🥛 2 crypto myths debunked! 🔍
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GM. This is Milk Road. We spread crypto news like butter on toast – smooth, even, and covering every corner.
Here’s what we got for you today:
2 crypto myths debunked 🔍
Graph of the Day: The 7 week-streak is over 📊
Solana transactions are failing! Here’s why… 🍪
2 CRYPTO MYTHS DEBUNKED 🔍
Crypto’s a lot like a middle school sleepover – full of rumors, dramatic gasps, and ‘did you hears?’
This weekend, there were 2 big rumors making rounds:
RUMOR #1: The EU is banning anonymous crypto transactions and self-custodial wallets.
The European Union passed a new Anti Money Laundering Regulation (AMLR) proposal last week. And if you know anything about government proposals – they’re super long and boring.
This one was 329 pages long (extra boring).
So, a lot of people did what you’d expect… wait for others to do the reading and give them the ‘Too-Long;Didnt-Read’ (TLDR) version.
The problem? They all stated the EU was banning anonymous crypto transactions and self-custodial wallets – which wasn’t true.
It was a game of Telephone gone wrong…
If you want a detailed breakdown of the new AMLR, check out the thread above 👆
RUMOR #2: There’s an exploit that can steal crypto from your Apple devices.
Security researchers recently discovered a vulnerability in Apple’s newest computer chips (dubbed the ‘M-series’) that could let hackers steal data from Macs and iPads – including private keys to crypto wallets.
The news spread like wildfire and caused investors to panic…
(I have one friend who hasn’t opened their Macbook since. Another one threw their iPad in the ocean).
Well, turns out the real-world risks are low. According to security experts…
To exploit the vulnerability, an attacker would have to fool a user into installing a malicious app (and unsigned Mac apps are blocked by default).
Plus the time taken to carry out the attack is quite significant (ranging from 54 minutes to 10 hours in tests carried out by researchers), so the app would need to be running for a considerable time.
The bottom line: Self-custody wallets are not banned. Payments to/from self-custody wallets are not banned. And no, your Macbook isn’t going to explode.
Be careful what you read out there folks.
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GRAPH OF THE DAY: THE 7-WEEK STREAK IS OVER 📊
They say all great things must come to an end…
MySpace. The Sopranos. Backyard Baseball. Being able to eat whatever you want without gaining weight.
Now… crypto’s 7-week streak of inflows has joined the list.
According to CoinShares’ latest report:
Digital asset investment products saw $942M in outflows last week – a new weekly outflow record.
BTC led the way with $904M in outflows. Other major cryptocurrencies like ETH (-$34.2) and SOL (-$5.6M) also saw minor sell-offs.
Other altcoins saw minor inflows. $DOT, $AVAX, and $LTC saw net inflows totaling +$16M.
The majority of the sell-off (~$2B) came from Grayscale’s Bitcoin ETF. Most of the other ETFs saw inflows (totaling $1.1B), but it wasn’t enough to offset Grayscale’s garage sale.
CoinShares’ experts believe last week’s price correction was due to “hesitancy from investors”, which led to lower inflows.
We’ll see if inflows can bounce back this week.
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More than 50% of Solana transactions have failed over the last month. Most of the failed transactions are from trading bots, while transactions from real users often fail due to slippage. —DL News
A new email phishing campaign is targeting BlockFi and FTX creditors. So far, $7M+ has been stolen from creditors. (Milk Road Rule #28: If it smells phishy, it probably is!)
Goldman Sachs is seeing a resurgence in interest in crypto-related products from its hedge fund clients. The investment bank says they’ve also been exploring investing in crypto bankruptcy claims.
ApeCoin DAO signed a multi-year partnership with a Formula One team. It’s still confidential which F1 team the partnership is with, but ApeCoin DAO says the team finished in the Top 6 last year.
Kevin Hart sold his Bored Ape Yacht Club NFT. And he took a smooth 83% LOSS on the investment.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
crypto investors checking their portfolios today…
— Milk Road Images (@MilkRoadImages)
Mar 25, 2024
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.
