Today’s edition is brought to you by eTukTuk - the first automobile project on Cardano that hopes to shake up the EV industry and support developing countries.
GM. This is Milk Road, the crypto newsletter that's as electrifying as getting a high score on Dance Dance Revolution.
(Warning: cool dance moves not included inside.)
Here’s what we got for you today:
- New upgrades coming to Ethereum ⚡
- How school kids are stealing millions from crypto investors 🕵️
- Milk Road: Crypto Cribs 🏰
- Do Kwon’s going to jail 🍪
Prices as of 9:30 AM ET.
3 THINGS COMING TO ETHEREUM ⚡
A blockchain network is a lot like a video game - as in both have hella new levels to unlock the more you play.
Well, 3 big levels are unlocking on the Ethereum network. And like a good video game, the Milk Man’s gonna tell you the rules plain & simple.
Let’s dive in…
1/ You can inscribe NFTs on Ethereum now
Yep, a project inspired by the protocol (Ordinals) that brought NFTs to Bitcoin launched over the weekend.
They’re called “Ethscriptions.” Original…
Instead of using smart contracts (like the OG Ethereum-based NFTs), you can mint them via so-called “calldata.” That’s the data within a smart contract.
So…meta…
Ethscriptions are supposed to be:
- A lot cheaper
- More decentralized
Who knows if they’ll be as popular as Inscriptions. But there were 30K Ethscriptions created in the protocol’s first 18 hours.
Not the worst debut.
2/ You might be able to stake a lot more as an ETH validator
Like, 64X more.
Ethereum developers are planning to raise the maximum amount from 32 ETH (~$55,644) to 2,048 ETH (~$3.6M.)
Damn inflation. First my eggs…now this…
Why would they do that? Because there are a sh*tton of Ethereum validators (~700K.) Especially since the network switched to proof-of-stake.
Proponents say: Raising the staking limit would = fewer validators = make the network more efficient
Critics say: That’d make the network more centralized since fewer people would have that validating power
The devs are also thinking of compounding validator rewards. That means validators could A) yes, stake a lot more ETH, but they would B) earn a lot more interest.
3/ The Cancun (or Dencun) Upgrade is coming…
Sadly, Vitalik is not shipping everyone out to an all-inclusive resort in Mexico.
But the network’s developers are shipping proto-danksharding sometime this year.
It’s a prototype for danksharding, which will split the blockchain into a bunch of different shard chains to keep it unclogged and cheaper to use.
This will be a big W for rollups like Layer 2s.
Plus (sorry, Shapella) this upgrade has the coolest name so far. Don’t @ me.
THE NEXT BIG THING IN ELECTRIC VEHICLES
The electric vehicle industry is due for a repair. While progress is being made, more access and affordability is needed for the industry.
Enter eTukTuk - Access is their middle name.
Their goal? To build an affordable network of charging stations and electric vehicles for the developing world.
Here’s some info on them:
- Utilizing the blockchain allows them to create digital identities, provide wider access for users and reward network participants
- Their initiative cuts carbon emissions and improves air quality, with a focus on developing nations who need it most
- Their team is made up of seasoned professionals with a background in Finance, Tech, Automotive and Blockchain
And it’s all powered by the $TUK token, whose whitelist just opened up to their community of 40,000+. Learn more about them below!
HOW SCHOOL KIDS ARE STEALING MILLIONS FROM CRYPTO INVESTORS 🕵️
There are a lot of people who can steal your money. Here are the updated rankings:
- Brad Pitt, George Clooney, and the Oceans 11
- North Korean hackers
- Xfinity charging $100/mo for crappy internet service
Well, there’s a new group to look out for… school kids.
That’s right, it’s being reported that school kids have been leading the recent crypto phishing frenzy.
They use what’s called an NFT drainer. It’s a piece of code that can be put into a fake website and, once another person connects their wallet, it drains the wallet of all NFTs and tokens.
In total:
- ~$73M has been stolen from wallets
- ~45,000 wallets have been compromised
- ~900 Discord servers have been hacked
- Big companies like Blur, Orbiter Finance, and LiFi have been targeted
And turns out that the majority of the people carrying out these attacks are under the age of 18.
Source: Tenor
How? Apparently, there’s a “black market” for this kind of stuff.
The kids will talk to developers that create the drainers via Discord, buy the drainer (plus agree to give 20% of the stolen money back to the dev), and then use the drainer code in their own fake websites.
Crazy, I know…
Kids have gone from prank-calling Blockbusters and ding-dong-ditching neighbors → buying drainers from the black market and stealing millions.
MILK ROAD: CRYPTO CRIBS 🏰
The early 2000s called, and guess what: no, they can’t have MTV Cribs back.
Because we’ve taken it and made it better.
Welcome to Milk Road Cribs, Roaders.
Today let’s look at… Jeffrey Huang’s new $25M L.A. mansion.
AKA Machi Big Brother. He went from hip hop group member → blockchain/crypto hypeman & entrepreneur → the new owner of this badass megahome.
Check it out:
It has five bedrooms, eight bathrooms, a sauna, an elevator, a killer outdoor pool that the Milk Man is thoroughly enjoying, and sick views of the downtown city center. I feel poor just looking at it…
Machi Big Bro is also in the news for another reason: suing crypto sleuth ZachXBT.
He wasn’t a fan of what the guy wrote in a Medium article about a year ago - ZachXBT cited on-chain data and accused him of embezzling millions worth of ETH.
Looks like Huang went out and stress-bought a giant mansion. As one does.
MILK & COOKIES 🍪
Terra founder Do Kwon was sentenced to 4 months in prison for using a fake passport. He’ll be passing the time in a Montenegrin jail.
Crypto exchange Crypto.com reportedly has an internal trading team that acts as a market maker. It confirmed that it did and said that’s “not a controversial practice.”
FTX’s bankruptcy estate paid $120M+ in advisor fees between Feb. 1 and April 30. Sullivan & Cromwell lawyers billed the most (~30%.)
MILKY MEMES 🤣
HIT THE INBOX OF 250K+ CRYPTO INVESTORS
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
happy Tuesday
— Milk Road Images (@MilkRoadImages)1:24 PM • Jun 20, 2023
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 research.T
