ETH Foundations Sells $2.7M of ETH 📉

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

• ETH Foundations Sells $2.7M of ETH 📉

• NFL Alumni To Sell NFTs 💰

• FTX Co-Founder: Insurance Fund Was Fake 🤥

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

The Ethereum Foundation Sold $2.7M Worth of Ethereum

The Ethereum Foundation is a non-profit org that is dedicated to the development and promotion of Ethereum. Yesterday, the org sold off 1,700 ETH (~$2.76M) to USDC. For some context: transfer of nearly 15,000 ETH to the Kraken exchange in May 2023 marked a local top, and a similar scenario unfolded in November 2021 when 20,000 ETH were moved to Kraken. These moves often attract scrutiny, but it has normally been near a local top in the market.

In April 2022, the Ethereum Foundation revealed it held around 395,000 ETH, representing 0.297% of Ethereum's total supply by Q1 2022. The Foundation spent $48 million on research and development as well as grants to Ethereum developers during the financial year 2021. Currently, according to DeFiLlama data, the organization holds 316,488 ETH, valued at approximately $502.7 million. The org remains flush with funds to continue funding the development of the largest smart contract chain.

NFT Alumni Will Be Using NFTs to Support Retired Players

The NFL Alumni Association is teaming up with Aventus to explore NFT collectibles for retired NFL players, offering them new revenue streams. The NFTs will depict iconic moments from players' careers, giving fans a chance to own digital collectibles while supporting retired athletes. Fans collecting tokens may access benefits such as signed physical merchandise, metaverse experiences, and video content, creating an interactive and engaging experience.

NFL Alumni CEO Brad Edwards sees NFT collectibles as the next step in athletes monetizing their memorabilia, addressing issues of ownership and rewards. The initiative aims to ensure that the majority of funds generated go back to the players, with revenue splits as high as 70%. This move into the NFT space aligns with other NFL initiatives, reflecting the growing trend of digital collectibles that offer a new revenue stream for organizations.

FTX Insurance Fund Was Nonexistent, Based on Fraudulent Figures

In the ongoing trial of SBF, co-founder Gary Wang testified that the crypto exchange's insurance fund balance did not match the actual funds held by the exchange. Wang revealed that there was no native exchange token (FTT) in the insurance fund, and the displayed balance on FTX's website was determined using a method that would be described as fraud. Wang explained that a random figure, approximately 7,500, was multiplied by the exchange's daily trade volume and divided by one billion to generate the insurance fund balance.

Wang also admitted to allowing Alameda Research to make unlimited withdrawals through an "allow_negative" balance feature. This revelation is part of Wang's cooperation with investigators, where he previously alleged that Bankman-Fried and associates engaged in wire fraud. If SBF is found guilty, he could face a maximum sentence of 110 years.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

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

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

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.