GM to the 10 new readers who joined this week. Without further ado. LFG

SCOOPS OF THE WEEK 

⛓️ NFT’s

• Vitalik Buterin Hack

• Binance Cuts Polygon NTF Support

• NFT Startup Suspends Development

👨‍💻 WEB3

• Thodax Exchange CEO Gets 11,000-Year Sentence

• G20 Moves Forward With Crypto Framework

• Friend.tech Rises from the Dead

🪙 CRYPTO

• FTX is set to dump billions of crypto - Here is what it means.

• Justin Sun considers offer of FTX assets to prevent a market crash

• Paypal introduces Web3 ON / OFF ramps

• SEC’s Gary Gensler still hates crypto

🏆 SCOOP PREMIUM

• Another Hot Generative Art Mint Coming In October

• Get Whitelisted on Genesis Drop from Web3 Gaming Studio which has Raised $6M

  The Bear Market's Strongest-Performing Crypto Token Isn’t Slowing Down Anytime Soon.

⛓️ NFT’s

• NFT Total Market Cap $4.67B - 24/hour change -0.82%

• Volume Traded 24/hours - $6.7M +10.71%

• It's been a bloody week in NFT land, especially in the PFP market.

• The market bottoms are close, there has been far too much bad news, Vitalik Hack, Milady Maker Hack, $PEPE dump. At times of deepest despair is when light is just around the corner, We don’t mean to sound philosophical, but this literally happens time & time again in Web3 markets.

• We won’t labor on the red week we have seen for NFTs, sit back relax & enjoy the newsletter.

  Avoid

🔦 OPPORTUNITY AWAITS

It may feel quiet, it may feel like the Titanic is sinking and you may be reminiscent of the bull runs witnessed in the NFTs and crypto markets, but bullleeev us when we say this… When times are the quietest, most boring, and when FUD is at its highest point, this is when opportunity & upside are at their highest. This doesn't mean APE your last cent into every shit coin or NFT launch going, no position is still a position. Education, skill development & expanding your network all count as participation in the space.

Those who are here reading this now will be the ones to succeed when the tides change. Those who fell off early will simply be your exit liquidity. Look ahead, look forward, greener candles, I mean *pastures are coming.

Take it from somebody who has lived through 2 full bear cycles, markets turn around, always & whilst it may seem unfathomable now, especially in the NFT game. You will be surprised how quickly things can turn.

Nothing worth it ever came easy. The best you can do is be prepared.

Dial sharpen the saw, SAY GM, strap in & get ready.

Premium Unlocks Today!

Try today with A Free Trial.

• Hot Generative Art Mint Coming In October

• Get Whitelisted on Genesis Drop from Web3 Gaming Studio which has Raised $6M

• The Bear Market's Strongest-Performing Crypto Token Isn’t Slowing Down Anytime Soon.

Vitalik Buterin Hack

The Ethereum founder was on the unfortunate side of a hack leading to his X account being compromised. After taking control of his account, the hackers started positing phishing links that directed them to wallets. The tweet with the link has now been deleted, however, the hackers managed to steal over $691,000. Involved in the theft were two grail punks as well as other NFTs and Cryptocurrency.

At a glance 🔎 

• The malicious link that was posted was for users to claim a free NFT.

• There have been some suspicions that the “hackers” may have been an inside job.

• NFT detective, ZachXBT has been keeping followers updated in terms of what has been stolen.

🕵️ Scoops take:

When you can’t even trust the account of the creator of Ethereum, what chance have you got? We aren’t saying that Vitalik is in any way responsible, it really does just drive the point no one is safe.

The hacks and scams are getting sophisticated, don’t let us down and become a statistic of these scenarios.

A lot of the time it is greed that sees you on the wrong end of an attack.

Binance Cuts Polygon NFT Support

The Crypto Exchange has announced that it will be streamlining product offerings on the Binance NFT Marketplace and as a result shall be ending its support for Polygon. Users have been told they have until the end of the year to withdraw their NFTs. Further, users will not be able to buy or list Polygon NFTs on the marketplace from September 26th as well as not being able to stake LAND NFTs hosted on Polygon to earn Sandbox rewards.

At a glance 🔎

• This follows some mixed messages from Binance where the CEO, CZ, refuted rumours that executives have left the company.

• Polygon is the 5th biggest Blockchain for NFTS with recent 24-hour trading volume hitting just under $1m.

• Polygon’s native token, MATIC, dropped 2.2% following the announcement.

🕵️ Scoops take:

Another dagger to the NFT user’s heart.

Binance wasn’t the be-all and end-all regarding Polygon NFT transactions, but it was a useful place that gave consumers a bit of freedom when deciding where to execute their trades.

Big pressure on Binance now to deliver an exceptional service given they have decided to streamline product offerings.

NFT Startup Suspends Development

Glass, a Crypto startup that had the aim of monetizing NFT videos is heading to the wall after they announced the founders are walking away. The founders, Sam Sends and Varun Lyer shared on X that they are ending active development due to the demand for digital, tradable video NFTs being too low to continue. The company was set up 2 ½ years ago and they managed to raise $5m in finance.

At a glance 🔎

• The aim of the company was to give online content creators a platform for minting and selling videos.

• Videos were to be sold directly to fans which would make more money than just streaming on YouTube.

• NFTs currently in circulation will continue to exist.

🕵️ Scoops take: 

It’s not just projects that are feeling the bear, it is every single being involved in the space.

Sometimes when a good idea doesn’t work out, it doesn't mean it was a crap idea, it was just maybe the right thing at the wrong time.

As we have seen, this Bear market has been like a never-ending avalanche so this company won’t be the last to fall short.

Time for the greats to stand up and be counted.

