Newsletter #248 - Missing Funds & Musings

Hey Shitcoiners,

Welcome to the latest edition of the Shitcoin.com newsletter, your one-stop shop for all of this week’s industry shenanigans.

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We kick things off with what many consider the biggest news of the week involving Prime Trust. The firm is a well-known custodian of TUSD and many other tokens, but it turns out “custody” may not be their strong suit. They may be placed into receivership as they allegedly lost access to wallets back in 2021. Oh boy.

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As expected, the on-chain detectives swooped in to identify some of the lost wallets.

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It’s not looking great.

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Prime Trust, backed by AUDIO!

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If you are interested in the timeline, here it is. The last few years have been rough…

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While often spurting wild claims, Bitfinex’ed seemingly called this. Note the date.

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Speaking of Bitfinex’ed, they had some more thoughts on the news that MicroStrategy was buying Bitcoin once again. Are they actually buying though?

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Bitcoin was also in the normie news once again, as Robert F. Kennedy Jr tried to win the Bitcoiner vote in his run towards The Oval Office.

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The man is jacked. We have no idea what he’s on but we’ll take some. The focus on RFK Jr’s physique has got some thinking. Did obesity end FTX?

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Zane has been vocal about the shortcomings of his old employer since the collapse. Here’s an interesting thread.

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FTX was not nearly as safe and clean as a Singapore toilet. Ethereum supposedly is though. If you are looking for one of the weirdest metaphors in crypto, you have arrived at the right place. Mantle is a urinal.

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The toilets in the Azuki office probably weigh 103 kg and are made of solid gold (yes, we researched how much a solid gold toilet weighs). They sold out their latest collection in 15 minutes.

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But not all was as it seemed. It turns out you can generate tens of millions of dollars just by changing the colours and backgrounds of your JPEGs. The community is going to fix this.

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By fixing this, we mean making minor changes to the art such as textured backgrounds and graphic gradients. This is innovation.

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This next rendition arguably looks better than what the Azuki team spun up. But what do we know, we are not NFT connoisseurs like the Azuki bag holders.

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While the community discuss minor details, the Azuki team are likely frequenting the same establishments as Richard Heart.

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While we peruse NFT land a little more, here’s a fun BAYC chart for you.

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And over on Ordinals, Yuga Labs are getting some heat for their latest low effort, TwelveFold. View the gallery and marvel at their latest creations. /s

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Mario Nawfal has been popping up on our timelines all year. He’s made a name for himself as the “Spaces guy” but he’s experiencing some controversy lately. This isn’t a good look.

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Neither is this. Allegedly Mario was a scammer in a past life. RIP.

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The feds are on the case.

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Over in Australia one man who previously had his own run in with the feds has just lost over half a million dollars… to a fellow inmate.

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We enjoy keeping up with Eileen’s coverage of the deepweb news. Another darknet market admin is heading to the US as the never-ending crackdown continues.

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Back to crypto now. Does this mean it’s over? It is so over isn’t it.

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Or is there hope?

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When faced with fear, uncertainty and doubt there is only one logical response. 4.

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

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Team Shitcoin.com