September 25, 2023

🥛 How Bitcoin is used to fight election fraud 👀

Today’s edition is brought to you by Phemex – take your shot at a 1000 BTC prize pool by holding a Phemex Soul Pass and trying your luck.

Grab your Soul Pass!


GM. This is Milk Road, the crypto newsletter that has more sauce than a chili cook-off.

Grab a plate – it's about to get tasty.

Here’s what we got for you today:

  • How Bitcoin is being used to fight election fraud 👀

  • A $200M crypto hack 🧐

  • An anti-crypto U.S. Senator gets arrested ⚖️

  • FTX claims are being bought up for a discount 🍪


HOW BITCOIN IS BEING USED TO STOP ELECTION FRAUD 👀

There are two questions that will make any person crumble…

  • Where’s your water heater located?

  • What’s a crypto use case?

Well don’t worry, we just found a new cool use case to add to your arsenal…

The use case: Guatemala is using Bitcoin to detect fraud attempts in presidential elections.

  • Guatemala’s Supreme Election Tribunal is using the Bitcoin blockchain to cryptographically timestamp official election documents.

  • The documents are “hashed” into the blockchain and given a timestamp that cannot be forged or altered.

  • This ensures that all documents cannot be tampered with.

  • It also adds a layer of transparency anyone can independently verify the information on the blockchain for themselves.

Pretty cool use case. The best part is it has nothing to do with speculation or prices…

It’s all about that technology, baby!

TRY YOUR LUCK AT UP TO 1000 BTC

Everyone loves a good guessing game. My childhood claim to fame was guessing how much candy was in the jar at the fair.

Well, Phemex is turning it up a notch. They’re giving all of their loyal Soul Pass holders the ability to guess the future price of Bitcoin.

The bombshell? The prize pool could consist of 1000 BTC.

That’s right, up to 1000 BTC. Here’s how it works:

  • Mint your Phemex Soul Pass, this is the only requirement to enter this epic giveaway.

  • Submit your prediction on what the price range of BTC will be on October 31st, and make sure to cast your vote soon.

  • Each price range corresponds to a potential prize pool, with the biggest prize pool of 1000 BTC corresponding to a price of $50k+. Winners will share the prize pool with other accurate predictors in the same price range. This follows Phemex’s recent 100 ETH giveaway that Soul Pass holders got to join with no strings attached.

Mint your Phemex Soul Pass to join the fun!

A $200M CRYPTO HACK 🧐

A lot of times, crypto feels like this…

Person 1: Look! Up in the sky!

Person 2: It’s a bird!

Person 3: No, it’s a plane!

Me: No, that’s just another crypto hack leaving with 9-figures in stolen funds…

Over the weekend, it happened again.

The victim: Mixin Network – a peer-to-peer transactional protocol that makes cross-chain transfers cheaper and more efficient.

The protocol’s third-party cloud service provider had its database breached.

Turns out, the “decentralized” network wasn’t so decentralized after all…

The damage: $200M.

As a result, Mixin has temporarily suspended all deposits and withdrawals until all vulnerabilities have been fixed.

Welp. Guess it’s time to reset the counter again…

ANTI-CRYPTO U.S. SENATOR GETS ARRESTED… ⚖️

Meet Robert “Bob” Menendez:

  • Bob is a U.S. Senator.

  • Bob hates crypto.

  • Bob says crypto is “an ideal choice for criminals” and co-sponsored a bill to investigate the adoption of Bitcoin in El Salvador and its use in money laundering and illicit activities.

Well, Bob just got charged and could face up to 20 years in prison.

What for? Corruption and bribery.

According to the allegations:

  • Bob used his power and influence to help enrich three businessmen and benefit the Egyptian government

  • He would dismantle criminal investigations to protect the three businessmen

  • He also shared “sensitive U.S. government information” with the Egyptian government

  • In return, Bob accepted hundreds of thousands of dollars, gold bars, and luxury cars as bribes

The same guy who’s been ripping crypto for helping criminals was… a criminal himself…

You can’t make this sh*t up.

POP QUIZ: DO YOU KNOW BAKKT?

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Click on your answer above!

BITE-SIZED COOKIES 🍪

FTX debt claims are being traded on secondary markets. According to Claims Market data, some are trading for 35% of their original claim value.

Gucci launched a virtual recreation of its recent runway show at Milan Fashion Week. The metaverse experiences will be available across three different metaverses – Roblox, Zepeto, and QQ.

OpenSea suffered a third-party security breach. The NFT marketplace warned API users to swap out their keys in order to avoid any future attacks.

Abritrum added $59M to its treasury after users failed to claim their airdrops. The treasury now owns ~$3B worth of ARB tokens. Wowza.

MILKY MEMES 🤣

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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.