December 15, 2023

🥛 WTF happened yesterday?!

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GM. This is Milk Road. We serve as your daily analyst, researcher, and entertainment. It’s the 3-for-1 crypto special.

It’s Friday. Let’s boogie:

  • WTF happened yesterday?! 🧐

  • Crypto’s hottest narratives and tokens 🔥

  • From $300 —> $500,000 🍪


WOW. What a day, huh?

Popular crypto web apps were offline. Funds were being drained. It was full-on panic mode on social media…

“The dApps are under attack! Unplug your computer! Throw it in a lake! Hide in a bunker!”

“Don’t touch, look, or even think about your crypto wallet – it’ll burst into flames!”

If you need a visual, here ya go:

So, wtf happened?

  • A former Ledger employee fell victim to a phishing attack.

  • The former employee still had access to part of Ledgers' systems (wtf!), so the hacker was able to gain access to something called the Ledger Connect Kit. 

  • Ledger Connect Kit = a library of code that lets third-party dApps connect to user's crypto wallets

  • The hacker then uploaded malicious code that would drain users' funds if they connected to a site that used Ledger Connect Kit. (P.S. – tons of popular dApps like SushiSwap,, etc. use it).

As a result, ~$500,000 was stolen from crypto users and many popular dApps took their front-ends offline until the problem was fixed. 

So, what now? Ledger deactivated the malicious code and issued a software update for Ledger Connect Kit. 

It appears the worst is over. *phew*

Here’s how the crypto community is reacting to the sh*tshow:


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New narratives are a lot like pimples… they’re always popping up out of nowhere. 

And right now, crypto looks like a 6th grader nicknamed “Pimple Pete” – the narratives are everywhere.

Real World Assets (RWAs). Decentralized Physical Infrastructure (DePIN). Gamble-Fi. You name it. 

Well, check it out…we recently came across this Dune dashboard showing how each of crypto’s narratives has performed this month:

A few things stick out:

1/ DeSci is the best-performing narrative so far this month. 

My researchers tell me there are very few DeSci tokens right now so the data might be skewed a bit, but either way, this might be a good early opportunity. 

2/ Memecoins continue to dominate. 

$BONK (the “dog” coin of Solana) is up 100x over the last 55 days and is close to entering the top 50 cryptocurrencies by market cap. 

P.S. – the new trend is to find the “Dogecoin of [enter blockchain name]”. 

3/ Game-Fi is starting to heat up. 

Although Game-Fi is lagging behind some of the other narratives, we’re seeing an increase in chatter around Web3 gaming ecosystems. 

Beam (+65%), Avalanche (+50%), and a few other gaming projects are up BIG this week. 

4/ Real World Assets (RWA’s) are in the red this month.

This was pretty surprising. Over the last few months, there’s been a lot of talk about “tokenizing this” and “tokenizing that”, but it looks like RWA’s have started to cool off a bit. 

So, either: 

  1. It was just a buzzword and is now extinct, or

  2. Money is just being rotated into other shiny narratives.

We’re thinking it’s the latter and money could eventually flow back into RWA’s. Who knows. But it’s a trend worth keeping an eye on. 

Milk Road Question of the Day: We’re curious… 

What narratives/tokens are you currently looking at? 

Hit “reply” to this email to let us know! We’ll share a few of the best responses next week.


Bakkt® helps businesses navigate Crypto Responsibly through custody, trading, and onramp solutions. All backed Bakkt by multi-layered security.*

Solana developers received a $300 BONK airdrop last Christmas… today, it’s worth $500,000. There’s nothing better than a white Green Christmas 🤑.

Ultra debuted the first PC game that can be resold through a tokenized license. The video game marketplace is launching the game on Steam, but it will not include any in-game crypto or NFT elements.

JPMorgan feels that ETH will outperform BTC in 2024. Stating that Ethereum’s next upgrade planned for early next year will improve the network’s bandwidth and drive more demand.

Claimed an airdrop this year? Learn how to properly report taxes on airdrops here.

The U.S. DOJ charged two people for operating a crypto Ponzi scheme. Committing crimes under the aliases’ of Bitcoin Yoda, Blue Wizard, and David Gabe.

*This is sponsored content






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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.