Newsletter #197 - The Art of Poor

Hey Shitcoiners,

Projects are collapsing around us. It’s not looking too great out there. Readers of this newsletter are bound to make it though. If you’re still looking to stay up to date with crypto you are likely in so deep that you’ll live to see another bull run. That logic checks out right?

Here’s how Scrooge McDuck is feeling courtesy of DALL·E 2.

Three Arrows Capital have continued to make headlines this week as insolvency rumours continue. Here’s a meme that depicts how things are going for Su.

Arthur has dropped another article full of knowledge bombs. With 3AC as the focal point for this one he runs you through how it all went down. Three Arrows Capital blew up “because they took boring, stable, and predictable arbitrage strategies, strapped on an egregious amount of leverage, and succumbed to the market after the TerraUSD carry trade meltdown.” Spicy.

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Word on the street from FatMan is that Su is trying to sell his residence in Singapore. Ouch.

These stories are becoming so infamous that they even have fan fiction now. We don’t know how to feel about this.

Fraud, ponzi schemes, pyramids and more. This space is never boring.

BlockFi have been and the receiving end of some scrutiny after they secured a $250m credit line from FTX. Remember this? Now that’s awkward!

FTX were supposedly swooping in with an offer 99% below their last valuation. We aren’t sure if Sam is just doing the industry a solid or he’s seen some promise in BlockFi’s offering. Can BlockFi really be doing that well as a business?

Kevin broke it down and the $25m headline is not all as it seems. We recommend reading the thread for alpha.

Sam didn’t bite on a potential Celcius deal. A $2 billion hole is a pretty large gap to fill even by his standards.

This is the future.

If you haven’t been liquidated by FTX yet, get it over with and become one of us.

And welcome to Goblin Town!

Bear markets usually bring plenty of spicy news. Here’s what this industry would look like if it had it’s own celebrity gossip magazine.

We will just leave this here.

Remember OneCoin? Authorities aren’t giving up hope of tracking down Ruja. It’s been a while. We imagine she’s had plenty of plastic surgery by now.

In other law enforcement news it’s not looking so good for Fluffy.

Over in New Hampshire Bruce Fenton is on a mission to become a Senator and he’s funding it all with his own BTC. Get it Bruce!

We imagine if Bruce got a seat he’d be against initiatives like this from Coinbase. You have been geo-tracked.

Do you remember when CZ called out other exchanges for spending so big on the Super Bowl? Well now he’s recruited the most followed man on TikTok to promote Binance. We bet that wasn’t cheap!

Gainzy thinks it’s a dogshit marketing.

We aren’t hearing much about NFTs right now. They are looking pretty dead. This was poor timing from Coca-Cola who screwed up a campaign and tried to commercialise Pride. RIP.

Bored Apes… they aren’t doing so good either.

To a hack now! Harmony’s Horizon bridge saw $100 million drained after a hacker managed to gain access to two multi-sig addresses.

Here’s a deeper dive if you are interested.

Are you degenerate enough to take this trade?

The “global manhunt” has begun!

We finish this one up with a reminder that at one point of 2021 you were rich. Those were the days.

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

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Team Shitcoin.com