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BAYC “Otherside” Metaverse Nets Over $300M In NFT Sales Hours After Going Live

Here’s How NFTs Are Playing Their Part In The Russian-Ukrainian Conflict

The ‘Otherside’ which is the metaverse for the Bored Ape Yacht Club went live today, marking the start of another exciting journey for the already successful ape-themed crypto community. “Your key to the Otherside awaits. Mint is live” Yuga labs, the developer community behind Bored Ape Yacht club announced at exactly 9:00 PM ET sparking […]

Crypto News

Could Netflix Tumble Down The Crypto Market?

On Tuesday, the crypto market looked good in comparison to Netflix (NFLX). The shares of the world’s leading streaming company fell 27% to $256 in after-hours trading reaching 2019 levels after announcing a massive loss of 200,000 subscribers in the first quarter of 2022. This translated to roughly a $40 billion loss in half an hour. This is the first time the company loses customers since 2011 and is expecting to lose 2 million more in the current second quarter. NFLX is already 63% down from its All-Time High and over 40% this year.   “For those wondering how long a miss like this can sting: A reminder that $FB is still down ~33% since it disclosed Facebook’s user growth hit a ceiling,” Bloomberg’s Brian Chappatta noted. Analyst Michael Nathanson of MoffettNathanson LLC told Bloomberg that “It’s just shocking,” adding, “Everything they’ve tried to convince me of over the last five years was given up in one quarter. It’s such an about-face.” Will Crypto Follow? The news site further reported that “Disney fell as much as 5.2% in extended trading after Netflix reported its outlook, while Warner Bros. Discovery Inc., the owner of HBO Max, declined as much as 2.8%. Shares of Roku Inc., the maker of set-top boxes for streaming, dropped as much as 8.3%.” Many have wondered if this could drag down the crypto market as well. An economist noted that the last time a sharp shed like this happened for Netflix (Jan 22, 2022), “it triggered [an over] 30% 4-day crash across crypto.” However, he added that he doesn’t think this will be an issue this time. “It’s now an idiosyncratic event.” The reason why many do not think this scenario will repeat is that the previous case was highly related to the macroeconomics –the general stock market sell-off over fear related to interest rate hikes in the U.S.–, while this time the indicator seems to be specific to the company’s declining demand. Related Reading | Bitcoin Nosedives Below $38k As Tech Stocks Take A Beating, Pandemic Gains Disappears Back in January, the company admitted that the competition is “affecting marginal growth some.” Now, besides the increasing competition, they stated that the bad performance in Q1 was partly due to a large amount of customers who share their passwords, estimating 100 million households that use the service technically for free. They also pointed out macro factors, ” including sluggish economic growth, increasing inflation, geopolitical events such as Russia’s invasion of Ukraine, and some continued disruption from COVID are likely having an impact as well.” Netflix completely missed their forecast for a 2.5 million growth in subscribes as well as Wall Street’s estimate, which also expected them to add that many users in the first quarter of 2022. In contrast, the anti-crypto propaganda that calls it “too volatile” and “too risky”, claiming that investors need protection from it, is looking weak and pale today. Around January 27, after the first big Netflix plunge of the year, Bill Ackman had reported that his hedge fund purchased more than 3.1 million shares of the company. That makes his position currently 387.5M down. Related Reading | Majority Of Crypto Holders Will Hold Through An 80% Crash, New Survey Shows “Somebody Always Knows” The second big thing that contrasts with crypto is that the industry is often called a fraud scheme, but to some analysts, this NFLX scenario is giving signs of insider trading. The Twitter account Unusual Whales noticed that “the most active hot chain before close” was $NFLX with $300 put. “And the top floor trades were all bearish.” This means that traders with put options probably made a lot of money. Which sounds like they knew something would happen. Similarly, the account also noted that “A trader took a huge $NFLX put position, buying +100k at ~$2 ask 7 days ago. The position had 4500 volume that day, 41 volume the day before, expiring in a month. Likely made 1000%.”

