The $325M DeFi Heist ๐ฐ
GM, This is the Milk Road. We show you 1-2 cool things about crypto, in less than 5 minutes a day.
In Today's Email:
๐งพ A Big Tax Win For Crypto Investors
๐ฐ $325m Stolen in a DeFi Hack
๐ฅ NFTs Just Outsold the Entire Movie Industry
๐ธ Coachella Going Full NFT
Big Tax Win for Crypto Investors
A husband and wife in Nashville asked the IRS for a refund for crypto taxes, and they got it.
Letโs be more specific.
The IRS rules that unsold tokens from staking and mining will not be taxed.
This is a nice win for the nice guys (us)
For example, I have a bunch of ETH staked right now for ETH2, and donโt want to be on the hook for huge taxes for tokens Iโm not selling and taking gains on.
Thanks IRS. Love ya.
The Second Largest DeFi Hack Ever
The 2nd biggest hack ever went down today. A hacker stole $325M from Wormhole protocol.
$325M.. Hot damn!
Hereโs my updated โstealing moneyโ rankings:
Clooney & Brad Pitt in Oceans 11
The hacker who just stole $325M from wormhole
Comcast, charging $90 a month while providing the crappiest service on the planet
Check this out. The protocol offered the hacker $10M to give back the stolen $325M.
I know this is hard to believe, but he didnโt take the deal yet.
Anyways – this is the 2nd biggest hack EVER
So – what do we need to know about this hack?
Wormhole lets users move tokens & NFTs between Solana and Ethereum
The hacker stole $325M due to a smart contract bug (ouch)
Wormhole is pledging to replace the stolen $$ โwithin hoursโ (no clear answer on where they will get the $325M to replace it)
If you wanna go deeper, this twitter thread from Jon Wu explains how the hack went down:
Smart contract bugs are just one of many โlose it allโ risks in crypto.
Thatโs why Rule #67 on the Milk Road is: Donโt Put All Your Eggs In One Protocol
NFTs Outsold the Entire Movie Industry in January
Wanna hear the craziest stat I heard all month?
Bored Ape Yacht Club and Mutant Ape Yacht Club did more in sales on Opensea ($495m) than the globalย movie industry did at the box office ($482m)
Thatโs just bored apes.
If you look at all NFTs on opensea, thatโs ~$5B in NFT sales in january. And the craziest bit? These numbers donโt even include the Milk Road NFTs that may or may not be coming soon.
*cue the dr evil laugh*
Coachella Going Full NFT
Iโve said it before (right above!) and Iโll say it again – NFTs are the boybands of crypto. You may think they look stupid, but they are going mainstream.
It might sound crazy but it ainโt no lie..
Another day, another big celebrity launching an NFT.
This time itโs Coachella.
A few interesting things:
1/ This is launching on Solana, not ETH. One of the first big brands weโve seen go that route
2/ Theyโre pricing everything in USD (easier to understand)
3/ This is all done on FTX (why the f*ck isnโt FTX sponsoring this newsletter by now? We are the fastest growing crypto newsletter on planet earth)
Will I buy the Coachella NFT?
No. Is it because I got kids and am too damn old to be going to festivals?
Yes.
– Shaan "Never Going to Coachella" Puri
What'd you think of today's email?