Market Mix - The Biggest Crypto Bill of the Year

June 05, 2023 | Read Online

The Biggest Crypto Bill of the Year

Plus an incredibly elaborate Uniswap scam

The Breakdown First Five - Monday June 5, 2023

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Move over Faketoshi, enter Uniscam

A bizarre conference was held in China to promote Uniswap, including glitzy production values and a red carpet appearance by “CEO” Mike Hanlon. Never heard of him? Neither had Uniswap founder Hayden Adams who confirmed the entire production was unrelated and likely a scam. Turns out there was also a fake website launched which the Uniswap team are attempting to take down. In a sea of low-rent scams, this one deserves an Oscar.

hayden.eth 🦄 @haydenzadams

Video is nuts. No idea who any of those people are.

Def not associated with @Uniswap or @UniswapFND

Assuming it’s some sort of scam https://t.co/mVoutiKsvR

Roland in the arena @thegrasscrown

Video of people in Shenzhen, China shilling $UNI irl with titles such as “The first Uniswap Asian Summit” and “Guest: CEO of Uniswap”

This shit is nutz

@Uniswap @haydenzadams https://t.co/d18PNBTwR5

Jun 2, 2023

1.38K Likes 227 Retweets 228 Replies

4. Bitcoin less volatile than Amazon stock

Bitcoin has traded with remarkably low volatility recently, hitting an annualized rate of only 32%, down from 71% on a longer term average. That’s less than Amazon or Meta stock. In its history, Bitcoin has only achieved such low volatility for short periods, so look out for wild swings to come. Stability breeds instability.

Sjuul | AltCryptoGems @AltCryptoGems

Bitcoin's volatility has fallen below Amazon and Meta lately.

BTC's annualized volatility is now 32% - and the all-time average is 71%. https://t.co/a0LVbig6n1

Jun 5, 2023

289 Likes 29 Retweets 111 Replies

3. Atomic Wallets drained

An ongoing security exploit of Atomic Wallet has seen more than $35M stolen so far. The team is still looking into the problem while hackers make off with the look. The team is still looking into the issue and claims that only 1% of users have been affected, however one user saw $2.8M in USDT disappear. Losses are concentrated in whales, meaning this could be a targeted attack, but for now we just don’t know.

Tay 💖 @tayvano_

it's going to keep getting bigger 😭

@AtomicWallet @gladkos tell your users to move their funds *now.* then shut all your infra down, turn off all logging, revoke everyones access to all systems, rotate all keys & hire a *professional* ffs https://t.co/umtzjHwGlu https://t.co/WDEpf2UL50

ZachXBT @zachxbt

Some things to note about this hack.

Largest single victim I have observed is for 2.8M USDT. Multiple other losses for 6 figures across different chains.

Thanks to all of the victims who have messaged me their transaction hash. The root cause is still tbd. https://t.co/or2b3eMvIs https://t.co/4sybXUrXBo

Jun 3, 2023

281 Likes 71 Retweets 23 Replies

2. Celsius’ big deposit

As the Celsius bankruptcy gets close to resolution, the Crypto lender has staked $745M worth of ETH. The massive deposit into staking contracts has pushed the entry queue to 44 days. The ETH was formerly staked with Lido and likely forms part of the post-bankruptcy strategy to return the firm to profit. Large creditors will receive equity in the new entity instead of their tokens and are now forced to hodl staked ETH under new management.

Arkham @ArkhamIntel

Excluding staked ETH, Celsius's on-chain balances are now down to a total of $860M, as they finish staking over $740M of ETH.

They currently possess around $100M of unstaked ETH, with most still held in the address used to unstake from Lido. https://t.co/eUF9ZOyV2N

Jun 3, 2023

57 Likes 7 Retweets 10 Replies

1. Market Structure Bill

Patrick McHenry and Glenn Thomson dropped a mammoth Crypto bill on Friday. Crypto Lawyer’s canceled weekend plans to dig into 162 page draft. The bill tackles all of the major issues in Crypto regulation, from exchange licensing to the securities definition. Only a discussion draft, the GOP bill seeks comment from Democrats with a view to getting comprehensive laws on the books by the end of the year.

Justin Slaughter @JBSDC

It's Friday night, the kids are in bed, the biggest piece of crypto legislation for this year has dropped—the McHenry-Thompson bill on market structure— so let's get this party started.

Here’s a deep dive into the bill’s contents. Thread

https://t.co/TvNfoRREIi

Jun 3, 2023

1.12K Likes 319 Retweets 65 Replies

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