$200M Flash Loan For $3 Profit 🤯

GM. This is Degen Scoop to tell you what’s happening in crypto. It’s Thursday and the market is blood red:

• $200M Flash Loan For $3 Profit 🤯

• Brazil Offers Clear Crypto Regulation 🇧🇷

• Bittrex US Opens Withdrawals 💵

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

MEV Bot Used A $200M Flash Loan To Secure Just $3 of Profit

Arbitrage bots are nothing new in crypto. You can see them all over running arbs to secure small amounts of profit between exchanges, DEXes, chains, etc. The most infamous bot in recent history was jaredfromsubway.eth that made millions sandwiching $PEPE traders.

To return to the story of yesterday, it’s shocking to see a bot need to move around 9 figures of funds to make a profit. It should be noted that the MEV bot made ~$30 from the trade but after transaction fees the profit was only $3. If you’d like to look at the trade, it can be instructive to see the lengths these bots go to in order to secure profits.

Brazil Central Bank Will Provide Clear Crypto Regulation

Wednesday, the president of Brazil signed legislation that would make their central bank in control of crypto regulation. Instead of ruling by litigation, the Brazilian government saw it as advantageous to lay the groundwork for clear crypto laws. This serves as an invitation for crypto companies to participate in their economy by simplifying the legal framework.

The law isn’t perfect in its current iteration, but it doesn’t miss consequences for money laundering and terrorism like any other TradFi institution. Brazil has the 10th largest GDP in the world, so it’s not like this is some small country that is legalizing crypto usage. Crypto is happy to have any institution welcome it with open arms as long as the regulations are clear and straightforward. Crypto wants to be legitimate in the eyes of the law as long it’s welcome to do so.

Bittrex US Opens Withdrawals to Americans

In May, the exchange Bittrex filed for bankruptcy as the bear market finally got to them. On Tuesday, a Delaware judge ruled that customers could begin to withdraw their funds provided that they were undisputed in any way. Withdrawals began yesterday on June 14th.

Under normal circumstances, institutions will not offer withdrawals while undergoing a bankruptcy. In a change from the norm, Bittrex insisted that it wanted customers to be able to withdraw their funds without any sort of delays due to litigation.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.