Like this!

We can also reach greater awareness through expert marketers such as Irene. Here’s an amazing exchange between her and Greg.

Greg gives off spectrum vibes. Here are some of the best answers to the latest autism test.

DeFi is autist central. Unfortunately many DeFi projects are so deep in tokenomics, liquidity mining and bribing that they forgot they need cashflow.

While projects struggle to pay their employees here is what the VCs who invested are up to.

Speaking of wealthy individuals Andre Cronje is supposedly back on a “broadcast only” Twitter account. He’s shilling something new.

If you are wondering what this account is all about you can hear from Andre below.

To NFTs! It’s not a Shitcoin.com weekly round-up unless we report on the latest ways BAYC holders are losing their apes.

‍

This next ape holder got rugged by his ex-girlfriend. Clicking and reading is advised.

‍

It’s not looking good for NFT holders. No legs? RIP.

This market is not for the faint hearted. One CT member lost it all.

For those of you sticking around here are some must-have questions to arm yourself with for the bear market.

‍

Or screw the bear market, burn through cash like Richard Heart instead.

‍

That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next week!

‍

Team Shitcoin.com