Hello bees! Our hive is 907 stronger - yay! My silence? I was shaping our new βWeb3 Summary Proβ Tool. Missed you and sorry for the pause π. Let's catch up on the crypto world now.
Here's what's creating a buzz in the crypto world:
$BALD Scandal: $100M to Nothing 0οΈβ£
Token Unlocks π
Wednesday Web3 Hiring π§βπ»
Hacks/Issues β
π© RISE and FALL of $BALD left investors bald-headed
Coinbase's new Base chain saw a wild rodeo last month as memecoin $BALD shot up to a market cap of $100 million, only to be rug-pulled.
Ever played a game of Monopoly where someone keeps buying all the properties? Well, that's what being in $BALD felt like - except instead of properties, it's all about liquidity and, of course, real money.
THE HYPE: The memecoin $BALD launched on July 30 on Coinbase's Base chain - a Layer 2 network for Optimism enthusiasts.
$BALD was the new cool kid in town, pulling in speculators left and right, thanks to its deep liquidity pool. We're talking $25 million deep within 2 days!
Now, the plot thickens. Our main actor, BaldBaseBald, kept injecting liquidity into the pool during the initial coin madness. It was like watching Elon Musk throw SpaceX rockets into the sky!
THE RUG PULL: But then, the rollercoaster took a steep dive.
Once BaldBaseBald stopped pumping liquidity into the pool, the price of $BALD stalled and took a nosedive, only to double up again when our liquidity hero resumed his buying spree.
Here's where it gets messy. BaldBaseBald yanked out over 10.5k ETH ($20 million) worth of liquidity faster than you can say "blockchain." This raised more than a few eyebrows, sparking suspicions of malicious play.
THE AFTERMATH: BaldBaseBald walked away with a cool net profit of 2,789 ETH ($5.2 million), courtesy of his market maneuvering.
The crypto community was taken aback by the audacious antics of BaldBaseBald, especially on Coinbase's supposedly compliant chain. It was like watching a high-speed car chase in slow traffic.
So what? This whole ordeal serves as a reminder - when it comes to these crypto shenanigans, only risk what you can afford to lose.
THE FINAL ACT: BaldBaseBald made his final move, yanking out the remaining liquidity and boasting a total PnL of 3,163 ETH ($5.9 million).
Here's the kicker. BaldBaseBald, who once told everyone to stay cool, is now seen as the crypto villain of the hour. The only thing that changed quicker than $BALD's value was the community's opinion of him.
π TOKEN UNLOCKS
Token unlocks are a big deal and every crypto investor needs to keep an eye on them.
(Web3 Summary Rule #58: Where there is a token unlock, there is price volatility.)
This week, there is $43M+ worth of tokens being unlocked:
Optimism ($OP) is unlocking $37.7M worth of tokens
Sui ($SUI) is unlocking $5.2M worth of tokens
SingularityNET ($AGIX) is unlocking $2.3M worth of tokens
You can check out the full list here.
Web3 Summary Weekly Forecast: Buckle up, itβs gonna be a wild week.
Token unlocks = 100% chance of volatility.
πΎ Hacks/Issues
Curve Stablepool Attacks Continue:
Vulnerable Vyper versions led to further Curve stable pools' exploitation, causing a ~$70m loss. The pools are currently drained or white-hacked, stabilizing the situation. White-hacker c0ffeebabe returns 2,879 ETH (~$5.4m) to Curve.
The lending protocol EraLend, based on zkSync Era, suffers a ~2.76m loss due to a re-entrancy attack. The team halts borrowing, USDC supply, and SyncSwap LP supply temporarily for investigation.
The new memecoin, $BALD, launched on Base chain undergoes a scam. When liquidity injection from BaldBaseBald ceases, the coin price crashes but surges as he resumes buying. He withdraws almost $20m worth of liquidity, netting a gain of 2,789 ETH or $5.2 million. Further draining of liquidity increases his total to 3,163 ETH, or $5.9M.
WEDNESDAY WEB3 HIRING πΌ
Welcome to another round ofΒ Web3 hiring, where we showcase companies crafting awesome stuff and looking for new talent.
These jobs will have your parents raising their eyebrows (in a good way) and feeling impressed, even if they're still puzzled about wtf you actually do...
Community Manager - Remote ($60K-$85K)
UI/UX Designer: Remote ($45K-$100K)
HR Manager / Senior Talent Acquisition SpecialistΒ - Hong Kong ($120k-$22K)
Blockchain Software EngineerΒ -Β Florida, United States ($140k-$220K)
AccountantΒ -Β Remote ($37k-$150K)
P.S., - Are you trying to hire in Web3?Β Learn how to get your open jobs in front of 12k+ potential candidatesΒ here.
THE BUZZ REPORT: TOP STORIES π°
The SEC asked Coinbase to delist all tokens βexcept for Bitcoinβ prior to suing the exchange. According to the SEC, βevery asset other than Bitcoin is a securityβ
Optimism set a new record for daily transactions, boosted by the launch of Worldcoin. The Worldcoin hype effect made Optimism outstrip Arbitrum in daily transactions.
XRP celeb, Lewis Jackson, reveals $XRP account surge in data authenticity squabble. With a rush of 1,166 daily new accounts, XRP's token magnetism comes to light.
Sequoia Capital has yet again downsized its crypto fund by 65%. The ongoing crypto downturn has dwindled the fund from $585M to $200M. Yikes.
Buzz-worthy Meme π
That's it, folks! Slide into our Twitter DMs for some juicy Web3 gossip. We're like a game night with pals - but with more memes, less drama, and zero burnt pizzaΒ @Web3summary.
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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.