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Zhu Su Arrested
The Triple Scoop
September 29, 2023
GM to the 71 new readers who joined this week. Without further ado. LFG
SCOOPS OF THE WEEK
⛓️ NFT’s
Pudgy Penguins Hit Walmart
Yuga Labs Enforce Royalties
PayPal Sets Out Plans
👨💻 WEB3
Web3 Stands Strong Despite Market Conditions
Cricket Turns To Web3 For Fan Engagement
Zuck Can’t Quit The Metaverse
🪙 CRYPTO
Valkyrie will offer ETH Futures ETF
SEC delays spot BTC ETF decision
J.P Morgan Chase Bank will bank Crypto Payments
Coinbase CEO Slams J.P Morgan
🏆 SCOOP PREMIUM
⛓️ BREAKING: Co-Founder of Three Arrows Capital, Zhu Su, Arrested and Sentenced
Another one bits the dust!
Arrest and Sentencing: Zhu Su, co-founder of the failed cryptocurrency hedge fund Three Arrows Capital, was arrested at Changi Airport while attempting to leave Singapore. He has been sentenced to four months' imprisonment.
Co-Founder Kyle Davies: Kyle Davies, the other co-founder, also faces a four-month prison sentence, but his whereabouts are currently unknown.
Non-Compliance: Zhu Su's imprisonment stems from his deliberate failure to comply with a court order, necessitating cooperation with the liquidators' investigations into 3AC's affairs.
Liquidators' Focus: During Zhu's sentence, the liquidators will engage with him on matters relating to 3AC, particularly regarding the recovery of assets that belong to the fund or were acquired using its funds. Further court orders may be pursued as needed.
Priority: Recovering Assets: The liquidators' primary objective throughout this process has been to recover 3AC's assets and maximize returns for its creditors.
⛓️ NFT’s
NFT Total Market Cap $4.43B - 24/hour change +0.89%
NFT Market Total Volume 24/hour 5.2M -22.15%
The NFT sentiment right now is reflecting to weather as move into the back end of the year 🤣
As you can see over the last few weeks, the market has been pretty flat, but we are no longer in free fall, as mentioned we felt a bottom was forming and we might just be getting there.
Apart from a few major outliers in the market, right now gaming assets as well as some standout Gen Art mints are the flavour of the month.
Whether you are a gamer or not, you can often mint the assets before the game has even launched and flip for a tidy profit. Keep your eyes peeled on this space.
As we are not in face paced market environment right now, it is important to reflect on the bigger picture/Wider market. We spotted a great take from CryptoKaleo that we agree with & also believe to be true. Why? The market often humbles people and does the opposite of mass opinion.
See below 👇
We're much closer to the bottom of NFTs than a lot of people would like to believe.
2021-2022 was just the test pump, similar to what 2017 was to alts during the ICO craze.
2018 - 2019 the number of people who believed we'd never see another crypto alt season again was actually much higher than you might think. 2020 rolled around, and slowly but surely we saw the greatest and longest-lasting alt season yet.
2024 - 2025, we're going to see something similar happen with NFTs.
Currently, everyone thinks NFTs are dead, and more people than not seem to believe they're never coming back.
I'm looking forward to the market once again proving them wrong.
Whale Buys
At a glance 🔎
The Toys will also form part of the Walmart pallet programme where they will receive a unique featured display for 6 weeks.
All Pudgy holders will benefit as royalties kick in for every toy that is sold.
Every toy has a unique QR code that unlocks redeemable digital traits.
🕵️ Scoops take:
These toys have only been in circulation for 5 months and they are breaking all the records.
It wasn’t so long ago that they hit number 2 in Amazon best sellers.
But remember guys, 95% of NFTs are worthless according to some…
Is it too soon to draw up the Christmas list?
At a glance 🔎
Only platforms which support a strict enforcement of royalties can provide trading for Mara.
X2Y2 and SudoSwap V2 have got access.
They have previously blocked trading on OpenSea due to royalty issues.
🕵️ Scoops take:
How big a set of ba**s do you need to enforce something like this?
With the amount of desperation you see from certain projects, for Yuga to turn around to the majority of large marketplaces and tell them they are blocked is remarkable.
Is it a moral play or does it just emphasise how much the project relies on royalties for revenue?
We will let you decide that, we do love the concept though as we hate to see the artists get stiffed.
PayPal Sets Out Plans - They have filed a Patent Application for NFT-related business.
At a glance 🔎
The applications are for NFT Transfer and Trading.
UK Crypto purchases were recently stopped on the site but with the recent launch of their own Stablecoin, remain committed to the space.
This is still a developing story so one to keep your eyes on.
🕵️ Scoops take:
They have all the fundamentals to make an easy switch to all things NFT/Web3/Crypto which is great news for our sections as they could end up anywhere.
The recent halt of UK purchases was an understandable decision but like all giants, they don’t sit still and crack on with the other plans.
They have no shortage of rivals for the top spot but they have what it takes to make it there.
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Web3 is witnessing a resurgence. Out with the rugs and in with the serious venture-backed companies who are looking to make a giant impact in the world of Web3 gaming.
We have noticed over the past few weeks that a number of gaming projects have offered free mints, that not only have minted out but have done multiples to the tune of 10-20X’s in a very short period of time, and this is all before the game has launched.
So whether you are a gamer or not, gaming assets offer flipping opportunities should you know the correct projects.
