Newsletter #9

Week in review

$FEW tried to profit off the backs of others

Around 50 notable names in the crypto Twitter space were caught red-handed for essentially orchestrating a pump and dump scheme.

This started when they apparently missed out on the $MEME airdrop and so decided to “redeem” themselves…at the expense of others. Their plan, known as “The Experiment” was to create a new flash mob project called $FEW. There was not much of a plan in terms of launching the project or what it was about. But, there was a clear intent to airdrop the token to their fellow members who would promote it on Twitter to pump up the price of $FEW. Afterward, the members would proceed to sell their airdropped tokens and walk away with a few extra bucks in their pockets.

However, SOMEONE leaked screenshots of the private Telegram discussion to the public. Needless to say, the public went into an angry frenzy, with Anthony Sassano (@sassal0x on Twitter) getting the brunt of the anger as the screenshots showed him saying their project needed ā€œpeople to dump on”.

Members of the group quickly came to say that “The Experiment” was a joke. When the public wasn’t satisfied with that explanation they also claimed they were going to donate all their profits from the project. Sassano eventually admitted his initial explanation that it was “a joke” was weak and apologised. However, he maintains he did not think $FEW was a scam since he saw some notable influencers in the Telegram. He also burned his $FEW to assure the public he was not going to dump the tokens on them. Other members such as Alex Masmej also insisted that no harm was actually done since the token was never listed and that he had also burnt his $FEW.

However, this wasn’t a joke to some people as they actually ended up buying $FEW because of the influencers’ promotional posts on Twitter. Others, seeing that $FEW wasn’t listed on any exchange yet, tried to profit off the hype by listing fake $FEW trading pairs on Uniswap in an effort to get some members to trade.

The public may have moved on for now seeing as how quickly trends come and go in crypto, but the $FEW incident had just confirmed and exposed what many of us had been suspecting for a long time.

KuCoin gets hacked

KuCoin confirmed on 26th September 2020 in a Twitter post they had detected huge withdrawals of BTC and other tokens from their hot wallets out of the Exchange. It is estimated that the withdrawals are around USD$150million worth, a “small amount for KuCoin” according to a Livestream they did shortly after the hack was confirmed. The Exchange is still trying to investigate how the withdrawals came about, but they are reassuring the public that their funds are safe and they will cover any losses suffered by the public.

They also mentioned they are working with other exchanges to track down the flow of the stolen funds and stop them from being disposed of on the market. Kucoin will also be temporarily suspending all withdrawals from the Exchange “until next week”.

The moral of the story is, take your cryptocurrencies off exchanges and store them offline in a hardware wallet. If you don’t have one yet, please consider getting one. Check out our Ledger Nano X review or buy it here.

NFTs suddenly becomes hot

This week, Non-Fungible Token (NFT) hype seemingly appeared out of nowhere and now everyone is trying to make NFTs and selling them for profit. But is it sustainable? Or is it just something to keep everyone entertained since the DeFi craze is cooling down? I invited Yat Siu, Co-Founder/CEO of Animoca Brands ($REVV) and Sandbox ($SAND) to debate whether NFTs are the next big thing, and I did NOT hold back in playing the devil’s advocate:

Upcoming events

26 Sep 1:00pm: Flamingo.Finance ($FLM) will resume Mint Rush.
28 Sep 8:30am: RioDeFi (RFUEL) will list on Uniswap at an initial price of $0.20 per token.
29 Sep 1:00pm: CryptoLocally ($GIV) will auction off 30mil GIV tokens (3% of total supply)Ā less the whitelistedĀ allocation of approx 1.5mil GIV. The initial price will be 0.0065 USDC/GIV and the auction interface will be revealed on the CryptoLocally website at the start of the auction. For those who want a head start, CryptoLocally allows you to place your orders on Mesa before the auction.
3 October (tentative): KuCoin will resume withdrawals from their exchange. But do check the KuCoin Telegram for the most updated info.

*All times are listed in UTC unless otherwise stated.

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Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Michael Gu
Michael Gu, Creator of Boxmining, stared in the Blockchain space as a Bitcoin miner in 2012. Something he immediately noticed was that accurate information is hard to come by in this space. He started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share his experiences. Being based in Asia, Michael also found a huge discrepancy between digital asset trends and knowledge gap in the West and China.