🥛CEOs are quitting crypto. Here's why... 👀

  • September 28, 2022
  • 2 Min Read

GM. This is the Milk Road, the daily newsletter you can call on whenever you need help in crypto.

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Here’s what we got for ya today:

  • CEOs are quitting crypto. Here's why...
  • Robinhood launches a new web3 wallet
  • Quick bites
  • Meme of the day


Crypto prices are dropping, but you know what else is too?

CEOs for crypto companies. They've been resigning & dropping like flies this year. All have been for vastly different reasons. 

Sam Trabucco (former CEO of Alameda Research) stepped down to enjoy life on his boat sipping margaritas. 

While Do Kwon (former CEO of Terra) stepped down because he caused a $40b empire to collapse & is now a global fugitive with ~200 countries looking for him. 

And over the last week, 3 more CEOs were added to the list:

  • Jesse Powell (Kraken CEO) - stepping down because the pressures of crypto are becoming too much and he wants to focus on things he enjoys.
  • Alex Mashinsky (Celsius CEO) - stepping down because he led Celsius to the ground
  • Brett Harrison (FTX US CEO) - stepping down to work on his next crypto project. He says he has one goal: to remove the technological barriers to getting more adoption

How the mighty have fallen. Crypto CEOs are looking a lot like the new NSYNC. 


Web3 is in its early days. We’re in the 'beer drinking iPhone app' stage. 

The main problem is it’s difficult for devs to build in web3 - workflow is fragmented, complex, and slow. We need products to make it easier.

Stripe made it easy to add payments to your app.

AWS made it easy to add storage & compute for your app.

Now it’s thirdweb's turn - they it easy to add web3 tools like tokens and NFTs to your app 

Some of the world's biggest brands (Afterpay, Anomica, etc) are using it to launch and power their apps.

Since launching:

  • 55,000+ developers have joined
  • 200,000+ smart contracts deployed
  • $24m+ raised

Companies like thirdweb are crucial to the growth of web3, as developer tools help builders create real-world applications of the technology.

If you wanna learn more about how thirdweb is teaming up with some of the biggest brands in the world, check out the deep dive we wrote here!


It’s official. Robinhood is launching beta access for their new web3 wallet. 

Here's everything you need to know:

  • It's a non-custodial wallet (aka you have sole control to the keys of your wallet)
  • Polygon will be the first blockchain it launches on
  • Users will be able to access dApps like Uniswap and Decentraland
  • There's a "gasless swap" feature (aka there will be no network or gas fees for transactions on the app. Robinhood pays for it)
  • The beta will be rolled out to 10k iOS users (sorry Windows and Android). The rest of us 1m+ on the waitlist will have to wait until the app fully launches later this year

This is big because Robinhood has 15m+ monthly active users and it's clear they want to continue their big push into crypto. In fact, the word "crypto" was mentioned 304 times in their last earnings report (thank you, ctrl f)


FTX has acquired Voyager's (a bankrupt crypto firm) crypto assets for $1.42b. FTX continues its shopping spree.

Christie's (the famous auction house) has launched a new NFT marketplace, Christie's 3.0. Christie's made ~$7b in sales in 2021. Now they're going Web3 👀

OpenSea is launching Optimism NFTs on its marketplace. L2s are making big moves!


That's a wrap for today. Stay thirsty & see ya tomorrow!

If you want more, be sure to follow our Twitter (@MilkRoadDaily)



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.

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    Milk ManWriter

    This dashing dairy expert is not just your average milkman. He's a tri-athlete, a former classmate of Satoshi Nakamoto, and a crypto enthusiast who loves nothing more than delivering the freshest news and insights straight to your inbox.