In this week’s premium section, we deliver a list of a curated list of upcoming projects.
Ready? Let’s PLAY.
🌐 WEB3
At a glance 🔎
Web3’s decentralized approach promises a transformative leap in internet evolution, emphasizing genuine digital ownership and user-controlled data amidst the ongoing bear market.
This technology’s resilience parallels the steadfast growth of companies like Amazon and Apple during the dot-com bubble, emphasizing refinement and robust growth in seemingly challenging times.
Beyond transient market phases, Web3 is carving paths in various sectors including finance, healthcare, and entertainment, promising a brighter, user-centric digital future post this temporal dusk.
🕵️ Scoops take:
Imagine, if you will, the internet as a series of evolutionary leaps, like music shifting from vinyl to Spotify. Web3 is the newest track, promising a tune where you call the shots, not big record labels—or in this case, giant tech. Even as the market throws a tough crowd, Web3 rocks on, hinting at a future where your online life is truly yours, from art to data. It’s like building a stage where everyone can be their own rockstar, undisturbed by market noise. The market may be turbulent, but the underlying tech stays firm…
At a glance 🔎
The International Cricket Council (ICC) and NEAR Foundation have forged a multi-year partnership to enhance fan engagement through the NEAR Web3 ecosystem, leveraging blockchain to connect fans and create enriching experiences.
The collaboration debuts with a pre-match strategy challenge for the ICC Men’s Cricket World Cup 2023, allowing fans to test their cricket acumen, with scores impacted by real-time match outcomes, and rewarding engagement with exclusive prizes and merchandise.
Post the 2023 World Cup, the alliance aims to develop enduring Web3 applications to celebrate fan loyalty, including a ‘fan passport’ allowing fans to securely record their interactions and experiences, both online and offline, bolstering fan connection to the sport.
🕵️ Scoops take:
Imagine if the passion of fantasy football met the tech of Bitcoin, all set against the backdrop of global cricket. That's what's happening with ICC teaming up with NEAR Foundation. It’s revolutionising how fans connect to sports. In the same way we've seen music and movies go digital, we're witnessing sports take a leap into the future of Here’s to game-changing innings ahead!
At a glance 🔎
Mark Zuckerberg remains steadfast in his pursuit of the metaverse, despite waning interest and financial losses, focusing on intertwining the digital and physical realms to create immersive experiences.
Meta’s Reality Labs reported a $13.7 billion operational loss in 2022, but Zuckerberg continues to innovate, emphasizing AI’s role and introducing features like AI chatbots to enhance user interaction across Meta’s platforms.
Although other companies retreat from metaverse endeavors, Zuckerberg’s vision evolves, seeing a future where physical presence and digital avatars coexist seamlessly, redefining social and professional interactions.
🕵️ Scoops take:
Zuck’s relentless pursuit of the metaverse is kinda like Frodo's journey to Mordor—fraught with perils but driven by a vision. The financial turbulence and the wavering enthusiasm from others are mere shadows in his path. Zuckerberg's new narrative, blending the tangible with the virtual, and his pivot to AI depict a pursuit to mold the metaverse into a ubiquitous entity—a companion in our living rooms, a colleague in meetings, reshaping interactions. It's like he's building a bridge between ‘The Matrix’ and our world, making the abstract tangible, and perhaps, indispensable.
🪙 CRYPTO CRUNCH
Crypto Total Market Cap $1.08T - 24/hour change +1.73%
Total Crypto Volume 24 hours - $32.29B - Change +13%
With a bullish push taking Bitcoin over $27.2K yesterday, the crypto community woke up and called back for bull season.
October is historically a strong season for crypto in general. We have seen the phrase ‘Uptober’ pasted across X.
It could be a strong month, with a few narratives springing up.
In terms of the full year, it’s not clear that we are out of the woods just yet, so still operate with caution, but some nice plays could be had for sure.
The SEC has delayed approval for the Blackrock BTC ETF, but Valkyrie is the first to be approved Ether Futures ETF.
Overall we are majorly bullish on the next 12-24 months.
Crypto narratives to focus on this Fall
- AI Tokens
- Social-Fi /Gambefi
- Telegram trading Bot tokens
- Trading tool platform tokens
- Revenue Sharing projects
- Liquid Staking derivative projects
- Metaverse & gaming tokens
- RWA - Real-World Asset tokens
Top Stories
😡 THE REKT SECTION 😡
Mercedes-Benz
It was high-risk high-reward and as many could have predicted, it flopped.
The strategy wasn’t right from the outset with 4 main flaws.
1 - Dutch auction with a high starting price of 1 ETH which eventually ended at 0.01 ETH
2- Zero utility or Roadmap
3 - Timing and execution - they had to postpone the initial mint due to website issues
4- High supply - max supply of 2694 but rolled out in 7 waves so a total of 18k items.
With only 180 items being minted so far this one has been a disaster.
🏆 WEEKLY WINNER 🏆
Luca Netz
The Pudgy Penguins owner is on Cloud 9 right now and rightly so.
He is continuing to deliver for the project and the community is being fed actual utilities.
What’s remarkable is he bought the project with his own $2.5m and has managed to deliver the toys to over 2000 Walmart stores and have them as the number 2 seller on Amazon.
He is setting the benchmark of what a founder should be doing, whilst so many out there are raising millions just to follow the same old narrative of paid merchandise and staking.
This is a form of merchandise, but it could onboard the masses.
A top effort.
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