Mark Cuban Gets Rugged 💸

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

• Mark Cuban Gets Rugged 💸

• Base Network Reaches New Highs 🚀

• Nouns Decide Upon Fork 💔

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Mark Cuban Loses $870K in Wallet Hack

Mark Cuban is one of the more notable billionaires due to his ownership of the Dallas Mavericks and extracurriculars. Cuban has dabbled in crypto and is a supporter, for the most part despite its flaws. Over the weekend, his wallet saw ~$870K of funds get moved out after having been inactive for over 5 months.

Cuban was under the impression that he was being monitored, but the real reason behind the hack remains unknown for now. What is most likely is he downloaded some malware on his computer which paved the way for the drain. The billionaire has touted the publicity of crypto as one of its strengths; this is what allowed him to be made aware of the drain so fast and save remaining funds on other chain from the hacked wallet.

Coinbase’s L2 Base Reaches New Highs in Chain Usage

Prior to the release of Base, the narrative was surrounding who was better between Optimism and Arbitrum in a friendly competition. However, Base has managed to surpass both of these rollups in their daily activity combined. Despite the fact that it’s Coinbase’s baby, it’s still a surprising figure for this nascent chain in the midst of a bear market. Base has easily been a better investment than the Coinbase NFT market.

The next goals for the chain would be to surpass Polygon and Binance Smart Chain (BSC) in activity which is a real possibility. Base has plenty of room for growth considering it has only been live for roughly 6 weeks. With danksharding coming in the next year, this cycle will be that of the Ethereum L2s and how simple and cheap it is to transact on-chain.

Nouns Fork, Holders Receive $27M From Treasury

Over half of the Nouns chose to fork on Friday and have received their ETH back. In the vote, some 56% of Nouns holders opted to fork and take the ETH into a new DAO. Those that chose to fork will be forced to return their original Nouns NFT the original DAO and will receive an identical replacement from the new DAO.

The holders clearly were unhappy with the way funds were allocated in Nouns-related initiatives. The collection is trading at a floor of ~$57K which is a farcry from its high of $260K+ in the peak of its performance. This is no fault of the DAO, but rather a reminder of how much the NFT market has fallen from its highs. Still with over $20M in its treasury, it will worth watching how a revered collection pushes through this.

Notable NFT Sales 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.