Gm☀️

A quick update on the referral program we announced last week: we’ve increased the amount of $DOUGH rewards, to be more “meme coin-like”.

Here’s the updated breakdown of the airdrops, per referral:

• 1 - 8 Golden Rules of Crypto Investing (PDF)

• 3 - Lv. 1 NFT

• 5 - 100,000,000 (100M) $DOUGH

• 10 - 500,000,000 (500M) $DOUGH + Lv. 2 NFT

• 15 - 750,000,000 (750M) $DOUGH

• 25 - 1,000,000,000 (1B) $DOUGH + Lv. 3 NFT

• 50 - 2,500,000,000 (2.5B) $DOUGH + Lv. 4 NFT

• 100 - 5,000,000,000 (5B) $DOUGH + Lv. 5 NFT

• 500 - 50,000,000,000 (50B) $DOUGH + Lv. 6 NFT

Feel like a billionaire with billions of $DOUGH in your wallet!

Go to the bottom of this email to find your unique referral link, and start sharing 🙌

📈 MARKETS

Today's U.S. Consumer Price Index hints at easing inflation, giving us all a bit of breather. This might just convince Fed Chair JPow into softening those looming interest rate hikes.

As for our crypto pals, bitcoin and ethereum are chilling, trading as flat as a pancake. Glassnode calls this the "equilibrium point," which means we could see crypto prices as stable like this for months.

DONUT HOLES

Hole lotta news…

• Bitcoin ETFs: former SEC Chair Clayton suggests they are coming

• Standard Chartered boosts 2024 bitcoin forecast to $120,000

• Robert Kiyosaki, author of Rich Dad Poor Dad, agrees with ☝️

• Throwback to the most painful moments in Web3 history

• Patek Philippe was used as collateral to borrow $35,000 on DeFi, between two strangers

• Bank of America slapped with $250 million in fines for “junk fees”

SECURITY

Another $103M stolen from Multichain

Decentralization—it's blockchain's secret sauce but also its Achilles heel. The blockchain rules are as hard as diamonds which means its harder to hack, but it also means Multichain’s $103M is gone for good.

That puts them at #7 on the list of biggest blockchain exploits:

1. Ronin Network: $624M

2. Poly Network: $611M

3. Coincheck: $532M

4. Mt. Gox: $460M

5. Wormhole: $326M

6. Kucoin: $285M

7. Multichain: $229M (ongoing)

Multichain is a massive cross-chain routing protocol, and they’re currently in the spotlight for its seventh-largest blockchain heist ever.

CEO kidnapped?

Multichain’s CEO, Zhaojun, vanished on May 24. Some say he was picked up by Chinese authorities. All we know is that he's been MIA for three months.

A day after his disappearance, a glitch popped up during a Multichain upgrade—but without the CEO, the team had lost server access and they couldn't patch it up. This stirred doubts, leading many projects to cut ties with Multichain.

The Multichain team decided to hit the brakes on their smart contract on June 2nd. They tried an emergency fix and went live again, but it was like putting a band-aid on a bullet wound.

Fast forward a month, on July 7th, blockchain security firm Peckshield that someone had sneakily transferred $126M from Multichain to a fishy address. The Multichain team confessed their funds were at risk and urged users to withdraw their funds.

Then, just two days ago, another $103M went up in smoke. That brings the tally to $229M - the seventh-largest blockchain heist to date.

Is the Chinese government behind this?

Blockchain audit firm 'CertiK' suspects the private key was compromised. Rumor has it that the Chinese government, speculated to have arrested the CEO (the key holder), could be the perpetrator. But without the CEO, we're all in the dark.

Bottom line

Blockchain is poised to revolutionize various industries, but its security loopholes need serious plugging. These breaches impact real people and livelihoods. It's a rocky path to primetime for blockchain tech, but it’s slowly making its way.

WEB2

Coinbase surged 73% since SEC lawsuit

Coinbase, the big shot American crypto exchange, has been hitting new highs—despite its ongoing lawsuit with the SEC. A game-changing partnership with the Chicago Board Options Exchange (Cboe) has played a significant role, putting COIN’s price at the highest point since last August.

The alliance with Cboe, along with previous collaborations like the one with BlackRock, shows Coinbase's knack for building beneficial partnerships. These power collabs boost Coinbase's clout in the market, luring Wall Street and crypto nerds alike.

But why is everyone going for Coinbase? For traditional banks and institutions, security and reliability is key, and most crypto companies fail to provide either. As one of the oldest crypto exchanges, Coinbase has been at the forefront of establishing robust security protocols, assuring customers that their funds are well-protected.

The rising interest in Bitcoin ETFs has catapulted Coinbase into the limelight. As the demand for cryptocurrency exposure through ETFs grows, Coinbase's traditional finance expertise becomes increasingly sought after.

Update on ARK: Cathie Wood’s Ark Invest bought $21.6M Coinbase shares when the stock dipped due to SEC’s lawsuit back in June. She just sold $12M worth of those shares, securing a 73% profit.

ALTCOINS

ETH staking ratio reaches key milestone of 20%

Ether (ETH) investment is heating up, and staking is one strategy that's getting all the hype. Here, investors lock up their ETH tokens to bolster the network's security and in return, take 5% yields on their locked up assets.

Here are 3 trends to look out for:

1/ Regulatory Hiccups: With SEC's lawsuit against biggies like Binance and Coinbase, the spotlight is on centralized exchanges offering staking services. This regulatory squeeze has investors biting their nails and slowed down the inflow of staked ETH.

2/ Decentralized Staking on the Rise: Amid the regulatory turbulence and wait time woes, decentralized staking solutions are enjoying a growth spurt. Platforms like Rocketpool and Lido let investors stake their ETH and keep control of their tokens. More transparency, security, and flexibility are making these decentralized options a hit among investors.

3/ ETH in Ethereum's Staking Network: Despite the regulatory roadblocks, Ethereum's staking network has seen a rise in deposited ETH, now at 23.9 million, thanks to decentralized staking services. This accounts for around 20% of the total ETH supply.

🐦 TWEET OF THE WEEK

Elon Musk's $44 billion acquisition of Twitter has seemingly led to traffic nose-diving. Cloudflare’s CEO spilled the beans on Twitter itself (awkward), which probably went unnoticed because folks were too busy on Threads - Meta's shiny new toy.

Threads, the new-kid-on-the-block, raced to 100 million users in a mere five days, outpacing ChatGPT and setting a new "fastest-growing" record. Post Threads' launch, Twitter's traffic dipped 5%, but hey, it's not all bleak for Twitter with its stubborn 250 million users still firing off tweets.

💰 REWARD QUIZ

Quiz yourself, earn rewards

Did you learn something new today? Let’s see if you were paying attention. Buckle up for a 20-second quiz—we might just have a little treat for ya—just for trying!

Afraid of getting questions wrong?

Yes, the shiny 100 points are awesome, but remember, it's about getting your hands dirty and giving it a go. If you get something wrong? They stick in your memory longer, which means you learn more.

So, hop on board with the rest of our brave quiz-takers. Remember, it's ok to score a zero!

Alright, that's a wrap for now 🙌. If you made it to here, let us know by voting below. Catch you next Tuesday!

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