Bombshells From New FTX Report 💣

GM. This is Degen Scoop. It’s Wednesday and we’re halfway through the week. Here’s the scoop:

• Bombshells From New FTX Report 💣

• Tokenized Profit From Ridesharing 🚗

• Azuki Elementals Yields $38M From Mint 💰

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Second Report Regarding FTX Filled With Revelations

The second report was made available on Monday, June 26th. In the report, it’s alleged that FTX executives knew as early as August 2022 that they were shy $8B of customer funds which would contradict official statements at the time. We know that Sam Bankman-Fried wasn’t the paragon he attempted to paint in the mainstream media, but this report says that he is far more hands-on with the fraud than previously believed.

Despite knowing about the $8B deficit, this information was not disclosed to the public and kept secret. It’s fairly apparent that things are not looking good for SBF, but this report may prove to be the final nail in his coffin. It’s not known as of yet whether this newfound information will find its way to the criminal trial of SBF.

Tokenized Teslas Yield Profits to Owners

One of the most common complaints regarding cryptocurrency is the dearth of real world utility. That is not the case with a recent experiment in Vienna. Eloop is a ridesharing business based out of Vienna that has managed to tokenize its fleet of cars and allow speculators to profit off of daily operations of the service that it provides.

As a tokenholder, a user is a partial owner of the service and can earn yield. This comes from Peaq blockchain which is built out of the Polkadot ecosystem. These are the kind of experiments where crypto can shine as it is simple for the public to understand. Fractional ownership and real world utility are the sort of usecases that make sense to the average person and show how they can profit.

Azuki Elementals Earn $38M Off Mint

During the bear market, participants often bemoan the lack of capital. That couldn’t be the further from the truth when it comes to products coming from trusted teams in the community. All 10,000 Azuki Elementals were sold out during the presale and didn’t managed to make it to the public sale.

Elementals were a hyped release, but haven’t lived up to expectations. The art is eerily similar to the parent collection; Azuki itself has seen its floor drop from 17 ETH to 9.4 ETH over the past 3 days. This is not good news for an NFT that is perceived as a blue chip. At the time of this writing, Elementals sit at a 1.77 ETH floor from their 2 ETH sale price and have seen 6,800 ETH of volume.

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.