CoinEx Wallets Lose $28M in Hack 🐱‍💻

GM. This is Degen Scoop. It’s Wednesday, here’s the scoop:

• CoinEx Wallets Lose $28M in Hack 🐱‍💻

• BinanceUS CEO Resigns 😤

• Franklin Templeton Files For Bitcoin ETF 📧

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

CoinEx Hot Wallets Experience $28M Hack

Yesterday, we saw four hot wallets using CoinEx get drained of some $28M of crypto. PeckShield quickly noticed the outflow and alerted CoinEx of the drain with the relevant transaction. Most of the tokens lost were ETH and TRX from the affected wallets.

The story is developing, but this should be a reminder to be careful when using hot wallets. Optimally, you want to be using a hardware wallet for maximum safety but this isn’t always the case especially if you’re a trader or using a Telegram bot to trade. Do make sure your opsec is up to par anon so you don’t rekt.

The CEO of BinanceUS, Brian Shroder, Has Resigned

Alongside roughly one third of the BinanceUS workforce being shed, the CEO has departed with them. The more interesting case is that BinanceUS is still alive and running considering Binance’s withdraw from international markets. Norman Reed who is the chief legal officer will be operating as the interim CEO as the search for a permanent employee begins.

This is the second cut of the year which amplifies concern for the viability of BinanceUS. With legal fees and the lingering bear, it’s not hard to see why Binance would be shedding overhead that isn’t exactly needed given current market conditions. The biggest takeaway from this is that Binance’s market share continues to shrink which allows for other market participants to attain a higher role.

Franklin Templeton Files For A Bitcoin Spot ETF

While most of the major players have already put in their application for a spot ETF, a new contender has entered the ring. Franklin Templeton is a fund with over $13B AUM over countless ETFs under its reign. This stays in line with out theory that entities are more than happy to custody your digital assets as long as they can get a cut of fees from it.

Coinbase will be the custodian of the spot Bitcoin just like all of the other applicants so far. We think this trend will continue and more will join as a simple new revenue stream is made available to market players. Until then, we’ll enjoy watching from the sidelines.

Notable NFT Sales in the Last 24 Hours:

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.