GM. This is the Milk Road, the crypto newsletter that delivers you an order of daily news with a side of memes every day.
We’re your DoorDash to crypto.
- The pic of Vitalik that made ETH jump in price overnight
- Numbers of the Day
- Crypto.com makes a $10.5m mistake
- Meme of the day
THE PIC OF VITALIK THAT MADE ETH JUMP IN PRICE OVERNIGHT
I just got off the phone with my mom. She was so hyped that ETH was up in price overnight and wanted to see if I knew why.
That's when things got awkward because I had to explain it was all because of this picture. We'll let you figure out why...
Never a dull moment in crypto.
NUMBERS OF THE DAY
99% is how much NFT trading volume is down on OpenSea over the last 4 months.
- On May 1st, OpenSea processed ~$2.7b in transactions
- On Sunday, OpenSea processed ~$9.34m in transactions
- Over the same time, OpenSea has lost about 1/3 of its users
We haven't seen volume this low since November 2021. Ouch.
2.93 BILLION Facebook users will soon have access to post NFTs they own. Zucks been testing the feature out over on Instagram and now he’s ready to bring it to FB.
That’s right, Gramps and Gma are soon gonna be rockin’ the JPEGs.
5,000 BTC was moved from a dormant wallet yesterday. It’s the first activity for the wallet since 2013.
- Bitcoin was $663 at the time
- From $3.3m --> $100m in less than 10 years
It hasn’t been moved to any exchange yet, so it’s unclear if the BTC will be sold or not. Even if it does get sold, it probably wouldn't make a dent in BTCs price.
But the interesting thing is this is the 4th time BTC has been transferred out of a dormant wallet this year.
All of them signaled local tops for prices.
TODAY'S EDITION IS BROUGHT TO YOU BY SWOOPS
Imagine playing fantasy sports with your friends, but you serve as owner, GM and coach of your team, all at the same time. Sound fun? Well it’s about to be a reality with Swoops.
Backed by top investors including Courtside Ventures, Slow VC, Alpaca VC, Gary and AJ Vaynerchuk, Jason Robins (DraftKings CEO), and multiple NBA ownership groups, Swoops is a Play & Earn game that looks and feels like Daily Fantasy Basketball but with its own IP and world of Swoopsters (robotic players), each a one-of-one NFT that ages. Mint, buy or trade for the players you want and develop them over time.
The game is far more dynamic than your fantasy league with your friends: you use strategy, data, and analytics to put together combinations of lineups in real-money head-to-head contests or tournaments.
The First generation of players/NFTs will be publicly minted on 9/15, with season zero tipping off on 9/19! Want to keep up with Swoop before then?
Play Swoops GM now by clicking here.
CRYPTO.COM MAKES A $10.5M MISTAKE
Boy oh boy, do we have a story for you. It has to do with 2 sisters, Crypto.com, and a $10.5m mistake. Ladies & gents, get ya popcorn ready because this one's a doozy.
Here's what happened:
- Back in May 2021, a woman was trying to get a $100 refund from Crypto.com
- Instead of Crypto.com entering "100" into the payment field, an account number was put in
- So rather than getting $100, the woman received $10,474,143
The kicker? It took Crypto.com 7 months to figure it out. And it was all because of a company audit right before Christmas.
When they went to try to retrieve the funds, they realized the money was gone. Gee, you don't say!
The woman did what any of us would do: accept the gift from the Crypto Gods and spend the money. She sent $500k to her daughter and ended up buying her sister a $1.4m luxury mansion too.
So what now? Crypto.com is taking legal action and demanding the woman return the funds and her sister sell the house.
Neither sister showed up in court this week and it looks like they might be on the run.
Just like Crypto.com says - Fortune Favors the Brave.
MEME OF THE DAY
That's a wrap for today, ladies & gents. See ya tomorrow!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
VITALIK PIC OF THE DAY
15. DAYS. LEFT. UNTIL. THE. MERGE
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.
Get smarter about crypto
Join 250,000+ subscribers and get our 5 min daily newsletter on what matters in crypto.