Bubble goes pop

By Chad
April 19, 2022
Image: Tenor
  • Luckily, stateside, crypto insider trading is still legal. An anonymous ETH wallet purchased $400K worth of tokens on Coinbase’s asset shortlist a full 24 hours before it went public. When Coinbase announces the new tokens to be listed on its platform, they tend to spike significantly in short term. And, indeed, the value of the wallet’s portfolio has already increased by 42%. Assuming the owner is a Coinbase employee — and didn’t just stumble ass backwards into a statistical impossibility — it’s further evidence that shady trading is not only allowed on web3, but encouraged
  • In perhaps the largest theft in DeFi history, hackers stole $625M from Axie Infinity. When ‘North Korea’s knock-off Pokémon heist‘ is a hard news headline, not the synopsis of an Archer episode, you know the simulation’s shot to shit. 
  • In a whopping 10,000% decrease in value, the NFT of the first-ever tweet — purchased by crypto exec Sina Estavi from Jack Dorsey last year for $2.9M — got a high bid of 0.09eth, or about $280, at the time of writing. This is how web3 ends: not with a bang, but a pop. 


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