Crypto News

No Barrier to Fortune: It’s Not Too Late To Be a Crypto Billionaire

It’s an interesting time for crypto. As more and more institutional investors buy into Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies, there might be some investors wondering if they have missed the boat, especially as the dizzying market heights of 2021 gave way to the sobering slump at the start of 2022. In its earlier days, cryptocurrency was famous for creating Bitcoin billionaires from young, free-thinking individuals who didn’t come from traditionally wealthy backgrounds. Now that crypto can be said to be going mainstream, has crypto wealth become the preserve of the besuited financial magnates that Bitcoin once tried to defy? The evidence doesn’t seem to bear this out. In fact, the biggest crypto influencers of today are still inspirational and come from a range of backgrounds, ages and countries. Let’s take a look at some of the most inspiring crypto influencers in the field right now. Carl ‘The Moon’ Runefelt – from bagging to balling Carl Runefelt, better known by his social media handle ‘The Moon’, is one of the most popular current crypto influencers, with over 500K subscribers on YouTube and more than one million followers on Twitter. Runefelt is notoriously bullish on Bitcoin and has made a considerable amount of money on the original cryptocurrency. He isn’t shy of flaunting his wealth, either, snapping up rare NFTs for millions of dollars and showing off his new Bugatti (bought with ETH trading profits) to his followers while the market was crashing at the end of 2021. But doesn’t Runefelt have a right to be proud of his wealth? After all, he came from humble beginnings and has said in interviews that he wanted to inspire his followers to achieve the same. Before getting into crypto, Runefelt actually worked at a groceries store in his home country of Sweden. At 22, the young grocery worker was bored and frustrated with life and his career prospects. He started investing his savings in gold and precious metals but became disillusioned by the corruption and inefficiency of the banking system. Seeing a crypto video on YouTube inspired him to invest in crypto and start his own YouTube channel in 2017. Runefelt’s crypto investments were a success, and so was his channel ‘The Moon’. By investing, trading and giving advice on the same to his followers, Runefelt completely changed his life. He credits the Law of Attraction and the power of visualization as key parts of his journey to the lavish lifestyle that he enjoys today. Runefelt now lives in the playboy paradise of Dubai and continues to be active in crypto and NFTs, as well as promoting his own payment app, Kasta. Despite expanding into other areas of the crypto industry, the Swedish rags-to-riches star is still bullish on the original cryptocurrency, claiming that BTC will never go back down below $10,000 and may even reach $200K in the next three years. Hold on to your dreams – crypto stars are still being made  The story of Runefelt, who managed to turn his life around completely in his twenties, is an inspiration to crypto traders today, and the crypto world continues to be a way for people to make money outside of the traditional track to wealth. While many famous investors do study at elite colleges, Ethereum founder Vitalik Buterin famously dropped out of university to focus on crypto. In 2012, a 12-year-old Eric Finman spent a family gift of $1,000 buying Bitcoin at prices ranging from $10 to $12, trades that made him a millionaire by 18 and even richer today. The volatility of altcoins still presents an opportunity for such huge returns today, with new crypto influencers emerging from humble backgrounds all the time. Rachel Siegel was a struggling substitute teacher. At 29 and without any tech knowledge, she started investing around $25 a week into crypto and turned that into a seven-figure return, homeownership and a new career as a crypto influencer under the handle @CryptoFinally. Kane Ellis was only 18 and a high school dropout when he learned how to mine cryptocurrency and used those Bitcoin earnings over the years to found the online auto marketplace Carswap, as well as to buy a fleet of exotic cars for himself (unlike, Runefelt, he prefers a Maserati). These are just two more examples of crypto fans who struck it rich and built well-known profiles on top of that. Don’t forget all of those who make money but decide to avoid the spotlight and live less public lives. The truth is, the majority of wealthy crypto traders are ones you never hear about but are focusing on their own lives. Access to crypto wealth has never been easier The main reason crypto is still a great tool for building wealth is that almost anyone with a smartphone and internet connection can access the market these days, and this empowers a great part of the population that did not have access to traditional wealth-building products. StormGain remains the best all-in-one platform for crypto trading and investments, with over 60 digital assets to trade, including cryptocurrencies, indices, DeFi, metaverse tokens and more, in one easy-to-use app you can access from your smartphone or the web. With a low-commission, profit-sharing trading model and extensive suite of educational articles and videos, StormGain is one of the best entry points into crypto for new traders. The platform is also offering a +20% deposit bonus boost for new users till April 25, 2022.

