GM. This is the Milk Road, the newsletter that refills your inbox with the best crypto news every day.
We’re like that waiter that fills your cup without even asking.
Here's what we got for ya today:
- July Recap: Winners & Losers
- Nomad gets exploited for $190m
- Weekly crypto funds report
- Meme of the day
JULY RECAP: WINNERS & LOSERS
Well, ladies and gents, that’s another month in the books for crypto. You know what that means… we’re coming at ya with the biggest winners & losers for July.
Let's start with some of the winners. We got 5 of 'em:
1/ Ethereum - Big Vitalik and co had a big month
- Finally scheduled the Goerli testnet. This is the final step before The Merge
- Had their biggest conference - ETHCC. Vitalik mentioned Ethereum would be able to process 100k transactions per second by the end of its roadmap
- ETH is up 58% this month
2/ Polygon - had a big month of partnerships and development
- Some partners they locked down: Mercedes, Reddit, Disney, and Nothing (yes, that's a real company)
- Announced zkEVM. If you missed our explanation on this, check it out here!
- MATIC is up 94%
3/ Web3 Builders - over 90 companies received $1.7b in funding this month. Check out our latest funding round up here!
4/ Otherdeed - The Bored Apes land NFT collection released a demo for their upcoming game and became the fastest NFT collection to reach $1b in sales volume.
5/ The Milk Road Wallet - is up ~60%. Upgrading from the dollar menu this month!
And now, onto the Losers. There were a handful to pick from...
Biggest Losers
Graveyard of Crypto Bankruptcies. Chapter 11 and 13 bankruptcies were crypto’s pandemic this month. Here are the companies that got infected:
- Vauld - a lending platform that owes $400m to its creditors
- Celsius - a lending platform that lost billions
- Voyager - a crypto exchange with over 100,000 creditors
- Zipmex - an exchange that lost $100m
- 3AC - a hedge fund that owes $3.5b to creditors
But the biggest losers of the month… Su Zhu & Kyle Davies. They:
- Lost billions in assets and went bankrupt
- Bought a $50m yacht while defaulting on loans
- Refused to cooperate with shareholders while on the run. They didn’t speak or even turn on their cameras during legal Zoom calls
Say hello to crypto's Dumb & Dumber of the Month.
TODAY'S EDITION IS BROUGHT TO YOU BY LITQUIDITY
Inflation, mergers, interest rates, SPACs, crypto, and more. These are some of the most relevant topics in finance, and you owe it to yourself to know what’s going on every morning.
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That’s where Exec Sum comes in.
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Powered by the Litquidity team (with real investment banking and private equity experience), Exec Sum curates market-moving news and the latest M&A / venture transactions to keep you fully in the know. Plus, they’ll surface a couple of relevant memes to keep it light.
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NOMAD GETS EXPLOITED FOR $190M
Another week, another hack. But this time, it was a little different. Get your popcorn ready, this one's a doozy.
What happened? Nomad got exploited for $190m. It was the 5th largest hack in crypto ever. Ouch.
But in the twist of the year, it wasn't actual hackers behind it... it was random people. Here's how it went down:
- Someone found an exploit in a Nomad smart contract. But they didn't know how to drain the funds at once so they tried doing it in multiple transactions. Rookie!
- People noticed what was happening and realized they could do the same thing by copying the attack.
- All they had to do was find a transaction that worked, find & replace the other person's address with theirs, run it, and voila - free money!
The Nomad funds quickly turned into an open buffet. Here’s some live footage:
Now some people are looking to return the funds after realizing their wallets could be traced back to them.
Crypto never ceases to amaze.
WEEKLY CRYPTO FUNDS REPORT
The results for the latest Weekly Crypto Funds Report are in… there was a total inflow of $81m last week.
The 5th straight week of inflows.
Some of the highlights:
- Bitcoin led the pack with inflows totaling $84.8m in July
- Short Bitcoin Funds see outflows for the first time in 5 weeks. The streak is over!
- Solana keeps rolling with inflows of $1.5m. It remains an investor favorite with YTD inflows totaling $114m
The biggest highlight: July was the strongest month of inflows this year - a total of $474m was invested by crypto funds.
MEME OF THE DAY
How times are changing 🤣
That's a wrap for today folks. See ya tomorrow!
If you want more, we'll be posting all day on our Twitter! (@MilkRoadDaily)
A ROADERS REVIEW
VITALIK PIC OF THE DAY
Everyone has that little cousin that always gives you the bunny ears during every family BBQ pic...
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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.
