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Hey, welcome to today's Crypdonuts newsletter. If you haven't yet already, follow us on Twitter for daily updates and insights.

Top news today:

• Reddit Moons and Bricks soar after Kraken listing

• PayPal launches PYUSD stablecoin backed by US Dollar

• Huobi: Multichain deja vu?

📈 MARKETS: THIS YEAR

• Bitcoin and ether are seeing some of their lowest action in recent times. History hints prices might take a dip. Keep your eyes peeled; the next couple week might just stir things up a bit.

• Last week, both Nasdaq and S&P had their worst week since March, erasing some of the gains they had for the past consecutive weeks.

DONUT HOLES

Hole lotta news…

• Elon Musk: “We never will” launch a Twitter or X token

• Reddit Moons and Bricks soar after Kraken listing. They have increased by 40% and 76% respectively in the last 24 hours

• Worldcoin sees 148% increase in unique addresses, while top 20 wallets command 94% of WLD supply—that’s what we call a red flag

• Curve pool’s funds have been returned by the hacker

• NFT trader loses $1.5M by getting tricked while “copy-trading”

• Whale sends 2,500 ETH to burn address, reportedly after his girlfriend cheated on him

WEB2

PayPal launches PYUSD stablecoin backed by US Dollar

PayPal, the major financial platform we've all used for online transactions, is throwing its hat into the crypto ring. On Monday, the $1 trillion transaction volume giant unveiled their own stablecoin: PYUSD.

A quick rundown on what PYUSD offers:

• Easy purchasing: Grab your PYUSD straight from the PayPal app.

• Crypto conversion: Want to swap your PYUSD for Bitcoin? Done.

• Online shopping: Use PYUSD just as you would traditional dollars.

• Fee-free money transfers: Move money without fees charged

For the crypto-savvy:

PYUSD can be taken to crypto exchanges, Web3 apps, and various digital wallets. Plus, it operates on the Ethereum blockchain and is regulated by the New York State Department of Financial Services via Paxos.

Why PYUSD is big news

1. Stablecoin simplified: Traditionally, moving your cash into stablecoins felt like threading a needle in a windstorm. Not with PayPal. A tap in their app and you're stablecoin-ready.

2. Stability & trust: While some stablecoins have had their wobbly moments, PYUSD seems rock-solid, thanks to PayPal's stature and the oversight from New York state.

Looking at the bigger picture, PayPal boasts a whopping 435 million users, significantly outpacing Ethereum’s 240 million. As PYUSD rolls out, this could potentially drive a tidal wave of new users into crypto.

On the other hand, we’ll have to wait and see how the OG crypto communities react to this centralized version of a stablecoin.

Beware of scammers

In light of this big announcement, there was a surge in scam websites and coins attempting to mimic those of PayPal’s in attempt to deceive users.

• One of our teammate unknowingly shared a scam link that was designed to look exactly like PayPal’s, and was offering PYUSD airdrops that do not exist.

• There are over 66 fake PYUSD tokens on DEXs at the moment. Please note that the real PYUSD token was created in November 2022 and can be found at this address.

SECURITY

Huobi: Multichain deja vu?

On Sunday, some chatter emerged from Hong Kong that key players at the crypto exchange giant Huobi had been rounded up by Chinese authorities.

The aftershock? 40% drop in its stablecoin holdings, shrinking from 140 million USDT to a mere 80 million USDT.

Huobi's CEO, Justin Sun, was quick to dismiss the buzz, calling the reports groundless. Yet, this on-chain analyst suggests Sun might've quietly taken $60 million from Huobi once the news hit.

Deja vu?

In July, the CEO of Multichain was arrested by Chinese authorities. There were some unsettling tech disruptions and possible hacks following this incident.

What’s scary: Huobi, which is no small fish in the crypto pond, is linked to Multichain. If the murmurs hold any weight and Huobi follows the same tumultuous path, the entire crypto market could be in for some turbulence.

Given the cloud of uncertainty, it'd be wise to tread carefully, especially with investments tied to China and certain centralized exchanges.

🐦 TWEET OF THE WEEK

This isn’t mere coincidence—as we talked about in our previous edition, this lines up perfectly with Bitcoin’s halving schedule.

And yes, the next halving is coming up in 2024.

💰 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👇.

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