Crypto News

This Rugged FTM-Based Protocol Sends A Warning About DeFi Projects

The safety of the DeFi and especially the FTM ecosystem is shaking as “Tomb Fork” projects seem to be the perfect place for scams to thrive. Even after some investigation, what might look like a safer project can still turn out to be a fraud. Recently, PulseDAO got rugged. Allegedly, their own dev turned against the and KYC might not be enough to hold this person accountable. Tomb Forks And Rug Pulls As per Chainalysis data, in 2021 DeFi rug pulls took over $2.8 billion worth of crypto and accounted for 37% of all cryptocurrency scam revenue in the year, versus just 1% in 2020. A risky model called Tomb Fork, often FTM-based, has become perfect for rug pulls and many investors keep falling in. Pulse was a project that allowed users to “create their own prediction markets about anything.” They launched a token model with the promise of rewarding “all participants fairly, while also making the network resilient.” PulseDAO was a Tomb Fork. Based on Tomb Finance, Tomb forks are algorithmic stablecoin projects that peg their token to another coin, originally FTM. In the case of Tomb Finance, they intend to “create a mirrored, liquid asset that can be moved around and traded without restrictions.”  The PulseDAO Rug The rug was confirmed by Rugdoc.io, who had previously warned that the project had a risk of governance mishandling and they needed their contracts to be subjected to a full audit with a reputable auditor. They highlighted the following risk vectors: Not KYC’d with RugDoc No reputable audits as of date  Liquidity is not locked with RugDoc Not in a multisig. We highly recommend the project to use one with community members or reliable 3rd parties as an approver due to the said governance risk. Then, they spotted that 4243 FTM was removed from the project by the contract owner here. It seems like they pulled out almost all of the project’s liquidity. “It appears Tomb forks have inherent governance risks, which is why it is critical to have renounced contracts and KYC in place before entering.” However, RugDoc missed that PulseDAO did KYC with ApeOClock, but it was not enough for safety, and this is a very important detail for investors to take into account. Is KYC enough? More on that below. About 5 days ago, PulseDAO said via Discord they were having issues with their cross-chain bridge, but nothing more. After March 13, all accounts and websites were down or deleted. There is not much information running around, but scraping screenshots of messages from the team, this is one of the excuses they gave: But even Ape O’Clock, the platform they used for their KYC, was confused: The team’s cited a person who was “poised to kill the project”, “DAOKing”. He is a YouTuber who apparently had made a deal with PulseDAO to review them in a video. This YouTuber claims they used him as a scapegoat and that he is actually one of their largest holders and got rugged as well. He listed his wallet in a recent video and movements can be checked via FTMScan. Although he claims otherwise, some users say it is unclear if he owns other wallets. However, he seems to be actively collaborating with Ape O’Clock to investigate the pull and take action. So far, it does appear like a dev rugged the whole project. PulseDAO Telegram channel claims the following: The team also said they are investigating the “attack” and fixing their website and will take responsibility. They also claimed the reason they took their Discord channel and Twitter down was that they need “encouragement, support and optimism not FUD and disheartening comments” while they manage to restore services.  Deciding to take down all main sources of information is a very odd choice when you want to take responsibility. Moreover, the pattern of rug pulls points out an unsustainable model: Tomb Forks. Some are quickly spotted as hard pulls, meaning that the devs coded the token with a malicious backdoor; some are soft pulls, meaning that the project gets dumped.  Related Reading | A Race For The Truth: Fantom Vs. Rekt, What Went Down Why KYC Didn’t Matter Many investors check a safety box when a project has KYC, but the PulseDAO example shows its weak face. Some of the reasons it might not do any difference are: Recovering crypto thefts from some countries can be difficult or even impossible. Authorities might not look into smaller crypto projects. Scammers might not even be held accountable in several countries because the rug pull falls into grey areas. A user pondered: “How do we expect DeFi as a whole to develop and grow if the is no safeguard in place?” FTM Price Fantom (FTM) has been trading around $1.08 in the daily chart, down 5.50% in the last 24 hours. The coin has experienced fear from investors because of the departure of main developers. The foundation has claimed this will not affect their plans. Related Reading | Why Fantom Fell 22% Following Key Personnel Exit