Coinbasics Newsletter #1

This has been an exciting week in web 3 and we're excited to tell you all about it!

What's Happening in Web3 This Week?

1. BTC market cap hit 1 trillion dollar mark

Bitcoin market cap is now bigger than JP Morgan and the US government has hit its $31.4 trillion debt limit. Bitcoin held above US$21,000 in Tuesday morning trading in Asia with the total cryptocurrency market capitalization also briefly breaching the US$1 trillion-dollar mark in the last 24 hours for the first time since mid-November. Ether also rose along with Polygon and Solana on the top 10 list of non-stablecoin cryptocurrencies.

2. SBF is still a free man

  • SBF ordered a secret backdoor that allowed Alameda to borrow $65 billion of clients' money without permission

  • FTX liquidators lost 4 BTC ( $74,000) when they tried to transfer them into a multi-signature Alameda wallet. This happened when closing a position on Aave.

  • SEC charges SBF with defrauding investors.

  • FTX collapse impacted over 1M investors, depositors and creditors.

  • FTX money showered nearly 37% of Congress -CoinDesk has identified 196 members of the new U.S. Congress - many of whom were just sworn in last week — who took cash from Sam Bankman-Fried or other senior executives at FTX.

3. GOT NFTs

Warner Bros recently collaborated with Niftys (an NFT marketplace) to launch an NFT collection and people claim that the NFTs look just as bad as that last season of Game of Thrones.

4. 3AC founders are working on launching a new exchange called GTX - yeah you heard that right!

Su Zhu & Kyle Davies are collaborating with the founders of CoinFLEX for this new venture. And they are looking to raise $25M.

5. NFT Influencer NFT God lost his ape in a hack!

This happened just a few weeks after another popular influencer CryptoNovo lost his Cryptopunk and in a beautiful showcase of solidarity, the community came together to raise funds in order to get Novo his punk back.

Check out his tweet to know how he got hacked and his tips on how to stay safe:

5. Logan Paul refunds his investors!

YouTuber Logan Paul recently posted a three-step recovery pan for his controversial NFT project, CryptoZoo. The social media celebrity highlighted that he is no longer pursuing legal action against Coffeezilla for publishing various allegations against Paul in a series of videos investigating the project.

According to Paul, he will commit 1,000 Ether (around $1.5 million) to a program that lets unhappy investors burn their NFTs to get their money back.

6. Trump NFTs Back From the Dead

Daily Sales Surge by 800% jumping from about $34,000 worth on Tuesday to over $306,000 worth on Wednesday.

After collapsing demand, former U.S. president Trump's digital trading cards are on the rise again.According to data from NFT Floor Price, which tracks the price of the cheapest-listed NFT for projects across top marketplaces, the starting price has nearly doubled from $235 worth of ETH at the start of Wednesday to $454 just a few hours ago.

Here are some reading recommendations from us to give you a tldr of what’s trending in web 3:

Our advice for this week - Don’t ignore the power of AI