🌐 WEB3

Thodax Exchange CEO Gets 11,000-Year Sentence

Once head of Turkey's biggest crypto exchange, now slapped with an 11,000-year jail sentence for scamming people out of $2 billion in crypto. In a twist of irony, he claimed to be "smart enough to lead any institution on Earth," but now he'll be leading a lifetime behind bars. It's like the Fyre Festival of crypto, big promises followed by an epic fail…

At a glance 🔎

• Thodex CEO Faruk Fatih Özer sentenced to 11,196 years for defrauding 400,000 users out of $2 billion in crypto assets.

• Özer also faces a court-ordered fine of around $5 million.

• The collapse of Thodex was a major blow in Turkey, especially during a time of economic turmoil marked by the devaluation of the Turkish lira.

🕵️ Scoops take:

Özer’s coming through a bit like the Jordan Belfort of crypto here. Amidst Turkey's economic woes, people hoped for a crypto lifeline. Instead, they got a classic con. The lesson? In the crypto world, flashy doesn't always mean trustworthy. Always DYOR. The Sentence seems incredibly heavy handed - there are plenty of Bankers who’ve committed worse and not served a morning in the pen. Guess Turkey don’t F*ck about!

G20 Moves Forward With Crypto Framework

So the G20, basically the VIP lounge of world economies, is fast-tracking a framework to keep tabs on crypto transactions across borders. Starting in 2027, countries will swap info on who's doing what in the crypto space. It's like the governments are forming a fantasy football league, but instead of tracking players, they're watching your Bitcoin moves. It's a big deal if you value privacy, but could also add some much-needed oversight.

At a glance 🔎

• The G20 is pushing for a global framework to monitor crypto transactions, aiming for implementation by 2027.

• The proposed system will allow countries to automatically exchange information on crypto activities, including transactions on unregulated exchanges and wallets.

• The framework aligns with new EU rules and Financial Stability Board recommendations, aiming to bring similar regulatory standards to crypto-assets as commercial banks.

🕵️ Scoops take:

Like a up and coming musician getting signed to a major label—there's more structure and potentially wider acceptance, but some of the raw, rebellious edge gets polished out. With countries like the US, China, and the UK all on the same page, the days of using crypto as a secret hideaway might be numbered. While this might bring more stability and trust into the system—great for mainstream adoption—it's also a nod to the fact that the web3 world is growing up and getting a corporate haircut. We just hope it doesn't lose its soul in the process.

Friend.tech Rises from the Dead

One hell’uva comeback for friend.tech…. Like the Web3 Rocky Balboa - nearing $20 million in total value locked. In just 24 hours, they pulled in almost a million in fees. Seems like YouTubers and OnlyFans stars are getting in on the action, one to keep your eyes on that’s for sure

At a glance 🔎

• Friend.tech's total value locked (TVL) skyrockets to nearly $20 million, staging a comeback after being labeled "dead" due to low user activity.

• In just one day, the platform generated more than $900k in fees and $464k in revenue, making it the third highest revenue-generating dApp in the DeFi space.

• The platform is gaining traction among high-profile YouTubers and OnlyFans creators, attributed to its unique, creator-centric features.

🕵️ Scoops take:

Friend.tech is proof that in the crypto world, you're only as dead as your last 24-hour cycle. Think of it as the Jon Snow of social DeFi—left for dead but rising stronger. Its surge in TVL and high-profile adopters tells us this isn't just a flash in the pan. It shows that in this landscape, a unique, creator-centric model can breathe new life into a platform.

🪙 CRYPTO CRUNCH

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• Crypto Total Market Cap $1.04T - 24/hour change +2.79%

• Total Crypto Volume 24 hours - $35.86B - Change +13.57%

• The market is still chop city. But remember the longer we range, the harder we will expand once it breaks.

• The market is anticipating the upcoming potential FTX asset dump to fiat coming on Wednesday, which could cause a $13 Billion hole in the market.

• Despite that, we saw a nice push up past $26K, from 24,900 last night, but right now we aren’t too excited in the near term.

• Plenty of time to research, scoop up those gems & DCA into solid long-term opportunities.

• On-chain plays have slowed down for now, but it doesn’t take long for another narrative to come back around. This is a market of degens, before long, they get hungry for the next new thing.

• The revival of Friend.tech, may see a mini ‘Socialfi’ narrative spark off.

• Our recommendation is to stay dialed in, we know from previous experience that when the market is most boring, is where the most opportunity with the biggest upside lies.

  Crypto narratives to focus on this Fall

• - AI Tokens

• - Telegram trading Bot tokens

• - Trading tool platform tokens

• - GambleFI / SocialFI

• - Revenue Sharing projects

• - Liquid Staking derivative projects

• - Metaverse & gaming tokens

• - RWA - Real-World Asset tokens

Top Stories

• FTX is set to dump billions of crypto - Here is what it means.

• Justin Sun considers offer of FTX assets to prevent a market crash

• Paypal introduces Web3 ON / OFF ramps

• SEC’s Gary Gensler still hates crypto

😡 THE REKT SECTION 😡

MILADY DEV

TRUST NO ONE.

A Dev within the Milady project has stolen $1m in fees from the team.

To do this, the DEV took codebases, and fees and compromised the X accounts of Milady’s & Remilio Baby’s as well as the Remilia account.

Unfortunately, since this theft, the Milady’s floor dropped 8% to 3.06 ETH.

🏆 WEEKLY WINNER 🏆

Friend.Tech

This shouldn’t be the first time you have heard about this project, check out our in-depth article on the 18th of August.

The reason for their inclusion in this section this week is due to the volume of trades and the creator fees that have resulted.

Over the last 2 days, creators have been paid over $500,000 which is more than 3x as much as the entire ETH NFT ecosystem has paid creators.

We don’t hide our stance on creators.

A brilliant achievement.

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